Gulf aviation industry sets sky-high standards
"The demand from certain sectors indicates a strong interest in First Class, prompting us to introduce a newly-designed First Class...
Business
Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
Business
Business
Saudi connectivity takes off with five times faster Wi-Fi-6e
The Communications and Information Technology Commission (CITC), Saudi Arabia’s digital regulator, has announced the launch of WiFi-6e as part of...
- The latest generation of Wi-Fi technology offers data transfer speeds more than five times faster than the current standard
- It provides more capacity for high-bandwidth activities such as 8k gaming, video conferencing and virtual reality applications
Geostrategy
South Africa tax authority uncovers $1.8 bn gold scam: report
South Africa's tax authority has uncovered a 1.8-billion-dollar gold scam, in which coins and jewelry were illegally smelted into gold...
- Coins and jewelry were illegally smelted into gold bars for sale overseas, the amaBhungane Centre for Investigative Journalism said.
- Sale of gold within South Africa carries a tax, but gold exports do not. So the companies created fake invoices to claim that they had paid tax.
Business
Shell reports huge profit
Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.
- As lockdowns spread in 2020, oil prices dropped off a cliff, even briefly turning negative
- Prices have since rebounded sharply, with the Brent crude trading at almost $90 per barrel
Business
Europe clubs lost €7bn due to Covid-19 pandemic: UEFA
The latest UEFA study includes the consolidated results of these same 711 clubs for the year 2020, as well as...
- Gate receipts were decimated, sponsorship was down, and television rights receipts were hit
- Clubs are believed to have suffered a €4-billion hit in 2019-2020, and €3 billion in 2020-2021
Business
Jordan trade chamber, Egyptian envoy talk economic cooperation
The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic...
- The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic relations
- Tawfiq, the president of the Amman Chamber, reiterated that Jordan-Egypt were a model of good relations between Arab states
Arts & Culture
Morocco closes ramshackle cinemas as pandemic hits hard
Only 27 theatres in Morocco remain open, relying heavily on state funding for renovations and digitizing films.
- Cinemas in Morocco struggle to emerge from the crisis despite $960,000 of funding for the Moroccan Centre for Cinematography
- Enthusiasts called for better protection for theater buildings, architectural treasures that bear witness to the kingdom's past
Business
Saudi Arabia sees $6.4bn tech investment at LEAP
The fresh investments are said to be in line with Vision 2030, which aims to diversify the economy of Saudi...
- Investment deals totaling more than $6.4 billion were announced at LEAP 2022 in Riyadh
- Saudi Aramco Ventures launched a $1-billion investment fund called Prosperity 7 to help revolutionary startups
Business
UAE, Japan bilateral trade hit $30.5 bn in 2021
More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy,...
- More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy, a UAE official said
- A memorandum of understanding was also signed between the Department of Municipalities and Transport (DMT) and Sumitomo Corporation
Business
OPEC+ okays fresh modest oil output hike despite rising prices
The 23-nation OPEC+ group has said in a statement that it will increase production by 400,000 barrels per day in...
- OPEC+ is already struggling to meet its quotas, with some members unable to scale up their production
- Other members, such as Saudi Arabia and the United Arab Emirates, are unwilling to increase output
Economy
Will corporate tax hit UAE businesses, consumers?
The new tax -- to be implemented in the UAE from 1 June 2023 -- comes at a time when...
- UAE is expected to generate approximately AED 25 bn ($6.8 bn) in revenue from the corporate tax.
- Corporate tax rates in nations such as Germany and Japan exceed 30 percent. In Canada and China, companies pay 27 percent and 25 percent, respectively.
Gulf aviation industry sets sky-high standards
"The demand from certain sectors indicates a strong interest in First Class, prompting us to introduce a newly-designed First Class...
Business
Company News
TAQA to buy SWS Holding
Business
Latest News
QSE unveils new trading system
Business
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
Economy
BMW to make ‘multi-million’ pound investment in UK plants: govt
The first generation of the iconic British vehicle's electric model was launched at the Oxford plant in 2019, but last...
Saudi Arabia’s ROSHN Group announces $2.4bn in commercial partnerships
Riyadh, Saudi Arabia - Saudi Arabia's leading real estate developer, ROSHN Group, announced on Sunday a series of commercial partnerships...
Business
Most Read
Business
Single window offers fresh air to Qatar enterprises
This enhanced suite of services simplify registration for investors, enabling them to complete company setup steps without visiting multiple ministries...
- This enhanced suite of services simplify registration for investors, enabling them to complete company setup steps without visiting multiple ministries or their websites
- Before the new system, licensing took 6-8 weeks. Now, the enhanced process bolsters global confidence in Qatar's business landscape, drawing international inquiries
Geostrategy
Keen on promoting digital payments in India, UAE, says RBI
NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems,...
- India and UAE have signed two MoUs to strengthen the use of national currencies for bilateral trade, link payment and financial messaging systems.
- The RBI official said the two countries can work together to further develop digital payments and make them more efficient and convenient.
Geostrategy
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...
- The aid will contribute to ameliorate the socio-economic challenges faced by the people and will help in achieving significant SDG targets.
- IsDB had made an emergency intervention to support the communities affected by the conflict in Sudan.