Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO
DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic...
Business
GCC emerges as a cryptocurrency investment hub
Driven by government initiatives, economic diversification and a tech-savvy population, the region is becoming a prominent center for cryptocurrency investment,...
Business
Business
DEWA launches nanosatellite
DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket.
- DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket from the Cape Canaveral Space Launch Complex (SLC-40) in Florida in the US
- The launch made DEWA the world’s first utility to use nanosatellites to improve the maintenance and planning of electricity and water networks
Business
Mineral resources key to supporting Saudi economy: Investment Minister
Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih said that the mineral resources sector is among the most important...
- General program for Geological Survey results in issuing 75 new exploration licenses after the launch of the new Mining Investment Bylaw in January 2021.
- Estimations put the value of mineral resources in the Kingdom of Saudi Arabia at $ 1.3 trillion.
Business
Oman and UK sign agreement to bolster trade relations, investments
Oman and the United Kingdom have agreed to bolster relations and high-value investment volume, Omani media reports said. To this...
- The trade volume between the two countries reached GBP 1 billion ($1.37 billion) annually.
- Direct British investments comprise 50 percent of the foreign investments volume in Oman over the past years.
Business
Saudi Central Bank issues controls for electronic issuance of banking documents
The Saudi Central Bank (SAMA) has issued controls the banks need to consider while issuing banking documents, Saudi media reports...
- The controls oblige banks to provide e-verification services of banking documents issued electronically or on paper.
- These controls included the minimum limit of banking documents necessary for being electronically issued.
Business
Aramco expands global downstream presence with key European investment
The Saudi Arabian oil company Aramco, the world’s largest integrated energy and chemicals company, is expanding its global downstream presence...
- The investments will widen Aramco’s presence in the European downstream sector and further expand its crude imports into Poland
- Another MoU was signed by Aramco and PKN Orlen which focuses on exploring potential opportunities for research and development
Business
Qatar Tourism eases process to issue holiday home licenses
Qatar Tourism has invited residential property owners to invest in hospitality while generating extra income from their unused units by...
- Qatar Tourism has introduced a helpline and a simplified process to get licenses issued within a week
- Property owners renting to vacationers without licenses would be jailed for two years or/and fined QAR200,000
Business
Panel to enhance performance of Federation of GCC Chambers
The meeting was held via video conference technology, with spread of the Omicron variant of Covid-19 having stopped almost all...
- Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al-Thani presided over the meeting
- It reportedly discussed the estimated budget of the federation for the current year
Economy
Gulf watch: Sectors that will grow most in 2022
The business environment in the region will experience a transformation that will have a far-reaching impact on economic trends and...
- The GCC’s non-oil sectors will continue to dominate the economy, creating future opportunities
- The region’s economy may benefit greatly from ecommerce, logistics, and delivery services
Business
Metaverse fuels virtual creation of real-life products
The coronavirus pandemic has helped shrink the distance between virtual and real by pushing many designers to create in three...
- The clamor over virtual goods comes amid feverish predictions that the metaverse will eventually replace the web of today
- A growing number of brands have been trying to establish a presence on buzzed-about platforms, anticipating a major tech and societal shift
Economy
Free Trade Agreement with UAE nearing conclusion, says Indian minister
India’s Minister of Commerce and Industry, Piyush Goyal, on Wednesday told the heads of top business and industry associations in...
- Piyush Goyal urged industry leaders to be proactive in giving inputs to the government on matters like FTA negotiations
- He expressed confidence of growth in services exports, in spite of travel and tourism restrictions caused by the pandemic
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO
DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic...
Business
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One fourth of all investors in state securities have left Russia: Minister
Moscow, Russia -- One fourth of all investors in state securities have been forced to leave the Russian market due...
Business
GCC top export market for Dubai Chamber of Commerce members
Dubai, UAE -- The Gulf Cooperation Council countries were the top destinations for exports and re-exports of Dubai Chamber of...
Business
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Business
Saudi smart homes market builds on digitization drive
Saudi Arabia's smart homes market is growing due to government backing, tech advancements, and evolving consumer tastes. As the Kingdom...
- The Kingdom's smart homes market is being driven by growing affluence of Saudi population, govt emphasis on digitization, and rising popularity of smart home devices.
- With the support of govt initiatives and technological advancements, the sector is poised to play an important role in shaping the country's future urban landscape
Business
e& capital invests in Maxbyte
The funding aims to expedite growth by bolstering sales team.
- Maxbyte is a leading provider of Industry 4.0 solutions with a strong presence in the automotive, defense, utilities, and food and beverage sectors.
- It aims to enable smart connected industrial enterprise for flexibility, productivity, predictable revenue and profit growth, as well as sustainability.
Business
Facebook and Instagram users in Europe to have greater viewing control
One of the changes announced by Nick Clegg, Meta's president of global affairs, includes giving European users of Facebook and...
- Under a landmark EU law, digital giants will be forced to more aggressively police content online to protect users.
- Other changes include providing more information about how Meta's artificial intelligence systems rank content on Facebook and Instagram.