Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...
Business
Economy
Tourism helps UAE add $158bn to GDP in six years
Around 31 million visitors are expected to enter the UAE yearly by 2025 as the country has initiated several measures...
- UAE’s total annual visitor spending is expected to reach about $64bn in 2028.
- Tourism is expected to contribute $76bn annually to the UAE's GDP by 2028.
Geostrategy
Saudi Arabia, Romania sign wide-ranging defense agreement
Saudi Arabia and Romania signed on Tuesday a defense cooperation agreement that covers training, exchange of expertise, technologies, developing communications...
- The pact includes training, exchange of expertise, technologies and developing communications systems.
- The agreement is in line with the two sides’ commitment to promote and encourage international peace, media reports said.
Economy
Saudi merchandise exports shot up 82.5 percent
According to a report by General Authority for Statistics (GASTAT), the overall merchandise exports of Saudi Arabia increased by 82.5%...
- The value of exports amounted to SAR 107.3 billion ($28.61 billion) in November 2021, up from SAR 58.8 billion ($15.68 billion) in November 2020
- This increase originated mainly from oil exports, which rose by SAR 43.1 billion ($11.49 billion) or 112.8% in the same period
Economy
American companies willing to invest in Tunisia: Ambassador Blome
A number of US companies are willing to invest in basic infrastructure and logistics to support Tunisia's efforts in this...
- Tunisian Transport Minister Rabii Majidi expressed the will to further strengthen cooperation with the United States.
- Both parties exchanged views on the draft bilateral agreement in the field of air transport. The US ambassador urged stepping up talks to materialize this agreement.
Business
Pfizer-BioNTech Omicron vaccine trial gets underway
Pfizer and BioNTech have begun enrollment for a clinical trial to test the safety and immune response of their Omicron-specific...
- Pfizer's CEO Albert Bourla has previously said that the pharmaceutical giant could be ready to file for regulatory approval of the shot by March
- The trial will involve 1,420 people aged 18-55
Business
Ras Al Khaimah to allow ‘gaming’ at upcoming resort in Marjan
The emirate of Ras al-Khaimah on Tuesday announced a multibillion-dollar deal with casino giant Wynn Resorts and said it will...
- The emirate announced a multibillion-dollar deal with casino giant Wynn Resorts, but did not elaborate on 'gaming', a euphemism for gambling in the US.
- Ras Al Khaimah Tourism Development Authority said a new gaming division would require “compliance with all applicable laws and regulations".
Business
Saudi Arabia to build $79m tourism facility in Taif region
Saudi Arabia’s Tourism Development Fund (TDF) today announced a strategic partnership with Al-Ameen Real Estate, part of Al Nahla Group,...
- ‘Taif Front’ would be a 100,000 sqm project featuring upscale accommodation with more than 150 keys.
- The Tourism Development Fund has enabled projects with an investment value of around $1.6 billion.
Expo 2020 DUBAI
Expo 2020 records close to 11m visits so far
Expo 2020 Dubai has recorded 10,836,389 visits as of 24th January, while the virtual visitation reached 72.5 million.
- Global Goals Week, which ran from 15th to 22nd January at Expo 2020 Dubai associated with the United Nations, proved similarly popular
- Expo 2020 Dubai’s mass virtual visitation is driven by the range of entertainment and extensive live coverage of the Global Goals Week sessions
Business
Volkswagen and Bosch join forces to rev up automated driving
Car giant Volkswagen and parts supplier Bosch have embarked on an "extensive partnership" to bring automated driving to the mass...
- The functions the companies want to make available include so-called "hands-free" systems for urban and motorway driving.
- The project is expected to require the skills of around 1,000 employees and the two companies have already started recruiting new experts to work in the alliance.
Business
e-Trader licenses issued by Dubai’s BRL up 6 percent in 2021
The Business Registration and Licensing (BRL) unit of Dubai’s Department of Economy and Tourism (DET) has issued 16,409 e-Trader licenses...
- 79 percent of the e-Trader licenses issued in 2021 were professional, and 21 percent were commercial.
- A licensee cannot open a shop/store but can avail of three visas if the ownership is 100 percent Emirati and legal liability falls under the license holder.
Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...
Business
Company News
Latest News
TAQA’s $1.5bn dual-tranche bonds listed on Abu Dhabi Exchange
Abu Dhabi, UAE -- Abu Dhabi National Energy Company (TAQA's) dual-tranche $1.5 billion bonds were listed on Abu Dhabi Securities...
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
Business
Tencent claims new AI chat bot skills comparable to ChatGPT
Tencent on Thursday gave a live demonstration of Hunyuan Aide's capabilities, with the bot introducing itself in response to questions...
Business
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Economy
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...
- A GASTAT report showed a 6.1% increase in non-oil activities over 2022, a 2.3% increase in government activities over 2022, and a 4.3% decrease in oil activities.
- According to the report, seasonally adjusted real GDP decreased by 0.2 percent in Q2 of 2023 compared to the Q1 of 2023.
Business
Bank of China opens in Riyadh
It is expected to speed up the use of yuan in trade.
- China's ambassador to Saudi Arabia said that it is the fruit of the continuous development of friendly relations between the two countries
- With the launch of the Riyadh branch, the BOC now operates and provides financial services across 64 countries and regions worldwide
Economy
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...
- According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
- The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors