Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
Lebanon judge charges Nissan employees for allegedly stealing Ghosn documents
BEIRUT, LEBANON - A Lebanese judge has charged four Nissan employees with the theft of documents and devices from the Beirut...
Geostrategy
Business
Trade between Bangladesh and UAE reaches $1.2 billion in 2021
Trade between Bangladesh and the UAE has reached $1.2 billion in 2021, recording a growth of more than 15 percent,...
- The trade could reach $2billion by the 50th anniversary of the establishment of diplomatic relations in 2024, said Bangladesh ambassador to UAE Mohammed Abu Zafar.
- Bangladesh eyes UAE market with the products like readymade garments, pharmaceuticals, jute products, fabrics and home textiles.
Arts & Culture
Saudi Arabia unveils largest Motor festival in Middle East
The management of Autoville has officially started selling tickets for the events of this International festival through its official website.
- The Autoville festival will cover an area of 1.7 million square meters as the audience will watch the stars of art and display cars from all over the world
- The festival will also showcase the latest developments in mobility, and a number of concerts by a group of Arab and international artists
Business
Bahrain to launch e-residency service in Q1 of 2022
The country also mulled the idea of extending the validity of visas to reduce routine procedures.
- Both sides also discussed cooperation at ports and the possibility to extend the validity of visas to reduce routine procedures
- The NPRA and LMRA agreed to intensify inspection campaigns to tackle violations of the labor market and residency rules
Business
KCB lent $1.31bn in 2021
The Kuwaiti bank’s lending amount was spread across 23,000 loans.
- KCB spokesperson Habari Al-Khashti said the effectiveness of the bank's electronic services saved time and effort for citizens
- She also indicated that 99 percent of the bank’s credit services have become electronic
Business
Gulf Navigation to issue $41m bonds
The company is calling a meeting of all stakeholders for this.
- The company said the date of issuance of the bonds is March 9
- The conversion period of the bonds would be three months from the issuance date
Economy
Saudi Arabia GDP to gain in 2022: Kuwait Financial Center
Government spending on infrastructure projects as part of the Vision 2030 program is expected to boost non-oil GDP growth.
- Markaz’s report indicated that investments are expected to pick up as the government initiates major projects like Neom City
- Steady population growth, government subsidies, and the enacted mortgage law are enabling banks to finance home purchases, fueling the growth in the residential sector
Analysis
GCC at risk from cyber criminals in 2022
Companies are hemorrhaging millions of dollars to ongoing ransomware raids, with threat actors further weaponizing the attacks.
- Ransomware attacks on high-profile organizations grabbed headlines throughout 2021
- Cybersecurity experts believe this criminal enterprise will reach new heights in 2022
Business
EMC picks Mohammad Ghazi as GM
Momani will manage Mercedes-Benz's overall performance at EMC.
- Mohammad Ghazi Al Momani possess an experience of 20 years in motoring and a degree from the University of Technology in Baghdad, Iraq
- Momani specializes in strategic planning, marketing, sales, after sales and operations, and good knowledge of the Middle East
Expo 2020 DUBAI
DEWA’s pavilion at Dubai Expo lures visitors in droves
Some 338,833 people visited the pavilion of Dubai Electricity and Water Authority (DEWA) at Expo 2020 Dubai between 1 October...
- Several local and international officials from public and private organizations as well as a large number of school and university students visited DEWA’s pavilion
- On the 2nd of December 2021, DEWA’s pavilion attracted over 23,400 visitors as it organized various activities to celebrate the UAE’s 50th National Day
Business
Dubai records first working Friday sale worth $689m
The total value of real estate transactions recorded in the first week of the new year exceeded AED7.24 billion (around...
- Dubai real estate transactions exceeded around AED2.53 billion (around $688 billion) as it adopted a new working week
- Jebel Ali First registered the most villa and apartment sales transactions on the first working Friday of 2022
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
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
Company News
Latest News
SRMG Ventures invests $5m in Anghami, MENA’s music streaming platform
Riyadh, Saudi Arabia - SRMG Ventures, the venture capital arm of the largest integrated media group in the MENA region,...
Business
CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...
Economy
Most Read
Business
Soniqs wins PUBG Global Series 2 Crown
It claimed $600,000 prize at Gamers8 - The Land of Heroes.
- Saudi team Twisted Minds came in second and earned US$260,000.
- Question Mark, the Russian team, finished third and got US$162,000.
Business
Dubai International Chamber event explores trade ties China’s Wuxi
Dubai, UAE - Dubai International Chamber hosted a B2B event during the Wuxi – Dubai Economic & Trade Exchange Conference...
- Dubai International Chamber organized a trade event in partnership with Wuxi Municipal Government and Wuxi National High-Tech Industrial Development Zone.
- The event included 13 Chinese multinational companies specializing in areas including advanced technology, biomedical and healthcare equipment.
Business
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
- The novel liquid is an effective and safe solution for energy storage systems operations, notably lithium-ion batteries and fuel cells.
- DEWA chief Al Tayer said the patent supports its commitment to promoting energy security and sustainability.