US allies warn Israel against ‘catastrophic’ Rafah operation
The leaders of Australia, Canada and New Zealand on Thursday warned Israel against a potentially "catastrophic" ground offensive in the...
Economy
Tourism, retail to fuel Dubai economy growth in 2022
The insights from the Dubai Chamber study were released during a business seminar titled The Road Ahead: UAE and Dubai...
- In 2022, the UAE economy is projected to record an estimated annual GDP growth rate of 3.4 percent
- The entire UAE economy began to recover in 2021 by registering an estimated annual GDP growth rate of 3.1 percent
Business
UAE tax authority tour ensures readiness of tourist VAT recovery scheme
The Federal Tax Authority of the UAE has organized field tours to ensure the readiness of Self-Service Kiosks, which allow...
- Self-Service Kiosks, which allow tourists to recover VAT on their purchases, have been placed at all exit ports.
- The kiosks are also available at several commercial centers and hotels that are included in the tax refund scheme.
Economy
Jordan minister urges officials to expedite services for citizens, investors
Nayef Steitieh told field managers in his ministry and across governorates to also look to replace expatriate workers with those...
- Jordan’s Minister of Labor Nayef Steitieh on Saturday, December 19, called for investing in e-transformation
- The move is expected to save time and effort of beneficiaries from the ministry's directorates and governorates
Business
Here’s why FIFA wants a biennial World Cup
A controversial proposal of staging the FIFA World Cup championship every two years rather than the current four-year cycle is...
- FIFA is to hold an online global summit to discuss the feasibility of biennial world cups
- An association of 54 of FIFA's 211 members, the Confederation of African Football' supports the idea
Business
How do NFTs work? Here’s a peek
An NFT by digital artist Beeple was auctioned at Christie's in March for $69.3 million in March this year.
- Non-Fungible Tokens or NFTs are digital items that can be bought and sold using this blockchain technology
- However, they are not fungible, meaning an NFT cannot be exchanged for another NFT
Business
Omantel pushes for 5G adoption
The Oman-origin telecom firm has signed a deal with Optiva for this.
- Omantel’s agreement with Optiva will upgrade the latter’s Charging Engine to a cloud-native architecture on the former’s private cloud
- The upgrade is expected to support new business models for 5G monetization
Business
Morocco may see its its waste problem blow up as recycling lags
Morocco’s official recycling aim is 20 percent garbage by 2022 which has been moved to 2030.
- No domestic organic waste is treated at the factory because “it’s too expensive”
- Official data shows that 66 illegal rubbish dumps in Morocco have been regularized or closed
Business
Saudi Arabia contributes to support date palm sector globally
In 2020, Saudi Arabia hosted the International Date Council meeting, under the chairmanship of the Minister of Environment, Water and...
- The Saudi National Center for Palms and Dates and the Ministry of Environment, Water and Agriculture worked on formulating and implementing initiatives
- Saudi Arabia has supported the idea of establishing the International Date Council to strengthen international cooperation in this field
Recyclers try to conquer mountains of waste in Tunisia
Tunisian authorities are scrambling to find new sites as most of the country's 11 official dumping grounds will close by...
- Tunisia produces 2.6 million tones of waste each year, 85 percent of which ends up in landfills, while the rest goes into informal dumps
- National waste management agency of Tunisia recently admitted that it lacks resources to control the situation
Business
Oman agriculture ministry signs 4 deals worth more than $31m
The deals are in sectors ranging from livestock-rearing to vegetables, rabbits, and even Omani thyme.
- The biggest of the projects is expected to produce 22,000 tons of meat and target the production of fodder and by-products
- This project, worth RO11,387,000 ($29.62 million), will be on an area of 574 feddan (around 596 acre)
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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
Company News
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Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
Economy
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
Business
Tencent Q2 net income $3.6 bn
Tencent last year posted its first decline in quarterly sales since its listing.
Business
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Business
Struggling Lucid weighs down PIF’s robust US equities show
Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...
- Lucid continued to drag down the fund’s US public holdings with q-o-q growth of 6.2 percent to US$9.47 billion – a level that was still 45.6 percent down on end-June 2022.
- The EV manufacturer has struggled with mounting losses and tightening cash reserves due to recession risks and a price war with its bigger rival Tesla.
Business
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.
- Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
- AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.