Cryptocurrency Ether witnesses meteoric rise since launch
NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet...
Business
Business
Saudi Ports Authority announces new direct shipping service to Djibouti
The Saudi Ports Authority (MAWANI) has announced a new direct shipping service connecting Saudi Arabia to Djibouti, through the container...
- The service will connect Jeddah Islamic Port to Djibouti through the container transport company, Transmar.
- Jeddah Islamic Port is one of the three Saudi ports included in the 2021 edition of Lloyd's List of Top 100 Ports.
Business
UAE an attractive work destination for GCC countries, says pension authority
The UAE is one of the most attractive Gulf Cooperation Council (GCC) countries for GCC citizens to work in, according...
- A total of 6,903 employees from GCC countries work in the UAE, out of the total 19,808 GCC employees working outside their countries.
- In the UAE, the insured is expected to pay 5 percent, public entities 15 percent and private entities 12.5 percent, and the rest of the 2.5 percent.
Business
ADNOC, TAQA partner to power, decarbonise offshore operations
The two companies announced on Wednesday a $3.6 billion (AED13.22 billion) strategic project to significantly decarbonise ADNOC’s offshore production operations,...
- The innovative project will see the development and operation of a first-of-its-kind high-voltage, direct current subsea transmission system in the MENA region
- It will power ADNOC’s offshore production operations with cleaner energy, delivered through the Abu Dhabi onshore power grid, owned and operated by TAQA
Business
New Dubai adventure: Eco-friendly surfing
What makes Dubai a tourist hub and an essential market for sustainable surfing is the region’s proximity to the sea?...
- What makes Dubai a tourist hub and an important market for sustainable surfing is the region’s proximity to the sea
- Artificial surfing has now takers in countries like Saudi Arabia, Oman, Qatar, and Egypt which also boast of a strong community of surfers
Business
Indian Minister says UAE most popular tourist destination for his countrymen
The UAE is the most popular destination in the world for Indian tourists, according to figures submitted to Indian Parliament...
- The second and third most popular destinations for Indians were Thailand and Bangladesh, but their figures were way below those of the UAE.
- The Minister confirmed that 314,495 Indians left on tourist visas for the UAE in the first quarter of this year.
Business
Dubai records $212 million worth of realty transactions on Monday
Dubai’s real estate market recorded 246 sales transactions worth AED610.89 million ($166 million) and mortgage deals of AED151.82 million in...
- The sales included 223 villas and apartments worth AED 503.64 million, and 23 land plots worth AED107.25 million.
- The mortgages included 38 villas and apartments worth AED110.84 million and 18 land plots valued at AED40.99 million.
Business
UAE keen to expand economic and investment relations with India: Al Zeyoudi
UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has said the trade partnership with India...
- India is the UAE’s second-largest trade partner, accounting for nine percent of the UAE’s overall global trade and 13 percent of the UAE's non-oil exports.
- Some 13 percent of India’s exports are re-exported through the UAE to the Gulf Cooperation Council, Iran, Iraq and some Central Asian countries.
Business
How can GCC companies respond to Global Minimum Tax rules?
The OECD rules will ensure that multinational corporations pay a minimum 15% tax rate from 2023.
- The OECD rules will ensure that multinational corporations pay a minimum 15% tax rate from 2023
- The Pillar Two model rules provide governments a template to address the tax challenges arising from digitalisation of the economy
Economy
Is GCC inflation out of control?
The main reason for high inflation rates in the GCC countries is a rebound in prices in the sectors that...
- Food and beverages in Kuwait accounted for a whopping increase in prices, while education costs decreased 15.46 percent
- Saudi Arabia’s annual inflation increase is due to a 6.4 percent growth in transportation costs and a 1.4 percent rise in food and beverage prices
Business
CBUAE enhances framework for real estate exposure of banks
The new methodology also introduces measurement of these exposures, based on credit risk-weighted assets using the CBUAE’s capital adequacy standards.
- The comprehensive standards require banks to review and improve their internal policies to enhance sound underwriting, valuation and general risk management.
- Banks with higher risk-weighted real estate exposure in their portfolios will be subject to a more extensive supervisory review of their underwriting and risk management .
Cryptocurrency Ether witnesses meteoric rise since launch
NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet...
Business
Company News
Latest News
Egypt looks to raise US$5bn from offloading stake in state-owned companies
Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023...
Business
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...
Economy
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...
Investigation
Most Read
Business
Q Properties awards $470bn contract for Reem Hills Phase 1 Villas construction
Abu Dhabi, UAE – Q Properties, a real estate developer and subsidiary of Q Holding, announced on Tuesday the award...
- Trojan will be responsible for constructing the fully sold out 218 luxury villas ranging from 4 to 7BR and developing 3 million sqft of built-up area
- Situated at the heart of the capital, Reem Hills stands as the sole gated community on Abu Dhabi's prestigious Al Reem Island
Business
Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...
- SAIPA is planning to supply 90,000 units of the QUIK sedan model to Russian customers in the next three years.
- Exports can start within a month and after the required permits are issued by Russian authorities.
Business
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...
- Also 14.4 million tons of non-oil goods, valued at US$24.2 billion were imported into the country from March 21, 2023 to July 22, 2023.
- In this period, China, Iraq, the United Arab Emirates (UAE), Turkey and India were Iran’s main export markets respectively.