Saudi Arabia launches ‘National Semiconductor Hub’Â
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Geostrategy
Tunisia and EU sign ‘strategic’ deal on economy, migration
The deal between the two countries will include partnership on irregular migration, economic development and renewable energy. Tunisia has been...
- European Commission President Ursula von der Leyen said Sunday's accord aims to "invest in shared prosperity"
- The International Organization for Migration has said 2,406 migrants died or disappeared in the Mediterranean in 2022
Economy
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
- The commercial transport activities sector has experienced consistent economic growth over the last two years fueled by e-commerce, said an official
- The number of registered commercial vehicles operated by these companies exceeds 300,000, reflecting a 16 percent growth rate compared to 2021, he noted
Geostrategy
Israeli court orders government to release seized Palestinian boat
GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...
- Israeli authorities had called for the vessel, belonging to fisherman Mohammad al-Hissi, to be permanently confiscated.
- However, a Haifa court last month ordered that the boat be returned to Hissi even as legal proceedings continued.
Economy
Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
- Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent.
- Clothing, shoe prices fell 2.9 percent, communication costs were down by 0.7 percent.
Economy
UNDP says over US$14bn needed to mitigate global surge in poverty
NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number...
- UNDP has called for adaptive social protection and a debt-poverty pause to redirect debt repayments toward critical social expenditures.
- Almost all of these financially hit people live in low - and lower-middle-income economies, with the poorest 20 percent in low-income countries
Geostrategy
MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals
DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...
- Established in 2012, the High-Level Political Forum is the UN’s central platform for the follow-up and review of the 2030 Agenda for SDGs at the global level.
- The UAE delegation discussed ways to bolster mutual collaboration, strategic partnerships and knowledge-sharing, in line with MBRGI’s mission.
Morocco, Shell sign 12-year natural gas deal: ministry
Morocco has sought to diversify its energy sources particularly since neighbouring Algeria stopped supplying natural gas via the GME in...
- The agreement includes the annual delivery of 500 million cubic meters of LNG to Morocco, the value of the 12-year deal has not been disclosed
- In the initial years, the gas will be delivered through Spanish ports and the Maghreb GME, It will eventually be delivered through planned Moroccan LNG terminals
Economy
Modi’s visit: India, UAE sign pact to trade in local currencies
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday...
- CBUAE and RBI aim to develop the foreign exchange market, facilitate bilateral trade, encourage direct investment, and facilitate financial transfers
- The pact enables acceptance of local cards in both countries for ATM cash withdrawals and direct point-of-sale purchases without relying on external payment networks
Economy
UAE, India join forces to bolster new economy sectors
"The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium...
- The collaboration between India and the UAE aims to boost the GDP of both countries by empowering startups, says UAE's Minister of Economy Abdullah bin Touq Al Marri
- The countries vow to expand cooperation in areas such as the circular economy, aviation, SMEs, renewable energy, technology, digital transformation, and transportation, he adds
Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Saudi Arabia launches ‘National Semiconductor Hub’Â
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
Company News
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Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...
Economy
Saudi Arabia expects to attract 150 million visitors by 2030
Riyadh, Saudi Arabia - Saudi Arabia aims to attract 150 million visitors by 2030, with the tourism sector expected to...
Economy
Rising costs, debt challenges grip Egypt’s economy
Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader...
Economy
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Economy
Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering...
- The top 10 countries accounted for 69 percent of Bahrain's total export value.
- The value of exports with national origin was of $2.89 billion during Q4 2023.
Economy
European Central Bank to signal no rush to cut interest rates
The Frankfurt institute is tipped to pause for the third meeting in a row following a historic run of hikes...
- The ECB is "in no rush yet" to change course and governors may not even discuss cuts at this week's meeting, Deutsche Bank economists wrote
- "We expect Thursday's ECB press conference to again highlight the exceptionally low possibility of a rate cut before the summer," agreed Unicredit in an analyst note
Economy
Saudi Arabia lists priority specializations for Special Talent Residency
Riyadh, Saudi Arabia - Saudi Arabia's Premium Residency Center on Sunday revealed a list of priority specializations that qualify individuals...
- Saudi Arabia is actively seeking to attract top-tier talents and minds globally, encouraging them to reside and work in the country to foster development
- The specified specializations that make expatriates eligible for Special Talent Residency encompass a diverse range of sectors