Saudi Bank credit grows by over 116 billion in one year by June 2025
Riyadh, Saudi Arabia - Bank credit extended to the public and private sectors in the Kingdom continued its upward trend,...
Economy
Creators HQ attracts 2,415 active members from 147 countries with combined following of over 2 billion
Dubai, UAE – Creators HQ, the first headquarters for content creators in the UAE and the Middle East, has seen...
Economy
Business
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
- The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
- This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Business
Jordan-Egypt trade expands to US$355.43m in first five months of 2023
Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to...
- The exports to Egypt however showed a decline in the five month period, falling to $63.46 million as against $93 million for the same period last year
- There was a fall in the imports from Egypt to Jordan too, declining to $292 million by the end of May, as compared to $333 million last year
Economy
UAE Corporate Tax: Relief measures for SMEs
Abu Dhabi, UAE - The UAE has unveiled a series of relief measures to support the growth and prosperity of...
- Only profits exceeding AED 375,000 are subject to the 9% corporate tax
- Only 50% of entertainment expenses are deductible against taxable profits
Economy
Oman annual inflation inches up to 0.69 percent in June
Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price...
- Inflation was fueled by the increase in most of the main groups making up the consumer price index and the prices of the food and non-alcoholic beverages
- The prices of oils and fats rose by 4. 81%, fruits by 4.3%, other foodstuffs by 3.91%, bread and cereals by 2.34%, and non-alcoholic beverages by 0.67%
Economy
Borders, culture strengthen Iran-Pakistan relations
"The economies of Iran and Pakistan are inherently complementary. For example, Pakistan can be a supplier of Iran's needs in...
- Iran and Pakistan have taken effective measures to expand their economic relations in recent years
- Two new border terminals have been opened along the common border between Iran and Pakistan
Economy
Interest rate raise ‘likely’ to curb inflation, says Fed official
A US central bank official said that more interest rate hikes "will likely be needed" to bring inflation down further,...
- Federal Reserve governor Michelle Bowman's prepared remarks to an event in Colorado also came after a mixed employment report.
- She would be seeking "consistent evidence" that inflation is on a meaningful path down toward the Fed's two percent target.
Economy
UAE to mobilize global tech, space sectors for climate action ahead of COP28
ABU DHABI, UAE - Key UAE government entities have partnered to boost coordination between advanced technology and space sectors. The...
- The collaboration aims to further contribute to COP28’s inclusive ecosystem, bringing together major technology companies, global institutions.
- It will encourage companies to use the UAE as a base for producing new technologies that can help drive sustainable industrial development.
Economy
CEPA signed with UAE is a special achievement: Indian minister
New Delhi, India--The Comprehensive Economic Partnership Agreement (CEPA) signed with the UAE and operationalized last year is a “special achievement...
- The Indian minister was responding to a question by a member of parliament about whether "there are some special achievements of India's foreign policy"
- He added that there is a greater integration of the Indian economy with regional and global economies, contributing to a deeper and extensive trade partnerships
Geostrategy
Protests mark Beirut blast anniversary as justice eludes victims’ families
Hundreds of protestors marched alongside victims' families demanding long-awaited justice as the country marked three years since one of history's...
- There is no headway in the probe three years on, leaving survivors still yearning for answers
- Many protestors carrying photograpsh of the victims shouted slogans: "We will not forget"
Economy
Emiratis make up 74% of Federal Authority for Nuclear Regulation workforce
Abu Dhabi, UAE-- In 2022, Emiratis represented 74% of the Federal Authority for Nuclear Regulation (FANR) 248 employees. FANR continues...
- According to FANR 2022 annual report, the body continues to attract talented Emiratis to meet its business needs, recruiting 22 citizens during the review period
- The report said that women comprise of more than 45 percent of FANR's overall workforce and hold leadership positions in key areas of the organisation
Saudi Bank credit grows by over 116 billion in one year by June 2025
Riyadh, Saudi Arabia - Bank credit extended to the public and private sectors in the Kingdom continued its upward trend,...
Economy
Company News
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Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
MENA region is leading the on-demand talent revolution: report
Agile work models and diverse skill demands propel MENA's freelance economy, empowering businesses to thrive amid modernization and digital transformation.
Economy
Innovation, flexibility fuel GCC remote work growth
The UAE especially has become a regional hub for remote work, attracting digital nomads and businesses with its visa programs.
Business
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Economy
Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
- The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign institutions and banks
- Consideration will be given to the credit rating of each bank in this process
Economy
Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
- New investments surged by 63 percent, with 891 local and foreign investments secured.
- The number of factories rose to 6,443, alongside 7,946 industrial, logistical, and investment facilities
Economy
Ramadan drives MENA online shopping boom, UAE takes the lead
As Eid Al-Fitr approaches, online shopping is expected to reach new heights, with anticipated growth in categories like flowers, cakes,...
- Flowwow has observed a 65% rise in online purchases from local UAE brands in March 2024 compared to last year
- The preference extends to cosmetics and fragrances, with a notable rise in demand for handmade varieties