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
Less tax, more luxury: millionaires flock to Dubai for its zero income tax policy
Rich people are flocking to Dubai in record numbers, drawn to the desert city by its zero income tax policy...
Economy
Arts & Culture
Egypt energy-saving measures evoke satirical reaction among citizens
Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and...
- After 11 days of daily blackouts, Prime Minister Mostafa Madbouli ordered civil servants to work from home once a week.
- He announced scheduled power outages at least through August, and proposed other solutions to Egypt's energy crisis.
Geostrategy
UAE urges collective action for sustainable development at G20 ministers meeting in India
DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective...
- The UAE minister called upon G20 countries to fulfil their commitment to providing the pledged financial support for global climate initiatives.
- She said that is only by collective action that the global community can achieve the worldwide emission reduction target.
Business
Dubai Customs clears TIR carnet transactions worth US$38.7m
DUBAI, UAE - Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of...
- Goods shipped under cover of the internationally accepted customs transit document do not require inspection at border crossings while in transit.
- It provides a financial guarantee to pay the suspended duties and taxes. The guarantee system is managed by the International Road Transport Union.
Economy
Fire at substation in Iraq sparks nationwide power outage
Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks...
- In spite of the country's vast oil reserves, Iraq continues to suffer from frequent power outages with its power grid incapable of meeting peak demand
- The electricity ministry said in a statement that the power grid experienced a total shutdown due to a fire that affected a transmission substation
Economy
UAE sets more norms for ‘Qualifying Investment Funds’
The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate...
- Except for real estate investment trusts, the new conditions require investment funds to be chiefly involved in investment business activities
- The cabinet decision also requires a single investor and its related paties not to hold more than 30% or 50% of the ownership interests in a fund
Qatar National Bank foresees recession in US economy
Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out...
- The bank notes that the US economy continues to be resilient in spite of headwinds from high inflation, tighter financial conditions
- In QNB's analysis while economic momentum should prevent a downturn for the US in 2023, a recession is not unlikely yet for 2024
Economy
Saudi Arabia turns to maritime to diversify revenues
Saudi Aramco's King Salman Complex, set to be the largest marine industry hub in the Middle East, is expected to...
- Saudi Aramco's King Salman Complex, set to be the largest marine industry hub in the Middle East, is expected to boost Saudi Arabia's GDP by over $17 billion
- The complex aims to localize technologies and meet the needs for building offshore oil and gas rigs, offshore platforms, offshore support vessels, and crude tankers
Geostrategy
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
- The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do not comply with their obligations.
- Penalties also apply in cases of failing to properly keep records or submitting the required records and other information specified in the Tax Law.
Geostrategy
African Union, EU step up pressure on Niger coup leaders
The African Union demanded Niger's military "return to their barracks and restore constitutional authority" within 15 days as the EU...
- The African Union and the European Union joined the chorus of international condemnation of the power grab, the latest to strike the Sahel region.
- The EU's diplomatic chief Josep Borrell said the bloc would not recognize the putschists and announced the suspension of security cooperation with Niger.
Business
Seventh Al Dhaid Date Festival witnesses huge turnout
SHARJAH, UAE – The seventh edition of Al Dhaid Date Festival continues to captivate participants and visitors alike, in a...
- The event has been organized by the Sharjah Chamber of Commerce and Industry and is hosted at Expo Al Dhaid.
- The date festival has also attracted various official delegations and representatives from government institutions.
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
Company News
stc 2023 revenues is $19.28bn
Business
Latest News
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
Economy
Gold hits fresh record above $2,300 as Fed hints at easing monetary policy
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...
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Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
- Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.
- In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.
Economy
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
- The bank said the rate of damage appears to be leveling off as few assets remain intact
- The report also found that more than half of Gaza's population were on the brink of famine
Economy
GCC tourism growth skyrockets as diversification drive gains momentum post-Covid
GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable...
- Four years on, the GCC has not just recovered faster than was expected, but it has also led the global tourism recovery with a 122% surge in arrivals in 2023 compared to 2019
- The region has assiduously worked for it with its two major economies, Saudi Arabia and the UAE, embarking on economic diversification with tourism one of the thrust areas