SAMA: E-payments share reached 70% of total payments in 2023
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments...
Economy
Digital innovation fuels surge in Iraq’s banking sector
"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like...
Opinion
Economy
Sharjah witnesses 22% population growth to 1.8mn, reveals census
Sharjah, UAE-- The emirate of Sharjah has seen a 22 percent growth in population to 1.8 million inhabitants, as against...
- The census revealed that the emirate's working population has shot up to 1.1 million from 856,000, a growth of 22 percent
- Out of the total population of 1.8 million, the number of expatriates living in the emirate is 1.6 million, and the rest are the local citizens
Syrians abandon babies at mosques, under trees as war grinds on
"Only a few cases of child abandonment" were officially documented before the war broke out in 2011, according to the...
- Health department official said that 53 abandoned newborn babies had been registered in government-controlled areas in the first 10 months of last year
- Syrian President this year issued a decree creating dedicated facilities for the children, who would be automatically registered as Arab, Syrian and Muslim
Business
Iran seeks economic integration and multilateralism: Raisi
Tehran, Iran-- Iran seeks economic integration and multilateralism in international relations, according to the Islamic Republic's President Ebrahim Raisi.The president...
- The president told reporters at the airport in Tehran that Iran's relationship with different countries is based on regionalism and neighborhood policy
- The Islamic Republic, according to the president, signed agreements with Indonesia in energy and economic fields, in addition to signing other MoUs
Business
Abu Dhabi Housing Authority to build new homes worth US$1.90bn
Abu Dhabi, UAE--Abu Dhabi Housing Authority has joined hands with Q Holding to build new housing projects in West Baniyas...
- Nearly 1,500 residential villas will build in the West Baniyas, besides other infrastructure such as gardens, public facilities, services, mosque and commercial buildings
- The other housing project in Al Samha will see the construction of 242 residential villas, mosques and retail units and would cost close to US200 million
‘Qatar’s economy is shining example of reforms’
The contribution of the non-oil sector to the growth of the economy is the strongest in the Gulf region, which...
- Qatar pledges 20 percent of its Special Drawing Rights to support countries with low growth and climate risks, says IMF Managing Director Kristalina Georgieva in Doha
- Despite global economic slowdown predicted for 2023, Qatar's diversified economy is expected to outperform global growth rates, she adds during Qatar Economic Forum
Business
Dubai records realty deals worth $1.38 billion in two days
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth AED 5.1 billion ($1.38 billion) on Tuesday and...
- A total of 500 sales transactions worth AED1.21 billion were recorded on Wednesday, in addition to 103 mortgage deals totaling AED267.86 million.
- On Tuesday, the market recorded 612 sales transactions worth AED2.51 billion, in addition to 126 mortgage deals of AED 613.53 million.
Economy
US debt ceiling talks ‘unnecessary’ for global economy: IMF chief
International markets have been unnerved by the battle between US President Joe Biden and opposition Republicans on US borrowing limits...
- But she added that the Washington drama was "unnecessary for a world economy that is in such high uncertainty".
- Kristalina Georgieva told the Qatar Economic Forum that central banks must keep interest rates high to tame inflation but there should be improvement in 2024.
Business
Tadawul-listed firms report 22% drop in first quarter net profit
Dubai, UAE -- A 22 percent drop in net profit was reported by Tadawul-listed companies in the first quarter of...
- Argaam reported the decline in net profit was due to a drop in Saudi Aramco’s first quarter earnings by more than 17 percent, as well as lower earnings of petrochemical companies.Â
- The first-quarter results included SAR 5.87 billion one-off gains generated by Kingdom Holding Company (KHC) from selling half of its stake in Four Seasons Holding.
Business
SEDD designates specific areas to run auto spare parts business
Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic...
- The department said that trading in used auto spare parts in the emirate will be "reorganized" by amending the geographical areas permitted to practice the business
- The reorganization is part of the strategey to promote economic growth and consolidating the emirate's posiiton as the key global trade and economic center
Geostrategy
Israel passes budget with controversial cash for ultra-Orthodox
The Prime Minister Benjamin Netanyahu spent recent weeks cutting deals with his ultra-Orthodox and extreme-right coalition partners, to meet a...
- Thousands of Israelis marched through Jerusalem on Tuesday to protest the government's plans to hand more cash to the ultra-Orthodox minority
- The 2023-2024 budget of Israel was ultimately passed early Wednesday with the support of all 64 coalition lawmakers in the 120-seat parliament
SAMA: E-payments share reached 70% of total payments in 2023
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments...
Economy
Company News
ADNOC Drilling, Alpha Dhabi set up JV
Geostrategy
Latest News
Waning influence of OPEC+ in spotlight as prices flag
Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain...
Business
Saudi Arabia introduces unified platform for visas, including Hajj, Umrah
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday introduced 'KSA VISA,' a unified visa platform aimed at streamlining visa application...
US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...
Geostrategy
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Economy
Saudi Arabia eyes $13 billion from media sector
Riyadh, Saudi Arabia - Saudi Arabia aims to increase the media sector's economic contribution, targeting a GDP share of 47...
- In 2022, Saudi Arabia's media sector surged to SAR 17.4 billion ($4.6 billion), commanding 30% of the market share in the MENA region.
- The growth trajectory has been primarily propelled by a a tech-savvy consumer base, marked by a surge in demand for local content
COP28 UAE
New platform to revolutionize global sustainability
World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and...
- World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and economic challenges.
- The G17Eco platform, powered by WWG, equips organizations to effectively access and utilize sustainability data, integrating solutions and finances for comprehensive reporting.
Economy
MENA faces economic turbulence due to Gaza conflict
The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
- The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
- Egypt, Lebanon and Jordan remain the most affected countries as the conflict will potentially disrupt oil markets and economic growth, it adds.