G7 to exempt US multinationals from global minimum tax
The deal will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home,...
Economy
Oil prices spike after US strikes on Iran nuclear sites
Economists at MUFG warned of "high uncertainty of the outcomes and duration of this war", giving a "scenario analysis" of...
Economy
TRENDS Poll: 38% feel AI threatens their jobs
New job opportunities are expected to emerge, but only individuals with advanced technological skills and education would be eligible for...
- TRENDS conducted a Twitter poll, asking its followers whether their jobs were at risk due to AI in an attempt to gauge its impact
- The results revealed that 38 percent of respondents believed their jobs were at risk, while 31 percent responded negatively
Business
Dubai Municipality unveils new online system for building permits
Dubai, UAE-- Seeking to enhance the emirate's position as a global pioneering city in adopting the latest technology in the...
- Aligned with the updated Dubai Building Code, the new system will provide smart and integrated services and solutions while implementing automated checks
- Complying with the latest BIM standards and geographic information systems, it will facilitate user registration through digital ID and instant recognition
Business
SPC Free Zone signs contracts with publishers from Sweden, Egypt and Algeria
Sharjah, UAE--The Sharjah Publishing City Free Zone (SPC Free Zone) has signed more than 10 partnership agreements with publishers from...
- The free zone since its founding in 2017 has hosted companies and institutions working in the publishing, printing, and distribution fields
- It held meetings with more than 50 publishers from around the world, underscoring the emirate's efforts to support the publishing and creative industries
Economy
UAE Gen Z prioritizes hybrid work and career progression: study
Dubai, UAE - The Gen Z in the UAE has a strong inclination towards hybrid work arrangements, where they can...
- A significant portion of Gen Z respondents in the UAE (42%) are engaged in formal or informal side jobs, surpassing the rate of non-Gen Z respondents (27%)
- The majority of Gen Z in the UAE (70 percent) express a preference for hybrid work environments, allowing them to have the flexibility of working both in the office and remotely
Economy
UAE-India partnership a driver for economic growth: Al Marri
Speaking at an event in New Delhi, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said that the...
- The minister said that the two countries were speeding up efforts to develop both economies and adopt plans that support vision for expansion
- Al Marri noted that the UAE is interested to support Indian government's plan to lift the country's GDP to US$5 trillion by the year 2025
Economy
Trade pacts propel Jordan’s trade to $23bn with partner nations
Amman, Jordan - Jordan's trade exchange with countries it has free trade agreements with accounted for a significant portion of...
- The country joined the Greater Arab Free Trade Area in 1978, solidifying its economic ties within the region
- The free trade agreement with the United States came into force in 2001, followed by the Jordanian-European Partnership in 2002
Business
RAKEZ highlights Ras Al Khaimah’s potential to Chinese business owners
RAS AL KHAIMAH, UAE - A top-level delegation from Ras Al Khaimah Economic Zone (RAKEZ) recently concluded its trip to...
- The RAKEZ delegation interacted with prominent Chinese business owners from a range of sectors.
- The team traveled through Shanghai, Suzhou, Qingdao, Tianjin, Guangzhou, Foshan, and Zhuhai.
Business
PIF sets up firm Badael to curb tobacco use in Saudi Arabia
RIYADH, SAUDI ARABIA- The Public Investment Fund (PIF) announced the establishment of Badael Company, which aims to develop, manufacture and...
- Badael aims to address the negative impact that smoking has on the well-being of the Saudi population.
- The company’s products are expected to help nearly one million people give up smoking by 2032.
Business
Ajman hotels posts 3% increase in revenues in Q1 2023
AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter...
- Ajman tourism is looking for new ways to collaborate with local and international partners to advance the tourism sector by attracting new investments.
- The emirate of Ajman hosts 44 hotel establishments ranging from 1-star to 5-star hotels, resorts and luxury hotel apartments with 3,997 hotel rooms.
Economy
UAE issues transitional rules for Corporate Tax
The goal is to simplify establishing the initial balance sheet, guaranteeing a fair method for managing assets and liabilities preceding...
- The aim is to ease the process of determining the opening balance sheet, ensuring a fair and transparent approach for assets and liabilities
- The decision applies to certain assets and liabilities, such as immovable property, intangible assets, financial assets, and financial liabilities
G7 to exempt US multinationals from global minimum tax
The deal will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home,...
Economy
Company News
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Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
Business
Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
Economy
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
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Economy
Strategic initiatives help UAE lead digital economy
“This economy merges national skills and technological solutions, creating an advanced model that contributes to achieving the goals of the...
- The UAE is aiming to significantly boost the digital economy's contribution to the non-oil GDP over the next decade.
- Efforts are being ramped up to accelerate the adoption of digital solutions across various sectors in the Gulf country.
Business
stc 2023 revenues is $19.28bn
Gross profit for 2023 rose 1.1 percent compared to 2022.
- The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent
- It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.
Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
- The project is being built in the Gulei petrochemicals base in Zhangzhou city, in eastern China’s Fujian Province.
- The project entails a total investment of $6.3 billion from SABIC and Fujian Energy Petrochemical Group Co. Ltd.