‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...
Economy
NHC signs strategic deals worth $8 billion at the opening of Real Estate Future Forum 2025
Riyadh, Saudi Arabia - The National Housing Company (NHC) has signed a series of agreements, deals, and memoranda of understanding...
Economy
Economy
Jobs for Emiratis: UAE pushes work for own citizens
The UAE - like other oil-rich Arab Gulf states - has often used the public sector as an employment vehicle...
- Just 12 percent of the country's more than nine million residents are UAE nationals, with over 90 percent of private sector jobs taken by foreigners
- The government is now strong-arming private firms into hiring local talent, with the aim of ensuring Emiratis make up 10 percent of the private sector workforce by 2026
Economy
Investigators from Europe to visit Lebanon in central bank chief probe
A team of investigators from Europe will visit Lebanon next month to probe into the wealth of central bank governor...
- The visit aims to conduct investigations into financial affairs linked to Salameh
- A Lebanese prosecutor probing Salameh on suspicion of financial misconduct requested charges be issued against him based on preliminary investigative findings
Tunisia electoral board threatens media rights: rights groups
In a joint statement on Tuesday, 28 organisations said ISIE had "targeted freedom of expression to the point where it...
- Last week, the ISIE elections authority filed 24 legal complaints against media organisations and bloggers in the North African nation
- Tunisian and foreign rights groups have warned that his actions threaten the only democracy to have emerged from the Arab Spring uprisings
Business
15 MoUs in several sectors signed at Saudi-Japan Investment Forum
Riyadh, Saudi Arabia - As many as 15 memorandums of understanding were signed between Saudi Arabia and Japan in several...
- The forum highlighted the investment opportunities to strengthen the investment partnership between the two countries in light of Saudi-Japan Vision 2030.
- It also reviewed opportunities to expand the investment partnership between the two countries in a number of the strategic sectors.
Economy
Iraq Prime Minister summons central bank governor as currency slides
One US dollar traded at 1,580 Iraqi dinars on the street Tuesday, against the central bank rate of 1,470 dinars,...
- The central bank has blamed the slump on "temporary pressures" sparked by the "adoption of new mechanisms to protect the banking sector, customers, and the financial system".
- Iraq's Association of Private Banks said the rate had risen as a result of changes to the "mechanism" of foreign currency sales due to international requirements.
YEARBOOK 2023
Sustainable digital shift in GCC need of the hour
Sustainability remains key focus as the UAE and Saudi Arabia speed up digitalization, which has been the fundamental pillar of...
- Gartner expects that by 2025, 50 percent of chief information officers (CIOs) will have performance metrics tied to the sustainability of the IT organization.
- In the Arab Gulf, national economic visions aimed at alleviating petrochemical dependence have put renewable energy sources front and center.
Business
UAE announces inclusion of Creative Zone in NextGenFDI initiative
ABU DHABI, UAE - The Ministry of Economy has announced that Creative Zone, one of the UAE's largest consulting and...
- The NextGenFDI program, which was launched in July 2022, aims to attract digitally-advanced companies to the UAE.
- NextGenFDI includes fast business licensing, group visa issuance, fast access to banking facilities, as well as access to educational and cloud services.
Economy
Dubai Land Department launches its strategic plan 2026
DUBAI, UAE : The Dubai Land Department (DLD) launched its new strategic plan and vision, shaping the features and landmarks...
- The new strategic plan is in line with the national agenda to build a better economy.
- DLD has a mission of enabling the real estate community by providing seamless services, effective legislation and integrated data.
Business
DEWA’s hydroelectric power plant in Hatta is 59 percent complete
DUBAI, UAE - The Dubai Electricity and Water Authority (DEWA) under-construction pumped-storage hydroelectric power plant site in Hatta is 58.48...
- This is the first station of its kind in the GCC, with investments of up to US$387 million.
- The power plant will have a production capacity of 250 megawatts, a storage capacity of 1,500 megawatt-hours.
Economy
Algeria passes biggest-ever US$98.5 billion annual budget
Algiers, Algeria-- Algeria approved the 2023 budget, the largest in the country's history after President Abdelmadjid Tebboune approved the Finance...
- The government set a reference oil price estimated at US$60 per barrel, up by US$15 per barrel over the 2022 budget
- The figures in the annual budget showed an increase in defense spending, which topped the rest of the sectors with US$22.7 billion, to be the largest in Algeria's history.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...
Economy
Company News
Latest News
Saudi banks see moderate improvement in margins in Q3: report
Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII)...
Economy
Climate change already reducing global GDP: report
Low- and middle-income countries have experienced a combined loss in capital and GDP totaling $21 trillion, about half of the...
$128 billion in US company deals during Dubai Airshow: US Ambassador
Abu Dhabi, UAE - Martina A Strong, the US Ambassador to the UAE revealed on Monday that American companies secured...
Business
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Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.
Business
Abu Dhabi’s EWEC opens Q4 2023 Clean Energy Certificates auction
ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023...
- CECs are the only accredited instruments in the Emirate that prove the environmental and economic benefits of consuming clean energy.
- Issued in units of 1MWh, each CEC certifies that the electricity consumed by the entity originates from a clean energy source.
Market Report
Stock markets on hold as investors await key US inflation data
Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that...
- The Dow edged higher at the open, while the S&P 500 and Nasdaq drifted lower.
- With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action.