Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
Asian stocks mostly up after US tech rally
Asian stocks were mostly higher on Tuesday after a tech rally on Wall Street, but their gains remained modest in...
Economy
US lawmakers say oil giants ‘greenwashed’ image while hampering climate action
Washington, United States— Oil giants have "greenwashed" their public image while locking in fossil fuel production for years to come, potentially...
- An internal email from the American Petroleum Institute was said to show its 2021 climate action framework was organized around the aim of "continued promotion" of natural gas
- The House of Representatives committee launched its investigation in September 2021
Economy
SASO, Chinese SAC renew technical cooperation program
The program aims to strengthen the strategic partnership between the two countries and contribute to ensuring the quality and safety...
- The program aims to strengthen the strategic partnership between the two countries and contribute to ensuring the quality and safety of goods
- It also aims to establish frameworks for joint cooperation in several areas, most notably the exchange of information and research studies
Economy
Lebanon detains actor as witness in central bank chief case
A noted Lebanese actor Stephanie Saliba was briefly detained by authorities in Lebanon in connection with a money laundering case....
- Central bank chief Riad Salameh, 72, is among top officials widely blamed for Lebanon's unprecedented economic crisis
- The country opened a probe into Salameh's wealth last year, after the office of Switzerland's top prosecutor requested assistance in an investigation into more than $300 million
Geostrategy
EU seeks more sanctions on Iran for Russian drone supply
The EU is set to impose more sanctions on Iran for drone supplies to Russia and a crackdown on protests...
- The EU is looking under a separate sanctions package to stop the supply of drone engines from the bloc to Russia and Iran.
- Another 20 individuals and one organization will be added to the asset freeze and visa ban blacklist over the repression of demonstrations in Iran.
Economy
Tourists, cruises, flights to Aqaba on the rise in December
AQABA, JORDAN - The southern city of Aqaba is welcoming an increasing number of local visitors and foreign tourists of...
- The ports of Aqaba are expected to receive eight giant cruise ships carrying about 2,700 tourists each.
- King Hussein International Airport in Aqaba has received 18 flights from abroad in since the beginning of December.
Economy
UAE tax decree: Profits above $102,099 to be taxed at 9 percent
Abu Dhabi, UAE---The UAE has issued a decree on the Taxation of Corporations and Businesses, the Corporate Tax Law, under...
- Profits up to and including the $102,099 threshold will not be taxed "to support small businesses and start-ups".
- Free zone entities will be eligible to benefit from the zero percent Corporate Tax rate on qualifying income.
Geostrategy
IFC, UNHCR to jointly boost private sector engagement for refugees, host communities
GENEVA, SWITZERLAND - The International Finance Corporation (IFC) and UNHCR, the UN Refugee Agency, Friday announced a joint initiative to...
- The initiative aims to mobilize private sector projects over the next five years to demonstrate the viability of investments in forced displacement contexts.
- Forced displacement is a growing crisis that is too large and complex for governments and humanitarian agencies to solve alone.
Market Report
Equities boosted by China news before rate calls
Global stocks rose on China's slowing inflation and economic reopening, alongside hopes of less aggressive interest rate hikes next week....
- Traders were setting their sights also on the release of two key US inflation reports ahead of the Federal Reserve's final policy meeting of the year.
- Investors were meanwhile hopeful that central banks in the United States, eurozone and UK will next week ease the pace of interest rate hikes.
Business
AirAsia branch in Cambodia soon
Venture would start with two aircraft and expand to 15.
- The latest move to reorganize the Malaysia-based firm's network comes after setbacks in recent years.
- The firm's future airlines would also be based in Southeast Asia as it was a familiar region.
Business
Britain fines Santander US$132m
Firm fined due to gaps in anti-money laundering controls.
- The Financial Conduct Authority said that it had concluded Santander UK failed to properly manage its anti-money laundering systems between December 2012 and October 2017.
- Santander UK had taken action to address the issues once they were identified.
Most Read
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
Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
Company News
Latest News
Russia-UAE economic ties strengthen with $9bn trade
The streamlined IP processes, including efficient patent registration and robust litigation frameworks, are key factors contributing to this thriving bilateral...
Opinion
Dubai Airports expect to cross pre-pandemic passenger numbers in 2023
Dubai, UAE--Dubai Airports is expecting annual passenger traffic at Dubai International (DXB) to touch 86.8 million – surpassing 2019 traffic,...
Business
Iran to link up electricity grid with Russia via Azerbaijan
Tehran, Iran-- Iran is linking up its electricity grids with Russia via Azerbaijan in order to make up for its...
Business
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Business
Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to...
- In 2021, Black Friday sales notched up $61 billion, followed by a further upswing in sales to $70 billion in 2022, and this year sales are expected to cross the figure
- According to several experts, the annual event continues to draw consumers across the GCC, with nearly 85 percent of them expected to participate in Black Friday
Business
Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to...
- In 2021, Black Friday sales notched up $61 billion, followed by a further upswing in sales to $70 billion in 2022, and this year sales are expected to cross the figure
- According to several experts, the annual event continues to draw consumers across the GCC, with nearly 85 percent of them expected to participate in Black Friday
Economy
Electricity plays key role in making UAE sustainable
“In the UAE, we recognize the energy security and climate challenges and have devised multiple strategies to make the sector...
- The UAE updates Energy Strategy 2050, focusing on low-emission hydrogen production and net-zero goals.
- GCCIA's expansion projects aim to enhance energy security and interconnectivity across the Gulf region.