BRICS integral to Arab trade diversification strategy
The UAE and Saudi Arabia’s trade with China and India far exceeds their trade with the US and UK. This...
Economy
UN report says 1.1 billion people in acute poverty
More than one billion people are living in acute poverty across the globe, a UN Development Program report said Thursday,...
Economy
Economy
UN chief appeals for extension of Ukraine-Russia grain deal
Calling on "all parties" to make every effort to extend the agreement on Ukrainian grain exports, UN Secretary-General Antonio Guterres...
- The initial agreement was set to last 120 days, with the option for renewal on November 19 "if no party objects," Guterres' spokesman Stephane Dujarric noted Friday
- Russian ambassador to the UN Vassily Nebenzia told reporters Thursday that Russian exports must be allowed to go through before Moscow will commit to an extension of the deal
Economy
UAE makes amendments to value added tax rules
Abu Dhabi, UAE— The UAE Ministry of Finance announced amendments to some provisions of the Federal Decree-Law No. 8 of...
- The amendments were made are in line with international best practice in light of the GCC Unified VAT Agreement
- They are based on past experiences, challenges faced by various business sectors as well as the recommendations received from the relevant parties
Economy
UAE consumers hold the purse strings as soaring inflation affects wages, wealth and purchasing power
Consumers in the Gulf country plan to adjust their lifestyle by reducing their household and miscellaneous expenses over the next...
- Consumers in the Gulf country plan to adjust their lifestyle by reducing their household and miscellaneous expenses over the next three months, a latest survey points out
- When asked in which segments they will reduce spending on over the next three months due to rising prices, 26 percent of those polled cited clothing as the top area, it adds
Business
DFSA signs agreement with Bangladesh SEC
DUBAI, UAE - The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities...
- The MoU was signed by Chief Executive of the DFSA Ian Johnston and Chairman of the BSEC Professor Shibli Rubayat Ul Islam Friday in Dubai.
- The agreement provides a framework for facilitating cross-border collaboration between the two bodies on supervision and enforcement actions.
Videos
GCC’s two biggest trade allies are Asians
As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is...
- Experts believe the US is pulling back from the Middle East and shifting its attention and resources to the "priority theatre" of the Indo-Pacific.
- But as the world recovers from the Covid-19 pandemic, the GCC countries are expected to play a more significant role in the ongoing Asianization of the global economy.
Business
ExxonMobil Q3 net surges to US$19.7bn
Hike in profit was due to high oil, natural gas prices.
- The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling.
- The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.
Business
QGIRCO posts Q3 net profit of US$1.1m
Firm's Q3, 2022 profit fell compared to Q3 in 2021.
- The company's data indicated that the earnings per share amounted to $.01 in the third quarter of this year,
- The company's earnings per share was $.02 for the same period last year.
Business
OMV Q3 net profit at $3.28bn amid high energy prices
Revenue doubled year-on-year to US$17.1 billion.
- OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
- Following European sanctions on Moscow, OMV froze its investments in Russia.
Business
Amanat Holdings buys 60% stake in HDC for US$58m
HDC provides special education and care services in S Arabia.
- HDC has a presence across six provinces of Saudi Arabia and caters to over 3,000 beneficiaries.
- It has a network of nine schools, 22 daycare centers and specialized rehabilitation medical clinics.
Arts & Culture
Saudi culture ministry provides training in UNESCO program
Under its recently announced Experts Program, the Saudi Ministry of Culture has provided an intensive leadership training course for Man...
- MAB is an intergovernmental scientific program that seeks to enhance the relationship between people and their environments through natural and social sciences.
- Delivered in partnership with the UNESCO Regional Bureau for Science in the Arab States, the course brought together 17 local and international participants.
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BRICS integral to Arab trade diversification strategy
The UAE and Saudi Arabia’s trade with China and India far exceeds their trade with the US and UK. This...
Economy
Company News
stc Group begins work in Europe
Business
Latest News
China announces $137 bn sovereign bond issuance
Beijing, China - China announced on Tuesday a 1 trillion yuan ($137 billion) sovereign bond issuance, state media said, in a...
Economy
China’s GDP rises above forecasts, boosted by robust recovery efforts
BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions...
Economy
Israel-Hamas war risks ‘serious’ economic damage: World Bank president
Ajay Banga was speaking at the annual Future Investment Initiative, often referred to as "Davos in the Desert". More than...
Economy
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Interview
Tech ticks: Metaverse, AI boost Jamaica’s tourism
From the metaverse allowing virtual experiences to the use of AI in training, Jamaica is at the forefront of integrating...
- From the metaverse allowing virtual experiences to the use of AI in training, Jamaica is at the forefront of integrating technology into its tourism sector, says minister.
- Jamaica is enhancing its tourism workforce with the Jamaica Centre for Tourism Innovation, amid a rise in South-South tech-tourism collaborations, adds Edmund Bartlett.
Economy
Sustainable finance part of UAE’s climate action plan
"The UAE's financial markets are proactively broadening sustainable finance options. The Dubai Financial Market has rolled out regulatory frameworks for...
- The UAE remains dedicated to addressing climate change and creating a sustainable future with its ambitious goal of achieving net-zero carbon emissions by 2050
- The local market sees the launch of green bonds, amplifying sustainable finance in the region and reflecting the UAE's commitment to developing new asset classes
Business
KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...
- KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
- The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.