West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
Economy
Science
DEWA’s R&D Center registers patent for robotic carrier
Dubai Electricity and Water Authority (DEWA) 's Research and Development (R&D) Center has registered its sixth patent for a user-friendly...
- DEWA's robotic carrier can transport glass panels or sensitive materials that require close care.
- The robotic carrier can lift solar photovoltaic panels easily from any surface.
Economy
Slowdown or not? US job market walking a tight rope
According to consensus, the unemployment rate for August should fall somewhere around 3.5 percent when official data is released at...
- American employers ratcheted back their hiring in August to 132,000, according to data published Wednesday by payroll firm ADP
- Economic slowdown, fears of recession, or Fed action to curb soaring inflation have not deflated the hot job market
Economy
Saudi Arabia eases visa rules for GCC, US, UK, EU residents
The regulations came into effect after the minister of tourism Ahmed Al-Khateeb signed on a ministerial decree, making it easier...
- The regulations came into effect after the minister of tourism Ahmed Al-Khateeb signed on a ministerial decree, making it easier to visit the oil-rich kingdom
- The ministerial decree removes the requirement of many would-be visitors to attend their country's embassy before entering Saudi Arabia
Business
Saudi economy pins hope on female entrepreneurs
Saudi women, who had begun with small projects, are now creating startups and setting up factories, highlighting drastic change in...
- Saudi women have achieved exceptional success through entrepreneurship, particularly with the change in the business environment.
- The goals of Vision 2030 are not limited to increasing entrepreneurship but also increasing women's participation in economic fields.
Business
Markets volatile, world economy likely to grow 3.2% in 2022
As the world economy struggles to recover from the after-effects of the pandemic, financial markets are more volatile than ever.
- Global investors need to factor in how demand and supply chains will impact trade around the world
- The ongoing stop-and-start recovery from COVID has also disrupted global supply chains, leading to more instability in economies all around the globe
Business
Saudi Central Bank updates its Regulatory Sandbox Framework
The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of...
- The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of the key objectives of the Saudi Vision 2030
- The Central Bank pointed out that the updated framework of the Regulatory Sandbox is open for both local and international applicants
CBUAE says gross banks’ assets vault to $939bn in June
The growth in total bank deposits was due to the rise in resident deposits by 2.6% and non-resident deposits by...
- The apex bank said that gross credit grew from $507.93 billion in May 2022 to $508.12 billion in June 2022
- Total bank deposits increased by 2.5%, climbing from $555.61 billion in May 2022 to $569.61 billion in June 2022
Economy
Qatar to build world’s biggest blue ammonia plant
Energy Minister Saad al-Kaabi said the plant would cost $1.2 billion and start production in early 2026. State-owned Qatar Energy,...
- The foul-smelling chemical is being touted by gas-producing nations such as Qatar as an alternative to hydrogen
- Japan is already looking into using ammonia to power former coal fired electricity generators
Business
UAE’s 10 largest banks reap second quarter windfall
Banks in the UAE held a 22.4 percent market share of the assets in the Arab banking sector, followed by...
- The A&M research investigates size, liquidity, income, operating efficiency, risk, profitability, and capital of financial institutions.
- A 19.5 percent rise in total interest income saw the banks post a net income growth of 24.4 percent.
Economy
Eurozone inflation hits new record 9.1 percent on soaring energy prices
Driven by soaring energy prices caused by Russia's invasion in Ukraine, the yearly inflation rate in the 19-country single currency...
- The president of Germany's powerful federal central bank, Joachim Nagel, immediately declared that the ECB should plan for a "strong rise in interest rates for September".
- France, which has moved to cap energy prices saw the lowest rate within the eurozone, with 6.5 percent in August, according to Eurostat.
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West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
Company News
Latest News
Saudi Arabia issues 162 licenses to companies relocating hqrs to the Kingdom
Riyadh, Saudi Arabia - Saudi Arabia has so far issued 162 regional center licenses to the companies relocating their headquarters...
Business
Oil-reliant Saudi revises budget, projects deficit
The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion)...
‘Cooperation key in establishing global work agenda’
"The Summit acts as a nexus, uniting government officials, international organizations, business magnates, community institutions, scholars, and innovators. This collective...
Economy
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Economy
Saudi Arabia’s coffee production exceeds 800 tons annually
Riyadh, Saudi Arabia - Saudi Arabia is among the top 10 countries in the world in coffee consumption, leading the...
- The Kingdom hosts more than 2,535 coffee farms in the Southern Region, including over 500 model coffee farms
- The country has also signed an agreement for the establishment of the Kingdom's first coffee city
Geostrategy
Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
- Under the terms of the MoU, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems.
- They will cooperate on policies, regulations and legislation in the digitization and electronic manufacturing sectors.
Business
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
- E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.