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
Economy
Saudi Arabia allows holders of all types of visas to perform Umrah
The ministry stated that those who qualify to perform Umrah also include holders of US, UK and Schengen visas
- The ministry stated that those who qualify to perform Umrah also include holders of US, UK and Schengen visas.
- The system allows people to obtain a tourist visa, valid for a period of 12 months, upon arrival at one of the Saudi airports
Economy
Egypt looks to borrow $2.5bn in loan to bolster economy
The country's struggling economy needs to urgently secure more foreign currency in its $400 billion economy to plug gaping deficits.
- The country is looking to garner $41 billion to pay for its current account deficit and maturing debt by the end of 2023
- Saudi Arabia, the UAE and Qatar have pledged more than $22 billion in deposits and investments in the struggling economy
Business
RAK Chamber members’ exports in Q2 2022 totaled $447m
The Ras Al Khaimah Chamber of Commerce and Industry issued its statistics for the second quarter of 2022, which showed...
- The report also showed that the number of certificates of origin issued by the chamber totaled 5,871.
- A total of 326 plots were sold for $446 million, while 1,567 apartments and villas were purchased for $849 million
Business
Dubai records $2.6bn real estate transactions in week
A total of 2,433 real estate transactions worth $2.6 billion (AED9.7 billion) were conducted during the week ending 12th August,...
- A total of 2,433 real estate transactions worth $2.6 billion were conducted during the week ending 12th August, 2022
- A total of 326 plots were sold for $446 million, while 1,567 apartments and villas were purchased for $849 million
Economy
ADDED launches incubators program for entrepreneurs
The Competitiveness Office of Abu Dhabi, part of the Abu Dhabi Department of Economic Development, has officially launched the 'Abu...
- The program aims to support individuals who wish to turn their ideas into innovative commercial opportunities
- This incubator program is part of the 14 initiatives under the 'Abu Dhabi Innovates'.
Business
Dubai Airports win Gold Stevie Award for Great Employers 2022
Dubai Airports has been named the winner of a Gold Stevie Award in the Most Innovative Workplace Redesign During COVID-19...
- Dubai Airports wins Gold Stevie Award for initiatives during the pandemic to protect the health and wellbeing of employees, customers and guests.
- This included the redesign of the Dubai Airports workplace with the installation of onsite testing and vaccination facilities.
Economy
Saudi youth programs aim at raising manpower in economics, public policy
Saudi Arabia has launched new youth programs aimed at raising the number of qualified manpower in the field of economics,...
- The programs seek to reduce the gap between the skills required in the field of economy and the requirements of the labor market.
- This initiative included the launch of the "Scholarship Advantages" program for students who have been accepted for scholarships in economics, public policy and social sciences.
Economy
Abu Dhabi non-oil foreign trade $33.75 billion in first half of 2022
The value of the trade-in commodities from normal metals and their products increased to AED24.51 billion, with a growth rate...
- Exports during the first six months of this year increased to 26 percent, at a value of AED49 billion and 479 million, compared to AED39.19 billion in 2021.
- The trade with Saudi Arabia was the highest at AED28.63 billion, with a growth rate of three percent compared to AED27.90 billion recorded during the same period in 2021.
Economy
Ajman Chamber urges members to diversify investments
The ACCI witnessed the signing of a strategic partnership agreement to supply rosewater between Lavish Perfumes with Lecheq Farm Distillery...
- The Ajman Chamber of Commerce and Industry wants members to increase the volume of intra-trade.
- The Chamber also wants members to strengthen international relations between business owners in Ajman and their outside counterparts
Economy
Foreign exchange reserves up at $82bn, says Iraq’s Central Bank
Central Bank of Iraq announced that foreign exchange reserves rose to US$82 billion, while gold reserves exceeded 130 tons.
- Iraq's Central Bank says that its gold reserves exceed 130 tons
- Among the countries with the most gold, Iraq has now reached 30 position
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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
SALIC buys 10.7% stake in BRF
Business
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World Bank chief vows to tackle ‘dysfunctionality’ at development lender
The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its...
Economy
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
Economy
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
Business
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Economy
Innovation steers Middle East through tourism swings
Facing tourism seasonality challenges, the region diversifies offerings, enhances infrastructure, and collaborates, for year-round success despite temperature fluctuations.
- The Middle East combats tourism seasonality and temperature challenges with innovative strategies for consistent year-round appeal
- Using diversified tourism, improved infrastructure, and collaboration, destinations can maximize off-peak season benefits in the region
Geostrategy
France warns Lebanon financial aid at risk over presidency deadlock
French President Emmanuel Macron's special envoy urged Lebanese factions to find a "third way" for electing a new president, warning...
- Lebanon has been without a president for almost a year after ex-head of state Michel Aoun's mandate expired.
- Lebanon's president is elected by parliament, where neither side has a majority, rather than by universal suffrage.
Economy
Dubai Government reduces public debt by US$7.8bn
DUBAI, UAE - The Public Debt Management Office (PDMO) of the Government of Dubai's Department of Finance (DOF) announced a...
- The achievement has been realized within a year and a half since the establishment of the office in 2022.
- This includes a full redemption of Sukuk certificates worth $898 million, the repayment of bilateral and syndicated facilities totaling $1.4 billion.