Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
Geostrategy
Afghanistan: one year since the Taliban takeover
Last year, this week, the Taliban launched a final offensive to win back control of the country they ran between...
- Last year, this week, the Taliban launched a final offensive to win back control of the country they ran between 1996 and 2001
- Taliban is now in the firm grip of the country, and has once again imposed its austere interpretation of Islam
Economy
Exports drive growth in Saudi and UAE
Saudi and the UAE's reliance on oil to drive economic growth has tapered off in recent years as the non-oil...
- In May Saudi Arabia's non-oil sector of the economy continued strong growth, notching its 21st consecutive month of expansion
- In the United Arab Emirates, non-oil sector grew in May to a five-month high as demand remained strong despite inflationary pressures
Economy
Sharjah steps up emergency response to extreme weather conditions
More than 3,400 rescue and evacuation operations were conducted in the eastern regions of the emirate by the Sharjah Police...
- More than 3,400 rescue and evacuation operations were conducted in the eastern regions of the emirate by the Sharjah Police General Headquarters
- In flood-hit Kalba, 2,069 residents were moved into schools, while nurses were transferred from Fujairah to support medical efforts at Kalba Hospital
Sharjah supports low-income families with $3 million
The Sharjah Charity International has provided $3 million assistance in the first half of this year.
- The Sharjah Charity International has provided $3 million assistance in the first half of this year
- The society relies on the charitable contributions of benefactors to support deserving families
Economy
UAE’s Q1 public spending rises by nearly 20 percent to $23.79 billion
The UAE’s public spending in the first quarter of 2022 totaled AED87.4 billion ($23.79 billion), an increase of 19.6 percent...
- AED28.7 billion spent on employee compensation payments, compared to AED24.6 billion in the same reporting period in 2021.
- Revenues amounted to AED123.8 billion in the first quarter of 2022, an increase of 39.1 percent or equivalent to AED34.8 billion, compared to AED88.9 billion in Q1 2021.
Business
Qatar Chamber to promote investment in country during world cup
Qatar Chamber would issue a guide to economic and commercial activities in Qatar 2022, aiming to promote its economy and...
- Qatar Chamber General Manager Saleh bin Hamad Al Sharqi stressed the promotion of economy and investment climate.
- Bin Hamad noted FIFA WC 2022 is a key opportunity to introduce the Qatari economy and the advantages of investment in Qatar.
Economy
Campaign to attract Emiratis toward private sector launched by talent council
NAFIS.. Your Way, a campaign that will highlight the success stories of talented Emiratis in the private sector and the...
- The campaign was launched by Emirati Talent Competitiveness Council (ETCC), which is chaired by Sheikh Mansour bin Zayed Al Nahyan and ETCC Board Chairman.
- The campaign will showcase ambitious Emiratis around the UAE working in diverse roles within the private sector.
Economy
UAE foreign ministry, ECI sign MoU to promote trade, investment
The Ministry of Foreign Affairs and International Corporation (MoFAIC) and Etihad Credit Insurance (ECI), the UAE's federal export credit company,...
- MoFAIC and ECI agree to work together to position the UAE as an ideal destination for trade and investment
- They will highlight the UAE's stable and secure environment, investor-friendly legislation and advanced trade finance infrastructure
Economy
Tie-ups with UAE helps boost Indian farm exports by 31 percent
Buyer-seller meets in the UAE on agricultural and food products with registered geographical indication (GI) tags, a week-long mango festival...
- Buyer-seller meets in the UAE on agricultural, food products with registered geographical indication tags helped boost India's exports
- A week-long mango festival in Bahrain, and an international buyer-seller meet in Ladakh attended by buyers from Dubai and Oman also helped
Economy
UAE issues new guidelines for real estate transactions
The Ministry of Economy (MoE) and the Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU),...
- The move will help the UAE’s sustainable, evolving approach to the global fight against money laundering and terrorist financing
- The decision was made following multiple meetings and discussions among the MoE, MoJ, FIU, and other competent authorities in the UAE
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Company News
SALIC buys 10.7% stake in BRF
Business
Latest News
Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...
Saudi Arabia raises the bar, says 100m tourist goal inadequate
Riyadh, Saudi Arabia - Saudi Arabia has announced its intention to revise its tourism goals, increasing the target number of...
Economy
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
Business
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Economy
Russian economy to grow 1.5 percent this year, says key European bank
After having forecast a contraction earlier this year in Russia's economy, the European Bank for Reconstruction and Development is now...
- it said the outlook for 2024 will depend heavily on how the war on Ukraine and the related economic sanctions evolve
- Russia's central bank has forecast the country's economy to grow between 1.5 and 2.5% this year and between 0.5 and 1.5% in 2024
Police hold boss of troubled developer China Evergrande: report
Xu Jiayin, who is known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month, according...
- Evergrande stocks in Hong Kong fell precipitously on Wednesday afternoon following a moderate rise in morning trading, closing the day 19 percent down
- Chinese property developer Evergrande's enormous debt has contributed to the country's deepening property sector crisis, raising fears of a global spillover
Economy
Israel makes progress on water-for-energy pact with Jordan and UAE
Dubai, UAE - Israel's energy minister and the CEO of the UAE's renewable energy firm, Masdar, have met to advance...
- Jordan will provide solar energy generated from a UAE-funded facility to Israel and in return, Jordan will receive desalinated water from Israel
- The goal of the agreement is to address Jordan's pressing need for water while helping Israel diversify its clean energy sources