Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act...
Economy
China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
Business
Abu Dhabi to set up industrial financing entity: Chairman ADDED
A new industrial financing entity will soon be established in Abu Dhabi to finance large industries and small and medium-sized...
- The entity will finance large industries and SMEs as industrial financing requires the establishment of new frameworks, Al Hammadi said.
- Abu Dhabi's industrial sector contributed about AED 83.5 billion to the emirate's GDP in 2021.
Economy
Europe revives Syria phosphate imports, profiting Russian firm
Syrian phosphates used for fertiliser are being exported to Europe in bulk, benefitting a Russian firm and the sanctions-hit Damascus...
- The regime in Syria has since 2015 been heavily backed by Russia in its long-running civil war
- The trade is growing fast as the war in Ukraine drives up fertiliser and phosphate prices
Economy
Online platforms help GCC reduce local unemployment
Many Gulf countries have set up electronic platforms to localize government and private sector jobs to reduce the national unemployment...
- Many Gulf countries have set up electronic platforms to localize govt and private sector jobs to deal with national unemployment.
- These platforms provide residents with quick and accessible electronic services for applying for government and private sector jobs.
Economy
US price increases held steady, consumer spending growth down: Report
The world's largest economy has been battered for months by a cresting inflation wave, made more painful by the surge...
- The personal consumption expenditures (PCE) price index rose 6.3 percent compared to May 2021.
- Excluding volatile food and energy prices, PCE rose 0.3 percent in the month, the same as in April.
Economy
UAE, South Korea ink pact to support entrepreneurs, SMEs
The UAE and South Korea sign an agreement to launch a joint cooperation program to support entrepreneurs and SMEs. During...
- The UAE and South Korea sign an agreement to launch a joint cooperation program to support entrepreneurs and SMEs
- During the 11-month program, the two sides will discuss and cooperate in entrepreneurship and SME development
Geostrategy
‘Effective steps needed to tackle situation due to Ukraine crisis’
Jordan's Minister of Foreign Affairs and Expatriates has called for concrete and effective steps to address the effects of the...
- Jordan's foreign minister calls for concrete steps to deal with the effects of Ukraine crisis on food security, energy prices and supply chains
- The minister reviews the Kingdom's relations with NATO and Jordan's role in the 'Mediterranean Dialogue' group since 1995
Business
Taliban and US to discuss release of frozen funds after quake
The United States and the Taliban plan talks Thursday in Qatar on unlocking some of Afghanistan's reserves following a devastating...
- White House said it is working "urgently" on the effort to release Afghan's frozen funds
- Washington at the time froze $7 billion in reserves and the international community halted billions in direct aid to Afghanistan
Business
Recession fears drag down European, Asian stocks
Asian and European stock markets nursed losses Wednesday on resurgent fears that sharp interest rate hikes aimed at tackling runaway...
- Bourses in Paris, Frankfurt, Tokyo, and Hong Kong all lost around one percent or more, taking their cues from Tuesday's rout on Wall Street
- Updated first quarter US GDP data released Wednesday chopped the personal consumption growth figure to 1.8 percent, from 3.1 percent
Economy
New law to allow UAE companies to act as commercial agents
The new draft law is geared to provide more business opportunities for UAE citizens and allow new categories of citizens...
- The new draft law is geared to provide more business opportunities for UAE citizens and allow new categories of citizens to access the commercial agencies business
- The UAE has also enacted a new draft law on the cooperatives that allows for the establishment of various forms of cooperatives in the country
Science
Metaverse can contribute $4bn to UAE economy
The Dubai Metaverse Strategy anticipates that 42,000 jobs will be virtualized through the metaverse by 2030 while also improving resident...
- The Dubai Metaverse Strategy, which was recently announced, aims to raise the metaverse sector's contribution to the UAE's economy to $4b by 2030
- Dubai companies like Emirates, Damac and others are already betting big on this world, and many more are expected to join the pack
Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act...
Economy
Company News
Latest News
Nearly two-thirds of Saudi Arabian employees lack enhanced digital skillsÂ
Riyadh, Saudi Arabia - A substantial 62% of employees in Saudi Arabia are eager to acquire improved digital skills in...
Economy
US approves most Egypt aid despite rights alarm
Egypt is one of the largest recipients of US military aid, dating to its historic normalization of relations with Israel...
People’s Bank of China cuts bank reserve ratio again to aid recovery
Beijing, China - The People's Bank of China (PBOC) on Friday unveiled its decision to trim the reserve requirement ratio...
Economy
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Geostrategy
Diverse business models needed for trade with China, say Union of Arab Chambers
BEIRUT, LEBANON – The secretary general of the Union of Arab Chambers has called for diversified business models to facilitate...
- The secretary general of the Union of Arab Chambers said there was a rise in the variety of goods traded between China and the Arab world in recent years.
- Arab nations and China cannot simply rely on the traditional pattern of cooperation that emphasizes on imports and exports of products.
Geostrategy
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
- The Saudi envoy expressed satisfaction with his country's ties with Iran and the two sides' resumption of bilateral diplomatic relations.
- He said that any pact between Saudi Arabia and Iran will lead to the enhancement of peace and security in the entire region.
Economy
Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected...
- The report estimated that the GCC banks will report stronger profitability in 2023
- The rating agency expects Saudi banks to achieve a return on assets of 2.2% in 2023