Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
Economy
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
Economy
Three Saudi ports make world records on CPPI 2021
The CPPI is an indicator produced by the Transport Global Practice of the World Bank.
- The CPPI is an indicator produced by the Transport Global Practice of the World Bank.
- The King Abdullah Port ranks first on the list of 370 global ports, while Jeddah Islamic Port ranks eighth
Business
Agreement signed for new payment channels and services on AjmanPay app
Ajman’s Department of Finance (DoF) signed a cooperation agreement with First Abu Dhabi Bank (FAB) and Magnati to support the...
- This agreement is in line with Ajman government’s strategy of fostering strategic partnerships between the public and private sectors.
- It also complies with DoF’s efforts to develop innovative financial services that offer customers the facility to save their financial data.
Geostrategy
Saudi group at WEF calls for international cooperation
A Saudi delegation said Wednesday that the transformation march launched by it a few years ago contributed to enhancing the...
- The delegation participated in a panel discussion entitled "Kingdom of Saudi Arabia: A Future Vision".
- It highlighted kingdom's role in supporting the region's stability within the framework of promoting development.
Economy
Global economy to gain $8.3 trillion if countries invest in skills: WEF
The Reskilling Revolution initiative, a coalition of 50 CEOs, 25 ministers and 350 organizations committed to realizing these gains for...
- The initiative, launched at WEF in January 2020, is working to provide 1 billion people with better education, skills and economic opportunity by 2030.
- Two years into its work, the initiative will expand beyond adult reskilling and upskilling and integrate a focus on education for children and youth.
Economy
Egypt to unveil development projects worth $860m
Executive regulations governing public-private partnership will be issued soon, an official of the Finance Ministry said.
- Executive regulations governing public-private partnership will be issued soon, an official of the Finance Ministry said
- The contracts with the private sector will be long term and subject to clear-cut mechanisms, he added.
Economy
US expects deficit to drop to $1 trillion in 2022
The US government deficit will fall dramatically this year to $1 trillion, down from levels not seen since World War...
- The budget shortfall in the current fiscal year will shrink significantly from the prior year, when it reached nearly $2.8 trillion due to the massive spending
- The CBO expects the deficit to fall again in the next fiscal year which runs October 1 to September 30 but rise to 6.1 percent of gross domestic product (GDP) by FY2023
Economy
Greece will send Iranian oil from seized ship to US: police
Greece will send Iranian oil from a seized Russian-flagged tanker to the United States at the request of the US...
- Authorities that seized oil didn't provide any details about how it would be transferred to the US
- Tehran protested against Greece and called it "international robbery"
Economy
Non-oil exports of Saudi Arabia surge 12.8% in March
Saudi Arabia's non-oil exports surged to $7.52 billion in March 2022, according to the General Authority for Statistics, also known...
- Non-oil exports excluding re-exports rose by 22.4 percent year-on-year
- On a month-on-month basis, Saudi Arabia's exports of crude and refined oil jumped 35.7 percent, having set a record high increase at least since February 2017
Business
Spiralling inflation spurs GCC gold demand
Gold consumption in the GCC region reached 47 tons in the first quarter of 2022, up 18 percent from the...
- Gold consumption in the GCC region reached 47 tons in Q1 2022, up 18 percent from the prior year
- UAE consumption reached 12.50 tons in Q1 2022, an increase of 50 percent from the previous year
Business
Partnerships, collaborations signed during Global Aerospace Summit 2022
Several partnerships and collaboration agreements were signed between leading aerospace, aviation, space and defense organizations during the sixth edition of...
- LeoLabs announced a multi-million dollar award to provide data and services for the Japan Air Self Defense Force (JASDF).
- Sanad and Triumph Group sign MoU outlining their plans to collaborate on the provision of next-generation engine MRO capabilities in UAE.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
Economy
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TAQA to buy SWS Holding
Business
QSE unveils new trading system
Business
Qatar’s Q2 2023 budget posts record surplus of US$2.7bn
DOHA, QATAR - The Ministry of Finance announced that the budget of Qatar for the second quarter of the year...
Economy
Agri-Nutrients SABIC, US firms together support sustainable farming
RIYADH, SAUDI ARABIA - Agri-Nutrients SABIC, in cooperation with the American companies ADM and BiOWiSH has helped farmers achieve high...
Business
UAE, New Zealand discuss economic cooperation, free trade pact
DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration,...
Geostrategy
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Business
Abu Dhabi to unveil one of world’s biggest airport terminal
Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi...
- Terminal A in the Abu Dhabi airport will be able to accommodate 11,000 travelers per hour and 79 aircraft at a time.
- The new facility, also known as Midfield Terminal Building, "is scheduled to begin operations in early November 2023", local media said.
Business
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...
- Moody's said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly speculative and are likely in, or very near, default"
- The Chinese firm is estimated to "not have sufficient internal cash sources to address its upcoming offshore bond maturity", according to Moody's
Business
Bitay to expand in UAE’s burgeoning crypto market
DUBAI, UAE – Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market. The UAE,...
- Kickstarted by a government research grant, Bitay has been operational in Turkey since 2018 and expanded its services globally in 2021.
- The platform is licensed as a Money Services Business (MSB) in 16 US states and offers services in multiple countries.