Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
Ten years from home World Cup, Saudi sizes up ‘huge challenge’
As the only bidder, Saudi Arabia was anointed host of the 2034 World Cup last October by FIFA. Infrastructure is...
Economy
To use rather than collect, the second coming of Non-Fungible Tokens
The non-fungible token (NFT) craze, just over a year old, has given the world works that have sold for millions...
- Tens of billions of dollars have been poured into digital assets market, while also provoking discussions about how they could be useful in the real world.
- Regardless, NFTs, in conjunction with growing interest in the metaverse and a decentralized vision for the internet's future, dubbed web3, are part of building wave of growth.
Business
SRTI Park launches Advanced Industry Accelerator 2.0
The accelerator programme will provided local and regional start-ups with innovative solutions and strong support system within the thriving SRTI...
- The accelerator programme will provided local and regional start-ups with innovative solutions and strong support system within the thriving SRTI Park ecosystem
- SAIA 2.0 is also in line with the UAE’s industrial strategy 'Operation 300bn', a 10-year comprehensive policy aimed at empowering and expanding the industrial sector
Business
‘Digitization transforming Islamic banking in GCC’
The use of CX capabilities, digital media, predictive analytics can help banks develop personalized Shariah-compliant services, says Dubai Islamic Bank...
- The use of CX capabilities, digital media, and predictive insights and analytics can help banks develop personalized Shariah-compliant services, says Group CEO Dubai Islamic Bank
- Islamic banks partnering across the digital economy through open banking can widen choice by creating new and incredibly exciting financial and non-financial services, he adds
Young Lebanese voters shake grip of traditional parties
The Iran-backed Shiite Hezbollah group and its allies fell just short of the 65 seats needed to control the 128-seat...
- The Iran-backed Shiite Hezbollah group and its allies fell just short of the 65 seats needed to control the 128-seat parliament
- Lebanon shares power among its 18 recognised religious communities, and politics are often treated as a family business
Economy
Algeria president sacks central bank chief
Algerian President Abdelmadjid Tebboune on Monday sacked central bank chief Rostom Fadli, in office for less than two years, the...
- Fadli had taken office in June 2020 as interim head of the central bank of Africa's fourth-biggest economy, later being confirmed in the role
- Algeria is a rentier economy dependent on oil exports for 90 percent of its foreign income, and therefore vulnerable to price movements
Economy
Digitization to see more GCC women enter workforce
Although the number of female STEM graduates is high in GCC, this couldn't translate into proportionate increase in workforce, says...
- GCC is witnessing a rise in recruitment of women and more knowledge sharing between companies to ensure women are supported throughout their careers, Harb said.
- Digitalization would help organizations that invest in digital tools to hire and retain diverse talent and besides supporting women's active participation in the workplace.
Economy
‘Central bank digital currencies can transform financial system’
More countries are experimenting with CBDCs and some are beginning to bring them to market, potentially offering lessons for the...
- More countries are experimenting with CBDCs and some are beginning to bring them to market, potentially offering lessons for the rest of the world
- Some of the questions that were debated included the macroeconomic and geopolitical implications surrounding the roll-out of CBDCs
Economy
Sri Lanka inflation hit seventh consecutive record high in April
Hammered by a foreign exchange crisis, the country's 22 million people have been enduring acute shortages of essentials.
- National Consumer Price Index rose 33.8 percent year-on-year in April, more than six times the 5.5 percent inflation in 2021.
- Inflation is likely to rise further in May as fuel price hikes of 35 percent for petrol and 65 percent for diesel.
Business
Dubai Chamber of Commerce reports 55% membership growth in April 2022
The new member companies joining Dubai Chamber of Commerce in April 2022 reached 3,056, bringing the Chamber's total membership to...
- The new member companies joining Dubai Chamber of Commerce in April 2022 reached 3,056, bringing the Chamber's total membership to 300,000 companies
- The value of members' exports and re-exports in April 2022 amounted to AED20.2 billion, growing by 16.7 percent from the AED17.3 billion posted in April 2021
Business
Iran signs multiple trade deals with Oman during president’s visit
A delegation of 50 Iranian businessmen travelled to Oman last week, with Iran's minister for roads and urban development announcing...
- Both the countries signed 12 memoranda of understanding including in the fields of oil and gas.
- Oman is seeking to import gas from Iran by building an offshore pipeline between the two countries.
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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
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
Company News
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Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...
Business
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...
Business
There are no frozen assets abroad, says Iranian President
TEHRAN, IRAN – Iran President Ebrahim Raisi on Tuesday said that the country’s money is only blocked in South Korea...
Geostrategy
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GCC optimistic about FDI growth despite hiccups
Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic...
- The GCC countries are generally stable and have a good track record of protecting foreign investments.
- The Gulf nations have abundant natural resources, such as oil and gas, which attract foreign investors in the energy sector.
Geostrategy
Renewables helped save $520bn fuel costs globally in 2022: Report
In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
- In addition to these direct cost savings, there would be substantial economic benefits from reducing CO2 emissions and local air pollutants.
- IRENA’s Director-General Francesco La Camera said the world must add 1,000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach.
Economy
Saudi Arabia’s banks post 9.6% rise in aggregate profits in July to US$1.71bn
Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in...
- The central bank said the aggregate assets of the banks jumped 8.84 percent year-on-year in July to $1.02 trillion
- The bank also revealed that loans disbursed to the private sector increased 9.97 percent year-on-year in July to $648 billion