Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
Business
Equities sink, oil rallies on fears of Iran-Israel conflict
Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...
Economy
Economy
UAE’s non-oil foreign trade surged to Dh527.5b in Q1-22
The minister added that the UAE's exports grew around 18 percent YoY to AED91 billion by end of Q1-22, noting...
- The minister added that the UAE's exports grew around 18 percent YoY to AED91 billion by end of Q1-22, noting that exports have doubled over the past five years
- Dr. Al Zeyoudi explained that the UAE's non-oil imports grew 25 percent during Q1-22 to AED292 billion, with re-exports hitting AED144 billion
Economy
Abu Dhabi tops list of capitals with least traffic congestion for 2021
The new ranking of the UAE capital is based on a combination of criteria, including the rate of traffic congestion...
- The new ranking of the UAE capital is based on a combination of criteria, including the rate of traffic congestion at intersections and streets at various times during the day
- Abu Dhabi recorded 11 percent congestion level, reflecting the impact of the integrated traffic management plan implemented by the Department of Municipalities and Transport
Business
Tourism helps Saudi economy diversify away from oil
The kingdom eyes over 70 million visitors this year as the country jumps from 43rd to 33rd spot on the...
- Developing the tourism sector is part of the kingdom's plans to diversify the economy away from oil, says Princess Haifa Al Saud
- The kingdom plans to make the pilgrimage easier, especially after disruption caused by the Covid-19 pandemic, she highlights
Arts & Culture
Saudi Arabia launches 40% cash rebate for film productions
The program provides big support to local, regional and international film producers to shoot their works inside Saudi Arabia.
- The program provides big support to local, regional and international film producers to shoot their works inside Saudi Arabia
- The commission called on Saudi and international production companies that are planning to shoot in the oil-rich kingdom to apply for the incentive program
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
Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
Business
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GCC Secretary General praises DCO role in digital transformation of Saudi economy
RIYADH, SAUDI ARABIA – Secretary General of the Gulf Cooperation Council (GCC)Jassem Mohamed Albudaiwi visited the Digital Cooperation Organization (DCO)...
Geostrategy
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...
Business
Two convictions in FIFA corruption scandal overturned by US judge
Miami, United States--Two convictions in the FIFA corruption case have been overturned by a US federal judge citing a recent Supreme...
Business
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Business
DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...
- DEWA's MD and CEO, Saeed Mohammed Al Tayer, said that the total cost of electricity transmission network projects under construction exceeds $1.14bn
- Al Tayer further revealed that the total number of transmission substations across Dubai reached 368 stations by the end of the first half of 2023
Economy
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
- Russia's Deputy Prime Minister Alexander Novak said on Thursday that his country has agreed with OPEC+ to cut oil exports next month
- The International Energy Agency and OPEC are relying on China, the world's largest oil importer, to shore up oil demand over the rest of 2023
Economy
Iran and Syria sign agreement to build rail connection via Iraq
Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq....
- Iran's minister of roads and urban development made the announcement at the inauguration ceremony of the construction of the Shalamcheh-Basra railway
- The minister said that in the wake of the signing of the agreement with Syria, a trilateral agreement between Iran, Iraq, and Syria will be put on the agenda