Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
MENA startup investment surges in March 2023
Saudi startups were the biggest beneficiaries of LEAP24 tech conference, securing the lion's share of the total investment of S254...
Business
Business
UAE and Turkey export credit agencies to enhance trade ties
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Turkey’s export...
- The two export credit agencies will work together to facilitate trade and export and ease access to credit insurance and project financing, ECI said in a statement.
- Turkey is the UAE’s seventh-largest trading partner, with the non-oil trade between the two reaching AED 49.4 billion.
Economy
All work-related leaves in UAE fall under contribution period: GPSSA
Government sector employers are mandated to bear full contributions due from the insured in cases where he/she is accompanying a...
- The responsibility to pay contributions due by insured individuals varies depending on the reason for the leave granted by their employers.
- Both the insured and the employer bear their share of contributions according to what the law has determined in the case of a paid leave.
Business
UAE-Germany non-oil trade 10.5 percent to $9.5 billion in 2021
The non-oil trade between Germany and the UAE amounted to $9.5 billion during 2021, a 10.5 percent increase compared to...
- "Our economies are both very much geared for the possibilities of the future," Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade
- Al Zeyoudi said that Germany has become UAE's most important trading partner in the Middle East.
Economy
‘Lifeline’ of renewable energy can steer world out of climate crisis: UN chief
"We must end fossil fuel pollution and accelerate the renewable energy transition before we incinerate our only home," Secretary-General António...
- "We must end fossil fuel pollution and accelerate the renewable energy transition before we incinerate our only home," Secretary-General António Guterres said
- Guterres called for a new global coalition led by governments and bringing together tech companies, manufacturers and financiers to fast-track innovation and deployment
Economy
Nearly 60 mn people internally displaced worldwide in 2021
Last year, new internal displacements from conflict surged to 14.4 million marking a 50-percent jump from 2020 and more than...
- Last year, new internal displacements from conflict surged to 14.4 million marking a 50-percent jump from 2020 and more than doubling since 2012, the report showed
- More than eight million people have already been displaced within the war-ravaged country since Russia's invasion of Ukraine began in February
Economy
UN expert calls US sanctions on Iran ‘devastating’
An independent United Nations expert said Wednesday that the impact of sanctions imposed by the United States on Iran was...
- A 12 day visit of UN expert in Iran comes during the ongoing protest in country over rising prices of food and soaring inflation
- In 2018, then-US president Donald Trump withdrew from the deal and imposed crippling sanctions on Iran
Economy
Egypt to host 2022 annual meetings of Islamic Development Bank
The meetings this year are being held to deliberate major economic and geopolitical developments characterized by the noticeable decline in...
- The meetings this year are being held to deliberate major economic and geopolitical developments characterized by the noticeable decline in the COVID-19 pandemic
- The meetings will provide an opportunity to study and explore ways to further consolidate economic relations amongst IsDB member countries
Economy
Soaring food prices stoke inflation worries for KSA
Saudi Arabia may see a rise in inflation as global food and energy prices surge amidst the ongoing Russia-Ukraine war,...
- Inflation will continue to rise in the kingdom, exceeding 3 percent by year-end, Alexander Perjessy, Vice-President, Senior Analyst, Moody’s Investors Service, tells TRENDS
- The Kingdom’s annual inflation reached 2.3 percent in April 2022, up from 2 percent in March 2022, according to the latest data released by the General Authority for Statistics
Economy
Record wheat prices a global worry, put poor countries at risk of poverty
Low rainfall or droughts in major producing countries were already causing worries before Russia's invasion of Ukraine in February sent...
- Ukraine struggles to sell and sow its wheat crops, putting consumers in poor countries at risk of poverty and famine.
- There are around 270 million tons of wheat in stock for a planet that consumes around 800 million a year. Around half are in China which has one year's consumption in reserve.
Economy
UK inflation highest in 40 years on rocketing energy costs
Official data showed Tuesday that Britain's unemployment rate has fallen further to a near five-decade low, but the value of...
- Nations across the world are plagued by decades-high inflation as the Ukraine conflict pushes up energy and food prices.
- The squeeze on UK household budgets tightened further in April due to tax hikes, while wages are failing to keep pace with inflation.
Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
Company News
Latest News
ADNOC L&S gets new VLCC
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 - Â 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
Most Read
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.