NEOM announces Treyam, its premier lagoon destination
Neom, Saudi Arabia - NEOM, Saudi Arabia’s futuristic mega city will now have a premier resort where the spectacular desert...
Economy
Cash-strapped Pakistan gets draft approval for $1.1 bn IMF payout
Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout...
Economy
Saudi Arabia to allow one million hajj pilgrims this year: statement
Saudi Arabia said Saturday it will permit one million Muslims from inside and outside the country to participate in this...
- After the onset of the coronavirus pandemic in 2020, Saudi authorities allowed only 1,000 pilgrims to participate
- The government wants to ensure pilgrims' safety "while ensuring that the maximum number of Muslims worldwide can perform the hajj", Saturday's statement said
Economy
Russia’s ruble stages rebound despite Western sanctions
After a historic collapse in the wake of Russia's military offensive in Ukraine, the ruble has staged a spectacular bounceback,...
- The Feb. 24 military operation triggered unprecedented Western sanctions on Moscow, sending the ruble into free-fall and accelerating already high inflation
- Analysts say that success is in many ways artificial and does not bode well for the health of the Russian economy
Economy
UAE, UK hold technical workshops on illicit finance threats and risks
UAE and UK authorities met for a series of technical workshops in March 2022 in both Abu Dhabi and London...
- The workshops were held under the UAE-UK Partnership to Tackle Illicit Financial Flows.
- The experts discussed a range of key topics, including understanding money laundering threats and vulnerabilities in the UAE and UK.
Business
DIFC launches ‘Studio Launchpad’ focused on ubiquitous finance
Dubai International Financial Centre (DIFC) has announced the launch of Studio Launchpad, saying it is the world’s first venture studio...
- The Launchpad is supported by an international group of venture building experts, digital asset pioneers and emerging technology strategists.
- Studio Launchpad is designed to attract and engage a consortium of leading start-up and corporate venture studios.
Economy
World food prices hit record high over Ukraine war: FAO
Russia's invasion of Ukraine sent ‘shocks’ through markets for staple grains and vegetable oils, the UN's Food and Agriculture Organization...
- Russia and Ukraine’s vast grain-growing regions are among the world's main breadbaskets
- They have a huge share in global exports of commodities like wheat, vegetable oil, and corn
Economy
Economic licenses issued in Abu Dhabi saw 21.5 percent growth in 2021
Abu Dhabi issued 25,427 new economic licenses in 2021, an increase of 21.5 percent compared to the 2020 figure of...
- The report said that renewed economic licenses increased to 83,484, growing by 15.8 percent, from 72,070 in 2020.
- Of the 25,427 economic licenses issued, commercial sector licenses made up 24,077, up 21.4 percent from 19,839 in 2020.
Business
Shanghai lockdown snarls world’s busiest port and China supply chains
Beijing has refused to budge from its strict zero-Covid strategy, and that has forced many companies to halt production and...
- Shanghai has been sealed off almost entirely for a week following a Covid-19 outbreak fueled by the Omicron variant
- The financial hub of China, Shanghai is home to multinational firms and as well as the country’s busiest port
Economy
‘Islam forbids infringement on intellectual property rights’
The Committee for Ifta pointed out that ideas have value according to the regulations issued in this regard, and therefore...
- The Committee for Ifta pointed out that ideas have value according to the regulations issued in this regard, and therefore an infringement on them is not permissible
- The Committee warned against taking possession of the intellectual rights of others, benefiting from them, or taking compensation for them except with the permission of their owner
Economy
UAE’s GDP beats expectations, grows at 3.8 percent
The UAE's Gross Domestic Product (GDP) for 2021 has exceeded expectations, registering the highest rate in the region of AED...
- International institutions expected the growth of the country's GDP in 2021 at 2.1 percent.
- Our future is going to be promising, and we assure our people that the best is yet to come," Sheikh Mohammed said
Economy
Yemen president cedes powers to council as ceasefire holds
Houthi spokesman Mohammed Abdulsalam dismissed the move by President Abedrabbo Mansour Hadi as ‘a desperate attempt to rearrange the ranks...
- A United Nations-brokered truce that started on Saturday has offered a glimmer of hope in the conflict amid the humanitarian crisis
- The truce came as peace talks were unfolding in Riyadh without the participation of the Houthis, who refused talks on ‘enemy’ territory
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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
NEOM announces Treyam, its premier lagoon destination
Neom, Saudi Arabia - NEOM, Saudi Arabia’s futuristic mega city will now have a premier resort where the spectacular desert...
Economy
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Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
Economy
Bahrain supports AI tendering platform, Procural, to create jobs
Manama, Bahrain - Tamkeen, a semi-autonomous government agency, tasked with developing Bahrain's private sector has decided to support the Bahrain-based...
Economy
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Economy
Under UAE Presidency, COP28 will lead global efforts to protect the planet, safeguard future generations
"The UAE possesses essential capabilities such as modern infrastructure, a commendable track record in sustainability and environmental conservation, recognition as...
- Sheikh Mohamed highlights role of youth, women, and civil society in combating climate change
- UAE invites global cooperation for collective climate action, COP28 to lead efforts under UAE Presidency
Geostrategy
Nearly 40 migrants rescued, others found dead off Cape Verde
The boat was spotted on Monday almost 200 miles from the island of Sal by a Spanish fishing boat, which...
- Media reported that the "pirogue" style boat common in the region left Senegal a month ago
- Senegal's foreign ministry said that 38 people were rescued from the migrant boat off the Cape Verde coast
Economy
Global wealth set to rise by 38% over the next five years: study
Zurich, Switzerland – The latest Global Wealth Report predicts global wealth to reach $629 trillion by 2027, despite 2022 being...
- The report estimates wealth per adult to reach $110,270 in 2027 and the number of millionaires to rise to 86 million
- When looked at in demographic terms, Generation X and Millennials continued to do relatively well in 2022