Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...
Business
Economy
Saudi Arabia Railways opens tickets for train to strategic Al Qurayyat
Saudi Arabia Railways "SAR" has opened online booking of tickets for train services via the North Train to and from...
- The services starts on March 31, 2022, with a long-distance journey of 1,215 km by passenger train between Riyadh and Al-Qurayyat.
- Saudi Arab Railway stated that such a step comes in conjunction with the inauguration of the Al-Qurayyat passenger train station on March 30, 2022.
Business
Russia warns embargo on its oil imports will impact everyone
An embargo on Russian oil imports, pushed for by some European countries over Moscow's military action in Ukraine, would have...
- Some EU countries including Baltic states have called for an embargo on Russian oil and gas
- EU foreign ministers on Monday are meeting to discuss the situation in Ukraine
Business
Egypt and Saudi Arabia to boost bilateral economic cooperation
Hala Al-Saeed, Egypt’s minister of planning and economic development, discussed ways to enhance future cooperation between Egypt and Saudi Arabia...
- A discussion was held between Egypt's minister of planning and Saudi Arabia's minister of trade.
- The minister of Egypt stressed her keenness to consolidate relations between the Egyptian and Saudi business communities.
Business
Egyptian pound loses 13% of its value against US dollar
The value of the Egyptian pound shed 13 percent against the US dollar on Monday, registering 17.80 pounds against the...
- The pound's value went from 15.70 to the dollar on Sunday to 17.80 at midday on Monday, according to rates on state-owned banks
- The currency in Egypt saw a sharp devaluation in 2016 when it lost nearly half its value against the dollar overnight
Infographics
GCC members lead Arab nations in happiness report
Four of the six GCC members feature within the top 50 of the World Happiness Report, and are atop the...
- The World Happiness Report is a publication of the United Nation’s Sustainable Development Solutions Network
- It extensively uses data from the Gallup World Poll, and used data from polls for 2019, 2020, and 2021 for this year’s report
Business
Licensed firms and SMEs account for bulk of AFZ procurement
Licensed companies and small and medium enterprises (SMEs) accounted for 51 per cent of Ajman Free Zone’s total procurement of...
- Ajman Free Zone covered 27 per cent of the total purchases and contracts of SMEs alone during the same year.
- The Free Zone's procurement policy benefits investors and business owners from more than 165 countries, said Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of AFZ Board.
Economy
New UAE app predicts which cheque will bounce
ChequeScore is an app released by the UAE government-owned Al Etihad Credit Bureau, and can predict the possibility of a...
- The UAE issued 21 million cheques in 2021, with an average value of $13,900
- Despite the recent decriminalization of cheque bounces, UAE businesses must still consider the risks connected with them
Economy
Iran’s Khamenei hopes for economic upturn in Persian New Year speech
Khamenei said the toughest problems encountered last year were due to "rising prices and inflation".
- Khamenei said the toughest problems encountered last year were due to "rising prices and inflation."
- Iran's economy has suffered under stringent sanctions that were reimposed by the US in 2018
Business
Houthi drone attack causes ‘temporary reduction’ in Saudi oil
Top crude exporter Saudi Arabia announced a "temporary reduction" in oil output at a facility run by energy giant Aramco...
- The Iran-backed Houthis, against whom Saudi Arabia leads a military coalition in Yemen, have repeatedly targeted the kingdom, including Aramco's sites
- The latest round of attacks comes after an oil refinery in the Saudi capital Riyadh was targeted on March 10 by a drone, an operation claimed by the Huthis
Economy
Two Ajman organizations pledge to work for women empowerment
The Ajman Business Women's Council and Umm Al-Moumineen Women's Association in Ajman will now work together to empower women. The...
- Ajman Business Women's Council and Umm Al-Moumineen Women's Association signed an MoU to work for women empowerment.
- The focus of both the organizations will be on increasing women's contribution to the process of sustainable economic development.
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Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
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Global stock markets slip as European banks’ shares hit
The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese...
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
Economy
Residential prices, rents dip across Qatar as World Cup boost dissipates
Doha, Qatar - The residential property market in Qatar is grappling with a dual challenge of decreased demand and increased...
Economy
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Economy
China posts biggest fall in exports as global demand recedes
The drop in exports was bigger than expected and the heaviest since a 17.2 percent plunge in January-February 2020, when...
- Sales of Chinese products to foreign markets sank 14.5 percent on-year last month, a third consecutive drop
- The threat of recession in US and Europe, combined with high inflation, has contributed to weakening international demand
Economy
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
- The plan aims to achieve a string of goals underscored by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future
- The latest initiative by Dubai Taxi Corporation looks to protect its database and monitor systems to prevent disruptions caused by server downtime
Economy
Russia’s BSGI exit causes global food price hike: Blinken
Washington, United States - Russia's withdrawal from the Black Sea Grain Initiative (BSGI) has led to a surge in global...
- Top US diplomat highlighted that over half of the grain from the Black Sea Grain Initiative was directed towards developing countries
- Condemning the use of food as a weapon of war, he said that 91 countries have signed a declaration at the UN opposing such tactics