UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
Saudi Arabia grapples with over 1 million tons of annual vegetable waste
Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and...
Economy
Expo 2020 DUBAI
Saudi Arabia wins Best Pavilion at Expo 2020 Dubai
The pavilion of Saudi Arabia in Expo 2020 Dubai has been awarded Best Pavilion by EXHIBITOR magazine.
- The Saudi Pavilion has already won the Platinum Certificate in LEED by the US Green Building Council
- It also holds three world records: the largest interactive light floor, the longest interactive water curtain, and the largest interactive digital screen mirror
Economy
Security eyed as more Arab nations adopt epassports
Arab countries that offer electronic passports include Saudi Arabia, UAE, Qatar, Oman, Lebanon, Algeria, Kuwait, Morocco, Comoros, Djibouti, Mauritania, Somalia...
- Arab countries that offer electronic passports include Saudi Arabia, UAE, Qatar, Oman, Lebanon, Algeria, Kuwait, Morocco, Comoros, Djibouti, Mauritania, Somalia and Sudan
- Countries in the region that don't have a microchip in their passports include Bahrain, Egypt, Iraq, Jordan, Libya, the Palestinian territories, Syria, Tunisia and Yemen
Economy
Turkish president Erdogan inaugurates world’s longest suspension bridge
Turkish President Recep Tayyip Erdogan on Friday opened the world's longest suspension bridge over the Dardanelles strait in northwestern Turkey...
- The bridge over the Dardanelles strait in northwestern Turkey cuts travel time between Asia and Europe to six minutes.
- The $2.8-billion "1915 Canakkale Bridge" built by a consortium of Turkish and South Korean companies has a main span of 2.023 kilometers between its towers.
Business
India bypasses Western attempt to choke off Russian oil supply
Indian government officials on Friday defended the continued buying of Russian oil, saying European countries were still purchasing hydrocarbons from...
- Indian oil refiners have in recent days reportedly purchased several million barrels of discounted Russian oil even as the West seeks to isolate Moscow economically
- New Delhi, which historically has had close ties with Moscow, has called for an end to the violence in Ukraine but has stopped short of condemning Russia's invasion
Business
Dubai records $2.53 billion worth of weeklong real estate deals
Dubai recorded $2.53 billion worth of real estate and properties transactions valued during the week ending Friday, according to the...
- A total of 355 plots were sold for AED 1.33 billion, while 1,547 apartments and villas were sold for AED 2.96 billion.
- Al Hebiah Fifth recorded the most transactions for this week by 244 sales transactions worth AED 521.52 million.
Economy
IEA appeals to governments to cut oil use over supply fears
The IEA urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from...
- The outbreak of war in Ukraine has sent prices for the fuel up sharply and led to major economies, such as the US and Canada, sanctioning Russia by banning imports of oil
- The IEA warned earlier this week of the risk of a global supply crisis as major oil companies, trading houses, shipping firms and banks have shunned Russia
Economy
Dubai, India discuss trade and economic cooperation
"We provide the best facilities and customs services to Indian businesses which can also benefit from the advanced infrastructure and...
- "We provide facilities and customs services to Indian businesses which can also benefit from the advanced infrastructure and logistics," Dubai customs official Musabih said
- Indian counsel Kalimutu applauded Dubai Customs’ efforts in facilitating Indian trade, which helps grow mutual trade and investments
Business
OPEC Fund approves $233 million for development projects
The grants were approved at the 179th session of OFID’s Governing Board in Vienna.
- The projects will reportedly, among other things, support economic recovery, help bring up new infrastructure, and boost food security
- Overall, they are expected to benefit public-sector projects and promote sustainable development around the world
Analysis
GCC looks to ease fiscal burden with privatization
The privatization move will also help the regional governments in maintaining better economic growth, increasing private participation and attracting foreign...
- Planning, executing, and concluding are the three primary stages of privatization
- The privatization process in Kuwait will expand to 38 government institutions and activities
Economy
Ukraine conflict could cut global economic growth by one point: OECD
Those countries "that have a common border with either Russia or Ukraine" would be particularly affected, while bearing the brunt...
- Growth in the eurozone risked being cut by up to 1.4 percentage points, according to the OECD.
- It also warned against the risk of a "sharp increase in poverty and hunger", particularly in developing economies.
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UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
Company News
Latest News
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...
Economy
UAE launches finance strategy to boost government performance
Dubai, UAE -- The United Arab Emirates Sunday launched Ministry of Finance's Strategic Plan 2023-26 aimed at accelerating government performance...
Economy
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
Business
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Economy
UAE Corporate Tax: Relief measures for SMEs
Abu Dhabi, UAE - The UAE has unveiled a series of relief measures to support the growth and prosperity of...
- Only profits exceeding AED 375,000 are subject to the 9% corporate tax
- Only 50% of entertainment expenses are deductible against taxable profits
Economy
Oman annual inflation inches up to 0.69 percent in June
Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price...
- Inflation was fueled by the increase in most of the main groups making up the consumer price index and the prices of the food and non-alcoholic beverages
- The prices of oils and fats rose by 4. 81%, fruits by 4.3%, other foodstuffs by 3.91%, bread and cereals by 2.34%, and non-alcoholic beverages by 0.67%
Economy
Borders, culture strengthen Iran-Pakistan relations
"The economies of Iran and Pakistan are inherently complementary. For example, Pakistan can be a supplier of Iran's needs in...
- Iran and Pakistan have taken effective measures to expand their economic relations in recent years
- Two new border terminals have been opened along the common border between Iran and Pakistan