Date palm cultivation in AlUla sees increased productivity
AlUla, Saudi Arabia - Date palm cultivation in AlUla governorate has witnessed a significant increase in productivity this year, with...
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Economy
Saudi Arabia lifts most Covid-19 restrictions
The decision includes suspending ‘social distancing measures in all open and closed places’ including mosques.
- The Covid-19 pandemic hugely disrupted Muslim pilgrimages, which are usually key revenue earners for the kingdom, bringing in some $12 billion annually
- In 2021, the pandemic forced Saudi Arabia to downsize the hajj for a second year, and just 60,000 fully vaccinated citizens and residents taking part
Business
New UAE law boosts family business growth
Haoula considers it extremely important to sustain family businesses as a recognition for their efforts historically, and for the advantages...
- Corporate tax in the UAE is expected to be among the most competitive in the world, due to the 9% introductory rate and no tax for profits up to $102k
- Personal income that does not come from a licensed business or commercial activity in the UAE will not be subject to corporate tax
Economy
Moody’s says Ukraine war endangers global economic recovery
The Russia-Ukraine conflict and subsequent sanctions have increased risks to the global economic outlook, with effects that will depend on the...
- Europe's recovery would be at risk if the military conflict escalates, according to VP-Senior Credit Officer at Moody's, Kelvin Dalrymple
- Rising prices for commodities from the region, such as oil, grains and metals, are increasing inflationary pressures, Moody's said
Economy
Food Price Index hit record high in February: UN agency
The Food Price Index, which tracks the international prices of a items such as vegetable oils and dairy products went up nearly...
- The Food Price Index, which tracks the international prices of a items such as vegetable oils and dairy products went up nearly four percent up from January
- As the Food Price Index measures average prices over the month, the February reading only partly incorporates market effects stemming from the conflict in Ukraine
Economy
Ukraine conflict fuels supply chain concerns
Since Russia invaded, almost 80,000 Ukrainians have returned to fight Russia, leaving industries short of labor.
- Because of the ongoing invasion on Ukraine, shipping companies have had to find new routes, and shipping prices immediately increased
- Oil prices have also rocketed since the invasion as Brent North Sea crude rose to $120 per barrel and gas prices hit record highs
Economy
UAE adopts Ramadan working hours for federal authorities
The UAE Government on Friday announced the official working hours during the holy month of Ramadan for ministries and federal...
- The decision also allows federal authorities to implement flexible working and remote work systems on Fridays during the month
- The rules for working from home stipulate that both employees and their work should meet related requirements
Geostrategy
Added to FATF grey list, UAE renews vow to nix financial crimes
The UAE is the latest country to be added to the list, and will have to work closely with the...
- The Financial Action Task Force has included the United Arab Emirates in the ranks of ‘jurisdictions with strategic deficiencies,’ also known as the ‘grey list’
- Countries on the list have to commit to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring
Economy
China sets lowest growth target in more than three decades
Beijing will target gross domestic product growth of around 5.5% this year, according to a prepared speech by Premier Li...
- Beijing will target gross domestic product growth of around 5.5% this year, according to a prepared speech by Premier Li Keqiang
- Most economists surveyed by Bloomberg predicted the government would set a range of 5%-5.5%
Economy
Bahrain signs pact with Cisco
The company will build the government’s data network.
- The agreement was signed on the sidelines of the visit of Crown Prince Salman bin Hamad Al Khalifa to the United States
- The CEO of the Bahrain Information and eGovernment Authority, Mohammed Ali Al Qaed, said that the pact reflects the Kingdom’s commitment to adopt latest technological trends
Geostrategy
Living rough in Morocco, migrants dreams of Spanish enclave
Melilla and Ceuta, Spain's tiny enclaves, have the EU's only land borders with Africa that attracts desperate migrants to escape...
- Around 500 migrants out of 2,500 managed to cross Morocco's border with a Spanish enclave this week, authorities have confirmed
- In May 2021, almost 10,000 migrants stormed Ceuta as Moroccan border forces did not stop them, highlighting Spanish reliance on Moroccan cooperation on migration
Most Read
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
Date palm cultivation in AlUla sees increased productivity
AlUla, Saudi Arabia - Date palm cultivation in AlUla governorate has witnessed a significant increase in productivity this year, with...
Company News
Latest News
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
Business
Eni, British Petroleum, Sonatrach say resuming operations in Libya
Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start...
Most Read
Business
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
- Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
- AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Business
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
- Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
- This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.