Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
Economy
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy
Science
Jordan inventors use TechWorks to realize dreams
TechWorks is a Jordanian platform aimed at bringing together youth, ideas and resources to jump-start innovations.
- Set up in 2018, TechWorks says its mission is ‘to plug into entrepreneurial and innovation ecosystems’ and turn ideas into reality
- Affiliated with a foundation set up by Crown Prince Hussein, it is equipped with technology such as 3D printers
Geostrategy
Russia threatens Ukraine ‘statehood’ as sanctions tighten
Since Russia's invasion 10 days ago, the economic and humanitarian toll of the war has spiraled, sending more than one...
- Russia has threatened a wider war if a no-fly zone is set up by any Western power
- Ukraine has received weapons, ammunition and funds from its Western allies
Economy
US is finally cleaning up its abandoned, leaking oil wells
In the United State, it took more than a century to pass regulations governing record-keeping for wells and their sealing,...
- The US is pockmarked with millions of abandoned oil wells that are unsealed but haven't produced anything in decades
- The US Environmental Protection Agency estimates that there are around 3.5 million orphaned wells that can leak oil and brine
Economy
UAE, IRENA to give clean cooking energy to communities
The initiative, called Beyond Food, was launched in collaboration with the Nama Women Advancement Establishment.
- The UAE and IRENA will have tied up to promote the deployment of clean cooking solutions across the world
- The partnership aims to expand and bring in more key actors working on this issue in the coming days
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
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
Economy
Company News
Latest News
Erdogan defends expansion of controversial coal mine
Dramatic scenes have emerged since July 24 when Akbelen forest in the Milas district of the Aegean province of Mugla...
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...
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...
Economy
Most Read
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...
- Sheikh Maktoum bin Mohammed said the UAE will develop and implement sustainable financial policies to promote economic growth.
- The plan comprises three strategic goals, six main projects, four main goals and seven additional directives.
Business
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
- The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
- This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Business
Jordan-Egypt trade expands to US$355.43m in first five months of 2023
Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to...
- The exports to Egypt however showed a decline in the five month period, falling to $63.46 million as against $93 million for the same period last year
- There was a fall in the imports from Egypt to Jordan too, declining to $292 million by the end of May, as compared to $333 million last year