S&P affirms Saudi Arabia’s A/A-1 credit rating
Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit...
Economy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Economy
Digital banks help Kuwait keep pace with global trends: CBK official
Executive Director of the Supervision Sector at the Central Bank of Kuwait, Waleed Al-Awadhi said that the digital banks will...
- Executive Director of the Supervision Sector at the Central Bank of Kuwait, Waleed Al-Awadhi said that the digital banks will have no branches
- This tech-based model saves cost and time, he clarified, adding that these banks do not have the paperwork complications of the traditional counterparts
Business
Morocco fish production reaches 1.4 million tons in 2021
This remarkable performance was recorded in the three segments of fisheries: artisanal fishing, coastal fishing and deep-sea fishing.
- This remarkable performance was recorded in the three segments of fisheries: artisanal fishing, coastal fishing and deep-sea fishing
- Artisanal fishing has benefited from the increase in the turnover of octopus due in particular to the rise in its average price by 53 percent
Economy
New UAE decree boosts safety of construction workers
The decree details the responsibilities of both employees and employers to ensure work stability and increase productivity in the workplace.
- Establishments with 50 or more workers, where the individual wage is less than AED1,500 per month, need to provide labor accommodation
- Construction and industrial workers are not permitted to work outdoors or under the sun from 12:30 pm to 3 pm from June 15 to September 15
Economy
WB ready to pair with Tunisia to implement reform program
The World Bank has also offered to continue the implementation of ongoing cooperation projects in the country.
- The World Bank has already promised $400 million (about 1,152.5 million dinars) to support Tunisia's social reforms
- Other financing was expected to follow to support SMEs, acquire vaccines, and provide the necessary health support
Economy
Iran, Qatar to form joint gas extraction study group
The oil ministers of Iran and Qatar will discuss gas swap, common stances in the global market and forming a...
- The two ministers will discuss gas swap, common positions in gas trade and global markets, and establishing joint knowledge-based companies in the field of oil and energy
- The oil ministry source also said that they are expected to discuss forming a joint working group to study the reservoir of South Pars gas field
Economy
Italy forks out fresh six billion euros in energy aid
"We are putting nearly eight billion euros on the table, including six billion in energy aid", PM Mario Draghi told...
- "We are putting nearly eight billion euros on the table, including six billion in energy aid", PM Mario Draghi told a news conference
- Natural gas prices have reached historic highs in recent months, sending electricity costs spiralling across Europe
Analysis
GCC eyes floating hotels, eateries to buoy tourism
Floating restaurants and hotels could be a significant supporting player as the GCC region aspires to increase its footprint as...
- The UAE is well known for its floating restaurants and five-star floating hotels
- Qatar aims to construct 16 floating hotels for 2022 FIFA World Cup visitors
Business
Europe’s Investment in Palestinian economy touches $1.61bn
Around 60% of $1.61 billion were committed only in the last two years showing remarkable growth in mobilization of finance...
- A high-level policy meeting on Friday in Ramallah revealed this data of European Investments in Palestine
- A big bulk of investments is for boosting access to finance for SMEs, the backbone of the Palestinian economy
Business
UAE and India sign ‘milestone’ pact to boost economies
Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan, and India's Prime Minister Narendra Modi held a virtual summit to witness...
- India-UAE trade is valued at $59 billion, making the oil-rich Gulf country India's third largest trading partner for the year 2019-20.
- The UAE is India's third largest export destination with nearly $16 billion clocked in 2020-21, it added.
Geostrategy
Qatar to distribute cash assistance for February to Gaza needy
Cash assistance will be provided at a rate of USD 100 per family.
- Cash assistance will be provided to about 100,000 needy families in the governorates of Gaza Strip, at a rate of $100 per family.
- The aid will be distributed through the United Nations, and nearly 300 distribution centers in the governorates of Gaza Strip.
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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
S&P affirms Saudi Arabia’s A/A-1 credit rating
Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit...
Economy
Company News
Latest News
Dubai Customs clears TIR carnet transactions worth US$38.7m
DUBAI, UAE - Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of...
Business
Fire at substation in Iraq sparks nationwide power outage
Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks...
Economy
UAE sets more norms for ‘Qualifying Investment Funds’
The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate...
Economy
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Economy
Saudi Arabia turns to maritime to diversify revenues
Saudi Aramco's King Salman Complex, set to be the largest marine industry hub in the Middle East, is expected to...
- Saudi Aramco's King Salman Complex, set to be the largest marine industry hub in the Middle East, is expected to boost Saudi Arabia's GDP by over $17 billion
- The complex aims to localize technologies and meet the needs for building offshore oil and gas rigs, offshore platforms, offshore support vessels, and crude tankers
Geostrategy
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
- The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do not comply with their obligations.
- Penalties also apply in cases of failing to properly keep records or submitting the required records and other information specified in the Tax Law.
Geostrategy
African Union, EU step up pressure on Niger coup leaders
The African Union demanded Niger's military "return to their barracks and restore constitutional authority" within 15 days as the EU...
- The African Union and the European Union joined the chorus of international condemnation of the power grab, the latest to strike the Sahel region.
- The EU's diplomatic chief Josep Borrell said the bloc would not recognize the putschists and announced the suspension of security cooperation with Niger.