GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Dubai job hunt: Tips for success in the city of opportunity
Dubai, UAE - The UAE was recognized as the top destination for international professionals seeking employment visas. According to the...
Economy
Business
Pandemic turns business models upside down, says Fjord Trends report
Nearly two years of disruption to the fabric of society due to global pandemic has resulted in a collective shift...
- The rising individualism underlined by a “me over we” mentality has profound implications for organizations in how they lead their employees.
- The metaverse will be a new frontier of the internet, combining all the existing layers of information, interfaces, and spaces with which people interact.
Economy
UAE industrial exports surge to $32.6bn in 2021: Ministry of Industry
According to the 2021 annual report released by the Ministry of Industry and Advanced Technology, the rise in exports coincided...
- Also, the National In-Country Value has succeeded in circulating AED41.4 billion ($11.5 billion) back into the local market.
- UAE rose five places—from 35 to 30-- in the Competitive Industrial Performance Index issued annually by the United Nations Industrial Development Organization.
Economy
Algeria president announces unemployment benefit for youth
The payments will be made "to preserve the dignity of young people", Algerian president Tebboune said.
- The payments will be made "to preserve the dignity of young people", Algerian president Tebboune said
- It will be accompanied by medical benefits, while some taxes on consumer products will also be suspended
Economy
Markets rally on hopes for easing Russia-Ukraine tensions
While not verified, the claims by Russia provided some much-needed relief for investors, who had grown increasingly fearful of a...
- While not verified, the claims by Russia provided some much-needed relief for investors, who had grown increasingly fearful of a conflict in Eastern Europe
- The mood lifted after Russia's defence ministry said some of the more than 100,000 soldiers amassed around Ukraine in recent weeks had started to return
Economy
Sharjah Police returns around AED500m to owners in 2021
A number of beneficiaries of the initiative are said to have expressed their happiness as they were able to recover...
- Colonel Youssef Obaid bin Harmoul, Director of the SP’s Comprehensive Police Stations Department, said this happened due to the Al Solh Khair initiative
- It resulted in 12,798 reconciliations out of 27,408 criminal reports in 2021, which included 8,523 financial reports, and the return of AED500m
Business
UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez
The discovery is one of the largest in the area in the past 20 years, and the field could contain...
- The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
- The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.
- The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
- Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Economy
Saudi inflation hovers at 1.2% despite spike in food prices
In spite of an increase in transport and food costs, inflation in Saudi hovered at 1.2 percent in January, according...
- GASTAT said the 1.2 percent growth in the general consumer price index, or CPI, “resulted from higher prices of transport and food and beverages prices
- In the food and beverages group – which has a 19 percent weighting in the general CPI — growth in food prices accelerated to 2.1 percent from 1.1 percent in December
Economy
Jordan passes 2022 budget with spending volume of over JD12 billion
The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon.
- The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon
- The budget seeks to increase the coverage of domestic revenues for current expenditures this year to about 88 percent
Business
UAE F&B trade hit $20bn in first 9 months of 2021: Dubai Chamber
The rise was said to have been supported by growing demand and expanded efforts to enhance food security and diversify...
- Imports, at $12.8 billion, accounted for the largest share of the UAE’s F&B trade during January-September 2021
- This was followed by exports at $4.1 billion and re-exports at $3.3 billion over the same period last year
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Company News
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National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
Business
In Asia expansion push, Masdar to develop 2GW clean energy in Malaysia
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing...
Economy
Lebanon’s central bank chief to end term with no successor
Lebanon's deeply divided political class has failed to agree on a replacement for Salameh, 73, creating another power vacuum in...
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Riyadh, Jeddah among world’s least expensive cities
Key global reports list Saudi Arabia's Riyadh and Jeddah among the world's least expensive cities for living. TRENDS finds out...
- Key global reports list Saudi Arabia's Riyadh and Jeddah among the world's least expensive cities for living. TRENDS finds out the cost of living in other cities of the Kingdom
- Affordability and stability of Saudi cities make them attractive destinations for both locals and expatriates seeking a cost-effective living environment, TRENDS points out
Economy
Saudi Arabia aims for 30% marine reserves by 2030
Dr Faqeeha commends the G20's support for the global platform CORDAP (Collaborative Action on Coral Reefs and People), which was...
- Saudi Arabia is collaborating with regional countries and the International Maritime Organization to establish the Red Sea as a special marine zone by 2025
- The Kingdom has implemented a circular strategy for the carbon economy and introduced a new waste management law to increase recycling rates
Economy
Global exports propel Saudi date industry to the top
The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$...
- The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$ 340 million
- Saudi Arabia's annual production of dates surpasses 1.6 million tons, with exports increasing by 121 percent from 2016 until 2022