Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
Geostrategy
GACA and Oracle sign MoU to steer digital transformative initiative
Saudi Arabia’s General Authority of Civil Aviation (GACA) has signed an MoU with Oracle to develop and support a roadmap...
- The memorandum was signed on the sidelines of the Global Tech Conference "LEAP" held in Riyadh.
- It also stipulates mutual coordination regarding cloud seminars, training and guidance, facilitating training.
Economy
Green Hydrogen Production among 98 new activities added to Dubai economy
A total of 98 new economic activities have been added to several sectors of Dubai in 2021, bringing the total...
- The total number of economic activities in the Emirate has reached 2,200. In 2020, the DET had added 58 activities.
- Artificial Intelligence Developing Services, Gaming Localization Services and Industrial Consultancies are among other activities added this year.
ADNOC announces vital gas discovery offshore of Abu Dhabi
The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of natural gas resources offshore of the Emirate of...
- This discovery marks the first of Abu Dhabi’s offshore exploration concessions
- Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi
Business
Saudi connectivity takes off with five times faster Wi-Fi-6e
The Communications and Information Technology Commission (CITC), Saudi Arabia’s digital regulator, has announced the launch of WiFi-6e as part of...
- The latest generation of Wi-Fi technology offers data transfer speeds more than five times faster than the current standard
- It provides more capacity for high-bandwidth activities such as 8k gaming, video conferencing and virtual reality applications
Economy
Turkey inflation surges to near highest in 20 years
Independent data collected by Turkish economists suggested that the annual rate of inflation rose to more than 110 percent in...
- Erdogan staunchly opposes raising interest rates, which he believes cause inflation
- This is the exact opposition of conventional economic thinking
Business
Jordan trade chamber, Egyptian envoy talk economic cooperation
The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic...
- The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic relations
- Tawfiq, the president of the Amman Chamber, reiterated that Jordan-Egypt were a model of good relations between Arab states
Business
Saudi Arabia sees $6.4bn tech investment at LEAP
The fresh investments are said to be in line with Vision 2030, which aims to diversify the economy of Saudi...
- Investment deals totaling more than $6.4 billion were announced at LEAP 2022 in Riyadh
- Saudi Aramco Ventures launched a $1-billion investment fund called Prosperity 7 to help revolutionary startups
Business
UAE, Japan bilateral trade hit $30.5 bn in 2021
More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy,...
- More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy, a UAE official said
- A memorandum of understanding was also signed between the Department of Municipalities and Transport (DMT) and Sumitomo Corporation
Arts & Culture
Iraq struggles to transform Saddam Hussein’s crumbling palaces
Iraq is struggling to transform hundreds of palaces built and used by former dictator Saddam Hussain.
- One of the many palaces of the Iraqi dictator in the southern city of Basra has been turned into an antiquities museum
- Iraq has more than 100 residences, villas, and other complexes from the Saddam Hussein-era
Economy
Will corporate tax hit UAE businesses, consumers?
The new tax -- to be implemented in the UAE from 1 June 2023 -- comes at a time when...
- UAE is expected to generate approximately AED 25 bn ($6.8 bn) in revenue from the corporate tax.
- Corporate tax rates in nations such as Germany and Japan exceed 30 percent. In Canada and China, companies pay 27 percent and 25 percent, respectively.
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Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
Company News
Aldar raises US$500mn
Business
Latest News
Ruwad approves financing for several projects in various sectors
Sharjah, UAE-- Ruwad, or the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad), has approved the financing of three projects after...
Economy
UAE president meets with Arab and EU leaders in Italy
The president met with a string of leaders from the Arab world and the European Union and discussed ways to...
Geostrategy
Tourism turns the Kingdom into a rising global star
In just few years, Saudi Arabia has leapt up the global rankings to become a leading destination for international tourists,...
Economy
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Business
Dubai Customs processes over 14m transactions in first six months of 2023
DUBAI, UAE - Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the...
- Dubai Customs revealed that business registration service transactions went up 7 percent, recording 143,000 service requests.
- Customs declarations stood at 12.3 million transactions, accounting for 88 percent of the total number of customs transactions.
Business
Dubai seeks to unleash high-powered growth for its family business sector
DUBAI, UAE - In Dubai’s economic growth story, family businesses stand tall as architects of growth, innovation and value creation....
- The government is introducing initiatives to future-proof family businesses and bolster their competitiveness and growth capabilities in a global environment.
- Dubai has introduced new legislative measures aimed at helping them navigate the challenges and opportunities brought by a global economy in transition.
Economy
Egypt and Indonesia to ramp up trade exchange
Cairo, Egypt--Egypt and Indonesia will ramp up trade exchange as the two countries look to strengthen the overall ties. This...
- Both agreed to give a fillip to Indonesian investments in Egypt benefiting from the incentives offered by the Suez Canal Economic Zone
- Egypt and Indonesia also reviewed all agreements and memos signed between the two nations over the past years