UAE announces monthly allowance of 50% of basic salary for imams, muezzins
Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent...
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
Economy
Iraq confirms distributing residential lands under Dari initiative
Iraqi Prime Minister Mustafa Al-Kadhimi has directed contracting with investment companies to build infrastructure in the areas where residential land...
- The “residential parts will be distributed”, and service buildings will be “built from health and school centers.
- During its meeting on September 22, 2021, the cabinet voted on the mechanism for the distribution of residential land.
Business
Sanad picks new CEO
Sanad, a subsidiary of Mubadala Investment Company, has appointed Mansoor Janahi as the new Group CEO.
- The appointment is a part of Sanad’s new plan to expand its business beyond the aerospace sector
- The strategy and leadership announcements follow the launch of "Operation AED300bn" last year
Business
Sharjah Shopping Promotions sees 40 percent more shoppers this season
The Sharjah Chamber of Commerce and Industry (SCCI) has seen off another season of the 48-day "Sharjah Shopping Promotions" campaign....
- The volume of purchases throughout the 48-day campaign grew by 25 percent.
- Some 653 shops and stores took part in the event, offering attractive discounts of up to 75 percent on leading brands and various types of goods
Economy
Second instalment of Sunref energy program launched in Palestine
Bank of Palestine (BOP) and Proparco in cooperation with the EU have jointly announced the signing of Sunref II Green...
- The purpose of SUNREF Green Finance Program is to provide solutions to promote energy efficiency and renewable projects.
- The program plays a crucial role in the Palestinian ecological system since energy services’ costs are high.
Economy
UAE and UK look to upgrade economic ties
The United Arab Emirates and the UK have agreed to develop trade and economic relations between the two countries.
- The two parties highlighted the high level of bilateral relations between the UAE and the United Kingdom, and the joint desire in constantly developing these ties
- The two sides also praised the progress made in countering illicit financial flows
Economy
India announces digital currency and ‘crypto tax’ in budget
India will have its own digital currency starting 2022-23, Finance Minister Nirmala Sitharaman said while announcing the country’s budget for...
- India is launching a digital currency that is expected to use blockchain and other technologies
- The country is also levying a 30 percent tax on all virtual digital assets, which could mean cryptocurrencies
Business
Lebanon power cuts turn cafes into coworking spaces
For the patrons filling Beirut's cafes these days, the most important things are good lighting and stable wi-fi.
- The power cuts have left many already with no option but to plant themselves in cafes all day
- The 23-hour power cuts and the falling quality of many internet connections have complicated matters
Economy
IMF and World Bank delay annual meet again
The annual meetings set to take place in Morocco will be held in Washington.
- The 2020 meeting of IMF, World Bank was held virtually and the 2021 meeting in a hybrid format
- Marrakesh was scheduled to host in 2020, will be the site of next year's event
Business
Egypt finalizes pact with Siemens to run high-speed train line
Egypt’s Ministry of Transport will sign a contract with Siemens to implement the second high-speed train line in the country....
- The new line will extend from 6th of October city to Aswan, with a length of 925 kilometers (575 miles approx).
- The cost of this project will be financed through a soft foreign government loan and the state's general budget.
Economy
IACE President warns Tunisia as a state can collapse
The President of the Arab Institute of Business Leaders (IACE) Taieb Bayahi has warned that Tunisia as a state could...
- He added that it is necessary to save the remaining urgently, stressing that "the current economic situation does not allow us to waste any more time
- In a report published this month, the forum ranked Tunisia among the five countries threatened by the spectre of the collapse of the state
UAE announces monthly allowance of 50% of basic salary for imams, muezzins
Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent...
Company News
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Saudi PIF signs MoU with Oman Investment Authority to expand investment in Oman
Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding...
Bahrain’s RERA revokes real estate firm’s license for ‘breach of regulations’
Manama, Bahrain-- for "exceeding the scope of the permit." The owner had exceeded the scope of the permit which was issued...
Economy
Clean cooking to save millions, boost gender equality
He was referring to a new IEA report which suggests that universal clean cooking access could be reached worldwide by...
Economy
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Economy
GCC central banks follow Fed in raising key rates
The decision by the central banks, in the US and most of the Middle East, to hike interest rates are...
- The UAE's central bank raised the base rate applicable to the overnight deposit facility (ODF) by 25 basis points – from 5.15 to 5.40 percent
- The decision to raise key rates comes as central banks across the world struggle with the challenge of controlling inflationary pressures
Business
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
- As per the industry report, container volumes across the Kingdom’s ports during 2022 were estimated at 10,439,620 TEUs.
- The Kingdom’s groundbreaking strides in the global logistics landscape boils down to a host of critical catalysts,
Economy
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
- More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.