Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
World resource extraction could surge 60 percent by 2060, UN warns
Paris, France - Extraction of Earth's natural resources could surge 60 percent by 2060, imperiling climate goals and economic prosperity, the...
Economy
Economy
Lebanese currency sinks to new low on the black market
The Lebanese pound sank to a new low on the black market Wednesday, with no end in sight to the...
- The new record, topping a previous peak in July, comes as the government fails to resolve a diplomatic crisis with Gulf countries.
- The World Bank estimates Lebanon may need almost two decades to recover its pre-crisis per capita GDP.
Economy
Saudi employers can now issue residence, work permits on quarterly basis
Saudi Arabia has announced a new procedure that allows employers to renew residence permits, work permits and financial compensation for...
- The Ministry of Human Resources and Social Development and General Directorate of Passports have started the service.
- The General Directorate of Passports stated that this service can be availed through the Absher Business and Muqeem platforms.
Economy
Saudi non-oil exports leap up 28% to $18.48bn in Q3
Saudi Arabia recorded a 28.4 percent rise in non-oil exports in the third quarter of 2021 to $18.48 billion thanks...
- The ratio of non-oil exports to imports increased to 48 percent in Q3 2021 from 44 percent in the year-ago period
- Overall, exports increased by 72 percent year-on-year to 276 billion riyals, mainly due to higher oil exports, which rose by 100 billion riyals, or nearly 94 percent
Business
UAE banks waive $313 million in debts of 4,511 Emirati citizens
Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions,...
- 20 banks and financial institutions provided debt relief on the direction of Sheikh Khalifa bin Zayed Al Nahyan.
- First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank were among the banks that waived debts.
Economy
China’s birthrate plummets to lowest figure in decades
Last year, China recorded 8.52 births per 1,000 people according to the 2021 Statistical Yearbook released in the past week...
- Last year, China recorded 8.52 births per 1,000 people according to the 2021 Statistical Yearbook released in the past week - the lowest figure since 1978
- The unbalanced ratio of male and female population have become the major reason which causes the lowest birthrate in China
Economy
Algeria’s poor fret over plan to slash subsidies on basic goods
During Algeria's transition to a market economy in the 1990s, subsidies replaced the fixed prices of a planned economy that...
- The North African country, heavily dependent on oil and gas exports, has for decades subsidised everything from bread and milk to fuel and electricity
- The income from energy exports has fallen for years, especially during the downturn driven by the Covid-19 pandemic, heightening the strain on public finances
Interview
Fintech fuels MENA startup scene
It is vital for the economic development of the Middle East by fostering innovation, entrepreneurship and creating large-scale employment opportunities...
- According to a recent Forbes report, there are at least 2,800 FinTech startups in the Middle East and Africa
- In Saudi Arabia, startup funding topped US$168 million in the first half of 2021, 65% more than it did in H1 2020
Geostrategy
Iraqi delegation to visit Geneva, discuss country’s WTO accession
Iraq is making efforts towards joining the World Trade Organization and its Minister of Trade will visit Geneva to discuss...
- The delegation is likely to reach an agreement with European trade ministers.
- Iraq needs to pass laws and legislation on many topics, including the economy and customs, a trade ministry spokesman said.
Economy
Oman inflation up by 3.35 percent as transportation, education prices surge
The inflation rate in Oman rose by 3.35 percent in October 2021 compared to October 2020. Local media reports, citing...
- Prices of fish and seafood group rise by 14.82 percent in October compared to Oct. 2020.
- While the prices of restaurants and hotels fell by 0.21 percent, the prices of tobacco, health and communication remained unchanged.
Economy
Omani finance ministry issues government treasury bills worth $194 million
Oman's finance ministry has issued government treasury bills worth Omani Riyal 75 million ($194 million). Treasury Bills are short-term highly...
- Treasury bills are short-term highly secured financial instruments that provide licensed commercial banks the opportunity to invest their surplus funds.
- The bills have a maturity period of 91 days, from 24 November 2021 until 23 February 2022.
Most Read
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
Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
Company News
Latest News
Broadcom to acquire VMware after EU okays deal
BRUSSELS, BELGIUM- The European Commission approved US chipmaker Broadcom's planned $61 billion takeover of cloud computing firm VMware on Wednesday, conditional...
Business
OECD says sizeable progress made on sharing tax revenue on multinationals
Nearly 140 countries have taken a first step towards reaching agreement on a fairer distribution of tax revenues from multinational...
Business
Pakistan gets $1 billion boost from UAE ahead of key IMF decision
The deposit comes a day after Saudi Arabia transferred $2 billion to Islamabad and brings the state's foreign reserves to...
Economy
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Business
Yahsat to invest US$100m
It is for capital expenditure of T4-NGS satellite program.
- The program, the next-generation telecommunications system for Thuraya, is scheduled to begin operational service in H1 2025.
- The total cost of the program is up to $550 million, including manufacturing, launch, insurance and new ground infrastructure.
Business
Dubai Chambers launches program to enhance customer service
DUBAI, UAE – Dubai Chambers is taking a big initiative for ensuring that businesses in the emirate provide excellent customer...
- Service Excellence Program will evaluate the quality of customer experience through mystery shopper reports.
- The initiative will ensure the implementation of global best practices within Dubai’s business community.
Business
Multiply Group buys stake
A minority stake in Breakwater Energy cost it US$100m.
- The group by virtue of its new acquisition will become part owner of a profitable and cash-generative, diversified global upstream portfolio
- It poured some US$2.72 billion last year into Abu Dhabi National Energy Company (TAQA), an integrated utility champion in the EMEA region