Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
‘Innovative startups key to national prosperity’
"Investing in youth, inspiring ideas, and transforming them into creative projects is a cornerstone for facing global challenges in many...
Economy
Economy
War-torn Libya welcomes first group of tourists in a decade
Libya had been mostly off-limits to tourists throughout the four-decade rule of Moamer Kadhafi
- Libya had been mostly off-limits to tourists throughout the four-decade rule of Moamer Kadhafi
- Tourism has been a tiny industry in Libya, whose economy has been dominated by oil and gas since the mid-20th century
Business
UK and Saudi Arabia sign pact to promote direct investment
Saudi Arabia and the United Kingdom signed a Memorandum of Understanding, which is aimed at the promotion of direct investment...
- British and Saudi companies will be established and expanded in both countries.
- Exchange of visits and expertise as well as sharing of rules and regulations in direct investment opportunities part of the MoU
Business
Sharjah-Sao Paulo Business Forum explores economic cooperation
A forum organized by the Sharjah Chamber of Commerce and Industry (SCCI) brought together more than 100 businesspersons from the...
- More than 100 businesspersons from the two countries attended the forum organized by the Sharjah Chamber.
- Sau Paulo state accounts for 30 percent of the entire Brazilian economy and has the largest manufacturers of sugar, juices, coffee, and fruits.
Business
ADNEC launches expansion plans in Abu Dhabi, London
The Abu Dhabi National Exhibitions Company (ADNEC) has announced plans to expand its facilities and infrastructure in Abu Dhabi and...
- Building the largest exhibition hall in the Middle East and North Africa region is part of the expansion plans.
- The company said the expansion plans boost its competitiveness and ability to attract and hold major international events.
Business
UAE and Blue Origin to explore space economy and space tourism opportunities
The UAE will explore investment opportunities in the space economy and space tourism services besides other related ventures with Blue...
- The two sides also discussed expanding the scope of R&D in space to develop emerging space technology in the UAE.
- Space sector provides more than 3,200 jobs, and over 57 space firms are currently operating in the UAE.
Economy
Parliament’s finance committee approves Israel’s 2021-22 budget
The finance ministry lowered its 2021 budget deficit target to 5.5%-5.7% of gross domestic product from 6.8% due to higher-than-expected...
- Snap elections would be triggered if the spending package is not finalized by Nov. 14
- The Israeli economy is expected to grow 7% in 2021 after contracting 2.2% in 2020
Economy
44 MNCs decide to set up regional HQs in Riyadh
Pepsico, Deloite, Siemens, Haliburton, KPMG, PwC, Novartis and OYO are among the companies that will establish their regional headquarters in...
- The licenses were issued at the 5th edition of the Future Investment Initiative under the Regional Headquarters program.
- The direct and indirect benefits from the presence of companies (in Saudi Arabia) will amount up to $45 billion, says minister.
Economy
Jordan discusses projects with World Bank and Ukraine
Jordan’s Minister of Agriculture had a meeting with a World Bank official and a minister of Ukraine.
- Jordan discussed the promotion of exchange of goods and bilateral ties with Ukraine
- With the World Bank, Jordan discussed water strategies and afforestation
Economy
Which Asia-Pacific countries are re-opening to foreign visitors?
Mainland China, where Covid-19 first emerged last year, remains closed to overseas tourists, as is Japan.
- Mainland China, where Covid-19 first emerged last year, remains closed to overseas tourists, as is Japan
- India re-opened for foreign tourists on charter flights this month and will allow in visitors on all flights from mid-November
Business
Careem faces flak over random price hike
People in the UAE complain about Uber and Careem's high prices, which have been raised significantly in the last few...
- An increasing number of people in the UAE are complaining about Uber and Careem's high charges
- The fares, it is claimed, have been raised significantly in the last few months due to Expo 2020 and Dubai attracting many tourists
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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
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
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Novartis Q1 profit at $2.3bn
Business
Bahrain, UK sign MoU to preserve biodiversity and curb marine pollution
London, UK--Bahrain and the United Kingdom have signed a memorandum of understanding (MoU) on biodiversity and marine pollution. The MoU...
Economy
Iran signs oil contracts worth US$40bn in last 20 months: Javad Owji
Tehran, Iran-- Iran has signed oil contracts worth $40 billion with domestic and foreign companies during the last 20 months....
Business
OPEC’s energy ministers back crude output cut by Saudi Arabia, Russia, Algeria
Vienna, Austria - Energy and oil ministers from the Organization of Petroleum Exporting Countries (OPEC) on Wednesday expressed support for...
Business
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Economy
Total direct, indirect economic impact of re-exports is $13bn: UAE minister
Abu Dhabi, UAE - The total direct and indirect economic impact is estimated at AED 48 billion ($13 billion) the...
- Al Zeyoudi said that the re-exports are a vital sector for the country's economy, as the UAE is one of the largest re-export centers in the world
- He added that mobile phones and their accessories were the largest single sector for re-exports in 2022 followed by diamonds, mass transit vehicles and jewelry
Economy
Qatar Airways’ profits fall
Its net profit dropped 21% to US$1.21bn in 2022-2023.
- The airline posted profit fall in spite of the rise in revenues to $21 billion and passenger numbers going up 71 percent to 31.7 million for the year
- The carrier flew some 1.4 million fans to Qatar for the World Cup and yet the airline did not give any explanation for the lower profits in the fiscal year
Business
Markets down after Chinese data flops, EU oil prices decline
London, United Kingdom - Stock markets retreated Wednesday on poorly-received Chinese data, as investors looked ahead to the reopening of Wall...
- All eyes later will be on the release of minutes from the US Federal Reserve's June policy meeting.
- The minutes will be followed Friday by closely-watched US jobs data, a key guide to the state of the world's top economy.