Bahrain to support ‘Arab tourism’ in order to boost cultural integration
Manama, Bahrain--Bahrain will support Arab tourism in order to enhance social, cultural and historical integration among Arab people, according to...
Economy
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Economy
Turkish lira plumbs new lows under economic pressure
The designation by the Paris-based Financial Action Task Force threatens to further limit foreign direct investments -- already standing at...
- One of the year's worst days for the beleaguered lira started with a central bank decision to cut its policy rate to 16 from 18%
- The lira lost more than 2.5% against the dollar on fears the bank had lost its last vestiges of independence from Turkish President Erdogan
Economy
GCC: Covid ushering in a cash-free future
About 61% of the UAE consumers are opting for cards or digital wallets instead of paying in cash, a joint...
- About 61% of the UAE consumers are opting for cards or digital wallets instead of paying in cash, a joint study by Dubai Economy and Visa has pointed out.
- Another study by McKinsey found that digital point-of-sale transactions in Saudi Arabia doubled in the year leading up to January 2021
Qatar World Cup final venue 98.5 percent complete: official
The Lusail Stadium is about 20 kilometres (12 miles) from the capital Doha and will host a number of matches...
- The Lusail Stadium is about 20 kilometres (12 miles) from the capital Doha and will host a number of matches during the tournament, including the final
- It is one of eight stadiums that Qatar has designated for the World Cup, which will be the first ever in the Middle East
Geostrategy
Renewable energy jobs reach 12 million globally
A report by the International Renewable Energy Agency confirms Covid-19 caused delays and supply chain disruptions, with impacts on jobs...
- Off-grid solar lighting sales suffered due to Covid-19 disruptions, but companies were able to limit job losses.
- China commanded a 39 percent share of renewable energy jobs worldwide in 2020, followed by Brazil, India and the US.
Business
Abu Dhabi launches virtual license for non-resident foreign investors
Non-resident foreign investors can obtain a virtual license for doing business in Abu Dhabi from any location outside the UAE...
- Investors can obtain the license from any location outside the UAE and without having to meet residence procedures.
- The license covers 13 economic sectors on top of the strategic sectors targeted by the Abu Dhabi government to attract Foreign Direct Investment.
Economy
Kuwait Airport ready to operate at full capacity
Kuwait International Airport will gradually operate commercial flights for all aviation companies.
- The airport has been closed since August last year, when the authorities banned all incoming and outgoing flights
- Some hope of resumption was seen earlier this year, but the spread of the Delta variant of Covid-19 stopped the consideration
Business
DEWA signs several digital tech agreements at GITEX 2021 stand
Dubai Electricity and Water Authority (DEWA) signed a slew of MoUs with local and international companies at the ongoing GITEX...
- The MoU with Etisalat is aimed at speeding up the digital transformation using Etisalat’s MobileHub platform.
- Digital DEWA subsidiary sInfraX has partnered with WoM Technologies for its planned rollout of the first-ever Low Power Wide Area Network wireless Internet of Things.
Economy
Iran bank loans to economic sector rise 58%
The Iranian banking system has paid 12.41 quadrillion rials (over $295.49 billion) of facilities to domestic economic sectors in the...
- Working capital loans to different economic sectors in the six months were above 8.376 quadrillion rials (about $199.4 billion)
- According to the data provided by the Central Bank of Iran, this accounted for 67.5 percent of the total provided facilities
Economy
Turkey cuts interest rate for second successive month despite soaring inflation
Turkey's central bank cut interest rates for the second successive month on Thursday in what economists interpreted as confirmation of...
- The central bank has blamed rising inflation on "transitory" factors that will dissipate with time.
- The lira extended its fall into record-low territory against the dollar and euro after the announcement.
Economy
Jordan to get new national accounting system
An agreement has been signed to build capacities to establish a sustainable national accounting system in Jordan.
- The aim of this initiative is for accounts and GDP figures to reflect the contributions of the informal sector
- It is also expected to provide accurate details of the sub-sectors in accordance with the best international practices in this field
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Bahrain to support ‘Arab tourism’ in order to boost cultural integration
Manama, Bahrain--Bahrain will support Arab tourism in order to enhance social, cultural and historical integration among Arab people, according to...
Economy
Company News
UK to test new alert system on mobile phones
Geostrategy
Latest News
Central Bank of Bahrain Sukuk Al-Ijara oversubscribed
Manama, Bahrain - The Central Bank of Bahrain (CBB) has announced that the monthly issue of the short-term Islamic leasing...
Economy
Sheikh Hamdan launches first phase of waste-to-energy project
Making a strong push for transition to a green economy by building a clean energy infrastructure, Dubai saw the launch...
Economy
Egyptians caught in devastating economic storm
Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into...
Investigation
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Business
Saudi Catering, RSG ink pacts
The contracts are valid for 20 years, said Saudi Catering.
- The first contract includes the design, building, operation and transfer of a central laundry to serve hotels, resorts as well as other facilities.
- The second contract includes the design, building, operation and transfer of a central production unit for catering and facilities management services.
Economy
UAE’s financial advisory market to touch US$239 billion in 2023
Dubai, UAE--The UAE's financial advisory market is expected to reach a market volume of nearly $239 billion by the end...
- In 2023, assets under management in the UAE's wealth management market are forecast to cross US$255 billion, according to data
- According to industry analysts, some 4,500 millionaires will shift to the UAE and take residence in the country on a permanent basis
Business
Bahrain’s EWA invites bids for US$53mn tender to upgrade desalination plant
Manama, Bahrain--The Electricity and Water Authority (EWA) of Bahrain has invited bids for a $53.19 million tender to upgrade the...
- The Electricity and Water Authority said that international companies will need to submit their bids as per the latest international standards
- The upgrade of the Ras Abu Jarjour plant by reverse osmosis from underground wells is expected to extend the life span of the plant by 20 years