Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
Economy
Business
Al Babtain to procure SAR 250m loan
The facility will be provided through Murabaha mode
- The duration of the banking facility is four years and 282 million riyals have been pledged as guarantees for the financing.
- The company said the loan will be used for re-structuring a part of short-term finances.
Economy
Saudi index reaches new highs on oil price rise
The oil price rise is expected to raise the economic growth of Saudi Arabia and the UAE. The kingdom is...
- Qatar Stock Exchange upwardly revised 0.1 percent on Thursday, aided by a 3.5 percent increase in Nakilat shares.
- Egyptian Stock Exchange ended its sessions on Oct. 20 with a collective decline of indices for the second consecutive session.
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
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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
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
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Novartis Q1 profit at $2.3bn
Business
ADB operations cross $20bn
Economy
Iraq join Egmont Group of financial intelligence units
BAGHDAD, IRAQ - Iraq joined the Egmont Group of Financial Intelligence Units, the Supreme Judicial Council announced. "The efforts made...
Geostrategy
Qatar Central Bank’s foreign reserves up 14 percent in June
Doha, Qatar -- International reserves and foreign currency liquidity of Qatar Central Bank (QCB) rose to reach QR 240.742 billion...
Economy
UN report confirms success of UAE investment endeavors: Al Marri
"The UNCTAD report for 2022 reaffirms the remarkable and unprecedented achievements resulting from the cumulative balance of FDIs flows in...
Business
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Economy
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...
- The agreement will enable the two countries to explore areas of cooperation in monitoring the environment, marine life, biodiversity and safety from pollution
- Both Bahrain and the UK, under the terms of the MoU, will exchange scientific and technical information, visits, training, research and cooperative projects
Business
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....
- The Iranian minister made the remarks at the second ministerial session of the 8th OPEC International Seminar in Austria
- He said Iran was producing 3.8mn barrels of crude oil and gas condensates and more than one billion cubic meters of gas a day
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...
- Saudi Arabia on Monday extended its voluntary production cut of 1 million barrels per day (bpd) into August
- Saudi Arabia and Algeria are among OPEC's 13 member states, and Russia is one of the organization's 10 allies