Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
Economy
Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh
Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...
Business
Economy
Dubai announces projects worth $6.8 billion
They include urban development, health, and transport projects.
- These are said to be part of a portfolio of public-private partnership or PPP projects
- The investments were announced at the First Dubai International PPP Conference
Research
UAE passport strongest in GCC, 16th in global ranking
The United Arab Emirates is followed by Qatar (60), Kuwait (61), Bahrain (69) and Oman (71) on the Henley Passport...
- The United Arab Emirates is followed by Qatar (60), Kuwait (61), Bahrain (69) and Oman (71) on the Henley Passport Index
- The Henley & Partners' list is one of many that rank passports based on their ability to provide access to their citizens
Business
Gulf International Bank closes $625million sustainability-linked syndicated loan
Gulf International Bank (GIB) said on Sunday that it has closed a $625 million sustainability-linked syndicated loan (SLL), making it...
- The deal makes it the first majority Saudi-owned bank to close such a facility.
- The deal was oversubscribed by more than two times with $1 billion commitments from 20 global investors.
Economy
Sharjah Chamber to sponsor 12th World Chambers Congress
Running from November 23 to 25, the event will be held under the theme ‘Generation Next: Chambers 4.0’
- Running from November 23 to 25, the event will be held under the theme ‘Generation Next: Chambers 4.0’
- It will bring together more than 1200 participants from international organisations and governments representing 100 countries around the world
Economy
Lebanon in blackout as power stations run out of fuel
State electricity in most places is barely available for an hour a day amid rolling power cuts
- State electricity in most places is barely available for an hour a day amid rolling power cuts
- The Mediterranean country is battling one of the planet's worst economic crises since the 1850s
Investigation
KSA, UAE lead GCC in maritime trade
Saudi Arabia is planning to invest US$36bn in logistics and aims to become a regional hub for the shipping sector,...
- Saudi Arabia is planning to invest US$36bn in logistics and aims to become a regional hub for the shipping sector, a position enjoyed by the UAE for many years
- The UAE has 10 major ports followed by Saudi Arabia (9), Qatar, Oman and Bahrain (5 each) and Kuwait (3)
Economy
Egypt’s non-oil exports leap up to $7.5 billion in Q1 of 2021
Egypt's non-oil exports increased to $7.5 billion in the first quarter of 2021, compared to $6.5 billion in Q4-20, according...
- The country's non-oil balance of trade deficit narrowed by 5% quarter-on-quarter (QoQ) during the January-March period
- Mineral fuels, oils, and distillation products topped the non-oil exports with a value of $809.9 million in Q1-21 from $883.2 million in Q1-20
Geostrategy
UAE to tread ’10 Principles’ path for the next 50 years
President Sheikh Al Nahyan decrees that all ministries, government authorities and institutions should make these 10 Principles as guidelines in...
- The principles direct UAE’s institutions to strengthen the union, build a sustainable economy and harness all possible resources.
- The set of principles is also aimed at fostering positive regional and global relations to achieve national goals.
Economy
Global deal to end tax havens goes through as 136 countries back 15 percent rate
At least 136 countries have backed a landmark agreement to set a new minimum tax rate for companies around the...
- But the agreement still faces a rocky path given that it must be passed by a closely divided U.S. Congress and be approved by each of the countries
- The agreement, which was brokered by the Organisation for Economic Co-operation and Development (OECD), would set a minimum tax rate of 15% from 2023
Economy
Jadwa says a drop in Saudi joblessness a sign of healing economy
A drop in Saudi joblessness during the second quarter of the current fiscal year from 11.7 percent to 11.3 percent...
- Saudi unemployment fell to 11.3 percent in the second quarter of this year, down from 11.7 percent in the three months to April
- The Riyad-based firm said the fall mirrors the economy’s expansionary trend in the first half of this year and expects unemployment to decline even further
Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
Economy
Company News
UK to test new alert system on mobile phones
Geostrategy
Latest News
UAE is focused on uniting parties in a COP that delivers for all: Al Jaber
Dr. Sultan bin Ahmed Al Jaber believes that the Caribbean region will have a key role at COP28 in bringing...
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...
Economy
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Business
UAE FDI inflows record highest ever jump in 2022: UN report
The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008),...
- In West Asia, FDI fell by 14 per cent to $48 billion, despite strong activity in greenfield projects and cross-border Mergers and Acquisitions (M&S).
- Global foreign direct investment (FDI) flows in 2022 declined by 12Â percent to $1.3Â trillion, after nosediving in 2020 and rebounding in 2021.
Economy
Turkey’s inflation rate slows to 38.2 percent in June
According to the TUIK state statics agency, the rate slowed from 39.6% in May. But a separate study released by...
- Many economists are warning that inflation will start growing faster because of the spending pledges made by President Erdogan during May's election
- Since Erdogan extended his rule into a third decade in a hard-fought runoff election on May 28, the lira has lost more than 23% of its value against the dollar
Business
SRTIP-SOTI merger to boost UAE’s knowledge economy
"The time is right to reach higher and underscore Sharjah’s position as a leading global destination for innovation, business, and...
- Merger of SRTIP and SOTI will form an independent Free Zone Authority, enhancing the UAE's knowledge economy and entrepreneurial status
- The merger will unlock the potential of Sharjah's technology and innovation sector and solidify the UAE as a global business and entrepreneurship destination