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
Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
Economy
Economy
Jordan discusses economic recovery with World Bank
Jordan’s King Abdullah II on Sunday received World Bank Group President David Malpass at the Basman Palace.
- Jordan commended the World Bank’s prompt response to the priorities it raised in July
- Thar included working with the government on its 2022-2023 plan, which seeks to enhance the economy’s resilience and recovery
Arts & Culture
Art sales rebound to an all-time high of $2.7 billion after Covid-19 slump
Sales soared between June 2020 and June 2021 as auctioneers quickly adopted a more online approach.
- NFTs, or "non-fungible tokens", allow people to buy the rights to online art, including images, animation or even tweets.
- In March, US artist Beeple sold an NFT of his digital artwork "Everydays: The First 5,000 Days" for $69.3 million.
Economy
Expert at AVSEC symposium: Need to rethink security approaches
The 5th edition of the AVSEC Global Symposium, which started on Sunday in Dubai, brought together globally recognized security experts,...
- The three-day event will host 35 speakers and over 700 delegates from more than 50 countries.
- Held since 2013, the symposium is one of the most significant aviation security events in the region and one of the biggest globally.
Research
R&D in Arab world: Challenges and successes
Raging political crises across the region have negatively impacted the economies of several countries. Consequently, spending on research has barely...
- Jordan's ratio of researchers to its citizens was 150 percent of that of its closest competitors.
- Saudi Arabia spared the highest--$12.5 billion--funds for research and development in the Middle East and Africa Region,
Business
Hyperloop to become a reality in years, not decades: CEO DP World
Hyperloop, which is expected to transport passengers and freight at a speed of an airplane, could become a reality before...
- Sultan Ahmed bin Sulayem said India and Saudi Arabia might roll out the transport system first.
- DP World has invested in Virgin Hyperloop, which tested human travel in a hyperloop pod for the first time in 2020.
Economy
S&P revises Oman’s credit rating to positive on the back of fiscal improvement
S&P has revised up Oman’s credit outlook to positive from stable on the expectation that the sultanate’s reform program will...
- Long-term foreign currency credit rating was affirmed at B+
- S&P said it could raise its ratings on Oman over the next 12 months if planned fiscal reforms and stronger economic growth sustainably reduce fiscal imbalances
Economy
Saudi Arabia to have budget surpluses from 2023: Ministry of Finance
Saudi Arabia is confident that it will have budget surpluses from 2023 with the kingdom’s economy showing a “noticeable and...
- Saudi Arabia will post a surplus of about $7.2bln in 2023, rising to $11bln in 2024, the ministry said
- Government revenue will slip to SR903 billion in 2022 from SR930 billion in 2021, but will have reached SR992 billion by 2024
Economy
Kuwaiti women play big role in development: Diplomat
Fahad Hejji, the First Secretary of the Permanent Mission of the State of Kuwait to the United Nations, has said...
- Kuwait has spared no effort to empower women and ensure their rights
- It also ensures their effective participation in all aspects of daily life, and enables them to assume leading state posts
Science
Saudi Arabia announces vaccine mandate for public
Saudi authorities will require people to have double immunization starting at 6 am on October 10 if they are to...
- Saudi residents will need double immunization to enter any economic, commercial, cultural, recreational, sports, or tourism activity
- They will also require it to enter any cultural, scientific, social, or recreational event
Economy
UN agency for Palestinian refugees needs $800m
UNRWA Commissioner-General Philippe Lazzarini told reporters at the UN headquarters in New York that the organization needed "predictability" for its...
- UNRWA Commissioner-General Philippe Lazzarini told reporters at the UN headquarters in New York that the organization needed "predictability" for its operations
- The funding would allow the agency to keep open the 700 or so schools it managed, catering to 550,000 children
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
Company News
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M42 acquires Diaverum
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...
Business
Saudi Arabia’s Al-Ettifaq hires former Liverpool star Steven Gerrard as coach
Riyadh, Saudi Arabia--Former Liverpool captain Steven Gerrard is the latest star name to make the move to Saudi Arabia after...
Business
UAE cabinet sets up ministry of investment, approves new strategies
The new ministry will bolster the UAE's business aims and investment policies, apart from promoting its infrastructure as a global...
Economy
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Business
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
- This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
- The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Geostrategy
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
- Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
- Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
Economy
OPEC+ strives for market balance, sustainable growth
The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...
- UAE updates energy strategies and aligns with climate goals, helping it rank second in global Green Future Index, says a UAE minister
- The Gulf country has invested over $50 billion in clean energy projects and pledges an additional $50 billion over the next decade, he adds