China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said. By...
Economy
Business
ADNOC Drilling IPO raises $1.1bn
The UAE's state oil giant will be listed on ADX on October 3.
- ADNOC said the offering was oversubscribed 31 times, with significant demand from UAE Retail Investors and Qualified Institutional Investors.
- Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the Company.
Business
PIF acquires 25 percent stake in EEC
Under the deal, EEC transferred part of its loan to PIF in exchange for company shares.
- Under the deal, EEC transferred part of its loan - worth $755 million- from the Ministry of Finance to the PIF in exchange for company shares.
- PIF believes that the transaction will also accelerate the development of EEC by establishing King Abdullah Economic City.
Arts & Culture
Riyadh Season 2021 has ‘big surprises’ in store
The event featuring concerts, theater performances, wrestling matches aims at making the Saudi capital a tourism entertainment destination.
- This year's slogan is #Imagine_More, as its events will be held in an area of 5.4 million square meters.
- The event is also an opportunity to showcase the outcome of several national goals, such as raising the level of the entertainment industry sector.
Research
Semiconductor shortage slows down GCC auto sector
Auto exports to the region are likely to suffer for the next more than a year due to an estimated...
- Toyota Middle East has pledged it would do its best to avoid inconvenience to customers waiting for delivery of vehicles.
- On an average, a car needs around 1400 chips. Electric vehicles utilize even more.
Economy
Egypt to tax social media stars earning more than $32,000 annually
Egypt said it will tax social media content creators in a revenue raising exercise as more citizens look to online...
- The tax authority said "YouTubers and bloggers" earning over 500,000 pounds ($32,000) annually would be taxed
- Social media was awash with comments after the taxation move
Business
Dubai non-oil external trade up 31 percent, exports grow 45 percent
The results show Dubai has reinforced its status as one of the world’s fastest-growing business hubs, said Dubai crown prince...
- Imports rose by 29.3 percent YoY to AED414 billion from AED320 billion. Re-exports grew 28.3 percent YoY to AED198.6 from AED154.79.
- China maintained its position as Dubai’s biggest trading partner in H1 2021 with AED86.7 billion worth of trade compared to AED66.3 billion in H1 2020, up 30.7 percent YoY.
Business
Sharjah to showcase its FDI potential at Dubai Expo 2020
Invest in Sharjah has confirmed participation at the world’s biggest fair and announced it will host discussions and specialized activities...
- Sectors that will be promoted include culture and tourism, mobility and logistics, health and wellbeing and Greentech.
- Emirate's investor-friendly climate is reflected in six free zones and the integrated business and licensing services, said Invest in Sharjah.
Videos
Watch: Saudi GDP to grow faster than expected in 2021
The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the...
- The Saudi economy grew 1.8 percent in Q2 of 2021
- This was the second time it had risen since Q2 2019
Geostrategy
Cutting fossil fuel use key to environmental protection: IMF
The 'right prices' must fully reflect both supply costs and environmental costs, especially carbon emissions and local air pollution, said...
- Global fossil fuel subsidies amount to around $6 trillion in 2020, which is 6.8 percent of global GDP.
- Emissions would fall by one-third if prices increase to fully reflect environmental and supply costs by 2025, IMF said.
Economy
UAE and KSA: Competing for a real estate pie
Saudi Arabia and the United Arab Emirates contributed about 70 percent of the total value of the Gulf Cooperation Council's...
- Saudi Arabia and the UAE contributed about 70 percent of the total value of the GCC's real estate deals in H1 2021
- Reports published by KAMCO Research claim Saudi Arabia provided 44% of the value of deals in the MENA region in 2021
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Company News
Latest News
Hermes Q1 revenue at US$3.7bn
Business
Rescue ship saves 86 migrants off Libyan coast: charity
The UN's International Organization for Migration estimates that 1,724 migrants had disappeared trying to cross the Mediterranean to Europe so...
Geostrategy
Qatar to ramp up investment and economic cooperation with Iran
Tehran, Iran-- Qatar has renewed its willingness to boost economic cooperation with Iran, ramping up investment in order to strengthen...
Economy
Sharjah Football Company signs Tunisian star Mohamed Firas Belarbi
Sharjah, UAE--Sharjah Football Company has signed Mohamed Firas Belarbi, the Tunisian international defender, from the Ajman Club for an undisclosed...
Economy
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Economy
Key technologies set to positively impact the world
Jurgens' remarks coincide with the World Economic Forum's announcement of its annual list of breakthrough technologies. These technologies, including flexible...
- The World Economic Forum has releases its annual list of breakthrough technologies poised for global impact
- The list of the important innovations includes flexible batteries, generative AI, and sustainable aviation fuel
Science
New WEF report reveals technologies to impact world in the next five years
TIANJIN, CHINA - The World Economic Forum on Tuesday announced its annual list of breakthrough technologies with the greatest potential...
- The new technologies include flexible batteries, generative AI and sustainable aviation fuel.
- These would be disruptive, attractive to investors, researchers, and achieve considerable scale within five years.
Economy
Saudi Arabia’s imports from GCC states drop 15% to $1.49bn in Apr
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council countries fell 15 percent year-on-year to SAR 5.6 billion...
- Compared with March 2023, the Kingdom's imports from GCC dropped by 21 percent, or SAR 1.52 million.
- The Kingdom's merchandise imports rose 1 percent year-on-year to almost SAR 57.9 billion in April.