Abu Dhabi sees 67% annual rise in number of AI company registrations
Abu Dhabi, UAE - The number of AI companies registered in Abu Dhabi grew at a compound annual rate of...
Economy
Arab League organizes workshop to discuss BRICS role in MENA region
Cairo, Egypt--The Arab League (AL) on Sunday organized a workshop in Cairo to discuss the role of BRICS for African...
Expo 2020 DUBAI
Kuwait Expo 2020 pavilion will be ‘biggest’ in terms of size and activities, says director
DUBAI: Kuwait's participation at Expo 2020 Dubai is "biggest" in terms of pavilion size and range of activities, the pavilion's...
- The Kuwaiti pavilion, which has been designed to resemble water tower structures commonly found in the country, is constructed on an area of over 5,500 square meters.
- A total 200 government and private bodies representing diverse sectors are set to contribute to the booth over the coming six months.
Business
Digital transformation helps GCC banks prosper
Digital transformation brought about by COVID-19 has made banks more open to branchless and cashless banking enabling them to perform...
- Tech adoption amidst COVID-19 makes regional banks more open to branchless and cashless banking enabling them to manage better in H1 2021 than they did in 2020
- The margins of the regional banks were under pressure throughout 2020 and early this year, but they managed to stay afloat by reducing costs and improving efficiency
Expo 2020 DUBAI
Breathtaking start of Expo 2020 Dubai
Dubai opened its extravagant Expo 2020 on Thursday with a flashy ceremony boasting fireworks and lights displays as it attempts...
- The event kicks off a six-month world fair attended by more than 190 countries
- The Expo venue is alive with music, dance, drama and projections with its star-studded opening ceremony
Business
Cash-strapped Lebanon names team for International Monetary Fund talks
The team -- Deputy Prime Minister Saade Chami, Finance Minister Youssef Khalil, Economy Minister Amin Salam and central bank governor...
- The country is facing what the World Bank has described as one of the world's worst economic crises since the 1850s.
- After defaulting on its debt in March 2020 for the first time in history, Lebanon started talks with the IMF.
Economy
Kuwait to push for more private sector jobs in order to reduce state wage bill
Kuwait will nudge job seekers in the country toward the private sector in order to reduce state wage bill. The...
- The move comes as the Middle Eastern country seeks to reduce its public sector wage bill, which accounts for approximately 60 percent of the government’s budget
- A study will also be conducted to identify high-priority jobs to attract national labor early next year
Geostrategy
Tunisia’s new PM faces economy battered by political turmoil
Heavily in debt, with spiraling inflation and widespread unemployment worsened by the coronavirus pandemic, Tunisia is hoping for a bailout...
- Bouden will be Tunisia's tenth prime minister since the 2011 revolution that overthrew longtime dictator Zine El Abidine Ben Ali.
- But with debt standing at over 80 percent of GDP, Tunisia has dipped into international funds to service its debts.
Business
Ajman Chamber reduces membership registration fee by 50 percent
DUBAI: A 50 percent reduction in the membership registration fees in the Ajman Chamber of Commerce and Industry for new...
- The offer is valid only if the registration request is submitted between Oct 1 and March 31.
- The decision comes into force from October 1.
Economy
Saudi Arabia expects 2.7 percent budget deficit this year, 1.6 percent in 2022
Saudi Arabia expects to post a deficit of 2.7% of gross domestic product this year and to reduce it further...
- The kingdom forecasts total spending of 955 billion riyals - around $255 billion - next year, down from an estimated total expenditure of around 1 trillion riyals this year
- The gross domestic product is expected to reduce further next year, to 1.6% of GDP
Economy
Algeria-Morocco standoff threatens Spain gas supplies
Algeria has been using the Gaz-Maghreb-Europe (GME) pipeline since 1996 to deliver several billion cubic metres per year to Spain...
- Algeria has been using the Gaz-Maghreb-Europe (GME) pipeline since 1996 to deliver several billion cubic metres per year to Spain and Portugal
- The latest crisis followed months of tensions, partly over Morocco's normalisation of ties with Israel
Economy
Saudi employers prefer men over women in Q2 as unemployment rate dips
Saudi males found securing jobs was easier than women in the kingdom in the second quarter of 2021, lowering unemployment...
- According to estimates of the General Authority for Statistics (GASTAT) based on the Labor Force Survey, the unemployment rate of the total working age Saudi population decreased
- Unemployment rate among Saudi men went down noticeably by 1.1 percentage point to 6.1 percent in the second quarter of 2021 from 7.2 percent in the previous quarter
Abu Dhabi sees 67% annual rise in number of AI company registrations
Abu Dhabi, UAE - The number of AI companies registered in Abu Dhabi grew at a compound annual rate of...
Economy
Company News
United Airlines reports Q1 loss
Business
Latest News
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...
Economy
Investcorp buys stake in SEC Newgate
Investcorp buys majority stake in SEC Newgate for $100m.
Business
UAE finance ministry releases annual report, highlights achievements in 2022
ABU DHABI, UAE - UAE Ministry of Finance (MoF) released its annual report for the year 2022 highlighting performance, initiatives,...
Economy
Most Read
Yellen to visit China, raising need to ‘responsibly manage’ ties
In Beijing, Yellen will discuss how the United States views its economic relationship with China, a senior Treasury official said...
- Yellen is expected to discuss with her counterparts the importance for both countries to responsibly manage our relationship, communicate directly about areas of concern
- Yellen's planned July 6-9 trip comes just weeks after Secretary of State Antony Blinken met China's top leader President Xi Jinping and Foreign Minister Qin Gang in Beijing
Business
ACWA Power okays dividend
The shareholders approved to distribute an 8.3% dividend.
- The shareholders also endorsed the buyback of two million shares, to be earmarked for the employee stock incentive program
- From the date of the EGM approval, the repurchased shares will be kept no longer than seven years and then allocated to employees
Economy
Al Sada to be chairman of Rosneft
The shareholders elected a new board of directors as well.
- The new chairman has a wide experience in the energy sector and is at present chairman of the board of trustees of the Doha University of Science and Technology
- He has served as Qatar's minister for energy and industry, apart from holding the chairmainship of the Board of Qatar Petroleum, now called QatarEnergy