Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
Economy
Cyber-pandemic quickened UAE digital push
Mohamed Hamad Al Kuwaiti has said the UAE is fully equipped to transition into AI for governance and economy.
- The UAE has attained high ranks in many global cybersecurity indexes
- Moving into an AI government and economy involves sector-wise perspectives
Business
Dubai Chamber initiative focuses on West Africa
The initiative, called Why Africa, will also look at the region’s key economic indicators and competitive advantages.
- The initiative, called Why Africa, comprises in-depth analyses conducted by Dubai Chamber
- It is based on recent data from UNCTAD, up-to-date insights for prospective investors, and recent trade trends
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
Most Read
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
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Company News
Latest News
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
Economy
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...
Business
IMF and Pakistan reach $3 billion stand-by deal
Pakistan's negotiations with the IMF for the last tranche of a $6.5 billion bailout package agreed in 2019 stalled in...
Economy
Most Read
Economy
US first quarter economic growth 2 percent after strong consumer spending
Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department...
- The growth of 2 percent for US economy is markedly higher than the annual rate of 1.1 percent originally estimated.
- However, GDP growth in the world's biggest economy has still cooled from 2.6 percent in the final three months of 2022.
Business
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...
- Federal Reserve called for greater banking oversight while admitting its own supervisors had failed to take forceful enough action.
- When SVB failed, it was clear that a number of standard assumptions from a regulatory standpoint "were wrong," the Fed chairman said.
EU presses Tunisia in bid to stem Med migrant flow
In early June, European Union countries reached agreement on a long-stalled revision of the bloc's asylum rules. It aims to...
- The discussion will come two weeks after a boat believed to have been carrying hundreds of migrants capsized off Greece in one of the worst such tragedies in years
- Amnesty International and other rights groups say the tragedy resulted from Brussels' "Fortress Europe" policy implemented over the past seven years