UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
Business
Research
Saudi gold glitters more in the region
Gold prices reached record levels in 2020 following an increase in investor appetite because of COVID-19. The price of yellow...
- Gold jewelry shopping in Saudi Arabia and Egypt grows 13 percent and 4 percent and decreases 12 percent in the UAE
- China purchased 191.1 metric tons of gold in 2021, followed by India, which bought 102.5 metric tons
Geostrategy
Iran looks east after China-led bloc okays entry
Iran has been trying to enter the SCO for years, and was close last year, but Tajikisatn objected to it.
- Iran has hailed its acceptance into the Shanghai Cooperation Organization, a bloc led by China and Russia
- This, for it, was an eastward turn that it sees as opening access to major world markets and a counter to Western sanctions
Economy
No end to Lebanese woes as new govt. hikes gasoline price
If the Lebanese were expecting a measure of relief from the new Mikati government, they were badly disappointed. The government...
- The government has promised action to address the crisis, including talks with the IMF and a start to reforms
- The new government has also signed a new contract with restructuring consultancy Alvarez & Marsal (A&M) to carry out a forensic audit of the central bank
Economy
MENA startups raise $1.2 bn in H1
A Dubai-based think-tank has said that as many as 254 start-ups, mostly from the UAE, Saudi Arabia, and Egypt, have...
- Dubai-based think-tank MAGNiTT said that as many as 254 start-ups, mostly from the UAE, Saudi Arabia and Egypt, have attracted record breaking funding this year
- Dubai SME offers funding options and support for including advisory and incubatory services to small and medium enterprises (SMEs), start-ups and established businesses
Economy
UN needs another $100trn for SDGs
The Force for Good initiative has said the UN has funding gap of $84-101 trillion in achieving the SDGs.
- The 17 SDGs are goals that the UN set forward in 2015, which would be accepted by all its members states, to build a better planet
- They include, but are not limited to goals like No Poverty, Zero Hunger, Good Health and Well Being, Quality Education, and Gender Equality
Business
Messi, Neymar’s club PSG to play in Riyadh Season Cup
PSG boasts a stellar line-up, with the likes of Lionel Messi, Neymar, Kylian Mbappé, and Sergio Ramos taking to the...
- The tournament will be played in January next year as part of the second edition of Riyadh Season
- The event, which celebrates the city, will be held from October 2021 to March 2022
Economy
UAE paradigm shift: Equal pay for both genders
On September 18, the UAE joins countries worldwide in celebrating International Equal Pay Day. It was approved by the United...
- The country was ranked 18th in the Gender Inequality Index (GII) of the UNDP Human Development Report 2020
- The UAE was ranked first across the Arab world in the World Economic Forum Global Gender Gap Report for 2021
Economy
UAE, UK partner to counter illicit financial flows
The partnership offers a platform to build a stronger and more enduring strategic partnership, advancing the priorities laid out in...
- The agreement is part of the new Partnership for the Future between the two countries
- The partnership will enhance intelligence sharing and joint operations against organised crime networks
Interview
World on path to 2.7C warming, warns UN chief
Instead of the reductions needed to avoid the worst effects of climate change, global emission are likely to see "a...
- The figure would shatter the temperature targets of the Paris climate agreement
- Under the landmark 2015 Paris deal, nations have committed to slash emissions
Economy
Region’s private equity market set to revive
The region’s industry executives are working hard to improve the dented image and put the sector back on track by...
- Bahrain-based Investcorp Holding, the region’s biggest private equity and alternative asset manager, is looking for fresh deals after the pandemic made companies cheaper to buy
- Globally, the PE firms manage about US$3 trillion of capital for various investors but in Middle East, they manage a nominal US$18 billion
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
Business
Company News
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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
Lack of Lebanon reforms threatens stability, says IMF
The International Monetary Fund warned in a report that Lebanon's failure to implement reforms could have "irreversible" consequences for the...
Geostrategy
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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
Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
- The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
- ABD and its partners financed projects that helped developing members strengthen trade and small businesses.