India’s top court strikes down anonymous election funding scheme
Prime Minister Narendra Modi's party has defended electoral bonds, arguing that because the electoral bond donations are channelled through the...
Saudi Arabia enacts law to safeguard whistle-blowers and witnesses
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday granted approval for the law for the protection of whistleblowers, witnesses, experts,...
Economy
Business
Cargo ship splits in two after running aground at Japan port
Aerial images showed the separated stern of the Crimson Polaris tipped upwards and the other part of the stricken boat...
- Aerial images showed the separated stern of the Crimson Polaris tipped upwards and the other part of the stricken boat listing into the sea
- Authorities were trying to contain the oil leak but had not yet been able to erect an oil fence around the boat
Economy
Lebanon leaders, central bank lock horns over fuel subsidies
In a country suffering from one of the worst economic crises in the world, this could effectively raise prices for...
- The central bank on Wednesday ended subsidies on imported fuel, and instead offered importers a line of credit
- Caretaker Prime Minister Hassan Diab said the move ‘contravenes the law’
Geostrategy
US urges OPEC+ to pump more oil
US national security adviser Jake Sullivan has criticized the world's major oil producers over their production speed.
- The US believes lower oil prices resulting from slower pumping would be detrimental to a global economic recovery
- As such, it has said it is engaging with ‘relevant OPEC+ members’ to urge them to extract more oil
Business
Dubai hotels may work full capacity
Under new Covid-19 directions for tourism sector, the number of participants in community events has been increased to 2,500 for...
- The number of participants in community events increased to 2,500 for indoor activities and 5,000 for outdoor functions with no mandatory vaccination.
- Recreational and entertainment destinations such as museums, cinemas, exhibitions and tourism spots may increase their capacity to 80 percent.
Business
Jazeera Airways posts 138% growth in passenger traffic in Q2
The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect...
- The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect by the middle of Q3 2020
- The airline registered a net loss of KD6.5 million for Q2 on account of the higher costs due to increased operations and higher fuel prices
DP World to help SMEs with trade finance
This is part of its strategy to become a global trade enabler.
- DP World will connect companies needing trade finance solutions with financial institutions on its Cargoes Finance platform
- The platform will disseminate trade data to financial institutions, so they can assess credit and compliance risks
Economy
Non-Saudis can now own one property in the country
This new move could make Saudi Arabia appear more expat-friendly as the nation looks to project itself as a regional...
- Interested individuals may use Saudi Arabia's Absher platform to go about acquiring property in the country
- However, they will have to fulfill conditions, like having a valid and ongoing residency permit in the country
Geostrategy
Only serious reforms will get Lebanon foreign aid: Saudi Arabia
The Saudi Cabinet, however, reiterated its solidarity with the country whose people are looking at a deepening economic crisis.
- Lebanon’s economic crisis has been described by the World Bank as one of the 10 worst of its kind since the mid-1800s
- The World Bank also said the crisis has the potential to be among the top 3 of all time
Research
Saudi Central Bank to augment Islamic banking
The Saudi Central Bank or SAMA has launched two programs to augment Islamic banking through research and translation, local reports...
- They are the Islamic Finance Research Support Program and the Islamic Finance Research Translation Program
- Both programs are expected to offer cash prizes for the best research papers in various categories
Economy
Saudi Arabia issues record 478 licenses in first quarter
Following a 2018 reform in the Kingdom that allowed for a first time the 100 percent foreign ownership of companies,...
- In none of the quarters since 2005 has such a number of licenses been issued, according to Saudi investment ministry.
- Manufacturing sector accounted for the bulk (114) of new licenses issued followed by e-commerce and construction (78 each).
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India’s top court strikes down anonymous election funding scheme
Prime Minister Narendra Modi's party has defended electoral bonds, arguing that because the electoral bond donations are channelled through the...
Company News
Latest News
Saudi Arabia unveils AROYA Cruises to boost tourism industry
Riyadh, Saudi Arabia-- Saudi Arabia has unveiled its own cruise-line brand called AROYA Cruises to fuel growth in its tourism...
Business
Asian, European markets drop as China stimulus hopes fade
Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of...
UAE’s GCAA signs agreement with ICAO to boost collaboration
Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement...
Economy
Most Read
Economy
UAE’s foreign trade records 17% jump to US$607bn in 2022
The boost in foreign trade comes on the back of the signing of the comprehensive economic partnership agreements that the...
- The UAE until now has forged comprehensive economic partnership agreements with four nations: Turkey, Israel, Indonesia and India
- Dubai Customs provides a range of commercial and customs services to traders and investors from countries that have signed CEPA with the UAE
Business
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
- Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park.
- The fifth phase of the project will provide clean energy will reduce 1.18 million tonnes of carbon emissions annually.
Gulf Union Alahlia Q1 profit $7.5m
Results were due to a fall in insurance services expenses.
- Net investment income rose to US$1.2 million (SAR 4.6 million) from US$1 million (SAR 4 million) in Q1 2022.
- The insurance services provider reported a rise in other income to US$4 million (SAR 15 million) in Q1 2023.