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
SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
Business
Economy
Iran may need to import 8m tons of wheat
Iran is currently suffering a drought that has led to water protests in several regions, most so in the Khuzestan...
- Iran’s wheat production exceeded 14 million tons in the previous Iranian calendar year 1399
- However, this year Iran may need to import as much as 8 million tons of wheat
Saudi Arabia to penalize artificial lakes in farms
The country has said it will take legal action against the construction of manmade or artificial lakes in farms for...
- The Ministry of Environment, Water, and Agriculture said any such construction would be deemed ‘a violation of the water bylaws and the relevant executive regulations’
- The laws and regulations it pointed to are aimed at preserving water resources, ensuring their sustainability, rationalizing water consumption, and preventing its misuse
Business
Dubai records $1.2 billion realty deals
AED 2 billion worth of properties were mortgaged, the highest being a plot of land in Al Hebiah First, mortgaged...
- The highest number (21) of sales worth AED 59.14 million were recorded in Nad Al Shiba Third.
- AED 2 billion wroth of properties were mortgaged, the highest being a plot of land in Al Hebiah First, mortgaged for AED 333 million.
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
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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
Company News
Latest News
Pakistan to hand over Karachi Port terminals to UAE
Dubai, UAE - Pakistan has taken steps to finalize a deal with the United Arab Emirates (UAE) for the handover...
Economy
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1...
Economy
Most Read
Turkey raises minimum wage by 34% to tackle inflation
Ankara, Turkey - Turkish government has announced a 34 percent increase in the monthly minimum wage, effective from July 1. ...
- The decision was reached by the minimum wage assessment commission, following negotiations between workers and employers
- President Tayyip Erdogan, who was re-elected, has indicated a willingness to implement interest rate hike in an attempt to stabilize the economy
Business
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...
- The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
- The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
- CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
- CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.