Strategic initiatives help UAE lead digital economy
“This economy merges national skills and technological solutions, creating an advanced model that contributes to achieving the goals of the...
Economy
Norway deal averts Palestinian financial collapse: govt
The portion of the revenues that Israel will transfer to Norway will remain in a Norwegian account until the parties...
Geostrategy
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).
Geostrategy
MENA connectedness ranking rising: Survey
The UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
- Ranks third among the world’s seven regions and is well above the global average.
- UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
Business
ADNOC Distribution H1 net profit $313m
Higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made in the first half...
- The company’s fuel volumes saw progressive recovery towards pre-COVID-19 levels.
- In H1 2021, the company received no objection certificates from the Saudi General Authority for Competition to acquire 35 stations in the kingdom.
Dubai exports, re-exports to West Africa rise by 42% during H1
Nigeria was the largest West African export market for member companies, accounting for a 32 percent share of the value...
- Plastics accounted for 31 percent of exports, followed by electrical machinery/electronics (14 percent)
- Commodities with the highest untapped potential for export and re-export include polyethylene, sugar cane and rice, trigger batteries.
Economy
Saudi industrial production rises to 11.9 percent
Saudi Arabia has reported a sharp rise in its Industrial Production Index (IPI) to 11.9 percent in June 2021 from...
- The increase resulted Increase mainly from mining and quarrying, which gained 19.3 percent
- Oil production rose from 7.4 million bpd in June 2020 to 8.9 million bpd in June 2021
Economy
Egypt’s headline inflation rises to 5.4 percent
Egypt's annual urban consumer inflation increased to 5.4% in July from 4.9% in June, official statistics agency CAPMAS said on...
- Month-on-month inflation also went up to 0.9 percent from 0.2 percent
- CAPMAS attributed the hike to the increase in prices of oils and fats, meats, vegetables, housing, water, electricity, gas and fuel
Business
ADNOC and Fertiglobe to sell blue ammonia to Idemitsu
The sale is part of UAE-Japan industrial cooperation and development of ammonia supply chains.
- ADNOC sold its first cargo of blue ammonia to Japan's Itochu on Aug. 3.
- Sales part of UAE-Japan industrial cooperation and development of ammonia supply chains.
Business
Investors may prefer this new Abu Dhabi license
New license for professionals to be issued by ADDED allows 100 foreign ownership of a business. ADDED also highlighted that...
- ADDED will also issue a form of service agent agreement to streamline the relationship between partners.
- 604 activities covered under the license, including accounting, training, consultancy, beauty centers.
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
Strategic initiatives help UAE lead digital economy
“This economy merges national skills and technological solutions, creating an advanced model that contributes to achieving the goals of the...
Economy
Company News
Latest News
‘EU acknowledges, appreciates Qatar’s labor reforms’
The EU also lauds the exceptional execution of FIFA 2022 in Qatar. It helped refine Qatar's reputation and correct misconceptions....
Economy
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. ...
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...
Business
Most Read
Geostrategy
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
- At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
- Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.