UAE to introduce 15% tax rate on corporate profit from Jan 2025
Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it...
Business
Qatar PM sees ‘momentum’ on Gaza talks after US election
Doha, Qatar - Qatar's prime minister said on Saturday that momentum had returned to talks aimed at securing a truce and...
Geostrategy
Business
84.6% growth in travel for Middle Eastern airlines in Nov: IATA
Globally, traffic is now at 75.3% of November 2019 levels, according to the report.
- Globally, traffic is now at 75.3% of November 2019 levels, according to the report
- Total traffic in November 2022 rose 41.3% compared to November 2021
Economy
Crisis-hit Egypt’s currency halved in value since March
Egypt's economy was hit hard after Russia's invasion of Ukraine last February unsettled global investors and led them to pull...
- The devaluation, representing a drop of around 50 percent against the dollar over the 10-month period, comes as the price of imported food and other goods soars
- The currency plunged to 31.95 pounds to the dollar in state banks on Wednesday, before settling at 29.7 in the afternoon, according to the central bank.
Economy
China’s new yuan loans rise in 2022
In December alone, new yuan loans stood at 1.4 trillion yuan, up 266.5 billion yuan year-on-year, according to the People's...
- In December alone, new yuan loans stood at 1.4 trillion yuan, up 266.5 billion yuan year-on-year, according to the People's Bank of China (PBOC)
- The M2 growth was 0.6 percentage points lower than that at the end of November but was 2.8 percentage points higher than the same period the year before
Business
Oil slips after unexpected build in US crude and fuel inventories
US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 percent, to $74.53 a barrel, while Brent crude...
- US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 percent, to $74.53 a barrel, while Brent crude futures were down 62 cents, or 0.8 percent, at $79.48 a barrel
- US crude stocks jumped by 14.9 million barrels in the week ended Jan. 6, sources said, citing data from the American Petroleum Institute (API)
Geostrategy
Iran detains celebrity chef in protest crackdown: reports
No reason was given for the arrest of Ebrahimi, who had some 2.7 million followers on Instagram enjoying his slickly...
- Navab Ebrahimi was arrested in Tehran on Wednesday and taken to the city's Evin prison, the Human Rights Activists News Agency said
- Iran has arrested at least 14,000 people in the wave of protests sparked by the September 16 death in custody of Mahsa Amini
Economy
Iraq says former official returned fraction of stolen US$2.5BN
The government of Prime Minister Mohammed Shia al-Sudani took over from Kadhemi in October and has made regular announcements about...
- The anti-corruption agency identified the suspect who returned the funds as Haitham al-Juburi, who is in detention and a former adviser to ex PM Mustafa al-Kadhemi
- According to a document of tax authority, $2.5 billion was allegedly expropriated between September 2021 and August last year through 247 cheques cashed by five enterprises
Business
Why did Iran stop importing rice, tea from India?Â
Speculations are rife that the decision by Tehran could have been taken in retaliation to India's suspension of the import...
- Iran has several alternatives for importing tea. Kenya has been selling India tea for nearly half the rate of Indian tea
- In terms of numbers, Iran’s rice imports in Apr-Sept 2022 stood at $641.66m, while tea imports in the Jan-Sept period stood at $66.39m
Economy
European gas prices fall to lowest level since record high in 2022
A mild winter has enabled countries to tap less gas from stocks that were built up in anticipation of cuts...
- Gas exports by Russian energy giant Gazprom to the European Union and Switzerland fell by 55 percent last year, the company said Monday.
- Europe was previously Gazprom's main export market but supplies have been drastically reduced because of sanctions following Russia's offensive in Ukraine in 2022.
Business
Clean energy reaches 14 percent of Dubai’s total power production
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) has announced that the production capacity of...
- Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world using the Independent Power Producer model.
- Dubai's clean energy was also produced using photovoltaic solar power and concentrated solar power.
Twitter outages hit thousands of users worldwide
DownDetector reported a spike in issues with Twitter starting around 7 pm Eastern time (midnight GMT), with users unable to...
- At the peak of the outage, DownDetector clocked more than 10,000 complaints in the United States, as the hashtag #TwitterDown trended on the platform
- Web monitor NetBlocks said the outages were international and not related to country-level internet disruptions or filtering
UAE to introduce 15% tax rate on corporate profit from Jan 2025
Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it...
Business
Company News
Aramco Q1 profit down 14.5%
Business
IHC Q1 net profit $2.17bn
Business
Latest News
Al Noor Island listed among top 10 attractions in Middle East
Sharjah, UAE -- Sharjah's renowned landmark and award-winning family-friendly destination, Al Noor Island, has secured its place among the top...
Business
Saudi Aramco share sale nets $12.35 billion on investor demand
Riyadh, Saudi Arabia -- Saudi Aramco netted $12.35 billion, $1 billion more than expected, from a secondary share sale after exercising...
Business
Shell, TotalEnergies and BP take stakes in UAE gas project
Dubai, United Arab Emirates -- Energy majors TotalEnergies, Shell and BP will each take a 10 percent stake in a liquefied...
Business
Most Read
Business
Methanol-powered ship to set sail for Europe’s first ‘green’ route
Rotterdam, Netherlands -- The first methanol-powered ship to ply routes between Europe's busy ports was unveiled Tuesday in Rotterdam, with shipping...
- The Eco-Maestro, a 13,675-tonne container carrier will head off to Antwerp in the next few days, before plotting a course for Klaipeda in Lithuania and Riga in Latvia.
- Completed in China earlier this year, the Eco-Maestro is kitted out with the latest engines that can run on methanol -- a sustainable fuel made from decomposed organic matter.
Business
China’s BYD signs deal to open electric car plant in Turkey
Istanbul, Turkey -- China's electric vehicle giant BYD on Monday signed a one-billion-dollar agreement with Turkey to open a plant in...
- The one-billion-dollar agreement would likely help China dodge new European Union tariffs.
- The BYD facility will have an annual capacity of 150,000 vehicles as well as a research and development center.
Business
Chip giant TSMC briefly joins trillion-dollar club
New York, United States -- Chip-making juggernaut Taiwan Semiconductor Manufacturing Co. briefly surpassed $1 trillion in market capitalization on Monday as...
- TSMC controls more than half the world's output of chips and supplies them for everything from Apple's iPhones to Nvidia's cutting-edge artificial intelligence hardware.
- The company hit the threshold briefly after the opening bell in New York, but slipped lower in later trading.