SAR and Maersk to transport more containers between 2 Saudi ports

• The contract will also help increase operational efficiency, decrease the number of trucks between Dammam and Riyadh cities, reduce emissions, and maintain road infrastructure.
• It will contribute to elevating Dammam Port to a regional station for global trade routes from the east to the local markets and countries in the region, said CEO SAR.

Led by Elon Musk, Silicon Valley tech titans make rightward turn

• Musk's politics are now hardline right wing as he uses his platform (now called X) to stoke the themes cherished by Fox News, conservative talk radio and far right movements.
• Musk is not alone: other Silicon Valley mavens are also defending conservative causes, making noise in what electorally remains a liberal stronghold.

Saudi Arabia’s IPI falls 8.8% in Jan on decrease in mining activity

• Compared to Dec 2023, IPI increased by 0.3 percent supported by mining and quarrying activity, manufacturing activity and water supply, sewerage, waste management and remediation.
• On the other hand, the sub-index for mining and quarrying activity increased by 0.1 percent compared to December 2023.

India, European EFTA bloc sign $100 billion free trade deal

• EFTA was established in 1960 to promote free trade and economic integration between its members. In 2021, it was the 10th largest trader in the world in terms of merchandise.
• In recent years, India has signed trade agreements with Australia and the United Arab Emirates. A long-talked-about trade deal with Britain is also said to be in the final stages.

Sharjah real estate transactions hit $844 million in February: Report

• The total number of transactions carried out during February had reached 4,458 transactions.
• The sales transactions reached 1,048 representing 23.5 percent of the total number of transactions.

Expanding Israeli settlements a ‘war crime’: United Nations

• "Such transfers amount to a war crime that may engage the individual criminal responsibility of those involved," Turk said in a report to the UN Human Rights Council.
• Reported Israeli plans to build another 3,476 settler homes in the West Bank colonies of Maale Adumim, Efrat and Kedar "fly in the face of international law", he said.

Foreign banks in Dubai to pay 20% annual tax under new law

• It stipulates that the 9% tax that went into effect last year will be deduced from the 20% annual tax if the foreign bank pays the tax under the country's corporate tax law.
• Violators will be fined up to AED500,000 ($136,150) and AED1 million in case of repeat violations within two years.

UAE launches first legally established financial ombudsman unit 

• Sanadak's focus is on safeguarding consumers rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies.
• Sanadak reduces the need to take claims to courts and judicial authorities, thereby bolstering consumer confidence and elevating the protection of financial consumer rights.

LEAP 24 concludes with $13.4bn investments, record participation

Fraud and volatility fears persist as bitcoin barrels on

• On Tuesday, bitcoin - the most widely used cryptocurrency - reached its all-time high, topping $69,191, surpassing its previous high set in November 2021
• The launch of a new investment vehicle - bitcoin-indexed exchange traded funds (ETFs) in the US last January - has further spurred prices.