Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...Economy
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...Economy
Saudi Arabia and Germany discuss cooperation in industrial, mining sectors
Riyadh, Saudi Arabia - Saudi Arabia and Germany have decided to strengthen cooperation in the industrial and mining sectors. A delegation...Both parties explored opportunities to collaborate with the University of Munich for Applied Sciences
The focus was on reviewing the university's educational curricula and academic programs in various fields related to industries and mining
UAE, KSA optimistic as BRICS leaders weigh expansion
South Africa has revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations,...South Africa revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations, notably UAE and Saudi Arabia
Analysts suggest that BRICS' potential expansion could strain relations with major powers, highlight the bloc's diverse appeal, but also raise concerns about diluted influence
Stocks advance but traders wary of US rates outlook, China concerns
The gains, including a jump in US tech stocks, "looked more like a correction than a reaction to fresh news,...The gains followed a mixed showing on Monday as investors tried to turn the tide of losses that have swept over markets in recent weeks.
Markets globally have struggled this month on the prospect that the US Federal Reserve will hike borrowing costs once more.
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.
CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...According to the apex bank, foreign securities were down to $45 billion from $46.56 billion at the end of June,, with other foreign assets up to $17.27 billion
The monetary base, according to the CBUAE, grew by 0.1%, climbing from $169.20 billion at the end of May 2023 to $169.42 billion at the end of June 2023
Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert
Syrians rally against poor economic conditions in government-held areas
Beirut, Lebanon - Hundreds of demonstrators took to the streets again on Monday in Syria's southern city of Sweida, local media...Days of rare protests have erupted in the south after the government lifted fuel subsidies last week, dealing a blow to Syrians.
"We've had enough, the Syrian people are suffocating," one activist in Sweida said on condition of anonymity for security reasons.
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.OIWSS has established a partnership with Intertrust Group.
OIWSS will be the trustee and the operator of this scheme
Soniqs wins PUBG Global Series 2 Crown
It claimed $600,000 prize at Gamers8 - The Land of Heroes.Saudi team Twisted Minds came in second and earned US$260,000.
Question Mark, the Russian team, finished third and got US$162,000.
Generative AI likely to supplement than destroy jobs: ILO
Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...An International Labour Organization (ILO) study has found most jobs and industries are only partly exposed to automation and are more likely to be complemented by Generative AI.
It suggests this new wave of technological transformation could offer important benefits for developing countries.
