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
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...Economy
New industrial licenses surge 17% in first year after Abu Dhabi Industrial Strategy launch
The number of new industrial Rowad permits issued in Abu Dhabi increased from 204 to 238 from July 2022 to...$15.36 billion in capital investments made by manufacturing facilities moved to the in-production phase over the year
The number of operational manufacturers in the emirate now stands at 966, up from 922 manufacturers at the end of H1 2022
Oil price, COVID-19 spur Arab world’s public finance
Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term economic growth
In 2022, global, regional, and local inflation led to a decline in public revenues and expenditures in the Arab world, while the public budget deficit fell from 6.7% to 2.1%
Five skills workers require in real estate
Saudi Arabia’s real estate sector is evolving with new regulations, creating fresh job opportunities. The latest initiatives seek to enhance...Saudi Real Estate General Authority introduces 12 new roles, including positions like real estate broker, advertiser, and property manager
The initiatives are aimed at boosting the real estate sector's contribution to the Kingdom's GDP, enhancing the role of non-oil sectors
Lebanon freezes former central bank governor’s bank accounts
Seen as a key culprit in the country's dramatic economic crash, former governor Riad Salameh's bank accounts were ordered to...He is wanted in France and Germany, and Interpol has issued a Red Notice for his arrest
Lebanon's fractious political class has failed to name a replacement for Salameh
ESG shapes MENA region’s urban regeneration strategy
ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and...ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and Makkah, says a report
Embracing the L-I-F-E (learn, integrate, fix and earn) approach for urban renewal offers GCC sustainability, resilience, growth, social unity, and global acclaim
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.
Russia open to defense cooperation with several countries, says Putin
Moscow is open to equal defense cooperation with all nations seeking to protect their interests, Russian President Vladimir Putin said...The Russian leader stressed that the forum had earned recognition as one of the world’s largest exhibitions of advanced military equipment.
Putin said the event makes a significant contribution to the development of Russia’s multifaceted ties with other countries.
Agility posts Q2 earnings of $46m
Net profit was affected by higher interest rate.For the first six months of 2023, Agility’s net profit stood at US$95.5 million.
There was an increase in debt for financing the firm’s acquisitions last year.
Saudi Arabia to introduce stricter labour fines, penalties to ensure workers’ rights
Riyadh, Saudi Arabia - The Saudi Ministry of Human Resources and Social Development (MHRSD) is set to introduce a system...The companies will face fines for infringements, including the employment of foreign workers without proper permits and disregard for health and safety protocols
Fines ranging from $400 to $1,333 will be slapped for non-compliance with official health and safety regulations, coupled with inadequate measures to protect workers
UAE commends UN for successful oil transfer from decaying Yemen tanker
Abu Dhabi, UAE--The UAE has applauded the UN for the successful unloading of oil from the deteriorating tanker, FSO Safer,...The UAE's Ministry of Foreign Affairs praised the efforts of the UN, its secretary general and the donor nations for preventing the disaster
It cost some $143 million to transfer the oil from the stricken tanker to a new vessel, much lower than $20 billion in cleanup cost in the event of a spill
