Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...Business Economy
MENA startup investment surges in March 2023
Saudi startups were the biggest beneficiaries of LEAP24 tech conference, securing the lion's share of the total investment of S254...Economy
Gulf Union Alahlia Q1 profit $7.5m
Results were due to a fall in insurance services expenses.Net investment income rose to US$1.2 million (SAR 4.6 million) from US$1 million (SAR 4 million) in Q1 2022.
The insurance services provider reported a rise in other income to US$4 million (SAR 15 million) in Q1 2023.
Dubai Chamber of Digital Economy launches report on the emirate’s economyÂ
DUBAI, UAE - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has launched its...Dubai's Venture Capital Ecosystem provides an overview of the investor landscape backing start-ups and scale-ups in the MENA region.
Dubai Chamber of Digital Economy is tasked with attracting leading tech firms, start-ups and scale-ups that can support the Emirate's digital ambitions.
Arab League urges action to confront drought, desertification
Cairo, Egypt--The Arab League has called for efforts to confront drought and desertification in light of number of Arab countries...The statement from Arab League came on the occasion of the 29th World Day to combat desertification and drought, themed "her land, her rights"
The Arab League, according to the statement, will concentrate on women's land rights as a vital part to achieve the global goal of gender equality
Saudi Arabia’s international reserve assets up first time in 6 months
Foreign currency reserves, representing 94 percent of total assets, fell nearly 2 percent year-on-year in May to SAR 1.56 trillion...The other major currencies held by Saudi Arabia include euros, Japanese yen, and British pounds. Special drawing rights (SDRs) grew 1 percent YoY.
SAMA uses the country's reserve assets to support the Saudi riyal, to finance the government's budget deficit, and to invest in foreign assets.
UAE to deepen economic tie-ups with various world countries: Sheikh Saud
St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to...The ruler of Ras Al Khaimah was speaking at the opening session of the St. Petersburg International Economic Forum 2023 as the representative of the UAE
He drew attention of the audience to the efforts being accelerated in the UAE to enhance prosperity and deepen stability, as well as diversify non-oil revenues and investments
Qatar establishes itself as a top tourist destination
"Qatar Tourism is committed to building on the success of the FIFA World Cup 2022 and continuing to promote the...Hosting the FIFA World Cup 2022 contributes to a record-breaking number of tourists visiting Qatar, says Qatar Tourism chief
Qatar Tourism focuses on promoting cultural authenticity, modern infrastructure, and a world-class travel experience, he adds
Qatar Chamber looks to burnish lackluster gold and jewellery sector
Doha, Qatar-- In order to remove obstacles facing the gold and jewellery sector in the country, Qatar Chamber has reviewed...The chamber meeting discussed bottlenecks facing the sector and the proposals received by the committee as per the results of a survey conducted last month
In order to develop the sector, the gold and jewellery committee was recently established to address and discuss the issues facing the sector in the country
Global food bill will rise to US$1.98trn in 2023, up 1.5%: FAO
According to a report by the FAO, the world food import bill is forecast to touch a new record this...The FAO's biannual report warns that the decline in food import volumes is a "concerning development", indicating a decline in purchasing capacity
The report further says that world wheat production in 2023 is expected to drop by 3.0 percent from its all-time high of 777 million tonnes in 2022
38 million passengers used services of SRTA in 2022, say reports
SHARJAH, UAE - The Sharjah Roads and Transport Authority (SRTA) said it transported about 38 million passengers, throughout the year...The beneficiaries of taxi services and franchise companies within the emirate amounted to 29 million passengers.
The total beneficiaries of bus services amounted to about 5.3 million, with an average of 14,500 passengers per day.
ZATCA sets criteria for target firms to apply phase II of e-invoicing
RIYADH, SAUDI ARABIA - The Zakat, Tax and Customs Authority (ZATCA) has set the criterion for selecting target establishments in...ZATCA said that it will notify all targeted establishments in preparation for linking the electronic billing systems with the Fatoora platform, starting January 1, 2024.
It stressed that phase II includes additional requirements including issuing E-invoices based on a specific format.
