DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...Business Economy Tourism
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...Economy
UAE tourism boom fuels leisure, entertainment industry in MENA
Dubai, UAE: The UAE’s target of attracting 40 million tourist visits by 2030, and its subsequent economic contribution of AED...The L&E sector in the Middle East and North Africa (MENA) currently generates approximately AED 30 billion ($8.2 billion) in revenue
KSA is the world’s fastest-growing tourism destination MENA’s L&E sector generates approximately AED 30 billion in revenue
Saudi Arabia and Oman launch ‘joint tourist visa’ to boost industry
Riyadh, Saudi Arabia--Saudi Arabia and Oman have launched a joint tourist visa to boost trade and investment cooperation in tourism-related...The initiative to launch joint tourist visa and enhance cooperation in the sector was reached in a meeting between Saudi Arabia's tourism minister and his Omani counterpart
Both will train and develop human capital in the tourism sector corresponding with the Gulf Tourism Strategy, which was formulated last November by leaders of the GCC countries
Dubai Customs and New Zealand discuss boosting trade ties
Dubai, UAE-- Aiming to boost trade and economic cooperation with New Zealand, Dubai Customs held a meeting with diplomats and...The meeting highlighted Dubai Customs' eagerness to boosting cooperation with trade partners and exploring the future of the business sector amid Dubai's economic resurgence
New Zealand ambassador to the UAE noted the efforts of Dubai Customs in bolstering international trade and boosting trade relations between Dubai and New Zealand
CBUAE balance sheet hit all-time-high of $161 bn by March end
Abu Dhabi, UAE - The balance sheet of the Central Bank of the UAE (CBUAE) surpassed AED594 billion ($161 billion)...The apex bank said that its balance sheet grew by 5.3 percent on a monthly basis to $161.23 billion at the end of March 2023
The bank's balance sheet increased YoY by the equivalent of $21.3 billion, from about $139.82 billion in March 2022
Turkish Lira sinks to new low more than week after Erdogan reelection
Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet...The currency, which was propped up by the central bank before the presidential election, fell seven percent to 23.17 lira per dollar.
Guldem Atabay, an economist, said the lira's decline showed a decrease in costly interventions in the foreign exchange market by the central bank.
Oil, investment and reforms propel Saudi economy
The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil...The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil sector growth, says the latest IMF report.
Historically low unemployment due to increased labor force participation and expatriate worker rebound, while low inflation is aided by subsidies and a strong US dollar.
Wealthy Qataris to spend more on real-estate deals this year: survey
Doha, Qatar-- Rich Qataris are pouring millions of dollars into the country's luxury real-estate market, with residential sector and office...Knight Frank, in partnership with YouGov, looked into the investment pattern of rich individuals in Qatar, with a net worth in the region of US$155 million
The respondents in the survey showed a preference for investment in the residential sector at 37 percent, followed by the office sector at 33 percent
‘UAE adopts top global food safety standards’
"Food safety is a main pillar of our strategy to achieve national food security. The Ministry has outlined its vision...UAE Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri, emphasizes the prioritization of food safety in the National Food Security Strategy
Almheiri also highlights the importance of global food safety standards and the urgent need for worldwide frameworks to enhance these standards
Abu Dhabi curbs use of plastic bags by 95% since ban last year
Abu Dhabi, UAE-- Abu Dhabi has succeeded in curbing the use of plastic bags by around 95 percent since the...Nearly three years back, EAD brought in the single-use plastic policy with the aim of lowering the dependence on plastic items and promoting sustainability and recycling
According to EAD, the carbon footprint of the amount of plastic eliminated is equivalent to 272, 000 tonnes of CO2, which means saving emission from 629,000 barrels
Iran hints at cooperation with Saudi Arabia on ‘peaceful nuclear technologies’
Tehran, Iran-- With the restoration of diplomatic ties between Iran and Saudi Arabia, the talk in government circles in Tehran...A media outlet thought to be close to the Iranian security establishment tweeted that Iran could expand its relations with Saudi Arabia to the nuclear realm
The tweet said that Iran could transfer its "experiences and achievements" to Saudi Arabia in compliance with international laws and under the IAEA supervision
