NEOM announces Treyam, its premier lagoon destination
Neom, Saudi Arabia - NEOM, Saudi Arabia’s futuristic mega city will now have a premier resort where the spectacular desert...Economy
Cash-strapped Pakistan gets draft approval for $1.1 bn IMF payout
Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout...Economy
Environment Agency – Abu Dhabi launches strategic environmental assessment program
ABU DHABI, UAE - The Environment Agency - Abu Dhabi (EAD) has introduced the Strategic Environmental Assessment (SEA) planning program...Strategic Environmental Assessment will promote sustainable development and a healthy environment for future generations.
SEA will aid in evaluating environmental impacts and guiding the investigation of alternatives and potential mitigation efforts.
Microsoft, G42 sign MoU
MoU will leverage core competencies of both the firms.The MoU will help explore joint business development and marketing opportunities across a variety of areas G42 covers.
Microsoft and G42 will be working in the coming months to finalize the development required to ensure regulatory compliance.
Egypt sees growth in financial inclusion, touches 65% of adult population
Cairo, Egypt-- Egypt's financial inclusion has widened as total ownership of transactional accounts reached 64.8 percent of the total 65.4...The country's financial inclusion rose 147 percent between 2016 and 2022 to 42.3 million citizens who own and use transactional accounts
Mobile wallets and prepaid cards primarily led to the increase, growing by 54 percent and 31 percent respectively
IMF, World Bank to consider ‘ambitious reform’ in spring meetings
Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform...The IMF estimates globlal growth to drop below three percent this year, and to remain at close to three percent for the five years
Although Asia's emerging markets might witness a big rise in economic output, nearly 90 percent of world's large economies will see slow growth this year
4th batch of Saudi oil derivatives grant arrives in Aden
Aden, Yemen - The fourth batch of the Saudi Oil Derivatives Grant, consisting of 150,000 metric tons of diesel and...This initiative is part of Saudi Arabia's ongoing efforts to support the Yemeni people
The grant was provided to help Yemen operate over 70 power generation plants
Saudi Arabia 60 percent self-sufficient in mango production
Dubai, UAE – Saudi Arabia has achieved 60 percent self-sufficiency in the production of mangoes in the kingdom, producing more...The kingdom produced more than 88000 tons of mangoes on more than 6880 hectares of land, the Ministry of Environment, Water and Agriculture said.
More than 20 varieties of mango are produced during the growing season from April to August, which include Tommy Atkins, Kate, Kent, Alphonso.
Oman issues order to regulate consumer cooperatives
MUSCAT, OMAN - Oman Ministry of Commerce, Industry and Investment Promotion on Sunday issued an order to regulate the activities...The order aims at promoting Omani products, establishing new supply chains, supporting national industries.
The ministry pointed out that consumer cooperatives operate under a legal framework to sell goods.
Small US banks use enlarged deposit guarantee to compete with giants
Federal data shows that some depositors at small banks did head for the exits, moving some $120 billion in a...US banking rules guarantee deposits of up to $250,000, meaning that customers with larger holdings face losses if the bank goes under
Leader Bank can guarantee up to $100 million in deposits from individuals through a technology platform run by fintech company IntraFi
Ras Al Khaimah Economic Zone attracts 1,839 companies in Q1
Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023,...RAKEZ CEO said the reason companies choose the zone was because of its innovative business solutions and aiding enterprises of diverse types
The economic zone also posted high growth in sectors like services, e-commerce, and media companies, highlighting its diverse business landscape
DEWA to launch second nanosatellite for remote sensing this month
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has completed preparations to launch its second nanosatellite for remote sensing applications in...The satellite will blast off from Vandenberg Air Force Base in California and will be launched by SpaceX Falcon 9 rocket
DEWA's Research and Development Centre designed and developed the nanosatellite in cooperation with NanoAvionics in Lithuania
