Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...Business Economy Markets
Saudi Arabia ranks 1st in international tourist arrivals growth in 2023
Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023...Economy
UN says Ukraine war pushes 4m children into poverty
Paris, France— Russia's invasion of Ukraine and the resulting economic fallout have thrown four million children into poverty across eastern Europe...UNICEF said that children were bearing the heaviest burden of the economic crisis caused by the war in Ukraine
UNICEF drew its conclusions from a study of data from 22 countries
Sharjah Chamber joins Egyptian Chamber’s centenary event
The Sharjah Chamber of Commerce and Industry participated in the international conference to mark the 100th anniversary of the Egyptian...The Chairman of Sharjah Chambers Chairman met a number of officials from various Chambers of Commerce and Industry.
He also met with representatives of ministries and bodies concerned with economic affairs, unions, and economic organizations from different countries.
DEWA’s Jebel Ali plant enters Guinness World Records for second time
It was named as the Largest Single-Site Water Desalination Facility in the World by the Guinness World Records.The plant has the production capacity of 490 million Imperial Gallons of water per Day, which is equivalent to 2,227,587 Cubic Metres per Day.
DEWA aims to increase its SWRO production capacity to 303 MIGD by 2030, reaching 42 percent instead of its current share of 13 percent.
Iraq investigates $2.5 billion ‘theft’ from tax agency
The anti-corruption commission announced Sunday it has launched an investigation and said in a statement that it will provide the...The finance ministry's probe uncovered a theft of 3.7 trillion Iraqi dinars (about $2.5 billion) from the account of general commission for taxes at Rafidain Bank
Iraq ranks 157 out of 180 countries in Transparency International's corruption perceptions index and criminal charges are rare in the country
IMF and Tunisia reach agreement on $1.9 billion loan
The agreement in principle, reached between IMF staff and Tunisian authorities meeting this week in Washington, still requires the approval...Under a four-year accord, Tunisia has committed to undertake a "comprehensive economic reform program" as the country gets access to the money.
On Saturday, thousands of people took to the streets of Tunis and protested against the policies of President Kais Saied who seized power last year.
Finance Ministers of UAE, India discuss trade, economic ties
UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini met with India's Minister of Finance Nirmala Sitharaman...The meeting sought to discuss means of boosting mutual cooperation between UAE and India in areas of common interest.
The meeting deliberated the priorities set by India in its upcoming G20 presidency and the ways the UAE can support them.
Biden has ‘no plans’ to meet Saudi Crown Prince at G20 summit: US
Stormy US-Saudi relations have seen new strain over Riyadh's recent support for oil production cuts, with Biden warning of unspecified...The move was widely seen as a diplomatic slap in the face, since Biden traveled to Saudi Arabia in July and met with the crown prince.
The Biden administration has voiced openness to retaliatory measures in Congress by enraged Democrats,. Saudis defended the move as motivated purely by economics.
Dubai Customs issues authorization certificates to free zone companies
Dubai Customs provides the services and facilities to licensed companies in the free zones of the Emirate to boost investments...Dubai Customs facilitates procedures to determine the value of the goods imported by the free zone companies.
It provides services and facilities to licensed companies in free zones to boost investments and attract more investors.
Abu Dhabi Foreign Experts Court examines 200 cases
The Foreign Experts Court of the Abu Dhabi Judicial Department (ADJD) has managed to maintain high adjudication rates in the...The Foreign Experts Court has achieved a 90 percent disposition rate out of a total number of about 200 commercial cases.
The panel of the Foreign Experts Court consists of a single judge and two foreign experts.
Saudi to build world-class mining business in cooperation with South Africa
Riyadh, Saudi Arabia-- Saudi Arabia's Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer said...Saudi Arabia expects its mineral wealth to exceed $1.3 trillion as it plans to triple spending on exploration of metals over the next three years.
Saudi deputy minister Khalid bin Saleh says the two countries will focus on quality of the projects.
