Saudi govt exposes violations in expatriate partnerships
Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella...Economy
Saudi Vision 2030 aligns with global eco-goals
"The Davos meeting provides a platform for showcasing Saudi Arabia’s significant efforts and progress in these areas ... International partnerships...Economy
India turns to dung as new energy source
Cultivating alternative energy sources is an urgent priority in India, which burns coal to meet nearly three-quarters of the energy...This new energy source promises to help clean up India’s smog-choked cities
It is already providing a vital revenue stream for poor Indian farmers
Gross bank assets up 0.8% to AED3,321.5bn at Dec 2021 end: CBUAE
The UAE Central Bank announced that the money supply aggregate M1 increased to AED 701.9 billion at the end of...The rise in M1 was due to AED 16.6 billion increase in Monetary Deposits
The Money Supply aggregate M3 also increased by 1.5 percent, from AED 1,830.1 billion
Libya’s energy sector paralyzed as second oil export terminal is shut
The suspension of operations at Brega terminal, which has an export capacity of 60,000 barrels per day, follows a force...Force majeure, a legal move, allows parties to free themselves from contractual obligations when factors such as fighting make meeting them impossible.
Oil installations have often been attacked or blockaded by armed groups who hold sway in Libya.
UAE real non-oil GDP grew by 7.8 percent in Q4 2021: CBUAE
UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business...The growth was attributed to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE said.
The bank said there was a 9.3 percent annual increase in Emirati oil production during the same period, in line with a related OPEC+ agreement.
Firms listed on Muscat Stock Exchange post $1.4bn in net profits
Omani companies, which are listed on the Muscat Stock Exchange (MSX), reported total net profits of $1.39bn for the year...The profits were 3.7 percent less than the $1.44bn in 2020 due to a fall in net profits of four out of the top five sectors at the MSX.
As per the report, Oman’s banking sector, the biggest sector in the exchange by market capitalization, offset some of the net profit declines of other main sectors.
UAE’s non-oil contribution to GDP hit 72.3% in 2021
The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8...The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8 percent respectively
The UAE’s GDP at constant prices achieved a growth of 3.8 percent in 2021, exceeding the forecasts of relevant international institutions
As major economies meet, US looks to increase pressure on Russia
Russian officials are expected to participate remotely in this year's G20 meeting led by Indonesia.Russian officials are expected to participate remotely in this year's G20 meeting led by Indonesia
IMF and World Bank warned that the Ukraine war has devastating impact on global economy
Jordan economy is strong, far from bankruptcy: Khasawneh
Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis.Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis
He revealed that the government achieved 104 per cent of its target revenue last year and experienced growth
Moroccan MPs call for cap on oil firms’ profit margins
Moroccan lawmakers on Monday called for a cap on oil firms' profit margins, describing them as "exorbitant" amid soaring fuel...Morocco, which relies on imports for its fuel consumption, has suffered from the skyrocketing prices of fuel
In late March, the government said it would pay out more than $200 million to truck drivers who staged a national strike over spiralling fuel costs
UAE cabinet approves regulations of decree on entry, residence of foreigners
The UAE Cabinet has approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners aimed at...Substantial amendments are introduced to the Golden Residence Scheme to simplify the eligibility criteria and expand the categories of beneficiaries.
New types of visas have been introduced without requiring a host or sponsor for the first time.
