China, Russia trade soared in 2023 as commerce with US sank
Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday,...Economy
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...Economy
Oil prices sink as US taps reserves, equities fall
President Joe Biden will announce later on Thursday the release of a record million barrels of oil a day for...President Joe Biden will announce later on Thursday the release of a record million barrels of oil a day for about 180 days from US strategic stockpiles
Crude prices have spiked in recent weeks over fears of a major supply shortfall after Russia — the world’s second biggest exporter of oil after Saudi Arabia
Abu Dhabi Chamber and San Marino to boost trade cooperation
Abu Dhabi and San Marino will explore new avenues of economic cooperation and boosting trade. Saeed Ghumran Al Remeithi, Deputy...Saeed Ghumran Al Remeithi, Deputy Treasurer of Abu Dhabi Chamber, met with Fabio Righi, San Marino’s Minister of Industry.
Remeithi noted Chamber's readiness to provide all the necessary support to investors and entrepreneurs from San Marino.
President of World Banks says MENA must create 300m jobs
To achieve development goals, the MENA region must create three hundred million jobs, according to President of the World Bank...Malpass noted that MENA countries often fail to rise to developmental challenges, and it could have “serious implications for livelihoods"
According to Malpass, Gulf Cooperation Council countries were initially concerned about the global community’s desire to shift away from oil
OPEC+ sticks to modest oil output increase despite Western pressure
The 13 members of the Saudi-led OPEC and 10 countries spearheaded by Russia backed an increase of 432,000 barrels per...While OPEC refused to budge, the United States said it would tap its strategic stockpile by a record amount in a bid to cool soaring prices.
Berlin and the International Energy Agency, which advises developed countries, have also urged producers to boost production to bring relief to the market.
Saudi hosts talks on Yemen war, but without Houthi rebels
Ahmed Al-Emad, a spokesman for the rebels' foreign ministry said that the recent meeting on Yemen conflict held in Riyadh...Ahmed Al-Emad, a spokesman for the rebels' foreign ministry said that the recent meeting on Yemen conflict held in Riyadh "has nothing to do with the issue of peace."
Saudi-led military coalition has announced that it would cease military operations in Yemen during Ramadan
Soaring global urban tech market to benefit KSA: Mastercard report
The paper has shone a spotlight on how Saudi Arabia’s e-government, tourism, healthcare, and transit sectors stand to benefit from...The paper has shone a spotlight on how Saudi Arabia’s e-government, tourism, healthcare, and transit sectors stand to benefit from the smart city revolution in the Kingdom
The paper highlights 5G, Wi-Fi 6, cloud computing, virtual reality and geospatial technology as focus areas for digital infrastructure to develop cities
Saudi deposits $5bn in Egypt, plans to invest double: State media
The Egyptian and Saudi governments have signed a draft agreement for Saudi investments in the country totaling a projected $10...The announcements come as the North African country enacts a slate of financial measures to mitigate the economic fallout of Russia's invasion of Ukraine.
As the world's largest importer of wheat, Egypt relied on the two countries for 85 percent of its supply, as well as 73 percent of its sunflower oil.
Unemployment rate in Saudi Arabia reduced to 11 percent in Q4 2021
The unemployment rate among Saudi citizens reduced to 11 percent in the fourth quarter of 2021. The General Authority for...The unemployment rate fell by 0.3 percentage points (pp) from Q3/2021.
Also, it lowered by 1.6 pp when compared to a year ago in Q4/2020.
Evergrande to sell stake
The developer would sell the Crystal City Project in Hangzhou for 3.66 bn yuan.Its total liability is now $300 billion as the company has struggled to repay its investors and bondholders.
The company has said said it would finish projects and deliver them to buyers in a desperate bid to salvage its debts.
German businesses urged to explore investment opportunities in Sharjah
The Sharjah Chamber of Commerce and Industry (SCCI) has called on German businessmen and investors to explore investment opportunities within...A German business delegation attended a forum organized by the Sharjah Chamber of Commerce and Industry.
Gulf Cooperation Council (GCC) countries are the seventh-largest export destination for German industry outside Europe.
