Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...Business Economy
Bitcoin surpasses $47,000, first time since March 30, 2022
Abu Dhabi, UAE - Bitcoin surged above $47,000 on January 9, marking its highest value since March 30, 2022, as...Business Economy
DP World to help SMEs with trade finance
This is part of its strategy to become a global trade enabler.DP World will connect companies needing trade finance solutions with financial institutions on its Cargoes Finance platform
The platform will disseminate trade data to financial institutions, so they can assess credit and compliance risks
Non-Saudis can now own one property in the country
This new move could make Saudi Arabia appear more expat-friendly as the nation looks to project itself as a regional...Interested individuals may use Saudi Arabia's Absher platform to go about acquiring property in the country
However, they will have to fulfill conditions, like having a valid and ongoing residency permit in the country
Only serious reforms will get Lebanon foreign aid: Saudi Arabia
The Saudi Cabinet, however, reiterated its solidarity with the country whose people are looking at a deepening economic crisis.Lebanon’s economic crisis has been described by the World Bank as one of the 10 worst of its kind since the mid-1800s
The World Bank also said the crisis has the potential to be among the top 3 of all time
Saudi Central Bank to augment Islamic banking
The Saudi Central Bank or SAMA has launched two programs to augment Islamic banking through research and translation, local reports...They are the Islamic Finance Research Support Program and the Islamic Finance Research Translation Program
Both programs are expected to offer cash prizes for the best research papers in various categories
Saudi Arabia issues record 478 licenses in first quarter
Following a 2018 reform in the Kingdom that allowed for a first time the 100 percent foreign ownership of companies,...In none of the quarters since 2005 has such a number of licenses been issued, according to Saudi investment ministry.
Manufacturing sector accounted for the bulk (114) of new licenses issued followed by e-commerce and construction (78 each).
MENA connectedness ranking rising: Survey
The UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.Ranks third among the world’s seven regions and is well above the global average.
UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
ADNOC Distribution H1 net profit $313m
Higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made in the first half...The company’s fuel volumes saw progressive recovery towards pre-COVID-19 levels.
In H1 2021, the company received no objection certificates from the Saudi General Authority for Competition to acquire 35 stations in the kingdom.
Dubai exports, re-exports to West Africa rise by 42% during H1
Nigeria was the largest West African export market for member companies, accounting for a 32 percent share of the value...Plastics accounted for 31 percent of exports, followed by electrical machinery/electronics (14 percent)
Commodities with the highest untapped potential for export and re-export include polyethylene, sugar cane and rice, trigger batteries.
Saudi industrial production rises to 11.9 percent
Saudi Arabia has reported a sharp rise in its Industrial Production Index (IPI) to 11.9 percent in June 2021 from...The increase resulted Increase mainly from mining and quarrying, which gained 19.3 percent
Oil production rose from 7.4 million bpd in June 2020 to 8.9 million bpd in June 2021
Egypt’s headline inflation rises to 5.4 percent
Egypt's annual urban consumer inflation increased to 5.4% in July from 4.9% in June, official statistics agency CAPMAS said on...Month-on-month inflation also went up to 0.9 percent from 0.2 percent
CAPMAS attributed the hike to the increase in prices of oils and fats, meats, vegetables, housing, water, electricity, gas and fuel
