Business

Arab and international economic and business news through alwast, financial and stock markets, Arab and international currency rates, as well as comprehensive reports and analysis on money management and investment.

Saudi Arabia Approves Duty-Free Market Tax Exemption
asmaa - 4 days

In an effort to streamline customs procedures and enhance the experience of travelers, Saudi Arabia's Zakat, Tax, and Customs Authority (ZATCA) has recently introduced measures to facilitate duty-free markets at various customs points across the...

UAE Fines 50 Real Estate Agents, Suspends 7 Licences for Violating Rules
asmaa - 4 days

In recent months, regulatory authorities in both Abu Dhabi and Dubai have intensified efforts to ensure compliance with real estate regulations. This article delves into the enforcement actions taken against non-compliant real estate agents,...

Emirates Airlines Reports Record $5 Billion Profit for 2023–24 
asmaa - 6 days

Dubai’s Emirates Group has unveiled its strongest financial performance ever for the fiscal year 2023–24, boasting remarkable profits, revenue, and cash asset levels.

South Africa: A Survivor Was Found 5 Days After the Building Collapse
asmaa - 6 days

On a Saturday, rescuers and observers in South Africa were moved to tears of joy as they observed the incredible survival of a person who had been buried for an incredible 116 hours under the rubble of a collapsed building.

UAE announces a partial closure of two key roads for a month in Abu Dhabi
asmaa - 1 week

An announcement was made on Saturday by AD Mobility regarding the partial closure of two important roadways in Abu Dhabi for a month. As Authorities in Al Ain have announced that beginning on Sunday, May 12 at 12am and continuing until Sunday, June...

UAE Visa Cancellation: Can You Stay After Leaving Your Job?

Discover the intricacies of UAE visa cancellation: Can you stay after leaving your job? Get expert insights, FAQs, and actionable tips in this comprehensive guide.

Canadian natural gas exports to America decreased for this reason
zahraa ahmed - 2 weeks

Due to the fact that the first station of its sort, which is also the first station to export liquefied gas from Canada, is about to begin operations, it is anticipated that the amount of gas that is exported from Canada to the United States would...

Dubai offers teens a unique opportunity to : Application, training, all you need
asmaa - 2 weeks

Imagining the pride of hearing one's son lead the prayer at the local mosque is a sentiment that resonates deeply with many parents.

Dubai Remote Work Raises Overtime Pay Questions for Senior Employees
Muhammed Farghaly - 2 weeks

Recall that overtime caps at two hours each day and that a three-week maximum of 144 hours may be worked

UAE Insurance companies Raise Premiums Up to 30% Post Heavy Rains
asmaa - 2 weeks

The surge in demand for comprehensive insurance packages has skyrocketed by up to 100% in the aftermath of the recent heavy rains that inundated various parts of the UAE, particularly Dubai, Sharjah, and Ajman.

Dubai Government to Appoint Chief AI Officers; Introducing New Trade License
asmaa - 2 weeks

Dubai's Crown Prince, Sheikh Hamdan, unveiled the Dubai Universal Blueprint for Artificial Intelligence, marking a significant stride towards digital integration and economic advancement in the emirate. Launched as an annual initiative, the...

Abu Dhabi Airports Welcomes 6.9 Million Passengers in Three Months
asmaa - 3 weeks

Abu Dhabi Airports, which manages five airports in the emirate, experienced a notable surge in passenger traffic during the first quarter of 2024, marking a substantial increase of over 35% compared to the same period in 2023.

Flynas CEO sets plans for IPO and purchase of 30 widebodies amid expansion
asmaa - 3 weeks

Flynas, Saudi Arabia's budget airline, under the leadership of Chief Executive Bander Al Mohanna, has unveiled plans for an initial public offering (IPO) later this year, intending to list its shares on the Tadawul stock exchange.

Saudi Central Bank February net foreign assets dropped by $7.20 billion
asmaa - 1 month

In February, the Saudi central bank witnessed a decline in its net foreign assets, as per the data released by the central bank on Friday. The decrease amounted to $7.20 billion compared to the previous month's figures.

Saudi Arabia witnesses increased travel rates during Ramadan 2024
asmaa - 1 month

Saudi Arabia is actively diversifying its economy away from oil dependence by investing significantly in non-oil sectors, a move aimed at spurring growth rates and fostering economic resilience.

Qatar Commercial Bank announces the launch of $750mln in 5-year bonds
asmaa - 1 month

Qatar-based Commercial Bank has recently initiated the issuance of $750 million worth of bonds in U.S. dollars, with a maturity date set for 2029, according to documentation provided by one of the arranging banks on Tuesday.

Dubai: Huspy Unveils Competitive Mortgage Rates for Real Estate Buyers
asmaa - 1 month

Huspy, a pioneering real estate startup in Dubai, has introduced a groundbreaking range of mortgages in the UAE, boasting interest rates below 4 percent.

Dell Implements No-Promotion Policy for Remote Employees in New Directive
asmaa - 1 month

Dell communicated its new policies, set to take effect in May, through an internal memo that outlined requirements for hybrid staff.

Oman Real Estate Sees $540 Million Transaction Decline in January
asmaa - 2 months

Real estate transactions in Oman experienced a notable decline of 20.2 percent, amounting to OR207.8 million ($540 million) by January 2024, compared to OR260.5 million ($677 million) recorded during the same period in 2023, as per the latest figures...

Riyadh Air announces new strategic partnerships and global agreements
asmaa - 2 months

Riyadh Air, Saudi Arabia's newest national carrier, celebrated its inaugural year on March 12, 2023, with a series of strategic alliances and agreements designed to enhance its operations.

UAE announces bolstering of trade relations worth $4.3 billion with Brazil
asmaa - 2 months

The UAE and Brazil are collaborating to strengthen their already flourishing $4.3bn trade partnership. Juma Al Kait, Assistant Under-Secretary for International Trade Affairs at the Ministry of Economy, lauded the resilience of the UAE-Brazil trade...

Suadi Airline celebrates its first anniversary, targets $20bn GDP, 200,000 jobs
asmaa - 2 months

Riyadh Air commemorates its inaugural year as it accelerates preparations for its anticipated launch in 2025, aiming to revolutionize air travel with sustainability at its core while setting new benchmarks for reliability, comfort, and service...

Saudi Arabia and China introduce new air routes to boost connectivity
asmaa - 2 months

Saudi Arabia and China are bolstering air connectivity with the introduction of a new air route between the two nations.

Oman introduces plans for 31 billion dollars in tourism investment by 2040
asmaa - 2 months

Oman intends to supervise investments worth $31 billion in its tourism sector by 2040, as indicated by Azzan Qassim Al Busaidi, the Undersecretary of the Ministry of Heritage and Tourism.

UAE Contributes $5mn to WTO Fund for Female Entrepreneurs
asmaa - 2 months

The UAE has contributed $5 million to a World Trade Organization (WTO)-established $50 million fund intended to support female entrepreneurs.

UAE: Sheikh Hamdan oversees Al Fahidi Fort rehabilitation project review
asmaa - 2 months

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of Dubai Executive Council, recently chaired a meeting attended by Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture, to review...

UAE and Saudi Arabia announce construction cost increases by up to 7% in 2024
asmaa - 2 months

Currie and Brown, experts in project management, predict that construction expenses in Saudi Arabia and the United Arab Emirates will increase this year.

Saudi Arabia, China establish air transport MOU for boosting bilateral traffic
asmaa - 2 months

Saudi Arabia and China have entered into a Memorandum of Understanding (MoU) in the realm of air transportation, intending to fortify bilateral air travel between the two nations.

Dubai Customs records 17.1m visitors, 47m bags, 207,000 flights last year
asmaa - 3 months

According to official statistics, last year Dubai Customs processed 46,870,957 bags from 206,396 aircraft, or an average of 128,400 bags every day.

India announces a surge in the population of multi-millionaires
asmaa - 3 months

India has witnessed a notable upsurge in the population of multi-millionaires, with the count of individuals earning above Rs 10 million ($120,501) annually surpassing 216,000 as of December 31, 2023.

India payment gateway Paytm refutes forex norm violations post RBI action
asmaa - 3 months

One97 Communications, the parent company of Paytm, is currently under scrutiny by the Reserve Bank of India (RBI) for alleged irregularities in its payment bank operations.

GCC firms rush into Saudi Arabia, seizing $3 trillion opportunities
asmaa - 3 months

The Saudi Vision 2030 initiative has attracted $3 trillion in foreign investment, and businesses in the GCC are flocking to the kingdom to take advantage of all the possibilities it presents.

Saudi Arabia launches "Sah" individual savings product, with a 5.64% payout rate
asmaa - 3 months

On February 4, Saudi Arabia launched the Sah, the first Shariah-compliant, government-backed savings product for individuals.

Saudi Arabia sets $53.3mln minimum limit for public-private partnership project
asmaa - 3 months

A public-private partnership project must not exceed SR 200 million, according to the revised executive regulations of the Saudi Arabian Privatization Law that were published in the official periodical Umm Al-Qura. The rules also established SR 50...

Saudi Exim Bank and ITFC Sign $25 Million Financing Deal for HBL
asmaa - 3 months

Saudi Export-Import Bank (Saudi Exim Bank) has entered into an agreement with the International Islamic Trade Finance Corporation (ITFC) to implement a $25 million financing line for Pakistan's Habib Bank Limited (HBL).

Abu Dhabi Health Sector Unveils 3,800 Job Openings for citizens
asmaa - 3 months

As part of the Emiratization goals for healthcare institutions in 2024 and 2025, the Abu Dhabi Department of Health recently revealed the addition of 3,800 new jobs for locals.

Dubai unveils AED 500m initiative to propel SMEs into global markets
asmaa - 3 months

Dubai businesses are set to benefit from a new funding scheme as Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launches the "Dubai International Growth Initiative."

UAE Dana Gas Halts Production at Khor Mor After Drone Attack
asmaa - 3 months

A suspected drone struck the liquid storage tank at Dana Gas's Khor Mor facility in the Kurdistan Region of Iraq, as reported by the UAE-based energy firm.

Saudi Authority sets Operational Guidelines for Bonded Zones in Kingdom
asmaa - 3 months

In the Kingdom, the Saudi Zakat, Taxes, and Customs Authority has established new regulations governing Bonded Zone operations.

Saudi Arabia launches a new digital platform for estate distribution
asmaa - 3 months

Saudi Justice Minister Walid Al Samaani has introduced a unified e-platform for estate distribution, aiming to streamline and expedite the process from the decedent's passing to the heirs receiving their shares. Unveiling the platform at the...