Economic & Business News

Saudi consumer confidence ‘cautiously optimistic’ in Q3

(Saudi Gazette - 12/25/2018 8:10:00 AM)

Consumer confidence in the Kingdom of Saudi Arabia stays upbeat, with 52% of consumers feeling positive about their job prospects and 59% feeling secure about their personal finances, the general trend depicting the confidence level of consumers shows a ...

Two Saudi sovereign wealth funds among the Top 10 globally

(Saudi Gazette - 12/25/2018 8:08:00 AM)

Saudi Arabian Monetary Authority (SAMA) has retained its position as the world’s sixth largest sovereign wealth fund (SWF) with a net worth of $515.6 billion, the November 2018 data from SWF Institute showed.

Meanwhile, the Saudi Public ...

Pact signed for OMR75mn project in Sohar

(Times of Oman - 12/25/2018 7:59:00 AM)

Sohar Port and Freezone signed an agreement with Sanvira Industries Limited on Sunday to set up a calcined petroleum coke (CPC) plant in the freezone area. The signing is in line with the commitment of Sohar towards encouraging new developments and ...

Tourist shoppers make a return to UAE’s gold stores

(Gulf News - 12/25/2018 7:50:00 AM)

After a gap of nearly 11 months, tourists to the UAE are making a return to the gold and jewellery stores in sizeable numbers, and making full use of the VAT refund schemes in the process. For a sales starved jewellery industry, the pickup in tourist ...

DED Ajman reviews privileges for entrepreneurs

(The Gulf Today - 12/25/2018 7:47:00 AM)

The Department of Economic Development – Ajman (DED Ajman) organised a Government Privileges Forum for local, small and medium enterprises (SMEs), in partnership with the National Program for SMEs. The forum, which was held at the Ajman Saray Hotel, ...

MoE, ADGM join hands on registration of auditors

(The Gulf Today - 12/25/2018 7:45:00 AM)

The Registration Authority of Abu Dhabi Global Market (ADGM), the leading international financial centre of Abu Dhabi has signed a Memorandum of Understanding (MoU) with the UAE Ministry of Economy (MoE). The MoU seeks to facilitate cooperation and ...

UAE and Azerbaijan trade ties highlighted

(The Gulf Today - 12/25/2018 7:40:00 AM)

Enhancing bilateral trade and investment opportunities between the UAE and Azerbaijan was the topic under discussion at the Annual Networking Reception hosted at Dubai Chamber’s representative office in Baku.

More than 200 representatives from ...

Moody’s change on Bahrain credit outlook welcomed

(Trade Arabia - 12/25/2018 7:39:00 AM)

Bahrain Association of Banks (BAB) has welcomed the decision of Moody's to change its outlook for the country to stable from negative, while maintaining its sovereign issuer rating at B2.

BAB is expecting that Standard & Poor’s and Fitch ...

UAE conventional bank assets hit $620bn

(Trade Arabia - 12/25/2018 7:37:00 AM)

The assets of UAE conventional banks (CB) amounted to around Dh2.275 trillion ($620 billion), accounting for 79.7 percent of total banking assets by the end of November 2018, a media report said.

Sharia-compliant banks accounted for 20.3 ...

Dewa to develop innovative solutions using AI

(Trade Arabia - 12/25/2018 7:25:00 AM)

The Dubai Electricity and Water Authority (Dewa) has signed an agreement with Whizkey Future labs, a start-up company, to develop innovative and futuristic solutions to disrupt the current electricity and water utility business models.

This ...