Economic & Business News

Omani Vegetable Oils registers impressive growth

(Oman Daily Observer - 12/14/2017 5:58:00 AM)

Formed some ten years ago with a vision to provide the highest quality edible oils to the Sultanate residents, the Omani Vegetable Oils & Derivatives Co LLC (OVOD) has its presence in 20 countries across the Middle East and Africa (MEA) region. The ...

Oman’s first electronic waste processing plant coming up in Salalah

(Oman Daily Observer - 12/14/2017 5:57:00 AM)

The Gulf region’s largest electronic waste (e-waste) processing plant is slated to come into operation in Salalah in Dhofar Governorate before the end of 2018, according to a key executive associated with the venture. The Evergreen Gulf Recycling Hub ...

Gate Avenue at DIFC set for 2018 completion

(Trade Arabia - 12/14/2017 5:43:00 AM)

Work is progresing at a steady pace on the Gate Avenue at DIFC, a premium urban retail, leisure and cultural development at the heart of Dubai International Financial Centre, with the project’s first phase on track for completion in mid-2018. Spanning ...

UAE non-oil growth to edge up to 3 pct this year, central bank says

(Reuters - 12/13/2017 2:27:00 PM)

The non-oil part of the United Arab Emirates economy is expected to grow 3 percent this year, accelerating from 2.7 percent last year, the central bank said on Wednesday. “The recent improvement in oil prices has shed a positive sentiment on the economic ...

Study on UAE-Saudi joint digital currency underway

(GDN Online - 12/13/2017 1:33:00 PM)

Saudi Arabia and the UAE are mulling plans to issue a joint digital currency. A study was launched into the cryptocurrency, which will be used in transactions and payments, said UAE Central Bank Governor Mubarak Rashid Al-Mansouri. In a statement on the ...

KSA set to become biggest E-commerce market in the region

(Saudi Gazette - 12/13/2017 6:21:00 AM)

It is undeniable that the E-commerce and retail are greatly growing in the region especially in the Kingdom of Saudi Arabia and UAE. To shed some light on this, Saudi Gazette met with Dirk Henke, Managing Director, Emerging Markets, Criteo on the ...

Indonesia confers on 3 Saudi businesses highest trade award

(Saudi Gazette - 12/13/2017 6:20:00 AM)

The Consul General of the Republic of Indonesia Mohamad Hery Saripudin handed two Saudi businesses the Primaduta Award at the Annual Economic and Trade Gathering held at his residence here on Monday. The award, received from Indonesian President Joko ...

Gasoline prices to be reviewed in first quarter of 2018

(Saudi Gazette - 12/13/2017 6:19:00 AM)

Ministry of Energy, Industry and Mineral Resources will supervise studying the prices of gasoline, diesel (for industry and utilities) and aviation fuel in line with the decision taken by the Council of Ministers on Tuesday. The ministry said in a ...

Citibank: ‘We’re committed to Saudi Arabia and here to stay’

(Arab News - 12/13/2017 6:16:00 AM)

Business journalists had a problem when Carmen Haddad was appointed chief executive of Citibank in Saudi Arabia earlier this year: What was the top story? Was it the fact that a woman had been appointed to such a high-profile job in the Kingdom? Or was ...

Saudi fund plans cinema venture with AMC

(Arab News - 12/13/2017 6:13:00 AM)

Saudi Arabia’s main sovereign wealth fund said it planned to enter the cinema business with major US-based movie exhibition company AMC Entertainment Holdings, as the Kingdom lifts a 35-year-old ban on cinemas. “In line with the fund’s mandate to help ...