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Category: Economy
Saudi Arabia’s non-oil private sector is experiencing significant growth, driven primarily by local demand and strong hiring trends, according to recent data released by Riyad Bank and S&P Global. The purchasing managers’ index (PMI) rose to 57.2 in June, surpassing the figure from May and the long-term average, indicating favorable business conditions. This growth is...
Kuwait has announced new executive regulations for its tax on multinational entities, expecting the new levy to generate 250 million Kuwaiti dinars (approximately $819 million) in annual revenue. The Ministry of Finance stated that these regulations provide clarity on the introduction of a supplementary domestic minimum tax (DMTT) within the framework of the multinational entities...
Egypt’s economy expanded by 4.77 percent in the third quarter of the fiscal year 2024/2025, marking its fastest growth in three years. This increase comes as growth rebounded in key sectors including non-oil manufacturing, tourism, and telecommunications, according to official data released by the Ministry of Planning, Economic Development, and International Cooperation. The preliminary figures...
Royaloak Furniture, one of India’s largest organized furniture retail chains, has announced its entry into the UAE market as part of a broader international expansion strategy. With over 15 years of operational history and a customer base exceeding 5 million, the brand has opened three stores in the UAE—located in RAK Mall (Ras Al Khaimah),...
Saudi Arabia’s net foreign direct investment (FDI) decreased by 7% in the first quarter of 2025 compared to the previous quarter, according to government data released on Sunday. The kingdom attracted 22.2 billion riyals ($5.92 billion) in FDI during the three months ending March 31, down from 24 billion riyals ($6.40 billion) in the last...
Gross paid insurance claims across various insurance plans in the UAE rose by 18.3 percent year-on-year to Dh11 billion in the first quarter of 2025. Health insurance alone accounted for over half of these claims, totaling Dh6 billion. According to the latest figures from the Central Bank of the UAE, the breakdown of gross paid...
Saudi Arabia has called on investors to seize the opportunity presented by its significant mineral wealth in the southwestern region, following geological surveys that have uncovered new deposits in substantial quantities. The authorities have revised the untapped mineral wealth of the Najran province upward by approximately 56 percent. According to Abdullah Al-Ahmari, an assistant to...
The winners of the Sharjah Excellence Leadership Award will be honored during a ceremony on the evening of Wednesday, July 2, at the Al Jawaher Reception and Convention Centre in Sharjah. This event is held under the gracious patronage of His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, the Deputy Ruler of Sharjah...
Abu Dhabi’s Yas Marina Circuit, known for its pivotal moments in Formula One history, recently became the backdrop for an ambitious racing sequence in F1 The Movie. Directed by Joseph Kosinski, famous for Top Gun: Maverick, the film’s finale was shot on location during a live race weekend in the UAE capital, blending the excitement...
The International Monetary Fund (IMF) has increased Saudi Arabia’s growth forecast for 2025 to 3.5%. This adjustment is driven by government initiatives and changes in the country’s oil production strategy. Saudi Arabia is actively pursuing growth through various government-led projects and a strategic easing of OPEC+ oil production cuts. Despite facing challenges such as lower...