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Saudi ADES inks $66m deal to ramp up production in Egyptian oil fields
The production of Egyptian oil fields is poised to surge following a $66 million investment deal between Saudi drilling firm ADES and the subsidaries of the country’s petroleum corporation.
Public entities empowered for investment initiatives after Saudi Cabinet ruling
Public entities in Saudi Arabia can now participate in the establishment of investment companies or profitable ventures following the approval of regulations by the Council of Ministers.
Saudi Arabia, China sign deal to boost cultural cooperation
Saudi Arabia and China on Wednesday signed an agreement to enhance cooperation across multiple cultural sectors during a visit to Beijing by the Kingdom’s culture minister.
Saudi Ministry of Investment, tech firm Endava sign MoU to propel digitalization efforts
Saudi businesses will be brought up to speed on global best practice in the digital sphere thanks to an agreement between the Kingdom and a London-based firm.
4 UAE banks help raise Dh4.25-billion syndicated loan for Africa
Four UAE banks helped Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, raise a $1.16-billion (Dh4.25-billion) syndicated loan.
Saudi Fund for Development in talks with Pakistan to collaborate on uplift projects
The Saudi Fund for Development is in talks with Pakistan to collaborate on several projects across various sectors such as energy, health, education and infrastructure, a top Pakistan official said on Sunday.
Saudi Arabia, Bahrain sign MoUs to boost transportation cooperation
Saudi Arabia and Bahrain signed two memorandums of understanding to strengthen their partnership in transportation and logistics, Saudi Press Agency reported.
King Salman issues royal order to promote, appoint 126 judges
King Salman issued a royal decree on Sunday to promote and appoint 126 judges at the Ministry of Justice, Saudi Press Agency reported.
Saudi Arabia arrests 21,151 illegals in one week
Saudi authorities arrested 21,151 people in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday.
UAE: Can funds be raised legally for a needy friend? Law explained
My friend is genuinely in need of money. He lost his job recently. He wants to stay here till his children complete their school term. However, he is now completely broke. I know fundraising is illegal in the UAE, but in such cases, how can I seek help for him legally? Who should I approach?
Dubai: Can an employee file a case against company for withdrawing offer letter?
A Dubai-based company has extended an offer letter to me. I plan to accept it and resign from my current job. However, I have a question. What happens if my new employer withdraws the offer letter after I resign? I am concerned about this. Please advise.
PM: Protect public funds, uphold law
His Highness the Prime Minister Sheikh Dr Mohammad Sabah Al-Salem Al-Sabah met on Wednesday with chiefs of state’s regulatory authorities and called on them to heed HH the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah’s directives of protecting public funds and sovereignty of law.
GCC, Turkey sign joint statement to start free trade negotiations
The Secretary-General of the Gulf Cooperation Council (GCC), Jasem Al-Budaiwi, said that the joint statement signed on Thursday to start free trade negotiations between the GCC and Turkey reflected the strong relations between the countries.
Kuwait and Egypt charity sign $10 million deal
The Kuwaiti Office for Charitable Projects signed an agreement with the Misr Al-Kheir Foundation on Thursday to finance charitable projects in Egypt with a financial donation of $10 million provided by Kuwait Finance House.
New tax in UAE? What you need to know about global minimum tax
The UAE’s Ministry of Finance (MoF) is seeking corporate feedback on the implementation of a global minimum tax in the country.
IMF set to open regional HQ in Riyadh after Saudi Cabinet approval
The path is now clear for the International Monetary Fund to establish its regional headquarters in Riyadh, following the final approval from the Saudi Cabinet.
Saudi Arabia’s Jeddah Islamic Port to get $46m integrated logistics zone
Jeddah will soon get an integrated logistics zone, as the Saudi Ports Authority and MEDLOG have signed an agreement for the project.
Saudi foreign, culture ministers sign memorandum of understanding to boost cooperation
Saudi Foreign Minister Prince Faisal bin Farhan, and Minister of Culture Prince Badr bin Abdullah bin Farhan signed a memorandum of understanding on Monday to help boost collaboration between their ministries within the cultural sector and aid coordination across various fields, the Saudi Press Agency reported.
Dubai: Will customers pay more after 20% new tax on foreign banks?
Analysts hold differing opinions when assessing the impact of the recent announcement of a 20 per cent tax on foreign banks' income in Dubai.
Saudi authorities arrest 19,746 illegals in one week
Saudi authorities arrested 19,746 people in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday.
UAE: Can drug addicts get treated without being arrested? Rehab centres, laws explained
Know someone struggling with drug addiction? Laws set in the UAE, along with rehab facilities ensure that individuals struggling with narcotics get the help they need.
3-month amnesty for visa violators
The interior ministry on Thursday announced a three-month amnesty for residency violators, allowing expats living illegally in the country to legalize their stay after paying fines or to leave Kuwait without paying any fines.
MoI may amend rules for family, visit visas by June
The Ministry of Interior is thinking of reviewing and introducing some amendments to the rules for granting family, commercial and tourist visas to the expats and the amendments will be announced by June this year, sources familiar with the matter said.
UAE: Can residents travel abroad if Emirates ID renewal is still under process?
I have completed my residence visa renewal but Emirates ID renewal is under process. Will I be able to travel abroad?
UAE: Can employees get paid for overtime hours in Ramadan?
Can I earn overtime by working more than the normal Ramadan working hours in a mainland company? How does that work?
Hungary strikes deal with Dubai to develop $5.5bn neighborhood in Budapest
A neglected neighborhood in Budapest is set to be rejuvenated courtesy of a €5 billion ($5.5 billion) deal with Dubai, according to Bloomberg.
Saudi tech sector to see $100m investment windfall thanks to Gulf Capital deal with innovation authority
Saudi Arabia’s technology sector is set to benefit from $100 million of investment thanks to an agreement between private equity firm Gulf Capital and the Kingdom’s Research Development and Innovation Authority.
17 candidates apply on 9th day of parliament election nominations
A total of 17 candidates submitted on Tuesday their applications for nomination to the Ministry of Interior's Elections Affairs Department on the ninth day of the nomination period for the 2024 National Assembly elections, scheduled for April 4th.
Saudi Arabia, Bahrain discuss joint cooperation in social housing and urban planning
Saudi Arabia and Bahrain are exploring partnership opportunities in the social housing and urban planning sectors following a high-level meeting.
UAE: Up to Dh500,000 fine for illegally raising donations
The UAE has regulated charity fundraising in the country and has specified fines ranging from Dh200,000 to Dh500,000 for those illegally raising donations.
Ministries ink deal to integrate economics into Saudi school curriculum
Economics is set to be added to the Saudi school curriculum, thanks to an agreement by two ministries designed to align education with workforce needs.
Saudi authorities arrest 23,040 illegals in one week
Saudi authorities arrested 23,040 people in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday.
Dubai: What can tenant do when landlord doesn't respond to serious requests?
I have rented a one-room apartment in Dubai. Due to a leakage in my water heater recently, the apartment was in a mess. I have requested maintenance, but the landlord has not responded. I am afraid that the heater will explode. In such situations, what do I do?
Brazil’s LIDE, UAE International Investors Council sign MoU
The LIDE business group, leading a Brazilian private sector delegation, has signed a memorandum of understanding with the UAE International Investors Council to combine efforts to boost investments in both countries.
CEPAs help UAE firms expand globally, says Al Saleh
Businesses in the UAE stand to benefit from tariff-free or low-tariff access to international markets of two billion people, representing 10 per cent of the world's GDP, following the ratification of Comprehensive Economic Partnership Agreements (CEPAs) with key trading partners.
UAE's new digital law to cover all forms of payments, transactions
The UAE’s latest law covers all forms of online payment and digital transactions within and outside the country and also provides more protections to the consumers, said David Yates, partner and head of digital and data, Al Tamimi & Company.
Saudi Arabia’s National Development Fund signs partnership agreement with World Economic Forum
Saudi Arabia’s National Development Fund entered into a partnership agreement with the World Economic Forum on Thursday, the Saudi Press Agency reported.
Dubai ruler issues law imposing 20% annual tax on foreign banks operating in emirate
The ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum issued a law imposing an annual tax of 20 percent on foreign banks operating in the emirate on Thursday.
Saudi Arabia, Kazakhstan approve executive program in fields of renewable energy and innovation
The energy ministers of Saudi Arabia and Kazakhstan approved an executive cooperation program in Astana on Thursday, the Kingdom’s energy ministry announced.
Riyad Capital, Al-Ramz launch $186m real estate fund to develop new project
The Saudi capital will soon be home to new offices and commercial projects thanks to the launch of the Durrat King Khalid Fund, inaugurated by Riyad Capital.
NHC signs deals to revolutionize Saudi real estate sector with innovative technologies
Saudi Arabia’s National Housing Co. signed two agreements at LEAP 2024, aiming to support real estate activities in the Kingdom by crafting unique business intelligence solutions.
Saudi PIF, Bahrain Mumtalakat ink cooperation, investment deal
Private sectors of Saudi Arabia and Bahrain are poised to flourish after the two countries’ sovereign wealth funds sealed a cooperation and investment agreement.
ITFC signs deals worth $715m to support private sector, banks in Uzbekistan
The International Islamic Trade Finance Corp. signed several agreements with Uzbekistan worth $715 million at the Arab Coordination Group meeting that concluded in Tashkent on Tuesday.
LEAP24 to witness $11.9bn tech investment deals, says minister
Saudi Arabia’s international technology conference LEAP is set to witness $11.9 billion of investment deals over its three-day duration — eclipsing last year’s figure of $9 billion, according to a senior minister.
NHC signs deals to revolutionize Saudi real estate sector with innovative technologies
Saudi Arabia’s National Housing Co. signed two agreements at LEAP 2024, aiming to support real estate activities in the Kingdom by crafting unique business intelligence solutions.
MODON and General Electric seal deal to operate $346m technology center in Dammam
Dammam’s General Electric Manufacturing Technology Center will soon begin operations thanks to a new agreement signed by the Saudi Authority for Industrial Cities and Technology Zones.
Hilton to operate 3 new resorts in UNESCO World Heritage Site Al-Ahsa
Saudi Arabia’s UNESCO World Heritage site, Al-Ahsa, is set to provide an enhanced hospitality experience as Hilton introduces three new resorts, establishing a farm-focused tourism hub.
Zain, Samsung sign strategic MoU
Zain announced it has signed a memorandum of understanding with global partner Samsung at the Mobile World Congress (MWC 2024) in Barcelona, Spain.
Up to Dh500,000 fine in UAE for misleading residents with false advertisements
A stern warning has been issued against misleading consumers through false advertisements and promotions in the UAE. Offenders violating the law could face imprisonment and fines of up to Dh500,000 under Article 48 of Federal Decree-Law No. 34 of 2021 on Combatting Rumours and Cybercrimes.
Kingdom arrests 14,955 illegals in one week
Saudi authorities arrested 14,955 people in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday.
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