A physical Bitcoin (BTC) ETP is set for debut in Dubai. This unprecedented move aims to attract investors and further boost the Middle East’s keenness and receptiveness of cryptocurrency and other related products. What are the Details of the Listing? Cryptocurrencies are traditionally
Dubai recently announced that the General Directorate of Residency and Foreigners Affairs (GDRFA) would provide all its services through online platforms, specifically biometric authentication. As soon as all things necessary are put in place, residents can steer clear of physical verification processes when going in and out of the country. Why has Dubai Implemented a
Why Tech Companies in the Middle East Are Making Esgs a Priority Today : Environmental, Social and Governance (ESG) investments have gained momentum across companies. The principles offered by ESGs have helped investors and CEOs maintain a conscientious approach to running their companies. These principles are achieved by presenting a form of investment that prioritizes
The Public Investment Fund (PIF) of Saudi Arabia has officially executed its first green bond issuance. The sovereign wealth fund announced that it raised about $3 billion from the issuance, and the proceeds will be used to fund sustainable projects. The PIF sold 100-year green bonds at a yield of about 6.7%. However, two other […]
Days ago, the Saudi Arabian and Qatari governments reviewed a joint business strategy targeted at the private sector. Khalid Al-Falih, Saudi Arabia’s Minister of Investment, engaged members of the Saudi-Qatari Business Council on the progress made regarding establishing strong private-sector ties in both countries. The meeting was held in the headquarters of the
Remittance is the sending of money by a migrant to his home country via electronic transfer, cheques, or drafts. In 2019, about 800 million people in the world received remittances. However, even though many people are recipients of international remittances, the industry is still fraught with issues that do not make international remittances as beneficial as […]
Bahrain Attracts $921 Million FDI in the First Nine Months of 2022 : Bahrain recently announced that it attracted $921 million in Foreign Direct Investment over the first nine months of this year. The Bahraini Economic Development Board (EDB) made a detailed announcement last week. This development comes after Bahrain recorded an $88 million revenue surplus in the […]
Bahrain and Israel recently announced that they are in talks to establish a free trade agreement. Israel’s Ministry of Economy disclosed the news. The Israeli Economy Minister, Orna Barbivai, stated that the free trade agreement would help strengthen commercial ties and diplomatic relations between Israel and Bahrain. It is equally expected to eliminate trade
The UAE government has finally disclosed details on the Arab Minds initiative that it launched in January 2022. During its launch, the government stated that the initiative would be backed by an AED 100 million ($27 million fund). The initiative’s committee is led by Mohammed Al Gergawi, the President of Dubai’s Museum of the Future. The […]
Saudi Arabia’s futuristic megacity, Neom, has announced its $1 billion ($3 billion) investment in the metaverse. The megacity’s subsidiary, Neom Tech & Digital (which has now rebranded to Tonomus), executed the investment. According to the company’s CEO, Joseph Bradley, a significant proportion of Neom would be dominated by robots and elements of the
Saudi Arabia has announced plans to invest heavily in the gaming industry. The investment will reportedly be funded through the Savvy Games Group, a company wholly owned by the Saudi Arabian Public Investment Fund (PIF). Earlier this year, the Saudi Arabian government launched the Savvy Games company as a strategy to boost the country’s presence in the […]
The UAE’s Ministry of Economy recently announced the launch of its third address after its Dubai and Abu Dhabi branches. However, this launch is particularly interesting because, unlike the other two addresses, the most recent one is a virtual branch based in the Metaverse. The Ministry announced this development at the recently concluded Dubai Metaverse Assembly.
UAE Signs Energy Security Agreement with Germany : The UAE president Sheikh Mohammed bin Zayed al Nahyan has signed an energy agreement with Olaf Scholz, the chancellor of Germany. The agreement is expected to accelerate industrial growth, enhance decarbonisation, and promote energy security. Under the agreement, the Abu Dhabi National Oil Company (ADNOC) will supply
The Central Bank of Bahrain (CBB) has announced its plans to test out a bitcoin payment solution with OpenNode, a crypto payment processor. The test is expected to be carried out through the bank’s regulatory sandbox. The Central Bank created the regulatory sandbox in 2017 with the aim that the sandbox will help the country’s fintech firms […]
China and the Uae Join Forces to Secure the Country’s Property on the Moon: In a never seen space collaboration between China and the UAE, both countries have agreed to the former’s assistance in landing the UAE’s Rover from the Moon’s surface. This news comes after long considerations of expertise, regulatory basis, and capacity on the part […]
The United Arab Emirates (UAE) recently signed an investment agreement worth over $900 billion with Kazakhstan. Both countries engaged in investment discussions during the visit of Kazakhstan’s Prime Minister to the UAE. Alikhan Smailov, Kazakhstan’s Prime Minister, visited the Emirate to discuss with UAE’s President, Sheikh Mohamed bin Zayed Al Nahyan.
Days ago, Dubai launched a robotics and automation program to boost the country’s economy and prepare it for the future. The government announced the program in a tweet by the Dubai Media Office. According to the Media Office, Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed. The Media Office further stated that the program aims to make Dubai […]
Saudi Arabia has discovered gold in the Madinah region of the country. This news is undoubtedly pleasing, as the government has been attempting significant moves to reduce its high dependence on crude oil for revenue. Details of the Discovery The Saudi Geological Survey recently reported discoveries of gold deposits in Aba Al Raha, the shield of Umm […]
Earlier this week, Saudi Arabia led a meeting involving the European Union and the Arab League. The Kingdom’s Foreign Minister, Faisal bin Farhan Al Saud, and the Arab League’s Secretary General, Ahmed Aboul Gheit, called for the meeting at the 77th session of the United Nations General Assembly. The parties conducted the meeting to discuss […]
Top officials from Saudi Arabia and India recently discussed establishing a Riyal-Rupee trade between India and Saudi Arabia. India’s Minister of Commerce and Industry, Shri Piyush Goyal, and Saudi Arabia’s Minister of Commerce, Majid bin Abdullah al-Qasabi, held the discussion. Both stakeholders held the meeting during Goyal’s two-day visit to the
