The United Arab Emirates has declared its full support for Saudi Arabia in its quest for global energy stability, security, and world peace. This news follows the bitter lash back by some countries about OPEC+’s decision to cut oil production to two million barrels daily. Why has the UAE Chosen
GCC
Stay connected with the pulse of the Gulf Cooperation Council (GCC) region on menews247. Explore the latest news, economic developments, and business dynamics across the GCC countries.
From regional cooperation in Saudi Arabia to trade agreements in the UAE, and socio-economic trends in Kuwait, Qatar, Bahrain, and Oman, get your 24/7 insight into the GCC’s evolving landscape. We are your comprehensive guide to understanding the Gulf’s strategic importance and cultural richness.
In an unprecedented move, the South African government and Saudi Arabia have entered into a Memorandum of Understanding valued at $17 billion. The MoU is to establish collaboration and economic partnership between both countries in line with Saudi Arabia’s vision for 2030. What are the Specifics of the MoU Agreements The President of South Africa, […]
Saudi Arabia recently announced its intent to provide $400 in humanitarian aid to Ukraine to mitigate the effects of the ongoing war. This support follows significant accusations in Saudi Arabia for politicizing oil production after the proposed reduction by OPEC+ members. Why Did Saudi Arabia See the Need to Provide Humanitarian Support in Ukraine The […]
The UAE government has entered into a visa-free travel agreement which grants Japanese citizens free entry into the Emirates. The visa-free program is to kick off on November 1 2022. Both countries’ agreements foster tourism and business between their territories. What are the Details of the Visa-Free Entry into the Emirates The UAE will launch a vis-free […]
In a bid to advance respective national development, the UAE and Russia have initiated bilateral cooperation to boost the tourism sector, trade volume, and economic development. This move comes at a time when both countries are working eagerly to ensure regional security and stability. All You Need To Know About The Bilateral Development Sheikh Mohammed […]
Following the OPEC+ announcement for countries to reduce oil production to two million barrels daily, Saudi Arabia has moved to cut down its oil production. This move comes a little after the President of America, Joe Biden, visited the country to request for oil production increase. What are the Specifics of the Oil Cut In a […]
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 known for their digitalized and intangible nature, hence their widespread appeal.
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
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
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 […]
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 […]
Weather
Dubai, AE
1:35 pm,
January 13, 2025
22°C
light rain
