Saudi Aramco Oil Company ends the Second Quarter with a Record-Breaking Profit of $48.4 Billion An oil company based in Saudi Arabia, Aramco, recently claimed the world’s profit record with a $48.4 billion profit at the end of the year’s second quarter. The government-owned
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Bahrain Enters Partnership with UAE, Egypt, and Jordan to Boost Industrial Strength : Bahrain Enters Partnership with UAE, Egypt, and Jordan to Boost Industrial Strength Bahrain recently joined an industrial bloc that includes UAE, Egypt, and Jordan. The partnership is called the Industrial Partnership for Sustainable Economic Development, and Bahrain’s participation
Dubai Unveils Metaverse Strategy: Plans to Become a Global Hub for NFTs Dubai has released a metaverse policy document that contains strategies to establish the Emirate as a globally recognised hub of the metaverse and other emerging technologies. The release was announced in a tweet by Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai. Among other
Saudi Arabia Partners with IBM to Boost Digital Skills in the Kingdom : Saudi Arabia Partners with IBM to Boost Digital Skills in the Kingdom The Saudi Arabian government recently signed a Memorandum of Understanding (MoU) with IBM to increase digital skills in the country. The agreement was jointly signed by representatives of the Saudi Arabian […]
Bahamas-based FTX Acquires a Crypto License to Expand its Operations to Dubai : FTX, a Bahamas cryptocurrency company, has acquired a full crypto license in Dubai. This license issuance is coming after Dubai launched extensive plans to improve its blockchain industry and become a preferred destination for cryptocurrency companies. The Backstory As far back as […]
How Blockchain Can Transform Saudi Arabia’s Economy : How Blockchain Can Transform Saudi Arabia’s Economy Blockchain technology is certainly one of the many remarkable innovations of the past few decades. Since its advent, blockchain has greatly impacted several sectors, from finance to art. There is, however, so much more that one can do with technology. […]
Leading consulting firm predicts UAE financial wealth will reach $1 trillion by 2026 : Leading consulting firm predicts UAE financial wealth will reach $1 trillion by 2026 According to a new report by management consultancy firm Boston Consulting Group (BCG), UAE’s financial wealth is expected to reach $1 trillion in 2026. The report shows that […]
Exchange house slammed with $1.4 million fine by Central bank of UAE for compliance gaps : Exchange house slammed with $1.4 million fine by Central bank of UAE for compliance gaps The Central Bank of the UAE recently slammed a fine on an exchange house within the country for failing to comply with anti-money laundering […]
Largest Middle East Oil Bunkering hub suffers disruption due to extreme weather : Largest Middle East Oil Bunkering hub suffers disruption due to extreme weather Extreme weather has resulted in one of the biggest oil bunkering ports in the world being closed down suddenly. The unusually heavy rains and flash floods in UAE forced the Fujairah port […]
Saudi stock exchange showcases boom as 2022 H1 IPO listings surpasses entire 2021: Saudi stock exchange showcases boom as 2022 H1 IPO listings surpasses entire 2021 According to the chairman of the Capital Market Authority, Saudi initial public offerings are on track to make 2022 a record year. So far, the number of listings recorded […]
UAE Announces Plan to Build Space Satellite with $820 Million Investment Fund : UAE Announces Plan to Build Space Satellite with $820 Million Investment Fund The UAE has announced its plans to launch a comprehensive space program. The program includes plans to land on an asteroid, explore Venus, and probe the Martian orbit. These plans […]
Saudi Arabia to Spend Up to $1 Trillion on World’s Largest Building in Neom : Saudi Arabia to Spend Up to $1 Trillion on World’s Largest Building in Neom Saudi Arabia recently announced its decision to construct a $1 trillion building in its futuristic megacity, Neom. The project has been tagged the “Mirror Line,” and it […]
UAE Reveals New and Stricter Laws for Gold Sourcing: Penalty as High as Dh5 Million : UAE Reveals New and Stricter Laws for Gold Sourcing: Penalty as High as Dh5 Million The UAE’s Ministry of Economy recently released a policy containing best practices for sourcing gold in the UAE. The policy also enforces stricter penalties […]
Visa and Dubai Health Authority (DHA) Sign Pact to Facilitate Emirate’s Tourism Industry : As part of the DHA’s broader plans to boost health tourism in Dubai, the Authority has signed a new Memorandum of Understanding with Visa. According to the DHA, the collaboration with the global payments company aims to promote Dubai as a […]
Was Joe Biden’s Visit to the Middle East Truly a Disaster : Was Joe Biden’s Visit to the Middle East Truly a Disaster On the 13th of July, Joe Biden arrived in the Middle East on a diplomatic visit. The arrival marked the President’s first visit to the Middle East since his emergence as the […]
UAE Set to Launch First-ever Metaverse Hospital : UAE Set to Launch First-ever Metaverse Hospital The United Arab Emirates (UAE) has announced that it will be launching the first hospital in the metaverse. This virtual hospital is set to go live in October. The healthcare provider, Thumbay group, would manage the virtual hospital. Notably, this hospital […]
Kraken and Rakbank Partners to Enable UAE Crypto Trading in Dirham : Kraken and Rakbank Partners to Enable UAE Crypto Trading in Dirham Kraken, a leading cryptocurrency exchange, has partnered with Rak Bank to enable crypto trading through Dirhams. Kraken is a global crypto exchange that facilitates the trading of crypto. Kraken was the first […]
Saudi Company For Ai Stikes New Partnership With Us Company – Datarobot : Saudi Company For Ai Stikes New Partnership With Us Company – Datarobot The Saudi Company for Artificial Intelligence (SCAI) has partnered with DataRobot. This partnership is intended to grow the AI ecosystem in the Kingdom of Saudi Arabia (KSA). SCAI is a […]
Kucoin’s Recent Survey Suggests Growing Crypto Adoption In Saudi, With Millennials And Gen Z Leading The Way : Kucoin’s Recent Survey Suggests Growing Crypto Adoption In Saudi, With Millennials And Gen Z Leading The Way The adoption of crypto and other virtual assets is certainly increasing globally. However, this adoption appears to be growing faster […]
Dubai’s Virtual Assets Regulatory Authority (VARA) has recently granted OKX a provisional virtual assets license. This license allows OKX to extend its operations to Dubai. Notably, OKX is a Seychelles-based cryptocurrency exchange formerly known as OKEx. The company specializes in facilitating crypto spot and derivatives trading. This approval-in-principle allows
