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Saudi Arabia grants license to top global firms

Thursday, 21 September 2017

Saudi Arabia has granted licenses to more than 50 global companies during the last nine months, which permits them to operate in the Kingdom, according to the Saudi Ministry of Trade and Investment. Minister Majid al-Qasabi mentioned, in an exclusive interview with Al Arabiya News Channel on the sidelines of the Global Business Forum held in New York, that of the 50 licenses, 23 were given to US companies, such as HP and Boeing. He also revealed that the Ministry’s plan to grant licenses ...

Global trade ‘rebounds strongly’ in first half of 2017, says WTO

Thursday, 21 September 2017

The World Trade Organization on Thursday upped its forecast for global trade growth in 2017 thanks to stronger than expected demand for merchandise in Asia and North America. A previous projection of 2.4 percent growth for this year has been boosted to 3.6 percent, the organization said in a press release, headlined “WTO upgrades forecast for 2017 as trade rebounds strongly”. “Growth of 3.6 percent would represent a substantial improvement on the lackluster 1.3 percent ...

Saudi e-commerce market to double to $22 billion by 2020

Thursday, 21 September 2017

Saudi construction giant alfanar has joined regional organizations such as Virgin Megastore Middle East and North Africa, the Sharjah Cooperative Society, and MODUL University Dubai in showcasing global best practices in digital marketing to transform the customer experience. By 2020, the Kingdom of Saudi Arabia’s e-commerce market is set to more than double to $22 billion, the second-highest in the Middle East, according to a recent report by PayFort. The wider Middle East’s ...

Halal Expo highlights wealth of opportunities in sector

Wednesday, 20 September 2017

The 9th Halal Expo Dubai concluded on a successful note with a majority of the 100 exhibiting companies reporting brisk business with local and international traders, who were among the 4,000 visitors at the two-day business-to-business event.“The expo provides a great opportunity to showcase and promote halal products across the world and I am glad this is happening in Dubai, which our government wants to promote as a global center for the halal economy,” Amina Ahmed Mohammed, CEO ...

Abu Dhabi targets IPOs worth $5 bln ahead of Saudi Aramco

Wednesday, 20 September 2017

Abu Dhabi is hoping to fast-track at least $5 billion of stock market listings by state-backed companies next year. Abu Dhabi is restructuring its industrial sector, hoping to lure foreign investors with privatizations after lower energy prices depleted its coffers. This could result in at least five large listings including Abu Dhabi National Oil Co (Adnoc’s) fuel distribution unit, aluminium-maker EGA, industrial conglomerate Senaat and Abu Dhabi Ports, ...

Alshaya acquires stake in Noon, the region’s new e-commerce platform

Wednesday, 20 September 2017

Leading international retail franchise operator M.H. Alshaya Co. has acquired a strategic stake in Noon, the region’s new e-commerce platform. As new investors in Noon, Alshaya joins forces with other prominent Gulf investors. Additionally, Alshaya will become a seller on Noon’s marketplace platform, listing a portfolio of international brands covering the fashion, health & beauty and home & lifestyle categories. Alshaya becomes the latest large retailer to list its products ...

Saudi ban on Internet calls to be lifted by midnight

Wednesday, 20 September 2017

Saudi Arabia will remove its ban on Internet phone calls on Thursday, a government spokesman said.All online voice and video call services such as Microsoft’s Skype and Facebook’s WhatsApp that satisfy regulatory requirements will become accessible at midnight (2100 GMT), Adel Abu Hameed, spokesman for the telecoms regulator CITC said on Twitter on Wednesday.“Digital transformation is one of the key kick-starters for the Saudi economy, as it will incentivize the growth of ...

Moody’s: Egypt economy still recovering from 2011 uprising

Wednesday, 20 September 2017

An international credit rating agency says Egypt’s economy has started to improve but has yet to recover from the 2011 uprising and the years of unrest that followed.In a Tuesday report, Moody’s hailed recent economic and fiscal reforms, saying they point to “improved government effectiveness and policy predictability,” but said weak finances remain a “key challenge” for the government.Egypt embarked on an ambitious economic reform plan shortly after President ...

Saudi sovereign wealth fund to launch entertainment investment company

Wednesday, 20 September 2017

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has announced it is in the process of developing a new company to act as its investment arm in the Kingdom’s growing entertainment sector. The company, which will have an initial capitalization of $ 2.67 billion (SAR 10 billion), will play an active investment role in various areas of the entertainment sector, and seek to attract strategic partnerships to build the eco-system within the Kingdom, according to ...

Oil set for strongest Q3 since 2004, Iraq hints at OPEC extension

Wednesday, 20 September 2017

Oil was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up 48 cents at $55.62 a barrel by 1020 GMT, while US West Texas Intermediate (WTI) crude futures rose 54 cents to $50.02. The oil price is on course for a rise of 15.5 percent this quarter, which would ...

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