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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.
Banks which are licensed to operate in Dubai’s international financial…
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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.
Established in partnership with Saudi real estate firm Al-Ramz, the new…
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Mawani launches e-services system to enhance its operations
Saudi Arabia’s global logistics services are set to improve following the launch of a new system by the Kingdom’s maritime body, which aims to provide over 250 e-services at its ports.
The Saudi Ports Authority, also known as Mawani,…
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French trade minister meets with Saudi officials at LEAP
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met Franck Riester, French minister delegate for foreign trade, economic attractiveness, the French-speaking world and French nationals living abroad, on March 5.
During…
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Egypt nets new IMF loan but pound plunges in value by 40%
Egypt secured an additional $5 billion in loans from the International Monetary Fund on Wednesday after the central bank raised interest rates and allowed the pound to plunge in value by nearly 40 percent.
The bank said it…
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TotalEnergies, Qatar expand Orange Basin holdings to South Africa
TotalEnergies and Qatar’s oil company on Wednesday said they would buy a stake in a license to seek oil and gas off South Africa as part of their plans to develop the Orange Basin area in neighboring Namibia.
The French company will buy…
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Saudi Aramco raises Arab light crude price to Asia
Saudi Aramco raised the April’s official selling price for the flagship Arab light crude it sells to Asia, while differentials for Europe were trimmed, according to an official statment.
Differentials for Arab light grade were priced at…
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Saudi Arabia’s non-oil sector hits 5-month high as PMI soars to 57.2
Saudi Arabia’s non-oil economy exhibited improved growth, with business activity accelerating at the fastest rate in five months, as indicated by an economic tracker.
The Kingdom’s Purchasing Managers’ Index rose to 57.2 in February,…
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Starbucks job cuts in region over Gaza war boycotts
The Gulf retail giant that owns the rights to operate Starbucks in the Middle East is cutting more than 2,000 jobs amid a massive consumer boycott over the coffee chain’s perceived support for Israel.
The job losses at AlShaya Group…
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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.
In a joint statement, the Saudi Public Investment Fund and Bahrain…
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