Category: 1arabia updates

RIYADH — Saudi Arabia has climbed to the second spot on the list of best countries for expatriates, a significant leap from its 14th position last year, according to a recent survey. The kingdom was outperformed only by Denmark in the Working Abroad Index, with over half of respondents expressing satisfaction with the local job market. The survey highlighted Saudi Arabia’s remarkable progress in career prospects, surpassing even the United States and the United Arab Emirates. A substantial majority of

RIYADH — The Saudi Central Bank (SAMA) has issued a clarification on the specific amounts exempt from seizure in bank accounts. According to the statement, the exemption rate for salary seizures is capped at one-third of the net monthly income, while retirement pension seizures cannot exceed one-quarter of the net monthly pension. Furthermore, deposits related to compensation and government support programs, including social security and the Citizen's Account Program, are protected from seizure. SAMA emphasized that individuals can claim the

Kuwait braced for an intense heatwave over the weekend as temperatures soared to a scorching 52 to 53 degrees Celsius. The Kuwait Meteorological Center issued a stern warning about the impending heatwave, advising residents to take necessary precautions to protect themselves from the extreme heat. According to the center's director-general, Abulaziz Al-Qarawi, the country has been experiencing unusually hot northwesterly winds, which have triggered dust storms and reduced visibility, especially in rural areas. The combination of high temperatures and dusty

Kuwait's healthcare sector has achieved a significant milestone with Jaber Al-Ahmad Hospital securing worldwide recognition as a distinguished breast surgery center. The Surgical Review Corporation (SRC), a global leader in healthcare accreditation, bestowed this prestigious honor upon the Kuwaiti hospital, making it the seventh institution globally to attain this coveted status. The Ministry of Health announced the achievement on Thursday, highlighting the SRC's commitment to elevating the safety, efficacy, and efficiency of surgical care worldwide. The recognition underscores Jaber Al-Ahmad

Thuwal, Saudi Arabia – King Abdullah University of Science and Technology (KAUST) is spearheading Saudi Arabia’s foray into the realm of generative artificial intelligence (AI). The university has recently established a Center of Excellence dedicated to generative AI, aiming to cultivate cutting-edge research and development in this transformative field. A strategic collaboration with Google has further bolstered KAUST’s AI initiatives. The tech giant has awarded $100, 000 in research grants to KAUST faculty, propelling advancements in multilingual and multimodal machine

HSBC Holdings Plc has rescinded a memorandum that presented a gloomy forecast for Qatar's economy, issued earlier this year. The bank subsequently disseminated research painting a more optimistic picture of the country's economic landscape. According to sources privy to the matter, a Dubai-based equity sales trader authored the original memo following a visit to Qatar in May. The trader, who requested anonymity due to the confidential nature of the information, cited feedback from local investors, who portrayed a rather bleak

Etihad Airways has announced a significant surge in passenger numbers for the first half of 2024. The Abu Dhabi-based carrier successfully transported 8. 7 million passengers between January and June, marking a substantial increase compared to the previous year. This achievement comes as the airline continues to expand its global network and enhance its services to meet the growing demand for air travel. Etihad's robust performance is attributed to a combination of factors, including the airline's strategic route expansion, fleet

Saudi Arabia has significantly increased its imports of heavy crude oil in recent months, a surprising shift in strategy for the world's largest oil exporter. The kingdom’s decision to purchase more of the dirtiest form of crude comes amidst an exceptionally scorching summer, which has led to a surge in domestic electricity demand. To meet the unprecedented power consumption, Saudi Arabia has found it necessary to refine heavier crude oil to produce the fuel required for its power plants. This

The cryptocurrency investment landscape has expanded significantly with the introduction of options on leveraged bitcoin exchange-traded funds (ETFs). This development marks a groundbreaking moment for the ETF industry as investors now have the ability to trade options on products tracking bitcoin's spot price through derivative swaps. Rex Shares and Tuttle, the firms behind the newly launched T-Rex 2x Long Bitcoin Daily Target ETF and the T-Rex 2x Inverse Bitcoin Daily Target ETF, announced the commencement of options trading on these

AMMAN – The North Atlantic Treaty Organization (NATO) is set to establish its first liaison office in the Middle East, marking a significant expansion of the alliance's global footprint. The new office, to be located in Amman, Jordan, will serve as a platform for enhanced political dialogue and practical cooperation between NATO and the region. The decision to open the Amman office was announced following the recent NATO summit in Washington, D. C. It reflects the alliance’s recognition of Jordan's

Ras Al Khaimah-based developer Marjan has unveiled its latest project, La Mer by Elie Saab Residences. This collaboration with the renowned fashion house marks the first Elie Saab branded residences in the emirate. The waterfront property, situated on Al Marjan Island, will feature interiors designed by the Elie Saab maison. The development, undertaken by UAE-based ARTE Developments, comprises three interconnected towers offering residents a unique living experience. Abdulla Al Abdouli, CEO of Marjan, expressed enthusiasm about the partnership, highlighting the

LONDON – A surprising shift in investor sentiment has seen the United Kingdom emerge as a potential safe haven amidst escalating global economic and political uncertainty. Once considered a pariah due to the complexities of Brexit, the UK market is now drawing significant interest from international investors. The recent landslide victory for the Labour Party has instilled a sense of stability and predictability in the country's political landscape, a stark contrast to the turbulent political climates in other major economies.

The marketing landscape is undergoing a seismic shift, with Artificial Intelligence (AI) emerging as the indispensable tool for businesses seeking a competitive edge. While AI has been making waves in various sectors, its impact on marketing is particularly profound. Experts contend that data is the lifeblood of effective AI-driven marketing. By harnessing the power of data, marketers can create highly targeted and personalized campaigns that resonate deeply with consumers. This data-centric approach is transforming the way marketers craft content, analyze

LONDON – The newly installed UK government has reaffirmed its commitment to finalizing a free trade agreement with the Gulf Cooperation Council (GCC) by the end of 2024. This announcement follows a meeting between the British Business and Trade Secretary, Jonathan Reynolds, and GCC Secretary-General Jasem Mohamed Al-Budaiwi. Al-Budaiwi conveyed the UK’s strong resolve to expedite negotiations and secure a deal before the year concludes. Reynolds echoed this sentiment, emphasizing the importance of the agreement in bolstering economic ties between

Riyadh has emerged as the undisputed leader in Saudi Arabia's retail space growth, boasting an impressive 90% occupancy rate. According to Knight Frank's Summer 2024 Saudi Arabia Retail Market Overview, the capital city has witnessed a 5 percentage point surge in occupancy rates over the past year, accompanied by a 3% increase in average rental rates for regional and super-regional malls to SAR2, 725 per square meter. The city's existing retail space, totaling 3. 6 million square meters, received a

RIYADH – The ambitious trillion-dollar transformation plan envisioned by Saudi Crown Prince Mohammed bin Salman is encountering significant headwinds as the kingdom grapples with the prospect of funding cutbacks. Sources close to the matter have revealed that the economic downturn, coupled with escalating geopolitical tensions, has compelled Saudi authorities to reassess the financial viability of the multifaceted project. Initially conceived as a cornerstone of the kingdom's economic diversification drive, the transformative initiative aimed to overhaul the Saudi economy and position

London – The Gulf Cooperation Council (GCC) and the United Kingdom are actively engaged in negotiations aimed at finalizing a free trade agreement (FTA) by the end of 2024. This ambitious timeline was confirmed during a high-level meeting between GCC Secretary-General Jasem Albudaiwi and UK Secretary of State for Business and Trade Jonathan Reynolds in London on Wednesday. Albudaiwi expressed optimism about the progress of the negotiations, highlighting the strong commitment from both parties to expedite the process. He emphasized

Saudi Arabia’s historic city of Diriyah has awarded a substantial $2 billion contract for the development of a new mixed-use district. The agreement, the largest single contract in the company’s history, was granted to a joint venture comprising El Seif Engineering Contracting Co. and China State Construction Engineering Corp. This ambitious project, slated to commence in the third quarter of the year, will transform the northern part of Diriyah into a thriving hub encompassing educational institutions, cultural venues, modern offices,

Saudi Arabia has taken a significant step towards broadening its debt market accessibility by incorporating five additional financial institutions into its primary dealer program. The Ministry of Finance and the National Debt Management Center (NDMC) formalized agreements with Albilad Investment Co. , AlJazira Capital Co. , Al Rajhi Capital Co. , Derayah Financial Co. , and Saudi Fransi Capital Co. to facilitate the distribution of government debt instruments. These newly appointed institutions will join a group of established local and

Dubai, United Arab Emirates – Indonesia has successfully listed three sovereign sukuks, totaling $2. 35 billion, on Nasdaq Dubai. The Southeast Asian nation’s latest issuance comprises three tranches:a $750 million sukuk maturing in 2029, a $1 billion sukuk due in 2034, and a $600 million green sukuk with a 2054 maturity date. This latest offering brings Indonesia’s total sukuk listings on Nasdaq Dubai to $24. 1 billion, solidifying its position as a key sukuk issuer on the exchange. The transaction

The Organization of the Petroleum Exporting Countries (OPEC) has reaffirmed its projection of robust global oil consumption for 2024. In its latest monthly report, the cartel attributed this anticipated surge to the expected resurgence of travel during the upcoming summer season. OPEC forecasts a daily increase of 2. 25 million barrels in global oil demand throughout 2024. This figure remains unchanged from the previous month's estimate, signaling the group's confidence in the trajectory of oil consumption. The cartel attributes this

RIYADH — Saudi Arabia has climbed to the second spot on the list of best countries for expatriates, a significant leap from its 14th position last year, according to a recent survey. The kingdom was outperformed only by Denmark in the Working Abroad Index, with over half of respondents expressing satisfaction with the local job market. The survey highlighted Saudi Arabia’s remarkable progress in career prospects, surpassing even the United States and the United Arab Emirates. A substantial majority of

JEDDAH — Saudia Group has significantly expanded its domestic flight network with the introduction of eight new daily services connecting Jeddah, Riyadh, and Dammam to Abha. This strategic move by the aviation conglomerate aims to bolster domestic tourism and aligns with the Saudi Tourism Authority's initiatives to promote Abha as a prime destination, particularly during the Aseer Season and Saudi Summer campaigns. With this expansion, Saudia Group’s flagship carrier, Saudia, will now operate 19 daily flights to Abha, marking a

A crippling power shortage has plunged the nation into an unprecedented crisis, leaving millions grappling with prolonged blackouts and economic disruption. The crisis, which has intensified over the past week, is being attributed to a confluence of factors including soaring fuel prices, inadequate power generation, and a surge in electricity demand. Metropolitan cities and rural areas alike are bearing the brunt of the power cuts, with hospitals, industries, and households facing severe disruptions. Essential services have been severely impacted, leading