Jordan Maintains Anti-Corruption Momentum, Ranks 63rd in Global Index
Jordan’s impressive 63rd position in the Corruption Perceptions Index (CPI) for 2023, released by Transparency International, signifies its commitment to combating corruption globally. Ranking fourth in the Arab world, Jordan outperformed 117 countries in the CPI, showcasing its dedication to transparency and accountability.
Golden Sands Hotel Company Achieves Full Ownership of Salalah Beach Resort
In a recent business maneuver, Golden Sands Hotel Company has successfully acquired an additional 34.91% stake in Salalah Beach Resort, becoming the sole owner of the Oman-based hospitality entity. This strategic move, completed through compulsory acquisition and approved by the Capital Market Authority, solidifies Golden Sands Hotel Company’s position in the regional tourism sector. The acquisition, effective December 27, 2023, emphasizes the commitment to the growth and development of Salalah Beach Resort, known for operating the Hilton Salalah Resort. As part of the takeover strategy, Golden Sands Hotel Company plans to invest in renovations and facilities, aligning with its vision for the resort’s expansion. The delisting of Salalah Beach Resort shares from the Muscat Stock Exchange accompanies its transition into a closed joint-stock company.
India-Middle East-Europe Economic Corridor; A Pathway to Global Connectivity
The India-Middle East-Europe Economic Corridor, an initiative arising from India’s G20 presidency, is gaining momentum with international support. This corridor promises robust infrastructure investments, economic integration, and enhanced connectivity across Asia, West Asia, the Middle East, and Europe. It consists of two key corridors, emphasizing cross-border rail transit networks to boost trade and services. Additionally, the India-US Initiative on Critical and Emerging Technology (iCET) aims to strengthen technology partnerships and resilience in supply chains. These developments underscore India’s active role in global diplomacy and economic growth.
Oman’s Export Landscape, Navigating Shifting Markets and Emerging Trends
Oman’s export sector is undergoing a significant transformation, with recent data shedding light on its shifting trends and challenges. Non-oil exports have experienced a notable decline of nearly 12% in the first five months of 2023, attributed largely to reduced shipments to the United States. On the other hand, re-exports have surged by 28.7%, fueled by growing economic activity and demand in the Gulf region. As Oman navigates these changes, focusing on diversification, regional relationships, and sectoral adaptability remains crucial to ensuring a resilient export economy.
Brazil-Arab Trade Continues to Flourish, Bilateral Commerce Hits $10.61 Billion in 2023
Brazil’s robust trade relationship with the Arab world is flourishing, as evident from an eight percent surge in Brazilian exports to Arab nations during the first seven months of 2023. The Arab Brazilian Chamber of Commerce (ABCC) reported that this growth has led to a total trade value of $10.61 billion, showcasing the strong economic ties between the two regions. Key trade partners, such as Saudi Arabia and the UAE, have significantly contributed to this growth, with exports reaching $1.873 billion and $1.646 billion, respectively. The ABCC’s role in fostering this collaboration and promoting bilateral economic cooperation has driven this growth.
ZOI and du Forge Strategic Partnership, Pioneering a New Era in Telecommunications
The strategic partnership between ZOI and du marks the beginning of a new era in telecommunications. By harnessing the power of advanced technology, both entities are set to reshape the way international roaming services are experienced. As the world becomes more interconnected, ZOI and du are leading the charge in driving connectivity and convenience, setting the stage for a connected future where seamless communication knows no bounds.
GCC Governments Spearhead Efforts to Foster Inclusive Growth and Curtail Shadow Economy
The Gulf Cooperation Council (GCC) countries have made remarkable strides in managing their shadow economies, surpassing the global average significantly. Recent reports indicate that informal businesses in the region account for only 18% of the total GDP, showcasing the success of integration efforts. These achievements reflect the government’s commitment to foster inclusive growth and prioritize small and medium-sized enterprises (SMEs) as key drivers of economic prosperity. The GCC nations are positioning themselves as global leaders in curbing the shadow economy and creating a sustainable economic landscape through effective policies, such as enhanced tax enforcement, digitalization, and financial inclusion. By empowering SMEs and embracing an inclusive growth approach, the region is poised for long-term success and resilience.
Russia Emerges as India’s Dominant Oil Supplier, Surpassing Traditional Middle Eastern Sources
In a significant shift within India’s crude oil market, Russia has surpassed Saudi Arabia, Iraq, the UAE, and the US to become India’s top oil supplier. The import of Russian oil has reached unprecedented levels, reaching nearly 2 million barrels per day in May alone, accounting for approximately 42% of India’s total oil imports that month. This surge in Russia’s dominance has come at the expense of traditional Middle Eastern suppliers, with shipments from Saudi Arabia hitting their lowest level since February 2021.
Arada Launches ‘Sarai’ Luxury Mansions in Sharjah
Arada, the Sharjah-based real estate company has launched ‘Sarai,’ a collection of ultra-luxury mansions exclusively designed, in Masaar, Sharjah’s forest community.
Annual Investment Meeting Highlights Digital Transformation, Financial Inclusion and Sustainable Finance in the Arab World
Abu Dhabi, UAE, May 2023: The 12th edition of The Annual Investment Meeting (AIM) hosted interactive and insightful discussions on digital transformation, financial inclusion and sustainable finance in the Arab world at the “Future Finance Forum,” which took place at the Sustainability Room of the Abu Dhabi National Exhibitions Centre. The opening ceremony featured welcome […]
