UAE small businesses lead the world in trading optimism: Visa

UAE small businesses lead the world in trading optimism: Visa
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Updated 20 September 2021

UAE small businesses lead the world in trading optimism: Visa

UAE small businesses lead the world in trading optimism: Visa

Small businesses in the UAE are more confident about future trading than those in the US, Hong Kong, and Germany, according to a survey by Visa.

The financial services company’s 'Back to Business Study' states 64 percent of small and medium firms in the country are very optimistic about their long-term success — the highest proportion of all markets surveyed.

This figure rises to 88 percent when it includes firms who are generally optimistic about trading.

The survey also claimed that in the UAE the shift to contactless payments is becoming more permanent.

Nearly all consumers in the UAE — 92 percent  — say COVID-19 has permanently changed their payment habits, compared to 68 percent globally. 

About 73 percent  of UAE consumers would not shop at a store that does not accept contactless payments, compared to 44 percent across the globe. 

A third of UAE consumers have not used cash in the past week, the second highest among all markets.

Digital commerce has also particularly supported small business amid the pandemic, Shahebaz Khan, Visa’s general manager for the UAE, said.

He added: “Seemingly small pivots toward digital commerce can continue to make the difference between a small business surviving and thriving." 


US supply chain woes to stretch into 2022, warns top official

US supply chain woes to stretch into 2022, warns top official
Updated 6 sec ago

US supply chain woes to stretch into 2022, warns top official

US supply chain woes to stretch into 2022, warns top official

WASHINGTON: The US transportation secretary on Sunday warned that America’s supply chain woes including clogged ports will drag into next year, potentially cramping the upcoming holiday shopping season in the world’s largest economy.

Pete Buttigieg did the rounds on US political talk shows to stress that President Joe Biden’s administration was doing everything it could to alleviate congestion at the country’s overloaded ports, railways and roads, and that the government will “re-evaluate all of our options” to relieve the bottlenecks.

But “a lot of the challenges that we have been experiencing this year will continue into next year,” the transport chief and former presidential candidate told CNN’s “State of the Union” show.


Saudi Arabia gets a boost in maritime connectivity rankings

Saudi Arabia gets a boost in maritime connectivity rankings
Updated 3 min 44 sec ago

Saudi Arabia gets a boost in maritime connectivity rankings

Saudi Arabia gets a boost in maritime connectivity rankings

RIYADH: Saudi Arabia made impressive progress in maritime connectivity at the regional level, according to the UN Conference on Trade and Development report for the third quarter of 2021.

The Kingdom achieved 70.68 points in the Maritime Connectivity Index, which is the highest in the region, said the report.

The Saudi Ports Authority, also known as Mawani, has forged partnerships with operators and major international shipping lines to develop the Kingdom’s seaports and contribute to the national goal of transforming Saudi Arabia into a global logistics hub.

Omar bin Talal Hariri, president of Mawani, said the authority is proud of the achievement and will intensify its efforts to meet the aspirations of the Kingdom’s leadership.

The index includes several sub-indicators, most notably, the number of scheduled visits by ships to the country within a week, capacity of the ships in standard units, in addition to the number of regular service paths provided by shipping lines to and from the country.


UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe

Updated 46 min 4 sec ago

UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe


RIYADH: Al Dhara Holding, an Abu Dhabi-based agricultural company, will establish five new animal feed plants in Eastern Europe.

The new plants will be established in Serbia, Romania and Bulgaria. The new facilities are part of the company’s efforts to expand its horizons and diversify its sources of production.

The company has opened its first plant for compressing and drying animal feed in Serbia with a production capacity of 120,000 tons and storage capacity of 20,000 tons.

 


Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister
Updated 17 October 2021

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

CAIRO: Egypt's oil minister said on Sunday that foreign investments in the sector fell 26.02% to $5.4 billion in the financial year 2020-21, versus $7.3 billion a year earlier.

“The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,” Tarek El Molla said in a speech to the Egyptian Petroleum Association. 


Over 86,000 Saudi families benefit from Sakani subsidized loans

Over 86,000 Saudi families benefit from Sakani subsidized loans
Updated 17 October 2021

Over 86,000 Saudi families benefit from Sakani subsidized loans

Over 86,000 Saudi families benefit from Sakani subsidized loans

RIYADH: More than 86,000 Saudi families benefited from the Housing Ministry’s Sakani program subsidized real estate loans since the beginning of the year till September, the Saudi Press Agency reported on Sunday.

The program offers two types of subsidized loans, one for ready-made housing units and the other meant for under-construction buildings.

Of the total, 69,497 families benefited from the loan offered for ready-made housing units.

The Ministry of Housing and the Real Estate Development Fund formed Sakani in 2017 to facilitate homeownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals, and financing their purchase. It has a goal of reaching 70 percent homeownership by 2030.

The program also launched new e-services to serve people effectively.