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Economy and Policy

Economy and Policy latest

AI Data Center
June 29th, 2026 - 06:34 GMT
P. Choiaqo

P. Choiaqo

South Korea to invest $650 billion into AI data centers by 2035

ALBAWABA - While some are wary of a possible AI bubble, others investing heavily into it - foreseeing returns on investments in 10-15 years, one such country is South Korea. South Korea cementing its already renowned status of a tech and innovation hub and powerhouse has decided to invest nearly a quadrillion won ($650 million) in AI data centers over the next nine years. "By 2035, we will build additional ...
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Saudi Arabia is expected to face a recession in 2017, according to Bank of America. (Shutterstock)
August 22nd, 2017 - 12:19 GMT

Expat Fee, VAT to Add $21 Billion to Saudi Arabia's Revenues in 2018: BoA

Austerity is paying off for Oman. (File photo)
August 22nd, 2017 - 11:37 GMT

Oman's Economy Grows 12 Percent on Higher Oil Prices, Subsidy Cuts

Lebanese protesters wave the national flag in front of a barbed wire fence as large crowds rally in Beirut on August 23, 2015. (Anwar Amro/ AFP)
August 22nd, 2017 - 10:54 GMT

Lebanese President Approves Controversial Salary Scale, Tax Hike Laws

Students line up as they enter their classroom on the first day of the academic year for public schools in Dubai on September 27, 2009. (Karim Sahib/ AFP)
August 22nd, 2017 - 10:08 GMT

VAT Not Applicable to Schools, Nurseries: UAE's Tax Authority

Abu Dhabi City Municipality
August 22nd, 2017 - 06:27 GMT

ADM Launches 3-Day Inspection Campaigns on Men's Salons in Musaffah Industrial, Serves 35 Warnings

All contractors working on public sector projects will be exempt from expatriate workers’ tax. (File photo)
August 21st, 2017 - 09:22 GMT

Saudi Arabia Says Public Sector Contractors Exempt From Workers’ Tax

The event under the Community Agenda initiative aimed to discuss the activation of initiatives that strengthen community cohesion, enhance the UAE’s humanitarian work through the participation of all stakeholders of the society, and honour the UAE Martyrs for their noble sacrifice in promoting humanitarian action.
August 21st, 2017 - 05:25 GMT

CDA Marks “World Humanitarian Day” With Special Session to Strengthen Community Cohesion and Volunteerism

Saudi riyals. (File photo)
August 20th, 2017 - 05:00 GMT

How Does Money Exchange During Haj Benefit the Saudi Economy?

No instructions to stop dealing in Qatari Riyal, says Saudi Arabia. (Reuters)
August 20th, 2017 - 09:32 GMT

Saudi Arabia Denies Ban on Qatari Riyal Transactions as Haj Season Kicks Off

The Governor of GAZT, Suhail Abanmi. (SG)
August 20th, 2017 - 09:06 GMT

Saudi Arabia Launches VAT Website and Helpline

The training program included security awareness inside and outside Dubai Customs and violations at the workplace, plus a workshop on innovation and protection.
August 20th, 2017 - 05:43 GMT

Dubai Customs Concludes Its Summer Training Program

Diplomatic ties between the two countries were severed in the wake of Saddam Hussein’s 1990 invasion of Kuwait, but are now being revived. (Christophe Simon/ AFP)
August 15th, 2017 - 07:49 GMT

Saudi Arabia Launches Joint Trade Council With Iraq, Opens Border After 27 Years

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