• Debt Settlement Fund waives default loans worth over US$107m in UAE

    DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total value of US$107 million (AED394,586,000), in cooperation with 18 banks and financial institutions in the country. The initiative follows the directives of President Sheikh Mohamed bin Zayed Al Nahyan and...
  • Rising demand for critical metals pose dilemmas for investors

    PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors weighing the economic, environmental and human rights risks of such projects. With demand for fossil fuels expected to peak by the end of the decade, the focus is shifting towards...
  • RAKEZ team wraps up roadshow to boost trade in China’s Guangdong province

    RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad, successfully wrapped up its roadshow in China’s Guangdong province to explore new opportunities for economic and trade cooperation. The delegation aims to foster deeper ties with local enterprises, prominent trade...
  • UAE, China’s Hainan Province ink multiple deals to boost trade, economic ties

    DUBAI, UAE - The UAE and China's Hainan Province have signed four major private-sector agreements aimed at boosting the rapidly expanding bilateral trade and investment ties. The signing ceremony took place during the Hainan Promotion Conference in Dubai, and was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of...
  • Diverse business models needed for trade with China, say Union of Arab Chambers

    BEIRUT, LEBANON – The secretary general of the Union of Arab Chambers has called for diversified business models to facilitate the growing economic ties between Arab countries and China. In an interview ahead of the sixth China-Arab States Expo, which is scheduled to take place from September 21 to 24...
  • Tunisia authorities have repressed freedoms, says Journalists union

    Jelassi argued that such "methodical censorship" aims to remove the voices of the opposition or civil society organizations from broadcasts or the press.
  • Dozen injured after skirmish between Israeli police, Eritrean protestors

    TEL AVIV, ISRAEL- A dozen Eritrean asylum seekers were wounded by Israeli police gunfire here on Saturday after a demonstration against an Eritrean government event turned violent, police and medical sources said. Clashes began outside a south Tel Aviv venue that was set to host a pro-regime event organized by the...
  • Iraq-Iran rail link to facilitate travel, tourism and medical treatments

    Iraq's prime minister inaugurated construction work on what is slated to become the first railway line connecting the country to neighboring Iran. The "Basra-Chalamja connection project" will link the major port city of Basra in southern Iraq to Iran's vast railway network through the Chalamja border crossing, a transport ministry...
  • UAE, New Zealand discuss economic cooperation, free trade pact

    DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration, including the Comprehensive Economic Partnership Agreement (CEPA) with Damien O'Connor, New Zealand's Minister of Trade and Export Growth here. During the meeting, which came as part of a visit to...
  • Sheikha Fatima launches national plan for empowerment of Emirati women

    ABU DHABI, UAE – Chairwoman of the General Women's Union (GWU) Sheikha Fatima bint Mubarak launched the National Strategy for Empowerment of Emirati Women in the UAE for the years 2023-2031, on the occasion of the Emirati Women’s Day 2023, under the theme of “We Collaborate for Tomorrow”. This strategy...
  • Algerian, South African ministers discuss ways to boost economic cooperation

    JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to enhance economic cooperation between the two countries. During the meeting on Thursday, the two ministers discussed the available opportunities to enhance trade exchange and joint investment, with the aim of...
  • UAE, KSA optimistic as BRICS leaders weigh expansion

    South Africa has revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations, notably UAE and Saudi Arabia.
  • Dubai Customs processes over 14m transactions in first six months of 2023

    DUBAI, UAE - Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the first six months of this year, a 10 percent surge from the 12.7 million transactions registered in the same period last year. The UAE economy is poised to experience further...
  • Eurozone economic growth slows sharply in June

    BRUSSELS, BELGIUM -  Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production, a keenly watched survey showed on Friday. The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month. But inflation remains...
  • Oman’s economic growth to reach 2.7 percent in 2024, says IMF

    MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday. The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in...
  • UAE consul general visits Albany to foster deeper economic, cultural ties

    Albany, New York-- The UAE has reiterated its resolve to strengthen economic and cultural ties with New York and the US as both countries seek to advance the transition to clean energy. The renewal of the commitment was made during a visit by Amna Binzaal Almheiri, UAE Consul General in...
  • 10th Arab-China Business Conference ends with Riyadh Declaration

    Riyadh, Saudi Arabia -- The 10th edition of the Arab-China Business Conference successfully concluded on Monday with the announcement of the Riyadh Declaration, a multimodal framework to strengthen economic and investment partnerships shared between the Arab world and China. The announcement lays the foundation for continued collaboration with a focus...
  • Sharjah event discusses anti-money laundering practices

    SHARJAH, UAE - Sharjah Economic Development Department (SEDD) organized multiple workshops for legal purposes and a number of investors and owners of economic establishments operating in the emirate attended the events. The workshops were on “Real Beneficiary Procedures and their Administrative Penalties” as well as “Anti-Money Laundering Procedures, Required Documents...
  • Sharjah Chamber to send India bound trade group on 29 May

    SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) announced it will be sending a trade mission to India from May 29 to June 2, 2023. Led by the SCCI's Sharjah Exports Development Center, the initiative aims to bolster economic and trade cooperation, foster mutual investment, and establish...
  • Ajman Chamber, Belgium Embassy discuss trade opportunities

    AJMAN, UAE -   Chairman of the Ajman Chamber of Commerce and Industry (ACCI) Abdullah Al Muwaiji discussed trade and investment opportunities with Ambassador of the Kingdom of Belgium to the UAE Antoine Delcourt and his delegation. The meeting, held at the Ajman Chamber's headquarters, was attended by Mohamed Ali Al...
  • EU boosts 2023 growth outlook for region

    BRUSSELS, BELGIUM -  The European Commission boosted its 2023 economic growth outlook for the eurozone on Monday but it also raised the inflation forecast for the single currency area. The EU executive's spring forecast is more optimistic than that issued late last year, despite inflation proving "stickier than expected" in its...
  • Iraqi PM, Lebanese minister discuss economic cooperation

    BAGHDAD, IRAQ -  Iraq Prime Minister Muhammad Shia'a Al-Sudani said that the country is continuing regional economic communication. A statement issued by the Prime Minister's media office said, "Muhammad Shia' al-Sudani received the Lebanese Minister of Energy and Water Walid Fayyad and the Deputy Director of the Lebanese State Security...
  • Iran calls upon Lebanon to elect a president

    Iran's foreign minister called on Lebanon to overcome political deadlock and elect a president, urging foreign governments not to interfere in the choice. "We will support any election and agreement reached between all Lebanese sides... and we call on other foreign parties to respect the choice of the Lebanese," Hossein...
  • Infosys Q1 profit drops

    Revenue grew 8.8% YoY, but fell 3.2% quarter-on-quarter.
  • UAE highlights food, energy insecurity at G20 Finance Track meeting

    CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group (FWG) meeting within the G20 Finance Track for 2023 held here on March 24 – 25. The meeting was held to discuss the progress made on the 2023 FWG work...
  • OECD raises global growth forecast as inflation eases, recovery ‘fragile’

    The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil. The Organization for Economic Co-operation and Development said it now expects the global economy to grow by 2.6 percent this year.
  • Jordan Senate Chairman, French senate vice-president discuss bilateral ties

    AMMAN, JORDAN -  Chairman of the Jordan Senate's Committee for Arab, International Affairs and Expatriates Hani Mulki, on Sunday discussed with Vice President of French Senate, Helene Conway, the region's key political and economic developments. The two leaders also discussed political changes in the surrounding countries following Arab Spring. Mulki,...
  • Masdar unveils 200MW Solar Park in Jordan

    Amman, Jordan - The Baynouna Solar Energy Company (BSCE), a joint venture between the UAE’s world-leading renewable energy company, Masdar, and Finnish investment and asset management group Taaleri, has announced the formal inauguration of the 200-megawatt (MW) Baynouna Solar Park – the largest clean energy project in Jordan. The inauguration...
  • UAE, Algerian ministers discuss enhancing bilateral cooperation

    ABU DHABI, UAE -   UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Algerian Minister of Industry Ahmed Zeghdar discussed enhancing cooperation in the economic, industrial and commercial sectors between the two countries.    In a meeting between Sheikh Abdullah and Zeghdar in Abu...
  • Tunisian president Saied accused of hate speech against migrants

    "Hordes of illegal immigrants from sub-Saharan Africa are still arriving, with all the violence, crime and unacceptable practices that entails," he said, according to a statement from his office on Tuesday evening.
  • Jordan, Algeria discuss closer economic cooperation

    AMMAN, JORDAN - A Jordanian ministerial delegation met with a number of Algerian ministers in the North African country on Monday  to discuss areas for bilateral cooperation.The two sides reached an agreement on a roadmap to advance economic, trade, and investment cooperation for the years 2023–2025 or until the meetings...
  • Iraq is a key trade partner of Jordan, says Kingdom’s Commerce Chamber head

    AMMAN, JORDAN - Chairman of the Jordan Chamber of Commerce (JCC), Khalil Haj Tawfiq said Iraq is an "important" trade partner and gateway for Jordan's economy. Haj Tawfiq said, "Jordan and Iraq have wide, prolific potentials, fields and grounds to build economic integration, in light of the strong brotherly relations,...
  • Saudi Arabia, Oman sign 13 MoUs to promote investment

    The pacts were signed on the sidelines of the Saudi-Omani Investment Forum which is held in Riyadh under the theme of "Partnership and Integration".
  • Google announces 12,000 job cuts globally, cites changing economic reality

    Google's parent company Alphabet announced about 12,000 job cuts globally citing a changing "economic reality", becoming the latest US tech giant to enact large-scale restructuring. The layoffs come a day after Microsoft said it would reduce staff numbers by 10,000 in the coming months, following similar cuts by Facebook owner...
  • Sharjah EC discusses impact of commercial boards on urban appearance

    SHARJAH, UAE - The Sharjah Executive Council (SEC) discussed on Tuesday a report on commercial boards made for economic institutions and their impact on the general urban appearance of the emirate.  Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Sharjah...
  • Sharjah, Belgium discuss enhancing ties

    SHARJAH,  UAE -  A Belgian delegation met with Sheikh Majid Al Qasimi, Director of the Department of Government Relations (DGR) in Sharjah. Antoine Delcourt, Ambassador of the Kingdom of Belgium to the UAE was also present on the occasion. Al Qasimi welcomed the Belgian delegation comprising Juren Seleslag, Political Affairs...
  • Abu Dhabi Chamber inks 3 pacts to drive economic growth

    ABU DHABI, UAE - As part of its participation in the first edition of the Abu Dhabi International Food Exhibition (ADIFE), the Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed three Memoranda of Understanding (MoUs) with local and regional parties. The parties included the Emirates Development Bank, Abu Dhabi...
  • Jordan and Algeria renew pledge to boost economic ties

    Algiers, Algeria— Jordan's King Abdullah and Algeria President Abdelmadjid Tebboune have stressed the importance of bolstering ties between the two countries in a meeting in Algiers on Sunday. The talks between the two leaders covered the deep-rooted bilateral ties between Jordan and Algeria and the latest regional and international developments....
  • Arab nations to hold economic development summit every four years

    Dubbed the 'Arab Development Summit', it may be hosted by the Cairo-based Arab League.
  • Lebanese lawmakers fail to pick President for fourth time

    Already governed by a caretaker cabinet, crisis-hit Lebanon is hurtling towards an imminent power vacuum, with just days before the current president's term finishes at the end of the month. Aoun was elected in 2016 after a more than two-year vacancy at the presidential palace, as lawmakers made 45 failed...
  • DEWA shares drop 2.8%

    The decline came amid reports of economic slowdown.
  • UN says Ukraine war pushes 4m children into poverty

    Paris, France— Russia's invasion of Ukraine and the resulting economic fallout have thrown four million children into poverty across eastern Europe and Central Asia, the UN children's agency said Monday. "Children are bearing the heaviest burden of the economic crisis caused by the war in Ukraine," UNICEF said. The conflict "and...
  • Bahrain calls for adoption of new solutions to spur growth

    Washington, US—Bahrain has called for adoption of innovative solutions to encourage economic growth and sustainable development goals for all countries. The country's Finance and National Economy Minister, Shaikh Salman bin Khalifa Al Khalifa, has stressed the importance of strengthening international cooperation. The minister  took part in the meeting of the...
  • Tunisian protestors demand president’s resignation

    Demanding his resignation, tens of thousand of demonstrators in Tunis denounced a power grab by President Kais Saied, chanting "Down, down," "Revolution against dictator Kais" and "The coup will fall." In July last year, Kais staged a dramatic power grab and later pushed through a constitution enshrining his one-man rule.
  • Saudi Arabia holds GCC meeting to boost economic ties

    Saudi Arabia hosted a meeting of the GCC Financial and Economic Cooperation Committee to broaden economic cooperation among the GCC countries.
  • UAE and Italy to widen trade and economic ties

    The UAE and Italy are looking to widen trade ties between the two countries, and in this regard an Italian delegation met with Dubai Customs to further economic cooperation.
  • Specialized sessions on Metaverse opportunities held in Dubai

    As many as seven side sessions were held on the first of the two-day specialized sessions on Metaverse.
  • Lebanon approves budget, a key condition for IMF bailout

    Prodded by the IMF to implement reforms, Lebanon's parliament has approved the 2022 budget setting expenditures at $1.2 billion. The crisis-stricken country and the IMF had reached a conditional agreement on a $3 billion loan in April to help the country tackle its economic crisis.
  • US team explores ways to boost economic ties with UAE

    The delegation, led by Governor Spencer J. Cox, included over sixty prominent Utah government officials, business executives, and community leaders, including First Lady Abby Cox.
  • Saudi Arabia, Oman ministers discuss industrial cooperation

    Oman Minister of Commerce along with a delegation met Saudi Arabia Minister of Industry where the two discussed industrial cooperation between the two countries.
  • High-level UAE economic delegation visits Georgia

    A UAE economic delegation led by Minister of State Ahmed Ali Al Sayegh visited Tbilisi, Georgia.