• TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia 

    ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they have entered into a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture company owned by Saudi Arabian Oil Company (Saudi Aramco)...
  • Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce

    AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange companies in the Kingdom are experiencing a significant surge in demand for the Jordanian dinar, surpassing interest in other foreign currencies, the Petra news agency said. Speaking to Petra, Firas...
  • Aramco CEO terms energy transition strategy a failure

    Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is visibly failing on most fronts. adding that this is "hardly the future picture some have been painting." Fossil fuels accounted for 82% of global consumption last year.
  • Abu Dhabi Chamber and UAEIIC team up to boost investment

    Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council to collaborate in investment and futuristic economic sectors. According to the agreement, the Abu Dhabi Chamber and the Council will exert their best efforts to eliminate any obstacles that may...
  • Investcorp Capital names new CFO

    Rohit Nanda, the new CFO, will take up his new job next month.
  • Lapita sees surge in leisure and wedding bookings in 2023

    Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last year, With its convenient location between Dubai and Abu Dhabi, expansive outdoor spaces, word-class facilities that include seven meeting rooms, and the Tamure Ballroom able to accommodate up to 700...
  • Qatar looks to boost tourism sector by streamlining regulations

    Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve all obstacles facing the sector and align its development with the state's overall progress. This was stated by Chairman of Qatar Tourism Saad bin Ali bin Saad Al Kharji at...
  • UAE bolsters air cargo industry with launch of ‘CARDS’ data platform

    Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range of technical services to government entities, national airlines, ground handling agents and express service providers. CARDS is the first platform of its kind to provide an analytical view of air...
  • Middle East to receive millions of Chinese tourists lost in Covid pandemic

    Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be 22% below its peak pre-pandemic numbers of 155 million tourists in 2019, who spent over $250 billion overseas, according to Oxford Economics Full recovery is expected to materialise in 2025,...
  • Jordan oil imports decline in January, boosting trade balance

    Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according to data released by the Department of Statistics on Tuesday. The figures revealed a decrease in the value of oil imports to the Kingdom, totaling $361 million for January, compared...
  • Regulated dollar transactions on the rise in Iraq, says central bank

    With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically. At the end of 2022 the country's bankings sector also adopted the international financial messaging system known as SWIFT as part of the reforms, to help tackle money laundering and...
  • Alibaba Cloud opens training center in Dubai

    It will be a hub for customers to lift up "digital competence."
  • Geopolitical tensions boost oil, weigh on equities

    Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest rate cuts amid stubbornly-high inflation. "Heightened tensions between Ukraine and Russia have brought a halt to the rally in equity markets seen last week," said Russ Mould, investment director at...
  • Aramco CEO highlights collaboration with Beijing at forum in China

    AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in his speech on Monday at the China Development Forum in Beijing. Nasser underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners and identified specific areas...
  • SCCI and Thailand look to boost economic cooperation

    Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In this connection, the SCCI has engaged in high-level discussions with a Thai diplomatic delegation, exploring avenues for enhancing economic cooperation and boosting the trade exchange volume between the two countries....
  • UAE’s overseas investments surpass $2.5trn mark

    Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of early 2024. Jamal Bin Saif Al Jarwan, chief of the UAE International Investors Council, said that UAE investments abroad are performing well despite global economic fluctuations. The UAE secured the top...
  • IMF chief calls upon China to boost growth with pro-market reforms

    BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of pro-market reforms" to boost a sluggish economy beset by a housing market crisis, low domestic demand and persistently high youth unemployment. Chinese policymakers have so far resisted calls to juice...
  • Passenger air traffic has surpassed pre-pandemic levels: ICAO

    Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In the first quarter of 2024 than in 2019, with airlines expected to sustain their operating profitability seen in 2023. Demand this year is forecast to be around 3 percent above...
  • EU imports US$120.5bn worth of energy products in Q4 2023

    BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products amounting to a total of 187.9 million tonnes. Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent), according to...
  • UN official urges $4bn humanitarian aid for cash-strapped Syria

    Beirut, Lebanon - A UN official on Friday appealed for about $4 billion in humanitarian assistance for Syria, warning funding was almost non-existent and that lack of support would push more Syrians to emigrate. Syria's war, which began 13 years ago with the repression of anti-government protests, has killed more than...
  • EU to tell big tech firms to curb election risks or face fines

    BRUSSELS, BELGIUM – The EU will put more pressure on the most popular online platforms, like X and TikTok, to tackle the risk of election disinformation or face fines, an EU official said on Friday. The European Commission, the EU's executive arm, is expected to adopt new guidelines, likely on Tuesday,...
  • Russia’s central bank holds rates amid high inflation

    MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to stubbornly high inflation and labor shortages. The central bank raised rates to 16 percent in a series of hikes last year to cool the pace of price rises. Analysts are...
  • Middle East oil policies not dictated by US, says Russia

    MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the Russian Foreign Intelligence Chief Sergey Naryshkin said. The Russian official made the statement in the documentary "Oil" on the premier online platform. “The ‘hegemon’ has lost a step. It is...
  • ENEC and General Atomics to collaborate on use of technology for nuclear energy

    Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with General Atomics (GA), a leading US advanced technology solutions company, to collaborate on using advanced technologies and materials for nuclear energy supply. They will also cooperate on prospects that utilise...
  • ‘UAE outpaces major nations in human development’

    “These efforts ensure sustainable development across all sectors, promising a bright future for generations to come,” he adds, referring to the 2023-24 Human Development Index report by the United Nations Development Programme in which the United Arab Emirates topped the regional countries.
  • GCC and Turkey begin free trade negotiations to boost ties

    Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In this connection, Jasem Mohamed Albudaiwi, Secretary General of GCC, and Dr. Omer Bolat, Minister of Trade of Turkey, signed a joint statement to initiate negotiations between the GCC and Turkey....
  • Italy’s Enel doubles net profit

    Its net profit spiked to US$3.7 billion in 2023.
  • IMF chief urges countries to strengthen independence of central banks

    "Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates for fear of causing a financial meltdown," she added.
  • COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action

    Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would cut their own emissions in line with limiting global warming to 1.5 degrees Celsius. Nations have been under pressure to keep this warming limit alive by pledging to accelerate their...
  • Saudi Industrial Production Index climbs up in January 2024

    Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December 2023, marking a monthly growth of 0.3%, according to data from the General Authority for Statistics (GASTAT). The sub-index for mining and quarrying activity, which accounts for 61.4% of the...
  • Reddit to make trading debut on NYSE

    It comes amid a slowdown in the tech sector IPOs.
  • GCC central banks hold rates steady, following US Fed

    The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning its monetary policy closely with that of the US Federal Reserve. In Qatar, the Central Bank has also decided to keep its deposit, lending, and repo rates unchanged at 5.75%,...
  • Saudi Arabia to donate US$40m for UN agency in Gaza

    The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in the Gaza Strip", where the Israel's war has raged for more than five months. The funding will provide food for more than 250,000 people and tents for 20,000 families.
  • Cash-strapped Pakistan gets draft approval for $1.1 bn IMF payout

    Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout deal, the global lender said Wednesday, giving much-needed respite to the South Asian nation. Last summer, cash-strapped Pakistan sketched a $3 billion deal with the IMF as it battled a...
  • Google hit by US$272m fine in France

    It breached an agreement on terms for paying media firms.
  • GCC and EU hold talks to boost economic, political ties

    Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance relations between the two blocs. In this connection, Jasem Mohamed Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), today held a discussion session with members of the European Union (EU)...
  • UK inflation slows to lowest level since September 2021

    ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this year, compared to a large rise last year". On a monthly basis, CPI rose 0.6 percent last month compared with a rise of 1.1 percent in February 2023, the ONS...
  • ADX partners with Eureeca

    The collaboration will bolster accessibility to ADX IPOs.
  • Oman issues Treasury Bills worth US$181m this week

    MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to US$181 million (RO 70 million) this week. According to the Oman News Agency (ONA), the value of the allotted Treasury Bills amounted to US$12.9 million (RO 5 million) for a...
  • China regulator to ban Evergrande chair from securities market for life

    BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds of financial fraud, a subsidiary of the company said on Monday. Heavily indebted Evergrande has become a potent symbol of the years-long crisis in China's property market, a crucial pillar...
  • Dubai approves rise in energy, water efficiency programs

    DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st meeting of DSCE, which was held virtually. The Council reviewed updates of the demand side management strategy for 2030 and 2050, which set well-studied goals to reduce water and electricity...
  • World Bank plans $6 billion in financial assistance for Egypt

    The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including mobilization) – subject to Board approval," it added. Egypt, the Arab world's most populous nation, is in dire need of financial help as it weathers a severe economic crisis marked...
  • Shipping service connecting India, South East Asia with Saudi Arabia comes up

    RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in Dammam, connecting the Kingdom to Southeast Asia and India, Saudi Ports Authority (Mawani) announced. This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime...
  • Bahrain and France sign MoU to boost tourism education

    Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in France to launch a student exchange programme between Bahrain and France aimed at bolstering academic and cultural ties between the two countries. This initiative affirms the joint commitment to strengthen...
  • Iran signs deals worth US$13bn to boost oil production

    The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. The deals have been labelled as Iran's "biggest oil contracts in the past decade" that are aimed to add 350,000 barrels per day to the Islamic republic's daily production.
  • Iran signs big contracts to increase oil production

    Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.
  • US Fed to provide fresh clues on rate cuts after uptick in inflation

    The Fed has raised interest rates to a 23-year high of between 5.25 and 5.50% as it looks to return inflation firmly to its long-term target of 2%. After making significant progress against rising prices last year, 2024 has been more challenging, with the US seeing a small uptick in...
  • Nakheel, Meydan join Dubai Holding

    The Board of Directors of both Nakheel and Meydan will be abolished.
  • US sanctions network smuggling American tech to Iran’s central bank

    US Treasury sanctioned a number of alleged ISC subsidiaries and front companies based in Turkey and the United Arab Emirates, and three individuals allegedly linked to them including Pouria Mirdamadi, a French-Iranian dual national. "The United States will continue to use all available means to disrupt the Iranian regime's illicit...
  • S&P affirms Saudi Arabia’s A/A-1 credit rating

    Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit ratings of Saudi Arabia at 'A/A-1' with stable outlook. The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom's economic and...
  • Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023

    RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of the country's real GDP in 2023 – the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning....