AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said that there were 129 real estate valuation transactions in the emirate in February, valued at around US$195 million (AED718 million). He highlighted the ongoing momentum in Ajman's real estate market,...

ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment between the two nations.   The agreement was signed in the Hungarian capital Budapest by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and...

Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place on 9-10th December 2024 in the Abu Dhabi National Exhibition Centre (ADNEC Centre Abu Dhabi). Co-organised by Capital Events, the event management arm of ADNEC Group, and BTC Inc., the...

It delivered some 9.2 million cars to customers in 2023.

Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing...

Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023. J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for...

The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core" measure stripping out volatile food and energy prices edged down slightly to 3.8 percent.

It will be its first foray into the electric vehicle sector.

Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking...

Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London. The growth is attributed to the increase in investments...

It will settle a civil suit linked to the disguising of imported vans.

Beijing, China - China's leaders on Monday wrapped up a week-long key conclave at which they admitted more was needed to revive a sluggish economy battered by an ailing housing market, poor domestic demand and record-high youth unemployment. Top officials have been upfront about the myriad challenges China is facing, admitting...

DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There's been a significant increase in Indian businesses setting up there, with 28 percent more new companies in 2023 compared to the previous year. This resulted in over 190...

Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues to deepen the cooperation between the two countries. In this connection, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, held several bilateral meetings...

Sheikh Mohammed bin Faisal will now lead the bank.

TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products worth US$5.5 billion to over 130 countries during the first eleven months of the year. Rouhollah Latifi, the spokesperson for the Trade Development Commission at the Iranian Ministry of Industry,...

RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that it has adopted the chain-linking methodology to calculate the real GDP in the country. The Q4 2023 results and the annual results for the same year have been reached at...

The oil giant posted a 24.7% fall in net profit to US$121.25bn.

Beijing, China-- A greener globe requires a greener energy industry, which could definitely be represented by new quality productive forces such as green hydrogen, according to Baoshen Zhong, Chairman of LONGi Green Energy. China Economic Net quoted Zhong as saying, during the 2024 Two Sessions, that “Renewable energy, mainly photovoltaic...

The announcement came after the airline's record profits.

It will enable customers to access Dropbox's tools.

AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months of 2024, compared to US$1.79 billion (JD1.272 billion) for the same period last year. According to statistical data obtained by Petra, exports of five sectors recorded an increase, while the...

Lagos, Nigeria - The holy fasting month of Ramadan begins early next week in Nigeria, with the worst economic crisis in a generation leaving many in Africa's most populous Muslim country struggling to buy food. With food inflation at around 35 percent, worshipers taking part in Friday prayers at the central...

Tunisians usually prepare for Ramadan -- when daytime fasting is followed by festive but often costly meals with family and friends -- by stocking up on large amounts of food. But this year things are different, with purchasing power greatly diminished because of soaring prices, a recession and rising unemployment.

Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of customs duty exemptions for various industrial products and materials starting April 1. Industrial companies holding a valid license from the ministry will benefit from duty exemptions on specific items essential...

Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was signed by Minister of Finance Ali bin Ahmed Al Kuwari and Minister of Economy and Information Technology in Estonia Tiit Riisalo. Stressing the importance of the agreement, Al Kuwari said...

The debut issue of the company is valued at US$300m.

Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi. Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group, will provide a full turnkey solution for the projects, including finance, design, procurement, construction, operations, and maintenance for...

Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95 percent of state revenue. Much of this wealth pays for a bloated public sector that employs almost one third of the population, as well as for state subsidies meant to...

Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing for what organizers are terming as "record-breaking" final day with more announcement of investments expected to be made on the occasion. Abdullah Al-Swaha, Saudi minister of communications and information technology,...

Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase compared to the previous year, with Europeans constituting 27 percent of the total visitor count. Sharjah Commerce and Tourism Development Authority (SCTDA) made the announcement during its press conference on...

Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP World’s global network to establish and host international representative offices at the group’s facilities around the world. The partnership aligns with the goals of the Dubai Global initiative launched by...

The automaker will beef up production of hybrid vehicles.

Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among the Arab Gulf states, especially in light of the economic and financial challenges that the world is experiencing in relation with growth, sustainable development, financial stability, and interest rate policies,...

The 50% cash dividend would be to the tune of US$2.12bn.

DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on the previous year’s 88 million, according to latest figures released by the mall on Tuesday. Figures also showed a staggering 20 million people visited the mall in the first two...

Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and Wall Street shares dropped ahead of the release of key US economic indicators. Tokyo finished flat, a day after Japan's benchmark Nikkei index hit a record high, closing above 40,000...

RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 57.2 points in February. The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.    The PMI...

They will utilize outdoor media-leasing spaces for advertising.

Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU) market, Simon Coveney, Ireland’s Minister for Enterprise, Trade and Employment, told the Emirates News Agency (WAM). As evidence of thriving relations, he highlighted the growing Irish diaspora in Gulf Cooperation...

It is part of the airlines' effort to 'modernize' its fleet.

Premier Li Qiang formally announced the growth objective, alongside the overall budget and key government policies for 2024, at China's annual National People's Congress (NPC), which kicked off Tuesday morning. A budget report indicated China's military spending - second only to the United States' - would rise by 7.2 percent.

Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’ latest Global Services Forecast (GSF). Growing to US$28 billion from US$12 billion, and registering a 4.4 percent average annual growth, the regional expansion will surpass the global average growth of...

Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of its road network, Minister of Transport and Logistics Eng. Saleh Al-Jasser said on Monday. Speaking at the launch of the "Safe distinguished roads" campaign in Riyadh, Al-Jasser highlighted a remarkable...

Proceedings kick off Monday at 3:00 pm with the opening ceremony of China's People's Political Consultative Conference (CPPCC), which will last until next Sunday. At a press conference, CPPCC spokesperson Liu Jieyi said that "economic topics are of great concern" to the body's over two thousand members.

The bank has raised its interest rates to tame inflation..

On a monthly basis, inflation rose 4.5 percent in February, slower than the 6.7 percent rise logged in January. Erdogan said Sunday that anti-inflation policies "will begin to be felt in practice towards the end of the year".

Tehran, Iran-- Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the oil ministers of the two countries. Iranian Oil Minister Javad Owji held talks with Nikolay Shulginov, the Minister of Energy of Russia, on the sidelines of the GECF Summit in Algeria...

Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the next 12 months, surpassing the global average of 44%, the Middle East average of 73%, and the GCC average of 81%, reveals the 27th Annual CEO Survey by the PwC...

Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing to increasing trade and investment flows and enhancing global economic growth, according to top officials from the country. Top economic officials have stressed the UAE's significant role in supporting the...