US Pentagon chief says military ready to ensure Iran never gets a nuclear bomb
Washington, United States -- The US defense secretary reiterated Sunday that the United States hopes for a diplomatic solution to...
Geostrategy
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
Economy
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
- The bank said that the UAE economy recorded a 3.8 percent year-on-year (YoY) growth in the second quarter of the current year, compared to 8 percent recorded in Q2 2022.
- It mentioned that the non-oil GDP growth accelerated to 7.3 percent YoY in the second quarter of the current year, up from 4.5 percent YoY in the previous quarter.
Arts & Culture
7,000 digital marriage contracts delivered in Abu Dhabi since Oct
Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
- This is the first service of its kind and it enables the marriage contract to be sent directly to the spouses during the contract session.
- Customers can review the available times of the authorized officiants and receive the results of the suitors' medical examination automatically.
Geostrategy
Rights group slams Meta for silencing pro-Palestinian voices
"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
- HRW pointed to "systemic online censorship", reporting more than 1,050 "takedowns and other suppression of content" on Instagram and Facebook from over 60 countries in Oct and Nov.
- Of the 1,050 cases reviewed, 1,049 involved "peaceful content in support of Palestine that was censored or suppressed, while one case involved removal of pro-Israel content.
Business
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
- The Central Bank's cash aggregates statistics reveal a monthly increase of 0.19 percent, or AED 1.3 billion, compared to around AED 685.9 billion in September 2023.
- During the first ten months of this year, cash deposits increased by 8.12 percent compared to about AED 635.6 billion at the end of last year, an increase of AED 51.6 billion.
Business
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
- The Kingdom kept the 17th place among the largest holders of US Treasuries for the month, Argaam reported.
- Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $102.3 billion.
Business
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
- Aldar intends to utilize the proceeds to finance sustainable projects such as green buildings, property upgrades to enhance energy efficiency.
- The company also intends to use the proceeds to finance sustainable water management, pollution control measures and renewable energy sources.
Business
ADNOC signs LNG delivery agreement
The 15-year agreement was inked wit ENN LNG (Singapore).
- The LNG will primarily be sourced from ADNOC’s low-carbon Ruwais LNG project, currently being developed in Al Ruwais Industrial City, Abu Dhabi.
- The Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power.
Economy
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
- Expenditures are expected to increase by 1 percent from 2023 to reach QR 200.9 billion, due to a rise in the allocations for salaries and wages.
- Allocations for both current expenditures and secondary capital expenditures also increased by 6.4 percent and 27.5 percent respectively, compared to 2023.
Business
Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
- Public funds focus on local money markets, while private funds favor equity and real estate.
- The value of assets held by equity and real estate funds made up 84 percent of the private funds’ total assets.
Business
DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
- In 2023, the program also saw a record-breaking number of participants with over 700 applicants for a single cohort, out of which 19 start-ups graduated.
- DIFC Innovation Hub is home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region.
US Pentagon chief says military ready to ensure Iran never gets a nuclear bomb
Washington, United States -- The US defense secretary reiterated Sunday that the United States hopes for a diplomatic solution to...
Geostrategy
Company News
TAQA net income $1.93bn in 2024
Business
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MODON launches 10 projects
Business
UN chief slams ‘distressing’ spending on arms over climate
Without action, "the situation will deteriorate," he warned. "Conflicts are multiplying. The climate crisis is set to spiral, as emissions...
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
Economy
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Business
IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
- The Pavilion will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development.
- This project aligns with the IsDBI’s objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in member countries.
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.
Business
Qatar’s foreign merchandise trade surplus $4.58 billion in Nov 2023
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- Total exports of goods amounted to around QR 26.5bn in Nov 2023, showing a decrease of 28.6 percent compared to Nov 2022, and a decrease of 8.8 percent compared to Oct 2023.
- In Nov 2023, China was at the top of the countries of destination of Qatar's exports with close to QR 5.4 billion, a share of 20.4 percent of total exports.