UAE, France discuss bilateral ties, sign AI cooperation deal
Paris, UAE - UAE President Sheikh Mohamed bin Zayed Al Nahyan and French President Emmanuel Macron of France explored various...
Geostrategy
Davos2025: 33 industrial clusters from 16 countries commit to economic growth, jobs creation and emissions cuts
The Transitioning Industrial Clusters initiative aims to improve collaboration and develop a shared vision among co-located companies and public institutions,...
Economy
Economy
UAE commits $15m to rebuild Palestinian city of Jenin after Israeli attack
Dubai, UAE - The United Arab Emirates (UAE) pledged on Thursday $15 million to support the rebuilding efforts in the...
- The funds will be channeled through the UNRWA to aid the organization's operations and extend assistance to affected Palestinian families
- The UAE's decision to provide aid to Jenin could be seen as an effort to strengthen its relations with the Palestinian Authority
Geostrategy
Iraq join Egmont Group of financial intelligence units
BAGHDAD, IRAQ - Iraq joined the Egmont Group of Financial Intelligence Units, the Supreme Judicial Council announced. "The efforts made...
- The membership, "concerns the exchange of information between the financial investigation units for combating money laundering and financing terrorism."
- Egmont Group provides support to member states by enhancing secure communication between financial investigation units
Business
Verition opens office in DIFC
MENA is an important market for Verition.
- Verition’s strategic positioning of its Dubai headquarters gives it access to DIFC’s financial and innovation ecosystem
- Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore and Hong Kong.
Geostrategy
Turkish Foreign Minister, Blinken discuss NATO expansion, Black Sea grain initiative
Ankara,Turkey - Turkish Minister of Foreign Affairs Hakan Fidan discussed, in a phone call on Wednesday with US Secretary of...
- Earlier last month, NATO chief Jens Stoltenberg called on Ankara to drop its opposition to Sweden's bid to join NATO, saying Stockholm has addressed Turkey's security concerns
- As for Black Sea grain deal, Russia has restated a demand for its state agricultural bank to be reconnected to the global SWIFT payments system to avert the collapse of the deal
Economy
UAE Dirham can be third currency for India-Russia Trade, says Russian economist
New Delhi, India - Russian academic Sergey Luzyanin has suggested that the United Arab Emirates' Dirham could be considered as...
- Sergey Luzyanin shed light on Russia's need for a third currency option due to concerns over the volatility of the Indian Rupee
- The need for a third currency arises as Russia continues to face Western sanctions imposed after its involvement in Ukraine
Business
OPEC’s energy ministers back crude output cut by Saudi Arabia, Russia, Algeria
Vienna, Austria - Energy and oil ministers from the Organization of Petroleum Exporting Countries (OPEC) on Wednesday expressed support for...
- Saudi Arabia on Monday extended its voluntary production cut of 1 million barrels per day (bpd) into August
- Saudi Arabia and Algeria are among OPEC's 13 member states, and Russia is one of the organization's 10 allies
Economy
Total direct, indirect economic impact of re-exports is $13bn: UAE minister
Abu Dhabi, UAE - The total direct and indirect economic impact is estimated at AED 48 billion ($13 billion) the...
- Al Zeyoudi said that the re-exports are a vital sector for the country's economy, as the UAE is one of the largest re-export centers in the world
- He added that mobile phones and their accessories were the largest single sector for re-exports in 2022 followed by diamonds, mass transit vehicles and jewelry
Saudi Arabia launches E-Visa system for Umrah pilgrimage
Dubai, UAE - Saudi Arabia has introduced a new electronic visa system for Muslims intending to embark on the spiritual...
- The visa issuance has commenced, and the first arrivals under this new system are expected on July 19, according to the Saudi Press Agency
- Applicants can submit their e-visa applications through the Nusuk platform, available at https://www.nusuk.sa/ar/about
Economy
Central Bank of Bahrain Sukuk Al-Ijara oversubscribed
Manama, Bahrain - The Central Bank of Bahrain (CBB) has announced that the monthly issue of the short-term Islamic leasing...
- The Sukuk Al-Ijara has a maturity period of 182 days, starting on July 6, 2023 and maturing on January 4, 2024
- Earlier in June, the CBB said that the issue of the 4-year Government Development Bond was oversubscribed by 415 percent
Economy
Barakah Nuclear Energy Plant refinancing completed with UAE banking partners
Abu Dhabi, UAE - The Barakah One Company (Barakah One) - a joint-venture between the Emirates Nuclear Energy Corporation (ENEC)...
- Barakah has three reactors currently generating abundant, clean electricity for the UAE, with the fourth unit recently starting its operational readiness phase
- The refinancing is the next step in the development of the Barakah Plant as the project continues to progress through to full, four-unit commercial operations
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UAE, France discuss bilateral ties, sign AI cooperation deal
Paris, UAE - UAE President Sheikh Mohamed bin Zayed Al Nahyan and French President Emmanuel Macron of France explored various...
Geostrategy
Company News
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Saudi Arabia’s Madinah, KAEC, Al-Ahsa join UNESCO global network of learning cities
RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization has announced that the cities of Madinah, King...
Geostrategy
Saudi Arabia set to establish more smart industrial zones
Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing,...
Economy
Saudi budget records $10 billion deficit in Q4 2023
Riyadh, Saudi Arabia - Saudi Arabia's general budget recorded a deficit of $9.86 billion in the fourth quarter of 2023,...
Economy
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Economy
Saudi Arabia enacts law to safeguard whistle-blowers and witnesses
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday granted approval for the law for the protection of whistleblowers, witnesses, experts,...
- The milestone law, previously greenlit by the Shoura Council, is designed to safeguard individuals who may face threats for providing information on crimes
- The law empowers judicial authorities to shield them from potential threats, assaults, revenge, intimidation, and other risks
Business
UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey
Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by...
- The survey also found that 73% respondents are confident that the UAE will have charging stations every few kilometers by 2028
- It also highlights a substantial wave of interest in EVs, with 26% of non-EV owners expressing interest in purchasing one in the next 12 months
Business
Riyadh Season opens registration for SEVEN Concours 2024 global car auction
Riyadh, Saudi Arabia - The Riyadh Season has announced the commencement of registration for the SEVEN Concours 2024 exhibition, the...
- The season will feature the most prestigious car manufacturers, making it one of the premier events that put Riyadh on the map for hosting international car exhibitions
- The exhibition, scheduled from March 1 to 7 as part of the Riyadh Season activities, brings together the world's rarest, most luxurious, and fastest cars in one venue