UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
46,223 structures destroyed, 18,478 severely damaged in Gaza: UNOSAT
Geneva, Switzerland - The United Nations Satellite Centre (UNOSAT) has identified 46,223 destroyed structures, 18,478 severely damaged structures, 55,954 moderately...
Geostrategy
Economy
Downward slide in global food prices continues: FAO
Vegetable oil prices fell 2.9 percent, stemming from subdued global import demand for palm and soy oils and ample export...
- Vegetable oil prices fell 2.9 percent, stemming from subdued global import demand for palm and soy oils and ample export availabilities of sunflower seed and rapeseed oils
- The UN organization expects international trade in cereals in the 2022-23 period to decline by 1.7 percent from the previous year’s record level of 474 million tons
Economy
Europe in crossfire of US-China economic rivalry
The United States has adopted the Inflation Reduction Act (IRA), which contains $370 billion in sweeping investments, subsidies and tax...
- Europe's fears have deepened after the economic and supply crises sparked by the war in Ukraine that have cast the rules of globalisation into question
- The EU has called on the United States to provide European firms exemptions -- like those granted to trade bloc partners Canada and Mexico
Economy
Investing in Israel faces growing risks, warns JP Morgan
The reforms would tighten political control over judicial appointments and limit the Supreme Court's ability to overrule government rulings or...
- The reforms would tighten political control over judicial appointments and limit the Supreme Court's ability to overrule government rulings
- Leading Israeli economists have warned that the proposed reforms will do "long-term harm" to the Israeli economy.
Business
ADNOC inks $4.63 billion in contracts with 23 firms.
Pipes and fittings, valves, bends and cladded pipes, industrial pumps, batteries, pipes and fittings, and many more goods will be...
- Pipes and fittings, valves, bends and cladded pipes, industrial pumps, batteries, pipes and fittings will be manufactured locally
- Proclad, Tri Star Middle East, and Petro Globe Oil & Gas Equipment are among the firms that have obtained contracts
Geostrategy
UAE, France foreign ministers discuss strategic partnership
ABU DHABI, UAE - UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan received French...
- The UAE and French ministers discussed bilateral relations and available opportunities for expanding cooperation between the two countries.
- The two sides stressed their keenness to continue consultations and coordination on issues of mutual concern.
Geostrategy
US, UAE officials discuss financial crimes
ABU DHABI, UAE - The US Department of the Treasury’s Under Secretary for Terrorism and Financial Intelligence Brian Nelson led...
- Officials from both the countries reiterated their commitment to the continued dialogue between the two sides.
- They agreed to exchange respective experiences on efforts pertaining to Virtual Assets and Virtual Asset Providers (VASPs), supervisory efforts.
Geostrategy
Saudi Arabia, France ink MoU on energy cooperation
The MoU encourages cooperation between the two countries in the fields of electricity, renewable energy, energy efficiency, energy storage, smart...
- The MoU encourages cooperation between the two countries in the fields of electricity, renewable energy, energy efficiency, energy storage, smart grids
- It also promotes cooperation in digital transformation, localization of materials, products and services in the energy supply chain
Business
QAMCO’s profit surges by 10%
Earnings per share amounted to QR 0.165 in 2022.
- The company, which was established in December 2018, added in a statement on the Qatar Stock Exchange website that the earnings per share (EPS) amounted to QR 0.165 in 2022
- The board of directors recommended distributing cash dividends to shareholders for the year 2022 at QR0.09 per share, a nine percent of the share's nominal value
Economy
Number of visitors to Petra surges by 147 percent
Suliman Farajat, chairman of the PDTRA, stated that tourism in the red-rose city swiftly rebounded from the Covid pandemic impact...
- In January 2019, a total of 56,559 people visited Petra, while in January 2022, the lost city welcomed 30,287 visitors
- Suliman Farajat, chairman of the PDTRA, stated that tourism in the red-rose city swiftly rebounded from the Covid pandemic impact in 2022
Geostrategy
In Morocco, Spain PM reinforces ties after crisis
The visit comes less than a year after the Spanish leader drew a line under a year-long diplomatic crisis by...
- Around 20 deals were signed on Thursday to bolster Spanish investments in areas including renewable energy to education
- Both countries said they were progressing in preparations to open customs offices in Ceuta and Melilla, Spain's two North African enclaves
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
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UAE, Turkey explore ways to enhance bilateral relations
Abu Dhabi, UAE - UAE President Sheikh Mohamed bin Zayed Al Nahyan discussed bilateral ties with Recep Tayyip Erdogan, President...
Geostrategy
Red Sea Global, VAARST join hands for marine ecosystem mapping
TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the regenerative tourism destinations, is piloting SubSLAM, an...
Business
Iran executes man convicted of spying for Israel: judiciary
According to human rights groups, including Amnesty International, Iran executes more people per year than any other nation except China....
Geostrategy
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Economy
UAE to strengthen digital infrastructure in Azerbaijan
Abu Dhabi, UAE – The UAE and Azerbaijan have signed a Memorandum of Understanding (MoU) aimed at strengthening the digital...
- Data centers are crucial to a country’s digital infrastructure as they provide a secure space for storing critical data and running applications.
- Azerbaijan has taken steps towards advancing the digital economy, among else through the centralization of e-services and the digitization of public services
Business
ADNOC to buy stake in Fertiglobe
ADNOC to buy OCI’s entire shareholding in Fertiglobe.
- Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
- It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.
Business
ENEC, CNNC sign MoU
Both the firms will offer their expertise in the sector.
- The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
- They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.