Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
Economy
Geostrategy
Jordan, EU sign two financing agreements worth US$69m
AMMAN, JORDAN - Confirming its role as one of Jordan’s main supporters, the European Union (EU) on Sunday signed two...
- The first is financing a US$42 million program in support of Jordan's Ministry of Justice, Judicial Council, Judicial Institute and Public Security Directorate.
- The second US$27 million contributes to the "Green Growth" program from the Food and Resilience Facility.
Business
DEWA commissions 17 transmission substations worth US$871m in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) inaugurated 17 new substations in 2022. These include fifteen 132kV stations...
- The transmission substations include 15 132kV stations with a conversion capacity of 2,280 megavolt amperes (MVA) and two 400kV stations with a conversion capacity of 4,000 MVA.
- DEWA installed 5km of 400kV overhead transmission lines and 247km of 132 kV ground cables to connect the substations to the main transmission network.
Geostrategy
UAE takes part in G20’s first Health Working Group meeting
NEW DELHI, INDIA - The UAE participated in G20'S first health working group session held in India from January 18...
- The aim of the meeting was to discuss the priorities for the health track within G20 under the Indian presidency this year.
- It will also focus on access to safe, effective, quality and affordable medical countermeasures.
Geostrategy
Canadian Prime Minister holds talks with Jordanian king
The two countries reaffirmed their commitment to bolstering international security and stability and to continue to work together to overcome...
- The two countries reaffirmed their commitment to bolstering international security and stability and to continue to work together to overcome regional and global challenges
- Regarding Syria, the two sides stressed the importance of finding a political solution to the crisis in Syria in accordance with United Nations Security Council Resolution 2254
Business
UAE banks’ saving deposits rise to $67bn
On a monthly basis, the deposits grew by 0.06 percent.
- On a monthly basis, the deposits grew by 0.06 percent, compared to about $67 billion in October 2022
- Demand deposits increased by $234 billion, or 82.5 percent, to $245 billion at the end of November last year
Geostrategy
Turkish parliament speaker claims Erdogan can legally run for office again
Sentop argued there is no legal or constitutional objection to Erdogan’s candidacy, terming it an issue that does not concern...
- Sentop argued there is no legal or constitutional objection to Erdogan’s candidacy, terming it an issue that does not concern opposition parties
- The opposition parties said that Erdogan’s announcement of his candidacy for the upcoming elections constitutes a violation of the constitution.
Business
Iraq loses 7500MW as Iran slashes gas exports to Baghdad
Baghdad, Iraq - Iraq's Minister of Electricity, Ziyad Ali Fadel said the national grid has lost 7,500 megawatts in the...
- Minister of Electricity Ziyad Ali Fadel said the MoU signed with Siemens will lead to the establishment of a station with a capacity of 400MW in Karbala.
- He said the supply will improve by 30 percent in 12 days as gas supplies return to nomral.
Business
Qatar, Morocco stress cooperation at free trade agreement talks
The second round is a continuation of the first round negotiations, which were organized in Rabat, Morocco, in November 2022
- During the meeting, the two sides stressed the importance of concluding the agreement,
- The Moroccan delegation was headed by Director General of Trade at the Moroccan Ministry of Industry and Trade Abdelouahed Rahal.
Business
dnata invests $10 million in Zanzibar
The company has started ops at Abeid Amani Karume International Airport
- dnata has hired and trained over 340 local talent and deployed a fleet of more than 120 pieces of ground support equipment at ZNZ
- The company by 2024 expects to handle more than 4,000 flights annually with a team of over 400 aviation professionals
Business
7 UAE banks report $9bn profit in 2022
Emirates NBD's profits climbed by 40% to $3.53 billion.
- The highest share of the overall profits was claimed by the country's main lender, First Abu Dhabi Bank which generated net profits of roughly $3.64 billion
- Dubai Islamic Bank's net earnings increased by a record 26 percent Year-on-Year to $1.4 billion from $1.1 billion in 2021
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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
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
Company News
Latest News
UAE GDP set to double in 2024 from oil and non-oil boost: report
Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023,...
Business
NEOM unveils Utamo, a $500bn project to showcase world’s mega artists
NEOM, Saudi Arabia - Saudi Arabia's $500 billion mega project, has introduced Utamo, a new art and entertainment destination set...
Business
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...
Economy
Most Read
G42’s split from China could spur other GCC firms to follow suit
Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners...
- The G42’s move follows concerns raised by US national security personnel regarding potential espionage risks from Chinese firms
- The ripple effect of G42's decision could extend to other tech companies in the Gulf Cooperation Council (GCC) region
Economy
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
- Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
- Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc
Business
CBUAE joins the Gulf payments system AFAQ
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...
- Along with the CBUAE, Barclays Bank joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step and begin using the system’s services
- To date, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have joined "AFAQ", in addition to a number of commercial banks from these countries