Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
Red Sea Fund opens applications for production cycle
Riyadh, Saudi Arabia - The prestigious Red Sea Fund has thrown open its doors to filmmakers across Arab and African...
Arts & Culture
Economy
Dubai govt approves incentives to boost emirate’s economy
Dubai, UAE – Dubai government on Thursday approved several initiatives to stimulate the industrial sector in the emirate besides announcing...
- The initiatives to boost industrial sector is in line with the goals of the Dubai Economic Agenda D33 and aims to increase manufacturing value added (MAV) by 15.79 billion
- The Executive Council has extended its single-use bags reduction policy to encompass more plastic materials as part of the phasing out of single-use plastics by 2026
Geostrategy
US won’t hesitate to defend its troops in Middle East: Pentagon
Washington, United States - Over the last three weeks, Iran-backed militia groups have attacked US bases and facilities in Iraq...
- The department's commitment to Israel's right to defend itself from terrorism is "ironclad," and the department is working daily to help Israel do that, Stroul told lawmakers
- "We also placed over 2,000 personnel and a range of units on a heightened state of readiness, some of which [were] subsequently deployed," she said
Business
NEOM opens London office as base for UK and European business
London, United Kingdom – NEOM, the sustainable regional development taking shape in northwest Saudi Arabia, has opened its first international...
- The opening of the office is part of the NEOM’s effort to expand its international footprint
- As the first international office, the UK office will also serve as a base to support NEOM’s business across Europe
Business
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.
- The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
- ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.
Economy
Almost half of all global destinations now offer digital nomad visas: UNWTO
Madrid, Spain - The number of destinations offering Digital Nomad Visas (DNVs) has risen significantly over recent years, with almost...
- The rise in Digital Nomad Visas has gone hand-in-hand with an increase in digital nomads, with destinations in all regions working to meet the market trend
- A DNV allows individuals to live and work in a foreign country while maintaining employment or conducting freelance work for employers or clients in their home or another country
Business
Middle East companies moving towards cloud adoption
Adoption is driven by government initiatives, global cloud providers, and the need for agility and scalability in the region.
- 68% of Middle East companies want to migrate their operations to the cloud within the next two years
- To fund these initiatives, 76% of companies intend to increase their cloud budget over the coming year
Qatar Central Bank foreign reserves rise by 11.73% in October
Doha, Qatar - The International reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged by 11.73% in October...
- The official reserves consist of foreign bonds and bills, cash balances with foreign banks, gold holdings, special drawing rights deposits, and Qatar's share in the IMF
- In addition to these, there are other liquid assets (Foreign Currency Deposits), so the two together constitute what is known as the total foreign reserves
Business
Bitcoin value tops $36,000 first time since May 6, 2022
Dubai, UAE - The value of bitcoin rose above $36,000 on Thursday for the first time since May 6, 2022,...
- Miners are steadily accumulating their block rewards, driving the cryptocurrency's price toward $40,000 mark
- Adding to the bullish momentum, it appears that Bitcoin's market demand has exceeded its supply
Geostrategy
Participants in Middle East conflict commit war crimes: UN official
Geneva, Switzerland - UN High Commissioner for Human Rights Volker Turk has described hostage-taking by Palestinian armed groups and Israel's...
- The collective punishment by Israel of Palestinian civilians amounts also to a war crime, as does the forcible evacuation of civilians, Turk said
- The high commissioner stressed that "even in the context of a 56-year-old occupation, the current situation is the most dangerous in decades
Economy
Jordan signs two deals worth $140m for water sector development
Amman, Jordan - Jordan's government has signed two deals with the German KfW Development Bank to secure a financial package...
- Jordan's Petra News Agency reported that the initial tranche of financing encompasses a $84 million soft loan
- A subsequent $56 million soft loan will spearhead a program dedicated to curtailing water losses and diminishing the rates of unbilled water
Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
Company News
Latest News
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
Business
UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
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Business
Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
- The increase in demand for residences has been driven by several positive initiatives and announcements by the government.
- Off-plan transactions accounted for approximately 84 percent of all villa and townhouse transactions.
Business
Singapore’s Petrozo Energy setting up Sharjah base to target Middle East
Sharjah, UAE – Petrozo Energy, a leading Singapore-based oil and gas company, has announced a plan to establish a new...
- Petrozo operates a global network with offices across Indonesia, India, Thailand, the UAE, Hong Kong, Bangladesh, the USA and other countries
- The company is renowned for its extensive portfolio, producing a variety of products including fuel oils, petrochemicals, bitumin and naphtha
Economy
Abu Dhabi sees 67% annual rise in number of AI company registrations
Abu Dhabi, UAE - The number of AI companies registered in Abu Dhabi grew at a compound annual rate of...
- The study highlights on Abu Dhabi’s ambitions to maximize the benefits of utilizing AI systems, applications, technologies, and solutions
- In recent year, Abu Dhabi Chamber has adopted innovation and digital transformations and implemented supportive policies