Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
Business
Standard Chartered to sell Jordanian business to AJIB
Amman, Jordan--Standard Chartered has decided to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), according to both the...
- The emerging markets-focused lender intends to exit seven markets in Africa and the Middle East
- The bank wants to focus on faster-growing markets in the region, such as Saudi Arabia and Egypt
Business
Zain KSA posts record profit
The company's profit vaulted 157% to US$147m in 2022.
- The company's revenue jumped from $2.10 billion in 2021 to $2.40 billion in 2022, propelled by growth in business-to-business, 5G and other revenue streams
- The telecom operator invested $244 million in 2022 in order to develop the quality of services provided to its clients
Business
AD Ports launches new service to boost trade between UAE and Kuwait
Abu Dhabi, UAE-- In order to improve commercial connectivity and trade between the UAE and Kuwait, AD Ports Group launched...
- The preliminary data for 2022 has shown a rise in non-oil trade exchange between the two countries to $12 billion
- Owing to a series of partnerships, trade acitivity between the UAE and its neighboring countries has witnessed significant growth
Economy
Qatar’s GTA extends deadline for filing of income tax returns
Doha, Qatar--Qatar's General Tax Authority (GTA) has extended the deadline for submitting the tax return for 2022 for all entities...
- The GTA however has excluded companies operating in petroleum operations and petrochemical industries, besides taxpayers who have accounting periods different from the tax year
- The authority maintained that it has always emphasized the principle of tax compliance, stressing the importance of the commitment of all firms to submitting tax returns on time
Business
Qatar cruise tourism receives boost as MSC World Europa docks in Doha
Doha, Qatar--Doha port received on Thursday the cruise ship MSC World Europa carrying 5,613 tourists and a crew of 2,121....
- Qatar's tourism sector has recorded growth in recent years thanks to growing popularity in cruise tourism, making the country a favorite destination
- Equipped with latest technology, MSC World Europa is one of the most innovative and eco-friendly equipment in the company's fleet
Business
Aramco signs MoU with Samsung
The deal is designed to enhance Saudi digital transformation.
- Both will make a push for the kingdom's digital transformation in sectors like energy, petrochemical, and manufacturing
- Saudi Arabia, according to a UN report in March, is ranked fourth globally in its level of preparedness in digital systems
Economy
Egypt and World Bank agree US$7bn, five-year partnership
Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on...
- According to the World Bank statement, the program will help create a level playing field for the private sector and to encourage investment and improve resilience to shocks
- Over the past year, Egypt's economy has been under severe pressure, after the fallout from Russia's invasion of Ukraine exposed underlying problems.
Business
Qatar real-estate transactions vault to US$660 million in February
Doha, Qatar-- Qatar has recorded $660 million worth real estate trading in sale contracts during the month of February. The...
- The real estate index shot up by 70 percent in February as against January 2023, while the value of real estate trading index vaulted by 79 percent
- The value of Doha Municipality's transactions amounted to $260 million in the real estate market index for the month of February
Economy
Vertical farming project launched in Abu Dhabi
Abu Dhabi, UAE--ADQ has launched a vertical farming project in partnership with ZERO, a technology company based in Italy. Dubbed...
- It is designed to enhance indoor farming locally and also to explore and push the boundaries of desert-climate farming in the UAE
- The joint project draws on the benefits of growing crops in vertical layers, which includes higher yield, shorter growing times and lower water usage
Economy
EIB pledges US$535mn for Syria-Turkey quake reconstruction
Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at...
- The reconstruction package is meant to restore basic living standards for more than 1.7 million refugees hit by the earthquake
- It will focus on Turkish regions devastated by the earthquake and is designed to enhance support for restoration of basic infrastructure
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy
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Business
Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy
Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
Business
DP World and IRENA sign agreement to cut emissions in maritime sector
Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of...
Business
AD Ports Group expands operations in Kazakhstan with two new oil tankers
Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two...
Business
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Economy
Gulf Air hit by data breach
It said client database may have been compromised.
- The airline said its operations and critical systems "were fully intact" and that there were no disruptions to its flight schedule
- It said the details of the breach were shared with the authorities and it was working with them to investigate "the matter thoroughly"
Economy
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
- The IEA report examined the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets.
- The report estimates that the present valuation of private oil and gas companies could fall by 25% from $6 trillion today if all national energy and climate goals are reached
Geostrategy
Hamas leader Ismail Haniyeh terms Gaza ceasefire ‘political victory’
Dubai, UAE--Senior Hamas leader Ismail Haniyeh has called the ceasefire in the Gaza Strip a political victory at a meeting...
- The Hamas leader said the ceasefire amounts to a political victory because of the success of the resistance forces on the ground
- The Iranian foreign minister said that despite Israel's aggressive military action it had failed to destroy Hamas and had to negotiate with it