China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...
Economy
Business
SIRC buys 60% of Masab Plastic
The PIF-owned firm looks to deepen investment in recycling.
- According to Saudi Press Agency, the deal is intended to support the company's plan to establish partnership with the private sector
- The agreement between the two groups was signed on the sidelines of the Private Sector Forum, which was held from March 14 to March 15
Economy
Saudi Arabia, Turkey sign deals during ‘Turk Expo 2023’ in Riyadh
Riyadh, Saudi Arabia--Saudi Arabia and Turkey have signed three agreements in the industrial sector during the Turkish Export Products Trade...
- The trade fair is designed to introduce the Turkish products and services to the Saudi market
- Trade exchange between Saudi Arabia and Turkey in 2022 amounted to about $5.86 billion
Business
Qatar-France trade grows to US$4.5bn, in sign of warming ties
Doha, Qatar--In a sign of growing business ties between Qatar and France, trade between the two countries has increased by...
- Qatar Chamber took part in the Arab French Economic Summit 2023 in Paris run under the theme "a partnership that must be forged in a world in crisis"
- Khalifa bin Jassim Al-Thani, Chairman of Qatar Chamber, affirmed his keenness to enhance cooperation between the Qatari and French private sectors
Business
Qatar releases blockchain ‘blueprint’ to foster climate for entrepreneurship
Doha, Qatar-- Qatar’s Communications Regulatory Authority (CRA) released the National Blockchain Blueprint prepared in partnership with Hamad Bin Khalifa University...
- The initiative is designed to build a legislative basis for blockchain, establishing a strong foundation for the government’s strategy in this sector
- The blueprint outlines critical blockchain prerequisites and offers suggestions for attaining the intended goals
Business
Tadawul market cap vaults 477% to US$2.6trn over last 5 years: CMA
Riyadh, Saudi Arabia-- The market capitalization of Tadawul, the Saudi stock exchange, has shot up 477 percent to $2.6 trillion...
- Yazid Al-Dumaiji disclosed that there are almost 80 applications under review for initial public offering (IPOs)
- He said Tadawul witnessed a rise of 388% in foreign investments to reach a historical level of US$93 billion in 2022
Geostrategy
India looks to broaden partnership with GCC countries
New Delhi, India--India has stepped up multi-faceted consultations with GCC states ahead of the Group of Twenty (G20) Summit to...
- According to India's External Affairs ministry, the two countries reviewed bilateral ties in different domains and identified new areas of cooperation
- Oman is taking part in G20 as a special invitee with India inviting nine countries under the category
Business
Emaar Properties to pay dividend
It will dole out cash dividends to the tune of US$601m.
- The company, in a disclosure to Dubai Financial market, said the proposed profits represent 25 percent of the capital, at 25 fils per share
- Its net profit almost doubled in 2022 as sales hit a record of $9.5 billion on the back of strong demand from real estate buyers
Economy
UAE consumer spending vaults 19% in 2022: Majid Al Futtaim
Dubai, UAE-- Consumer spending in the UAE has shot up 19 percent in 2022 as against the previous year, according...
- The country recorded its strongest annual GDP growth since 2006, jumping to 7.9 percent, from 3.9 percent in 2021
- Non-oil economy posted strong growth at 6.6 percent, lifted by government initiatives to lure investments and boost its tourism sector
Business
Air Arabia to pay 15% dividend
The shareholders approved dividend after record growth.
- The announcement of the dividend comes after the airline reported a record net profit of $327 million in 2022, an increase of 70 percent compared to 2021.
- Last year, the airline added 24 new routes to its global network from its operating hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan
Economy
UAE and Japan look to widen economic, trade, investment ties
Tokyo, Japan--The UAE and Japan are looking to increase economic, trade and investment cooperation, and explore new economic opportunities of...
- Al Zaabi exhorted Japanese companies to utilize opportunities in Abu Dhabi and benefit from the UAE's position as a gateway to the Middle East, Africa, and South Asia
- Kodaira said that the meeting comes at a time when Japan and the UAE are beginning a new half-century of economic cooperation in different fields
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Palms Sports posts Q3 profit
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ACWA Power signs deals
Business
Latest News
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...
Economy
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...
Geostrategy
Dubai to host corporate governance experts at ICGN-Hawkamah Conference
Dubai, UAE--Dubai will host a gathering of international corporate governance experts at the upcoming ICGN-Hawkamah Conference, themed 'Capital, Companies, and...
Economy
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Business
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...
- The project, the first of its kind in the MENA region, is under construction within the facilities of Emirates Steel Arkan in Abu Dhabi's industrial city
- It will generate green iron, a highly sought-after product by international steel companies striving to achieve net-zero emission target across the world
Business
Dubai International Chamber wins over 92 businesses in first 9 months of 2023
Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the...
- It helped nearly 33 Dubai-based companies to expand in global markets, either by increasing their exports or helping them to establish a presence abroad
- The international chamber launched three new global representative offices during the third quarter of 2023 in Ho Chi Minh City, Vietnam, Milan, Italy, and Paris, France
Economy
Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply...
- The Organisation of the Petroleum Exporting Countries (OPEC) and allied producers are set to consider additional oil supply cuts when it meets on Nov. 26.
- The head of the IEA oil markets said that even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024