Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...
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
Economy
Saudi banking sector poised for gains, after profitable 2022: BCG
Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for...
- According to Boston Consulting Group, the kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since 2016
- The report argues that in spite of the economic instability worldwide inflation has not been an issue in the Middle East
Economy
World Bank applauds UAE for improving gender balance
Abu Dhabi, UAE--Commending the UAE for being in the forefront of the drive to improve gender balance in the country,...
- Iva Hamel of the World Bank said that the UAE has introduced legal provisions to ensure women receive equal pay and to prohibit gender-based discrimination in the workplace
- She lauded the UAE for becoming the first country in the Middle East and North Africa to implement parental leave for fathers
Business
Saudi Arabia and South Korea sign several MoUs to deepen ties
Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed multiple memorandum of understandings aimed at supporting SMEs, along with enabling...
- The two minister discussed ways to attract South Korean SMEs to the kingdom as they examined potential investment cooperation opportunities
- The Korean minister said improved ties with Saudi Arabia would encourage businesses in South Korea to tap into the global market
Economy
Egypt’s exports to China shoot up 21% to US$1.7bn in 2022
Cairo, Egypt--Egypt’s export to China increased by 20.8 percent to $1.7 billion in the first 11 months of 2022, compared...
- Trade between the two countries shot up by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion from $14.5 billion, according to the official data
- The North African country's imports from China totaled $13.2 billion from January to November 2022, up from $13.1 billion in the same period in 2021
Economy
After SVB fall, US regulators shut down crypto-focused Signature Bank
Signature Bank was reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked...
- Signature Bank's collapse is the third in under a week after Silvergate Bank's voluntary liquidation and Silicon Valley Bank's shutdown
- The closure of the bank comes months after Signature said it would be reducing its exposure to the crypto sector
Geostrategy
UAE FM welcomes China-brokered Saudi-Iran pact to resume ties
Abu Dhabi, UAE--Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation has made a phone call...
- Al Nahyan highlighted the importance of the agreement and its role in achieving stability in the region and meeting the aspirations of their peoples for development and prosperity
- The UAE minister applauded the role of China in bringing about the resumption of Saudi-Iranian diplomatic relations that had remained broken for about seven years
Business
Indonesia holds two-day event in Dubai to lure investment
Dubai, UAE--The Indonesian Investment Forum kicked off in Dubai to lure businesses and investments. The two-day event aimed to explore...
- The Dubai event will explore opportunities to lure foreign direct investment and widen markets for export products
- Bank Indonesia in collaboration with KJRI Dubai, the Indonesian Embassy in Abu Dhabi and many others hosted the event
Business
TAQA Morocco to invest US$1.6bn in renewable energy solutions
Dubai, UAE--TAQA Morocco is looking to invest $1.6 billion in renewable energy solutions in Morocco in order to lift up...
- The company, owned by Abu Dhabi National Energy Co., is looking to diversify its activities in clean energy and water desalination as part of its new strategy.
- The firm aiming to increase its production capacity of electricity from renewable sources by 1,000 megawatts will cut the carbon footprint by 25 percent
Company News
ACWA Power signs deals
Business
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Gulf Navigation posts profit
Business
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
Bahrain’s BIBF partners with UpGradelle to boost digital transformation
Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop...
Business
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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
Geostrategy
Iran and Russia to speed up railway project along Caspian Sea
Tehran, Iran--Iran will begin construction work on joint railway projects with Russia as part of the International North-South Transport Corridor...
- The two countries consider the 162 km railway line along the Caspian Sea shoreline as a crucial component of the International North-South Transport Corridor
- The Iranian first vice president said the design proposals and contracts for the Astara-Bandar Abbas railway have also been reviewed by both the Islamic republic of Iran and Russia