Iran oil minister blames Israel for gas pipeline sabotage
Tehran, Iran--Iran said Wednesday that Israel was behind twin sabotage attacks against gas pipelines that disrupted supplies in at least...
Geostrategy
BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
Geostrategy
King Abdullah meets Lloyd Austin, calls for calm in Palestinian Territories
Amman, Jordan--King Abdullah has stressed the need for restoring calm in the Palestinian Territories, as well as cease any unilateral...
- Jordan king called for stepping up efforts towards relaunching Palestinian-Israeli negotiations to reach just and comprehensive peace
- Discussions between the two also covered the latest regional developments, as well as efforts to reach political solutions to crises in the region
Economy
UAE positioned itself as key player in global value chain: Al Zeyoudi
Abu Dhabi, UAE-- Stating that the global reshuffling of economic gravity is providing an opportunity for the UAE, Dr. Thani...
- Al Zeyoudi said the UAE achieved a remarkable 17 percent growth in trade figures, reaching a total of $630 billion
- The minister affirmed his confidence in the UAE's ability to continue attracting investments and achieving strong trade growth in the coming year
Business
Sunreef Yachts partners with RAK Maritime City to build new facility
Ras al Khaimah, UAE-- Sunreef Yachts Middle East has signed a cooperation agreement with RAK Maritime City for the development...
- The new facility, developed on a 65,000 square metres land reserve, will incorporate the latest technologies in luxury yacht building
- The venture is part of Sunreef Yachts’ global expansion strategy designed to strengthen the company’s presence in the Middle East
Business
ACWA Power logs 411m profit
The company's operating profit rose 13.5% to $696 million.
- The company’s fourth-quarter net profit after tax surged 94 percent to $175 million, compared to $90.40 million in Q4 2021
- ACWA Power last month signed an agreement for a new giga-scale green hydrogen project to expand its Indonesian portfolio
Business
Wall Street Journal’s report UAE considering leaving OPEC not true: sources
Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources...
- The WSJ reported that the UAE is having an internal debate about leaving the OPEC following differences with Saudi Arabia
- Oil fell as much as $2 a barrel after the WSJ story, with analysts citing concerns that this might impact the OPEC+ production cut deal
Economy
Qatar’s industrial investments in 2022 vault to US$81 billion
Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state...
- Sheikh Khalifa also affirmed the Chamber's interest to enhance the national industry and help investors in this sector to promote their products
- Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani inaugurated the Engineering Factory for Carpets in its new headquarters in the New Industrial Area
Business
Aramco, Renault, Geely ink deal
The new firm will focus on internal combustion.
- Geely and Renault are expected to retain equal equity stakes in the new independent entity, according to a statement
- Earlier, reports said that the car makers were working to finalize a deal with Aramco to develop and supply gasoline engines
Business
Users feel more people should adopt ChatGPT, TRENDS poll finds
Nearly 25 percent of respondents believe educational institutions should avoid the use of AI platforms, and many feel creative writers...
- The top respondents for the poll question were from Bahrain (25.6 percent), followed by Qatar (25 percent), Lebanon (24.1 percent), and UAE (22.7 percent)
- Respondents were mainly from the age 20 to 29 years old (46.4 percent), followed by the age range 30 to 39 years (38.6 percent), and 40 to 49 years (10.3 percent)
Economy
UAE Banks Federation holds workshop on money laundering
Abu Dhabi, UAE--UAE Banks Federation (UBF) organised a virtual workshop on combating trade-and-credit-documents-based money laundering on Wednesday. The workshop comes...
- The workshop comes as part of UBF's ongoing efforts to improve frameworks and procedures necessary to develop and maintain the highest levels of compliance
- UAE Banks Federation is taking numerous steps and initiatives to make banks and financial institutions more resilient to risks and educate the customers and public
Economy
Lebanon to raise import tariffs for second time in three months
Beirut, Lebanon--Lebanon intends to triple the tariffs it charges on imports in local currency, as the state seeks to boost...
- Youssef Khalil, caretaker finance minister, requested to change the rate at which customs fees are calculated from 15,000 pounds per USD to 45,000 pounds
- Cabinet responded with a letter saying it had no objections given the move would "secure additional revenues to help revive the public sector."
Iran oil minister blames Israel for gas pipeline sabotage
Tehran, Iran--Iran said Wednesday that Israel was behind twin sabotage attacks against gas pipelines that disrupted supplies in at least...
Geostrategy
Company News
Nakilat profit jumps 4.8%
Business
Latest News
Phoenix set for IPO on ADX
Business
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...
Geostrategy
Oman LNG signs sale-and-purchase agreement with BP to deliver gas
Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric...
Business
ADNOC and Santos sign agreement to build joint platform for net-zero goals
Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could...
Business
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Business
Dubai Financial Market, Nasdaq Dubai, Shanghai Stock Exchange sign MoU
Dubai, UAE--The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) have signed a memorandum of understanding (MoU)...
- The MoU will enhance ties between Dubai and China's capital markets, marking a significant milestone in cross-border collaboration
- The two bourses will jointly explore to develop products, introduce companies and issuers to the advantages of each market
Geostrategy
Top Iran and Russia diplomats hold talks, voice concern at ‘confrontation’ in Gaza
Moscow, Russia-- Iran and Russia have held talks over the ongoing Israel's war on the Gaza Strip, expressing "concern over...
- According to the Russian foreign ministry, the top diplomats of the two countries voiced concern over the ongoing "confrontation" in Gaza
- During the talks both the sides underscored the need for an immediate ceasefire and emergency relief aid to be rushed to the civilian population
Geostrategy
Elon Musk’s X supports US student in trouble over posts
Dubai, UAE--Elon Musk’s X has made good on its promise to back users who are being punished for statements they...
- The student, Juan David Campolargo, was found to be violating the university's student code of conduct, according to Campolargo's lawyers
- Musk voiced his support for the college student in a brief post on X, "We will do whatever it takes to support your right to free speech!"