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...
Economy
Turkish economy benefits from spending, posts 5.6% growth
Istanbul, Turkey -Turkey’s economy posted 5.6 percent growth in 2022, growing faster than expected last quarter as the government ramped...
- Household spending, which is estimated to account for more than half the economy, grew an annual 16.1% during Q4 2023
- The global lender said it would lower its 2023 growth forecast by about half a percentage point from its initial 3.5%-4% estimate
Business
CBUAE revokes exchange house’s license over ‘misconduct’
Abu Dhabi, UAE -The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house...
- The findings highlighted that the exchange house had a weak compliance framework and had failed to comply with its regulatory obligations
- The central bank, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws
Business
Careem to end Qatar operations
The company did not offer any explanation for the decision.
- The announcement comes two months after the World Cup in Qatar, when Careem-branded vehicles transported visiting fans
- Careem was bought by Uber Technologies Inc. in 2019 for $3.1 billion, giving the US firm market dominance across the Middle East and Pakistan
Economy
Saudi economy to grow 3% in 2023: Riyadh Capital
Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil...
- The growth will be driven by a sturdy fiscal policy geared towards increasing investment spending
- The report pointed out that the Saudi Central Bank will follow the Fed in its interest rate policy
Business
Mawani sanctions five new services, links up 43 international ports
Riyadh, Saudi Arabia--The Saudi Ports Authority, also known as Mawani, has sanctioned five new shipping services that will link up the Kingdom with 43 international...
- According to reports, the five new services are projected to support commercial traffic, strengthen the national imports and exports system
- The five new services are dispersed across three ports namely, Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port
Geostrategy
Bashar al-Assad receives delegation from Arab Inter-Parliamentary Union
Damascus, Syria--Syrian President Bashar Al-Assad received today a delegation from the Arab Inter-Parliamentary Union, participating in the thirty-fourth meeting of...
- The delegation included Saqr Ghobash, Speaker of the Federal National Council, and the speakers of parliaments in Iraq, Jordan, Palestine, Libya and Egypt
- Ghobash said that the UAE is always keen to ensure that its relations with countries are based on solid foundations of mutual cooperation
Economy
Jordan and US trade balance posts US$881m surplus in 2022
Amman, Jordan--The trade balance between Jordan and the US has recorded a surplus of about 625 million Jordanian dinars ($881 million)...
- The free trade agreement between Jordan and the US entered into full force in January 2010, and provides for exemption from customs duties for Jordanian exports
- King Abdullah of Jordan and the country’s foreign minister, Ayman Safadi greeted a delegation last month from Business Executives for National Security
Economy
UAE donates 10 ambulances to Syria for relief efforts after quake
Abu Dhabi, UAE--The UAE has presented Syria with 10 state-of-the-art ambulances, as part of Operation Gallant Knight 2 and the...
- The initiative is part of a continuation of the UAE's humanitarian support for the Syrian people in the wake of the powerful earthquake
- Dr. Salem Al Falasi said the UAE continues to support Syria's health sector, as part of Operation Gallant Knight 2, and to identify and meet the needs of Syrian hospitals
Economy
UAE and Algeria seek to expand economic cooperation
Abu Dhabi, UAE--The 15th session of the joint UAE-Algeria Economic Committee has been held in Abu Dhabi under the chairmanship...
- Non-oil trade between the two countries has grown from $701 million in 2020 to around $800 million by the end of 2022
- The UAE is one of Algeria's major Arab trading partners in 2021, accounting for nearly 20% of Algeria's trade volume with Arab countries
Geostrategy
FNC Speaker calls for greater coordination at Arab Inter-Parliamentary Union meet
BAGHDAD, IRAQ - Speaker of the UAE Federal National Council (FNC) Saqr Ghobash said that Arab parliaments should are required...
- Arab parliaments should unify positions on all common issues, activate the role of parliamentary diplomacy.
- Many Arab countries are still facing and suffering from terrorism and extremism that know no borders.
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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...
Company News
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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...
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...
Geostrategy
UAE unveils ‘roadmap’ to reduce food waste by 50 percent
Dubai, UAE--In order to reduce food loss and waste by 50 percent, the UAE has launched Ne’ma Food Loss and...
Economy
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Geostrategy
Turkey FM warns of escalation in nuclear arms race
Tehran, Iran-- Expressing deep concern over Israel's possession of nuclear weapons, Turkish Foreign Minister Hakan Fidan has warned of a...
- Fidan said the failure to denuclearize the region will ramp up the nuclear arms race in the region and the wider world, leading to increased nuclearization in the area
- The foreign minister said the Arab League and the Organization of Islamic Cooperation were playing crucial roles in addressing the Gaza crisis on the international stage
Economy
EDB pledges to expand UAE’s renewables market through easy financing
Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources,...
- EDB CEO Ahmed Mohamed Al Naqbi said the bank through its financing can help businesses switch to solar-power to reduce emissions
- The bank can offer up to 100% financing with a maximum tenure of 15 years and a two-year grace period for investments in renewable energy
Geostrategy
War in Gaza represents serious setback for efforts to reduce tension: Gargash
Manama, Bahrain-- The ongoing war in Gaza represents a serious setback for the efforts to reduce tension in the region...
- The diplomatic adviser to the UAE president expressed concern that the violence in the Gaza Strip will only fuel further extremism and instability in the region
- He said a two-state solution is the only "viable path" to peace for both the Palestinian and Israeli peoples, and it demands strong and sustained international participation