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
Economy
Dubai’s RERA signs MoU with Al Ameen Service
Dubai, UAE -Dubai Land Department (DLD), represented by the Real Estate Regulatory Authority (RERA), has signed a memorandum of understanding...
- DLD is ramping up its efforts by providing an innovative and sustainable global real estate model
- The agreement aims to enhance confidence in Dubai’s real estate sector by providing a safe and distinctive investment environment
Economy
Qatar and Egypt sign deal to prevent double taxation on income
Doha, Qatar--Egypt and Qatar have signed an agreement to eliminate double taxation on income and prevent tax evasion and avoidance,...
- The agreement includes terms related to international maritime and air transportation, joint ventures, dividends, interests and royalties
- It comes within the framework of bolstering bilateral economic relations and shoring up cooperation in several fields
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
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
Company News
Phoenix set for IPO on ADX
Business
Latest News
UAE a key player in global financial landscape: NYSE vice-chairman
Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic...
Economy
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)...
Business
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
Most Read
Economy
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...
- The initiative was unveiled at the fourth national dialogue on Food Security organized by the Ministry of Climate Change and Environment with ne’ma
- The minister said the roadmap will be a collective effort to bring down food waste by setting up new social norms, policies across the food ecosystem
Business
UAE holds 19% of global sustainable bonds, says Fitch Ratings
DUBAI, UAE - Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues...
- Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues in the region.
- Environmental, social and governance bonds in UAE constitute over 19 percent of the global ESG bond market.
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