BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
Qatar real-estate trading volume in January stands at US$521m
Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry...
Business
Economy
China’s international trade in services stands at US$67.6bn in January
Beijing, China--China's international trade in services stood at 459.5 billion yuan, or US$ 67.6 billion, in January, official data showed...
- Services exports totalled $25.44 billion last month, and services imports were at $40.50 billion, resulting in a trade deficit of $15.50 billion
- Transport was the biggest services trade contributor, with a $21 billion trade volume, the data showed
Business
EDCC and Canadian Business Council sign MoU to boost defense ties
Abu Dhabi, UAE--The Emirates Defence Companies Council (EDCC) and the Canadian Business Council (CBC) in Abu Dhabi signed a Memorandum...
- The MoU was signed today at Tawazun Council Chalet in IDEX and NAVDEX 2023, currently held in Abu Dhabi
- The agreement is expected to foster collaboration and identify new opportunities in the defence industry
Economy
UAE vows to counter money laundering and financing of terrorism
Welcoming the FATF statement recognizing the progress made in the Gulf country, the UAE has reaffirmed its commitment to advancing...
- The UAE said it continues to implement an array of sophisticated and significant actions to combat financial crime and strengthen the effectiveness of the AML/CFT framework
- The country reaffirmed that it will continue working concertedly to bolster its position as one of the most trusted and resilient economies worldwide
Business
Dubai Chamber of Commerce organizes UAE Corporate Tax Workshop
DUBAI, UAE - Dubai Chamber of Commerce organized a Corporate Tax Workshop to help participants navigate the new regime, with...
- The workshop, attended by 152 participants, included an overview and key highlights of the new corporate tax law.
- Corporate tax is a significant step in the UAE’s drive to modernize its tax system and accelerate economic diversification.
Science
Abu Dhabi DoH names winners of Healthcare Research and Innovation Grant
ABU DHABI, UAE - The Department of Health – Abu Dhabi (DoH), which regulates the healthcare sector in the emirate,...
- The grant, launched in September 2022, received over 70 complete submissions, and the top eight were awarded a monetary prize.
- The winners will have the opportunity to conduct clinical trials and commercialize their ideas.
Business
Egypt looks to raise US$1.5bn with sukuk at 11% yield
Cairo, Egypt--Egypt has set an initial yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday...
- The sukuk will be of benchmark size or in the range of $500 million
- Egypt’s finance minister Mohamed Maait said in December that the country was targeting between $1.5 billion and $2.5 billion from its first sovereign sukuk
Business
Dukhan Bank lists on QSE
The total number of companies now listed on QSE stands at 50.
- The total number of companies now listed in the main market went up to 50 Qatari public companies
- The bank's shares were listed in the banking sector category through the direct listing mechanism, a common mechanism in all regional markets
Business
UAE brings in new financing solutions for defense industries
Abu Dhabi, UAE--UAE-based SMEs in the industrial sector will soon be able to access new financing solutions and enablers following...
- The MoU aims to attract industrial investors to strategic sectors such as defense by providing a package of incentives and benefits
- EDB will provide flexible and competitive financing solutions such as green financing, financing capital expenditure, and financing start-ups and SMEs
Economy
UK finances post stronger surplus before key budget
London, United Kingdom--UK government finances recorded a stronger surplus than expected last month, official data showed Tuesday, news that analysts said...
- UK borrowing soared over the year on support schemes to help the country cope with rocketing energy bills
- The country is facing the biggest industrial action by public and private sector staff in more than a decade as they seek pay rises in line with sky-high inflation
Economy
AGFUND to support UNICEF’s drive to contain spread of cholera in Lebanon
Riyadh, Saudi Arabia--The Arab Gulf Program for Development (AGFUND) will support UNICEF with funding in order to contain the spread...
- An agreement was signed in Riyadh by Prince Abdulaziz bin Talal bin Abdulaziz, Chairman of the Board of Directors of AGFUND, and UNICEF Regional Director Adele Khodr
- The new cooperation includes the establishment of the Center of Excellence for Early Childhood Development, based in Riyadh
BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
Company News
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Samsung profits plunge
Business
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...
Geostrategy
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,...
Economy
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...
Geostrategy
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Geostrategy
Bahrain and Thailand seek to boost economic cooperation
Manama, Bahrain-- Bahrain and Thailand have held discussions to enhance economic cooperation in a meeting between top officials of the...
- The two officials took a review of the progress made in the political and economic cooperation between the two kingdoms
- They underscored the resolve of the two countries to consolidate security and peace, and also support sustainable development goals
Economy
Abu Dhabi to host third edition of Investopia summit in February
Abu Dhabi, UAE-- The third edition of the Investopia summit will be held in Abu Dhabi in February next year,...
- The event is expected to be graced by thousands of particpants from around the globe and locally, including investors, government officials, decision-makers, and entrepreneurs
- The minister said that the summit is one of the important projects of the UAE in transitioning towards the new economic model and stimulating investment in future economic sectors
Business
ADSB to make two vessels for ADNOC Logistics & Services
ABU DHABI, UAE - Abu Dhabi Ship Building (ADSB) announced that it is building two 28-meter vessels for ADNOC Logistics...
- The vessels are each powered by two diesel engines coupled with two Z-drive Azimuth thrusters.
- This configuration allows them to achieve a speed of 12 knots and a bollard pull of 60 tons.