Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
Economy
China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said.By the...
- The province's estimated annual research and development (R&D) expenditure topped about $64.8 billion by the end of 2023
- The region has seen its gross domestic product surpass $1.80 trillion in 2023, topping the country for 35 consecutive years
Business
Nintendo shares tumble 8.5%
Its next-generation console will be delayed until 2025.
- A news report said the next console would miss the key Christmas holiday shopping period in December
- The gadget is fading with the console now in its seventh year, but the company is tight-lipped about its plans
Economy
China maintains basic balance in international payments in 2023
Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2...
- China's foreign-exchange regulator said the ratio of the current account surplus to gross domestic product was 1.5 percent last year
- The administration's data shows the surplus under trade in goods came in at $608bn last year, the second highest level in the history
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...
- According to a bulletin issued by the Ministry of Justice, some 362 real estate transactions were recorded during the month
- The value of Doha municipality's transactions came out at $324 million, as per the real estate market index for January 2024
Business
Aamal net profit up 5.7%
Its gross profit jumped 3.1% to US$137.25m in 2023.
- According to a company's statement. Its gross profit shot up 3.1 percent to $137.25 million.
- Its chairman said the performance of their trading and distribution segment was noteworthy
Economy
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
- The Kingdom maintained 16th place among the largest holders of US treasury securities for December.
- Saudi Arabia’s holdings of US Treasuries were distributed among long-term and short-term bonds.
Business
Saudi Arabia aims to build ties with Canada in scientific and research fields
Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from...
- The Saudi education minister explored investment opportunities in education, besides seeking to foster scientific and research collaboration between the two countries
- The visit of the Saudi delegation also looked to consolidate the partnerships between the kingdom's ministry of education and Canadian universities and colleges.
Geostrategy
GCC and Sweden look to ramp up cooperation in ‘several areas’
Munich, Germany-- The Gulf Cooperation Council (GCC) and Sweden have discussed ways to ramp up cooperation in several areas, besides...
- The talks between the two leaders took place on the sidelines of the 60th Munich Security Conference in Munich
- The two discussed cooperation mechanism between the GCC and Sweden on a bilateral level, and with the EU too
Business
Tenaris sets up base in Abu Dhabi
The global pipe maker invested US$60m in the business.
- The new complex is expected to generate technical and administrative job opportunities for UAE nationals
- The newly built complex represents the first of its kind in the UAE to thread full-length premium connections
Business
ATO partners with ISM to boost tourism in the Middle East
Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve...
- The ISM will collaborate with the ATO to achieve its goals, harmonizing them with the Arab League's Sustainable Development Plan
- The partnership between the ATO and ISM will enable the Arab countries to develop tourist destinations to achieve sustainable development
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Company News
Latest News
Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in...
Business
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
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Business
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
- Tourists from Western Europe ranked first with 327,000 visiting the emirate in January
- Some 311,000 travelers from the GCC countries visited Dubai in the same month
Business
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
- The even will be co-organised by Capital Events and BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin 2024 conference
- The hosting of the conference marks a significant milestone in the world's largest Bitcoin conference’s expansion into the MENA region
Business
Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
- Some 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent
- Pakistan ranked second in terms of new company memberships in 2023, with the chamber welcoming 8,036 new businesses in 2023