China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March.The official purchasing managers' index (PMI) rose...
Economy
Economy
GCC central banks mimic Fed, hold interest rates steady
Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation...
- CBUAE has kept the base rate applicable to the overnight deposit facility (ODF) at an unchanged level of 5.40%
- The US Federal Reserve held its key interest rate steady and hinted at the possibility of rate cuts in the future
Business
Air cargo demand rebounds in 2023 amid economic uncertainty
Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to...
- Carriers across the Middle East recorded a jump in demand of 1.6 percent for international operations in 2023 compared to 2022
- Airlines in the region posted an 18.3% increase in December in demand for both global and international operations compared to 2022
Business
UAE economy to grow 5.7% in 2024 in spite of global challenges
Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including...
- According to a top official in the ministry of finance, the country's initiative to diversify the economy and promote sustainable growth have proven effective
- The official said that the UAE's non-oil foreign trade touched a record of $338 billion in the first half of 2023, marking a 14.4% increase from the same period in 2022
Business
DFM net profit climbs 124 percent
Its board has proposed a cash dividend of US$76.24m.
- The upswing in profit was propelled by a significant uptick in trading activities, capital inflow and a notable influx of new investors
- The bourse consolidated its status as a premier market for IPOs, with the listing of Dubai Taxi Company and Al Ansari Financial Services
Business
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
- The discussions to boost trade ties took place during a UAE delegation's visit to the UK to participate in Investopia London, to be held on January 31, 2024
- The UAE minister said the relations between the two countries serve as a prime example for advanced strategic ties and exceptional economic partnership
Business
KEZAD to build new warehouses
It will invest US$169m to develop new capacity.
- The building of new warehousing was spurred by strong demand for such capacity in both free zone and domestic industrial areas
- The group since the third quarter of 2022 has thrown open more than 270,000 sq metres of additional warehousing space in Abu Dhabi
Geostrategy
Saudi envoy to US deplores Western media criticism of women rights in kingdom
Washington D.C., US--– Saudi Arabia's ambassador to the US, Reema Bandar Al-Saud, has expressed disappointment with recent media criticism of...
- The ambassador, reacting to an opinion piece in the Washington Post, slammed the piece for relying on "outdated stereotypes and western-centric views"
- She cited inaccuracies in the portrayal of Saudi women as oppressed and devoid of rights and said that the kingdom has made substantial progress in women's rights
Business
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries.In this regard, Khalid...
- Chairman of Bahrain Chamber of Commerce and Industry said the Bahraini-Hungarian Business Forum aimed to boost trade, investment ties between the two countries
- According to Gabor Jenei, the CEO of Hungarian Export Promotion Agency (HEPA), Hungary's exports to Bahrain reached $15m and Bahrain's exports to Hungary at $8m
Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business
AD Ports launches Noatum Logistics Middle East
The firm said the new brand will replace MiCCO Logistics.
- The company said customers will be able to leverage Noatum’s global network of 16 terminals and 143 international offices, presence across 67 ports
- The rebranded firm will embark on a rebranding campaign in the next few weeks, which will see its brand reflected across key assets and locations in the region.
China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March.The official purchasing managers' index (PMI) rose...
Economy
Company News
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UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
Business
UAE and Greece hold talks to widen economic cooperation
Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues...
Economy
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Economy
A greener globe requires a greener industry, says Chinese industry leader
Beijing, China-- A greener globe requires a greener energy industry, which could definitely be represented by new quality productive forces...
- Zhong said renewable energy, wind power, and green hydrogen production could achieve zero carbon dioxide emissions from the source
- The annual growth rate, as per the International Renewable Energy Agency, of global hydrogen trade is expected to reach 8 percent by 2050
Business
Ooredoo partners with Dropbox
It will enable customers to access Dropbox's tools.
- The partnership will enable business customers across Ooredoo’s markets to access Dropbox’s fast, secure, and reliable syncing and collaboration software
- Ooredoo CEO said the partnership with Dropbox underlines the company's commitment to deliver comprehensive digital solutions for their business customers
Economy
Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion.The agreement was signed...
- Qatar's finance minister said the agreement would contribute to supporting international standards of transparency through the exchange of information
- It will enable both countries to come down hard on tax evasion, ensure justice and equality in the treatment of individuals, in addition to enhancing trade cooperation