Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
Business
Economy
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
- She said S&P expects continued strong momentum in Dubai's hospitality, wholesale and retail
- There was a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai
World Economic Forum
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
- Around 56% economists expect the global economy to weaken this year, while 43 percent foresee unchanged or stronger conditions
- In the MENA region, US the outlook is weaker too, with about six in 10 respondents foreseeing moderate or stronger growth this year
Business
Qatar Chamber and CzechTrade look to boost trade cooperation
Doha, Qatar--Qatar and Czech Republic are looking to ramp up trade and investment cooperation between the two countries. In this...
- The two sides looked at ways to bolster cooperation between Qatari companies and their counterparts from Czech Republic
- The trade volume between the two countries reached $183m in 2022, reflecting a 10% increase compared to the previous year
Business
DEWA unveils new distribution substations
It commissioned 1,414 substations of 11kv in Dubai.
- The CEO of DEWA said the construction of the substations and related tasks resulted in a total of 996,648 man-hours
- He said DEWA is planning to boost the transmission and distribution networks based on electricity demand forecast until 2030
Business
BRICS to launch bonds worth US$28bn in local currencies
Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather...
- The BRICS bank will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion
- The new bonds will be made available for governments, financial institutions, and regular investors
Business
ADQ, ADNEC to buy stake in TMG
The two will acquire 40.5% stake in the Egyptian firm.
- The two firms will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC
- The buying of a stake represents a major foreign direct investment in Egypt and marks a strong vote of investor confidence in the Egyptian tourism and hospitality sector
Geostrategy
Saudi Arabia launches documentary Horizon on wildlife Â
RIYADH, SAUDI ARABIA - Konoz, an initiative of the Ministry of Media's Center for Government Communication (CGC), has released a...
- The documentary is currently being shown on the Netflix platform.
- The film gives a look at the ecological diversity of the Kingdom,
Business
Sharjah, Sfax chambers look to boost ties between UAE and Tunisia
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Chamber of Commerce and Industry of Sfax, Tunisia, held...
- The talks centered upon holding joint events and improving coordination to encourage businessmen to participate in exhibitions
- The Sharjah Chamber received an invitation from the Tunisian side to participate in an exhibition at the Sfax International Fair
Business
UAE and Costa Rica conclude talks on signing CEPA
Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement. In this connection,...
- The two countries will eliminate tariffs, reduce barriers to trade, promote private-sector collaboration and create pathways for investment
- Non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
- The agreement will enable to form an electronic link between the two entities, allowing the authority to directly access credit reports provided by the bureau
- The collaboration, according to officials from the two entities, will set a framework for bilateral cooperation, strengthening efforts to ensure high rates of tax compliance
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
Company News
Emaar unveils new projects
Business
Latest News
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
Business
Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries. In...
Business
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Economy
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
- Officials from the UAE have highlighted the role of the country in supporting the free flow of trade and investment to drive global economic growth
- They said the UAE's endeavours have been to expand its base of trading partners around the world through comprehensive economic partnerships
Business
DIEZ profit jumps 64.6% in 2023
The market value of its net assets crossed US$5.66bn.
- DIEZ reported growth in earnings before interest, taxes, depreciation, and amortisation by 49.2 percent, alongside an 8.1 percent increase in total revenues
- Economic zones affiliated to DIEZ have experienced substantial growth across six key sectors, which collectively represent 95 percent of total companies hosted.
Business
GAS, SPPC ink two contracts
The duration of each contract is of 22 months.
- The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
- The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).