Trump’s second term begins: Highlights Middle East hostage return, promises diplomacy over conflict among top priorities
Trump vowed to be a “peacemaker and unifier,” citing the Israel-Hamas ceasefire and hostage release as key steps toward peace,...
Geostrategy
OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
Business
Business
Middle East to receive millions of Chinese tourists lost in Covid pandemic
Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be...
- The Middle East will be the first region globally to recover its Chinese inbound market with full recovery expected in 2025
- According to data from the Chinese travel site Trip.com, bookings for overseas travel during Chinese New Year, soared by 540%
Economy
Jordan oil imports decline in January, boosting trade balance
Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according...
- According to the Department of Statistics, there was a decrease in the value of oil imports, totaling $361m for January, compared to $427.36m the last year
- The fall had a positive impact on Jordan's trade balance, with the overall value of imports declining by 19.7% in January compared to the previous year
Business
Alibaba Cloud opens training center in Dubai
It will be a hub for customers to lift up "digital competence."
- The training centre will empower Alibaba Cloud’s ecosystem partners and customers through delivering training, workshops, and certifications
- The program corresponds with the Dubai Economic Agenda D33's goal to double Dubai's economy through digital transformation contributions
Business
OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
- Al Ghais said the investments are crucial for ensuring reliable energy supplies for current and future generations
- At the same time, the secretary general noted the organisation's active involvement in climate change negotiations
Economy
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
- The agreement looks to boost expertise exchange and cooperation between Bahrain and Saudi Arabia, focusing on joint efforts in infrastructure development and road safety
- The Bahraini minister noted the strong relations between the two countries, emphasising the keenness to enhancing ties, particularly in infrastructure development
Business
SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation.In this...
- The two sides discussed the potential establishment of a Thai Business Council, under the auspices of the Sharjah Chamber, to stimulate joint investments
- The Thai delegation during its meeting with the SCCI underlined their desire to facilitate the Emirati jewellery designers’ participation in the Bangkok Fair
Geostrategy
UAE and Egypt presidents hold discussions in Cairo to boost ties
Cairo, Egypt-- UAE's President Sheikh Mohamed bin Zayed Al Nahyan and his counterpart from Egypt Abdel Fattah El-Sisi met in...
- The two presidents explored opportunities for further collaboration within the framework of the strategic partnership that unites the two countries
- The two leaders also reviewed the ongoing efforts to address the humanitarian situation in the Gaza Strip and alleviate the suffering of its people
Economy
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
- The aviation arm of the UN said that demand this year is forecast to be around 3 percent above 2019 levels and could reach 4 percent if the pace of recovery strengthens
- According to its analysis, global demand expressed in Freight Tonne-Kilometres (FTK) is forecast to be around 2 percent below 2019 levels for the full year 2024
Science
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
- The two will also cooperate to utilize ENEC's experience in developing new nuclear builds and investments in GA's' advanced non-light water reactors
- ENEC and GA Electromagnetic Systems (GA-EMS), as part of the memorandum of understanding, will explore collaboration opportunities covering several projects
Economy
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further.In this...
- Albudaiwi said the free trade talks exemplify the strategic partnership between the GCC countries and Turkey, as well as the regional cooperation in various sectors
- He said the GCC countries are actively engaged in free trade negotiations with other nations to expand trade opportunities, promote economic cooperation
Trump’s second term begins: Highlights Middle East hostage return, promises diplomacy over conflict among top priorities
Trump vowed to be a “peacemaker and unifier,” citing the Israel-Hamas ceasefire and hostage release as key steps toward peace,...
Geostrategy
Company News
FAB, Microsoft forge partnership
Business
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Omantel approves cash dividend
Business
UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
Business
Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
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Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
- The report said the UAE was the best place to start and conduct new business ventures, surpassing many advanced economies
- The report put Saudi Arabia on the third spot, Qatar at fifth, and Estonia South Korea, Switzerland, and China following them
Economy
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...
- The annual financing of the bank is witnessing a steady increase, rising from US$2 billion in 2022 to US$2.23 billion in 2023
- Nearly 30 percent of the bank's financing in the last 10 years was allocated to sustainable development projects in Africa