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...
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...
Business
Business
ENOC and Neste sign MoU to drive sustainable aviation fuel initiatives
Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel...
- The partnership is the first step in ENOC’s plan to supply blended SAF to all its customers across its entire network by 2030
- The fuel taken from renewable raw materials has the potential to reduce air travel related carbon emissions by up to 80%
Economy
Iran’s exports to African countries register 185 percent growth
Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185...
- The Islamic Republic's exports to Africa from March 21 to October 22, 2023 showed a more than 185 percent growth
- According to an Iranian official, the country would witness $5bn worth of trade with Africa in the next few years
Business
CBUAE and People’s Bank of China renew currency-swap agreement
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to...
- The agreement is expected to boost the strategic partnership between the UAE and China as well as expand the ties in the financial and economic fields
- With a nominal value of $4.90 billion, the renewal of the agreement aims to promote financial ties by facilitating the provision of liquidity in local currency to financial markets
Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
- Al Khawaja said one of the offerings will be for a family business in the financial sector and foreign exchange and remittances
- The fund, according to Al Khawaja, considers family businesses as the key to advancing economic development in Abu Dhabi
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.
Business
Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy
Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
- The event will explore the theme "New Era of Business" featuring conversations on major geopolitical, economic, and technological developments
- The forum, being held a few days before the start of COP28, will provide a platform for business leaders and CEOs to elaborate on their global footprints.
Business
DP World and IRENA sign agreement to cut emissions in maritime sector
Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of...
- DP World chairman said that cooperation agreement will enable both the sides drive meaningful change and set new standards for a greener future
- IRENA director general said that the partnership is a ground-breaking step towards accelerating innovative renewables-based energy solutions
Business
AD Ports Group expands operations in Kazakhstan with two new oil tankers
Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two...
- The acquisition of two vessels represent a combined investment of US$35 million, and are specifically tailored for the Caspian Sea's shallow draft
- The new investment by AD Ports Group and KazMorTransFlot brings the total number of oil tankers operating under the KMTF agreement to five
Economy
Bahrain and EU hold discussions to ramp up ties in energy sector
Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy...
- The Bahrani oil minister shared details with the envoy of the kingdom's oil projects and environmental initiatives aiming for zero neutrality by 2060
- The EU ambassador applauded the kingdom's progress and development, pledging to continue promoting investment for both parties sides
Economy
Gulf Air hit by data breach
It said client database may have been compromised.
- The airline said its operations and critical systems "were fully intact" and that there were no disruptions to its flight schedule
- It said the details of the breach were shared with the authorities and it was working with them to investigate "the matter thoroughly"
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...
Business
Company News
ADNOC L&S profit spikes 138%
Business
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Archaeological sites discovered in Southern Saudi Arabia
Arts & Culture
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
Economy
Jordan, Oman sign agreements to ramp up investments
Amman, Jordan--Jordan and Oman have signed a raft of agreements to boost direct investment in both the countries. The first...
Economy
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy
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Business
Doha Insurance net profit up
The profit jumped to US$41.40m in 2023.
- Its earnings per share for the year ending December 31, 2023 stood at QR0.30, up from QR0.21 for the same period in the previous year
- The board of directors announced its intention to propose a cash dividend distribution to the General Assembly in the upcoming meeting
Business
Korea’s H2O sets up base in Abu Dhabi
It will collaborate with Abu Dhabi Investment Office.
- The move is indicative of deepening economic ties between South Korea and Abu Dhabi with a focus on innovation and technology
- The company's headquarters in Abu Dhabi Global Market (ADGM) will drive the next phase of its international growth out of Abu Dhabi
Geostrategy
Iran oil minister blames Israel for gas pipeline sabotage
Tehran, Iran--Iran said Wednesday that Israel was behind twin sabotage attacks against gas pipelines that disrupted supplies in at least...
- The explosions on February 14 hit pipelines in the cities of Safashahr in the southern province of Fars and Borujen in the southwestern province of Chaharmahal and Bakhtiari.
- The Islamic republic's oil minister Javad Owji told reporters after a cabinet meeting in Tehran that "the explosion of the country's gas lines was the work of Israel"