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...
Economy
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...
Geostrategy
Economy
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
- The IEA report examined the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets.
- The report estimates that the present valuation of private oil and gas companies could fall by 25% from $6 trillion today if all national energy and climate goals are reached
Geostrategy
Hamas leader Ismail Haniyeh terms Gaza ceasefire ‘political victory’
Dubai, UAE--Senior Hamas leader Ismail Haniyeh has called the ceasefire in the Gaza Strip a political victory at a meeting...
- The Hamas leader said the ceasefire amounts to a political victory because of the success of the resistance forces on the ground
- The Iranian foreign minister said that despite Israel's aggressive military action it had failed to destroy Hamas and had to negotiate with it
Economy
Dubai to host corporate governance experts at ICGN-Hawkamah Conference
Dubai, UAE--Dubai will host a gathering of international corporate governance experts at the upcoming ICGN-Hawkamah Conference, themed 'Capital, Companies, and...
- Experts will hold discussions on topics such as national visions towards sustainable economies in the MENA region, the role of corporate boards in the governance of sustainability
- Against the backdrop of COP28, the event aims to explore how corporations can align their strategies with climate goals while fulfilling their corporate governance responsibility
Business
Bahrain’s BIBF partners with UpGradelle to boost digital transformation
Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop...
- The BIBF intends to equip the country's financial and business sectors with skilled leaders that can "catalyse the change in business operations"
- CEO of the BIBF said the collaboration will strengthen their position as a leader in delivering state-of-the-art training and development solutions
Business
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...
- The project, the first of its kind in the MENA region, is under construction within the facilities of Emirates Steel Arkan in Abu Dhabi's industrial city
- It will generate green iron, a highly sought-after product by international steel companies striving to achieve net-zero emission target across the world
Business
Dubai International Chamber wins over 92 businesses in first 9 months of 2023
Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the...
- It helped nearly 33 Dubai-based companies to expand in global markets, either by increasing their exports or helping them to establish a presence abroad
- The international chamber launched three new global representative offices during the third quarter of 2023 in Ho Chi Minh City, Vietnam, Milan, Italy, and Paris, France
Economy
Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply...
- The Organisation of the Petroleum Exporting Countries (OPEC) and allied producers are set to consider additional oil supply cuts when it meets on Nov. 26.
- The head of the IEA oil markets said that even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024
Geostrategy
Iran and Russia to speed up railway project along Caspian Sea
Tehran, Iran--Iran will begin construction work on joint railway projects with Russia as part of the International North-South Transport Corridor...
- The two countries consider the 162 km railway line along the Caspian Sea shoreline as a crucial component of the International North-South Transport Corridor
- The Iranian first vice president said the design proposals and contracts for the Astara-Bandar Abbas railway have also been reviewed by both the Islamic republic of Iran and Russia
Business
Oman LNG signs sale-and-purchase agreement with BP to deliver gas
Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric...
- The new agreement comes on the back of many SPAs signed between the two companies in the recent past to supply energy from Oman
- Oman LNG said the company is not just a reliable gas supplier but it contributes to global energy security and adds value to the local economy
Business
ADNOC and Santos sign agreement to build joint platform for net-zero goals
Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could...
- The agreement will allow companies to advance critical carbon capture and storage (CCS) technologies required to speed up the decarbonisation
- They will look to ramp up the carbon management technologies of the future in order to safely transport, capture and store carbon, helping markets to decarbonise
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...
Economy
Company News
Archaeological sites discovered in Southern Saudi Arabia
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ADNOC Drilling profit soars 29%
Business
Barwa Real Estate net profit up
Business
Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
Economy
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Business
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
- The sector in the UAE generated $16.4bn in retail sales, including fresh food and packaged food
- Last year, consumers across the country spent some $1.1bn on food ordered on e-commerce platform
Business
ADIB unveils new payment hub
It will help customers to seamlessly process transfers.
- The bank said customers can now seamlessly process transfers, providing a solution that transforms payment processing capabilities
- Its chief digital officer, Fernando Plaza Lopez, said the bank is focused on driving digital-first solutions throughout the bank’s operations
Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...
- Some 150 exhibitors from more than 20 countries and 7,500 visitors from over 30 countries will take part in the event
- The aviation market in the Middle East valued at US$60 billion in 2023 has seen a 26% growth in air connectivity in 2022