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...
Economy
Business
Sharjah looks to boost economic, investment ties with Uganda and Kenya
Sharjah, UAE-- The emirate of Sharjah is seeking to boost economic and investment cooperation with Uganda and Kenya.In this connection,...
- In order to boost trade with Uganda and Kenya, the Sharjah Chamber of Commerce and Industry (SCCI) will dispatch a trade mission to the African countries
- The trade mission will explore ways to enhance development and foster stronger ties as part of the chamber's commitment to supporting the local business community
Business
Global assets in spot bitcoin ETFs hit US$4.16 billion
Dubai, UAE--Global assets invested in exchange-traded funds (ETFs) tied to the spot price of bitcoin now total US$4.16 billion, showed...
- Around half of that sum, or $2 billion, is invested in the seven spot bitcoin ETFs that have been launched in Canada since 2021
- Regulators in the United States are currently considering as many as 10 applications to launch similar spot-based ETFs in the U.S
Geostrategy
Public defies world leaders, rallies to back Palestinians
Global outcry mounts as thousands protest in the US, UK, France, and Germany, defying their governments' support for Israeli aggression...
- Condemning US President Joe Biden for his support of Israel, thousands of protesters in the US capital Washington called for a ceasefire in Gaza
- Thousands marched in solidarity with Palestinians in Paris, where slogans were heard calling for a boycott of Israel along with shouts of "Israel terrorist state"
Business
PureHealth partners with Dell to use AI in disease detection, data analysis
Abu Dhabi, UAE--PureHealth has joined hands with Dell Technologies to utilise generative artificial intelligence (AI) across healthcare services including in...
- The cooperation will take advantage of the collective resources and technologies of both companies to improve health outcomes by ensuring access to medical solutions
- The global AI healthcare market was valued at $11 billion in 2021 and is projected to expand to have a market size of $187 billion market size by 2030
Geostrategy
Israel Foreign Ministry denies relations with Bahrain cut off
Dubai, UAE-- A day after Bahrain's parliament announced that its ambassador to Israel is being recalled, the Jewish state said...
- Israel has not received any “announcement or decision from the Bahraini government, according to its Foreign Ministry
- Bahrain said on Thursday that the Israeli ambassador had left Bahrain, while its ambassador has been recalled from Israel
Economy
ADIB publishes ‘sustainable finance framework’ establishing criteria for borrowing
Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which...
- The bank's framework will determine the eligibility of projects for it to finance or refinance, including the issuance of green, social and sustainability sukuks.
- ADIB will give priority to projects with environmental benefits across renewable energy, energy efficiency, green buildings, pollution prevention and control
Business
DEWA discusses cooperation in renewable energy with German delegation
Dubai, UAE-- Dubai Electricity and Water Authority (DEWA) has held discussions with a delegation from Germany on how to boost...
- DEWA's CEO emphasized the importance of strengthening strategic cooperation with German enterprises in water, renewable, and clean energy
- The delegation applauded the UAE's leading role in dealing with climate change and promoting a sustainable, safe, and healthy environment
Business
Iran ramps up oil production to 3.4m bpd, up from 2.9m bpd
Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9...
- Iran's oil minister said the boost in the production is in line with measures taken by the current government of the Islamic republic
- According to officials in the oil sector, about 40,000 bpd have been added to the country’s oil production from the Sepehr and Jafir oilfields
Economy
Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...
- Federal Reserve's decision to hold interest rates comes amid concerns of persistent inflation
- The CBUAE and QCB's decision underscores the link between global and regional monetary policies
Geostrategy
UAE and Jordan sign MoU to boost investment cooperation
Abu Dhabi, UAE--The UAE and Jordan have signed a memorandum of understanding (MoU) to create a framework for investment cooperation...
- ADQ has entered into a strategic partnership agreement to create a joint investment fund with Jordan Investment Fund
- The agreement will enable the UAE and Jordan to explore opportunities to boost bilateral investments and enhance both nations’ GDP
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...
Economy
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KEZAD to build new warehouses
Business
ATO partners with ISM to boost tourism in the Middle East
Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve...
Business
WSG has ushered in a new decade of positive impact: Hamid Al Zaabi
Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies...
Business
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Business
ADNOC L&S profit spikes 138%
Its revenue jumped 41% to US$748 million in 2023.
- The company reported 93% hike in EBITDA to $876 million (AED3,217 million) as all business segments continued to perform strongly
- Its board of directors recommended distributing a cash dividend of $130m, equivalent to 6.45 fils per share, for the second half of 2023
Economy
UAE economy posts best growth rates in comparison to others: IMF official
Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according...
- The IMF official said the country's non-oil sector has significantly contributed to the country's economic resilience
- He said the UAE's diversification strategy has played a vital role in boosting the efficiency of the private sector
Geostrategy
Qatar’s ties with Iran closer than ever: Sheikh Tamim bin Hamad
Doha, Qatar-- Qatar's Emir Sheikh Tamim bin Hamad Al Thani has affirmed that the ties between Qatar and Iran have...
- The Iranian foreign minister stressed for the need to implement agreements reached between the two countries in order to further strengthen the ties
- Qatar's leader applauded the Iranian effort to support Palestine and its pursuit of a political solution to bring to an end the war and suffering of the people in Gaza