ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
Economy
UAE economy robust, bolstered by tourism and real estate: OPEC
Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate,...
- OPEC’s Monthly Oil Market Report (MOMR) for October 2023 noted that the UAE tourism sector continued to rebound and exceeded the pre-pandemic level
- The report added that the government launched reforms to attract further investments, such as allowing 100% foreign ownership of onshore companies
Economy
GCC keen to address economic problems: Albudaiwi
Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication...
- He made the remarks while taking part in the annual meetings of the World Bank and the IMF in the city of Marrakesh, Morocco
- The GCC chief underscored the collective responsibility in eliminating poverty by supporting developing and impoverished nations
Business
Red Sea Global launches Saudi’s first seaplane company
TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations -...
- Fly Red Sea aims to transport guests to various resorts scattered among the islands of Red Sea Destination.
- These resorts include St. Regis Red Sea Resort and Nujuma, Ritz Carlton Reserve, which would be inaugurated later in 2023
Business
Edge signs deal with Saha Istanbul
It will deepen cooperation between the UAE and Turkey.
- The event being held at the Ankara Congress Centre will also facilitate several introductory and exploratory meetings between Edge and Turkish companies
- Chairman of Edge said that the alliance with Saha Istanbul and its member firms will enable Edge to tap into Turkey's rich ecosystem and robust supply chain
Economy
Activists term IMF, World Bank ‘worst scam of the century’
Activists from developing nations belonging to a group called People's Alternative Global Tribunal organized themselves in the Moroccan city as...
- They blamed both the institutions for pursuing an economic model that favours political and financial elites
- The International Monetary Fund and World Bank are holding their first annual meeting in Africa in half a century
Economy
UAE and US aim to speed up cooperation in clean energy, technology
Abu Dhabi, UAE-- The UAE and US have reviewed ways to accelerate cooperation in priority sectors such as clean energy,...
- The talks between the two countries coincide with a jump in non-oil trade between the two nations, which reached US$21.63 billion in the first half of 2023, a 37% rise
- Al Zeyoudi emphasized that the US, apart from being a UAE trade partner, remains a key ally in advancing socioeconomic progress through global economic cooperation
Economy
IMF slashes its growth forecast for China and eurozone
Marrakech, Morocco-- The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said...
- The IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% but cut its 2024 forecast to 2.9% from its July forecast of 3.0%.
- Its research revealed a 10% rise in oil prices would dampen global output by about 0.2% in the following year and boost global inflation by about 0.4%
Business
Samsung profits plunge
The company expects Q3 profits to fall nearly 80% to US$1.8bn.
- The company said in a statement that its operating profits for the July-September period will fall 77.9 percent to $1.8 billion
- Led by Samsung, South Korean chipmakers have enjoyed record profits in recent years as prices for their products soared
Economy
UAE to sign six more CEPAs by year end: Al Zeyoudi
Dubai, UAE--The UAE will sign six new comprehensive economic partnership agreements (CEPA) with South Korea, Thailand, Chile, Costa Rica, Colombia,...
- The minister made the remarks about the new CEPA agreements during a press conference to announce the UAE-Georgia CEPA
- He added that agreements will be signed with South Korea, Thailand, Chile, Costa Rica, Colombia, and Ukraine in the next few months
Geostrategy
Total siege of Gaza ‘prohibited’ under international law: UN
Geneva, Switzerland--Israel's total siege of the Gaza Strip, depriving civilians of goods essential for survival, is banned under international law, the...
- The UN high commissioner for human rights said people's dignity and lives had to be respected, calling for all sides to scale back the violence
- He said the siege risk seriously compounding the already dire human rights in Gaza, including the capacity of medical facilities to operate
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
Business
OPEC Fund grants US$30m loan to Uganda to build key road link
Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a...
Economy
UAE real GDP to grow 5.3 percent in 2024: S&P Global
Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according...
Economy
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Business
ADNOC Drilling to expand fleet
The company aims to reach 142 operational rigs this year.
- The company's CEO said that it was looking to support ADNOC's 5 million-barrels-per-day-capacity target
- It has assembled one of the largest multi-disciplined fleets in the world, backed by the latest innovations
Business
Ghitha Holding buys stake in MNG Airlines
The acquisition of 44% stake is valued at US$211.20 million.
- The buying of stake in the airline is expected to mark a significant stride towards diversifying Ghitha Holding’s robust portfolio
- The Turkish airline offers specialized services including scheduled and block space charter, aircraft, crew, maintenance and insurance
IHC net profit soars to US$8.9bn
The company's revenue for the year 2023 stood at US$16.33bn.
- The company's earnings per share (EPS) witnessed a huge rise, more than doubling from AED 6.81 to AED 12.36
- The group said that its preliminary revenue rose to $16.33 billion, marking an 18% increase from the previous year