Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
Business
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
Business
Economy
Jordan takes measures to cut effect of global crises on food security
Amman, Jordan-- Jordan has taken measures to hedge against the impact of international crises on food security and lower its...
- The kingdom's agriculture minister said the measures directly contributed to improving the resilience and sustainability of food security in Jordan
- He noted that the kingdom, through a national strategy, established the food security council and launched an initiative to stop the wastage of food
Business
Adnoc and Occidental sign deal
They will conduct a study to build a direct air-capture facility.
- The deal was signed after the two companies had signed a collaboration agreement to explore carbon capture, utilisation and storage (CCUS) projects in the UAE and the US
- The one-million-tonnes-per-annum facility will be be connected to ADNOC’s CO2 infrastructure for injection and permanent storage into saline reservoirs
Business
Kazakhstan’s BSG Technology to set up business in UAE next year
Abu Dhabi, UAE-- Kazakhstan's BSG Technology is looking to expand its operations into the Middle East, and begin operations in...
- BSG Technology intends to launch its operations in the UAE market in 2024 and in this regard it has partnered with a local company
- Baimukhanbetov said the energy sector in the Middle East is large, offering many opportunities to companies for expansion in the field
Business
Adnoc Gas awards contract
Nearly US$615m will be paid to build carbon-capture units.
- Adnoc Gas said the large-scale project reaffirms its steadfast commitment to maximising energy output while minimising emissions
- The project expected to be started in 2026 will inject CO2 for permanent storage in ADNOC Onshore's Bab Far North Field
Economy
UAE to generate 19.8 gigawatts of clean energy by 2030: Al Mazrouei
Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister...
- The minister informed the audience at ADIPEC 2023 that the UAE intends to work towards producing 1.4 million metric tonnes of low-carbon hydrogen per annum by 2031
- He told a global audience of energy leaders at the opening of the event in Abu Dhabi that an International collaboration is crucial to addressing energy challenges
Business
Abu Dhabi Oil Company to hike investment in UAE oil sector
Abu Dhabi, UAE--Abu Dhabi Oil Company (ADOC) is planning more investments and expansions in the UAE, according to a senior...
- Talking to the media at ADIPEC 2023, Shingai said the company was planning to expand production facilities and increasing extraction rates
- He noted that ADOC played a key role in advancing ties between the UAE and Japan through its investment projects in the UAE oil sector
Business
Iran foreign trade posts 4.84% jump to US$54.6bn in last six months
Tehran, Iran-- Iran's foreign trade has registered a 4.84 percent jump to $54.6 billion between March and September this year....
- The exports posted a 29 percent increase in weight and 2.6 percent decline in value compared to last year’s corresponding period
- Some 17.6m tons of goods, valued at $30.4bn, were imported into the country in the first half of the current Iranian calendar year
Geostrategy
Iraq and Iran review implementation of security agreement between two countries
Tehran, Iran--Iraq and Iran have reviewed the implementation of the security agreement in a meeting between the secretary of Iran's...
- Qasim al-Araj, Iraq's NSA, arrived in Tehran on Sunday and held discussions with General Ali-Akbar Ahmadian, the secretary of Iran's Supreme National Security Council (SNSC)
- The agreement guarantees the security of the borders of the two countries, affording a road map to eliminate the insecure components in the region
Business
Dubai Chamber of Digital Economy to host global tech firms at Expand North Star
Dubai, UAE--Dubai Chamber of Digital Economy is all set to welcome the global business community to Expand North Star, the...
- The participants will assemble at Dubai Harbour from 15th - 18th October 2023, connecting the world's most sought-after startups with innovators and investors
- The event will host more than 1,800 startup exhibitors from over 100 countries and nearly 1,000 investors with a combined total of over US$1 trillion under management
Business
Libya and Italy sign MoU to boost cooperation in civil aviation
Tripoli, Libya--Libya and Italy have signed an agreement to enhance cooperation to enable air transport companies to operate charter and...
- In September, a Rome-bound aircraft departed from Tripoli restarting flights to Italy after a nearly decade-long suspension due to an EU ban
- The agreement looks to boost cooperation between air transport companies to operate charter and regular flights between the two countries
Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
Business
Company News
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World Economic Forum foresees ‘significant economic slowdown’
World Economic Forum
Qatar Islamic Bank profit up
Business
GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...
Business
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Business
Air cargo demand rebounds in 2023 amid economic uncertainty
Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to...
- Carriers across the Middle East recorded a jump in demand of 1.6 percent for international operations in 2023 compared to 2022
- Airlines in the region posted an 18.3% increase in December in demand for both global and international operations compared to 2022
Business
UAE economy to grow 5.7% in 2024 in spite of global challenges
Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including...
- According to a top official in the ministry of finance, the country's initiative to diversify the economy and promote sustainable growth have proven effective
- The official said that the UAE's non-oil foreign trade touched a record of $338 billion in the first half of 2023, marking a 14.4% increase from the same period in 2022
Business
DFM net profit climbs 124 percent
Its board has proposed a cash dividend of US$76.24m.
- The upswing in profit was propelled by a significant uptick in trading activities, capital inflow and a notable influx of new investors
- The bourse consolidated its status as a premier market for IPOs, with the listing of Dubai Taxi Company and Al Ansari Financial Services