Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
Economy
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
Geostrategy
Russia plans visa-free travel with Latin American countries
MOSCOW, RUSSIA – A senior Russian official said that they intend to move towards visa-free travel with all countries of...
- The Director of the Russian Foreign Ministry’s Latin American Department said that visa-free travel with all Latin American states is an achievable goal.
- The statement on visa-free travel was made by the senior diplomat on the sidelines of the "Russia - Latin America" conference.
Business
Porsche sales revenue up
The sports car maker posted gains one year after its IPO.
- In the first half of 2023, Porsche posted significant gains in group sales revenue, group operating profit and deliveries
- The sports car maker, after going public, set up individual partnerships in the field of software with Apple and Mobileye
Geostrategy
UAE and Barbados look to deepen trade, energy ties
Bridgetown, Barbados-- The UAE and Barbados have discussed prospects for bolstering bilateral cooperation, particularly in climate action and renewable energy,...
- The UAE foreign minister and Barbados PM discussed mechanisms of joint cooperation across various sectors of economy, tourism and trade
- Sheikh Abdullah bin Zayed's tour looks to show UAE’s keenness to strengthen friendly relations with the countries of Latin America and the Caribbean,
Business
Old Doha Port signs many agreements during Monaco Yacht Show
Monaco, Monaco--The Old Doha Port has signed several agreements with professional global companies, specialized in yacht during its participation in...
- The executive director of the Old Doha Port said the objective of the participation in the show was to put the port on the global map
- The port officials showcased a model to streamline visiting yachts through a mechanism of entry and exit from Qatar
Economy
Saudi Arabia projects 2024 budget deficit at 1.9% of GDP
The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is...
- The kingdom's finance minister said that the government will continue implementing fiscal and economic structural reforms
- The minister also noted the important role of the PIF and development funds that enhance the growth of non-oil GDP
Geostrategy
Iran proposes to Saudi Arabia to set up working group for visa cancellation
Riyadh, Saudi Arabia--Iran has proposed to Saudi Arabia to set up a working group to look into the idea of...
- The idea of visa cancellation was put forward by Iranian deputy tourism minister while visiting Saudi Arabia
- Iran and Saudi Arabia in March agreed to a Chinese-brokered deal to revive relations after years of hostility
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Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
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World Economic Forum foresees ‘significant economic slowdown’
World Economic Forum
Qatar Islamic Bank profit up
Business
GCC ministers hold discussion on food security in the region
Riyadh, Saudi Arabia--Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), held a virtual meeting with ministers from...
Economy
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Economy
GCC central banks mimic Fed, hold interest rates steady
Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation...
- CBUAE has kept the base rate applicable to the overnight deposit facility (ODF) at an unchanged level of 5.40%
- The US Federal Reserve held its key interest rate steady and hinted at the possibility of rate cuts in the future
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