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
S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms
Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1”...
- The agency gave a stable rating in the wake of the kingdom's ongoing initiatives to carry out significant reforms and achieve structural improvements
- The kingdom's growth, according to S&P, will increase at a rate of 3.4% between 2024 and 2026 mainly due to the anticipated rise in oil demand
Economy
IMF to exhort China to shift growth model toward consumption
Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector,...
- The IMF intends to exhort Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate
- In July the IMF forecast China's 2023 growth rate to hover at 5.2% and 4.5% in 2024 but warned it could be lower
Economy
UAE and Russia look to boost ties in education, space, scientific research
Moscow, Russia--The UAE and Russia are looking to strengthen the bilateral cooperation in higher education, scientific research, space, and engineering...
- Ahmad Belhoul Al Falasi, Minister of Education, and Valery Falkov, Minister of Science and Higher Education of Russia, held discussions to boost cooperation in many sectors
- The UAE minister visited the Moscow State Technical University, where he saw its research centres and learnt about the latest scientific and engineering tech solutions
Economy
UAE to launch digital-response platform to aid disaster-hit countries
New York, US--The UAE has announced the launch of a new digital response platform that will support disaster-affected countries to...
- The digital-response platform will let disaster-hit countries to communicate what aid is needed, allowing partners to accelerate aid delivery
- The UAE private sector during the last five years has made contributions to the tune of US$ 250 million to humanitarian efforts globally
Economy
Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected...
- The report estimated that the GCC banks will report stronger profitability in 2023
- The rating agency expects Saudi banks to achieve a return on assets of 2.2% in 2023
Economy
70% of jet fuels at EU airports will have to be green by 2050
Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such...
- The EU is looking to prod the aviation sector to use sustainable aviation fuels in order to cut emissions
- Sustainable aviation fuels will include synthetic fuels, certain biofuels produced from agricultural or forestry residues
Economy
UAE and Iraq to deepen economic, cultural, energy cooperation
Baghdad, Iraq-- The UAE and Iraq have held discussions to boost economic, investment, educational, cultural, agricultural, food, technological, and energy...
- The officials from both countries discussed deepening economic, investment, educational, cultural, agricultural, food, technological, and energy cooperation
- Khalifa Shaheen Al Marar, UAE Minister of State, noted the importance of utilizing the joint committee meetings to explore new opportunities for reinforcing economic growth
Geostrategy
GCC looks to deepen international ties to resolve conflicts, achieve security
Riyadh, Saudi Arabia-- The Gulf Cooperation Council (GCC) intends to deepen the process of dialogue with the international community in...
- The GCC secretary general made the remarks in a meeting of the North Atlantic Council of NATO and representatives of the partners in the Istanbul Cooperation Initiative
- He said that the potential cooperation between the GCC General Secretariat and NATO, which is considered the largest military alliance in the world, is of paramount importance
Economy
UAE and Germany hold workshop on hydrogen strategies, carbon markets
Abu Dhabi, UAE-- Looking to exchange expertise and explore potential synergies in hydrogen and carbon trading, an industry workshop was...
- The UAE's Ministry of Energy and Infrastructure (MoEI) and Germany's Federal Ministry for Economic Affairs and Climate Action (BMWK) organized the workshop
- During the presentation, the UAE gave a peek into its carbon trading outlook and voluntary carbon markets, as well as showcasing the design of its carbon market
Economy
Ajman records US$1.01 billion in construction contracts in H1 2023
Ajman, UAE-- The value of construction contracts in the emirate has exceeded $1.01 billion during the first half of 2023,...
- The department said the contracts' value rose from the last two years, noting that in 2021 it was $517 million, and in 2022 it reached $571 million
- The emirate provides conducive environment for investment projects, and attracts tourists and visitors from both inside and outside the country
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
DP World signs MoUs in India
Business
Latest News
AD Ports launches Noatum Logistics Middle East
The firm said the new brand will replace MiCCO Logistics.
Business
Iran and Turkey to set up free trade zone at border in Khoy city
Tehran, Iran--Iran and Turkey will join hands to set up a free trade zone at the border crossing in Khoy...
Business
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
Business
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Economy
Egypt’s wheat and oil reserves sufficient for several months, says minister
Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the...
- The minister said that 100 tonnes of sugar have been produced from the cane crop so far, and that preparations are underway to receive the beet crop in mid-March
- The country purchases around five million tonnes of wheat annually from abroad, and subsidised bread is available to more than 70 million of its 104 million population
Business
Qatar and Nepal discuss boosting economic cooperation
Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment...
- The talks are likely to pave way for more cooperation and partnership between the Qatari and Nepalese private sectors
- The Qatar official emphasized the importance of holding trade and business visits between both sides to explore cooperation
Business
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
- The agreement involves the transfer and localization of potato seed production techniques in the Kingdom.
- The aim of the collaboration is to support the transformation of local companies into industrial agricultural entities.