UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi....
Economy
Economy
Iran’s oil exports to China touch all-time record in August
Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according...
- According to data released by Kpler, a French firm, oil exports to China had reached an average of 1.5 million barrels per day (bpd) in August
- It is estimated that Iran’s revenues from August sales of oil to China had amounted to some $3.5 billion, which it said was equal to entire oil sales in 2020
Geostrategy
Global aid pours into Morocco as quake death toll passes 2,100
The International Federation for Red Cross and Red Crescent Societies has warned that the next 24 to 48 hours will...
- Countries such as Turkey, Switzerland, Belgium, Italy, Poland, and Israel have also offered assistance
- A team of French volunteer firefighters has arrived in Morocco as US says it is ready to provide assistance
Economy
GCC chief highlights private sector’s role in sustainable Gulf economy
Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient...
- The secretary general was speaking at the the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain
- He pleaded for increased cooperation between the GCC and the Gulf private sector to tackle the myriad challenges facing the region
IMF head urges G20 leaders to deliver promised US$100bn for climate finance
New Delhi, India-- Appealing to G20 members to lead by example in delivering on the promise of US$100 billion per...
- Ahead of COP28, the IMF managing director said that target must be raised to reduce emissions to prevent grave risks to economic well-being
- She urged countries to mobilize domestic resources to finance and manage the green transition through tax reforms, efficient public spending
Business
QFCA, QSE sign agreement with Malaysian firm to advance bonds and sukuk
Doha, Qatar--The Qatar Financial Centre Authority (QFCA), Qatar Stock Exchange and Malaysian Rating Corporation Berhad (MARC) have entered into a...
- The agreement entails organizing events to foster knowledge, develop market infrastructure to support Qatar's bonds and Sukuk market
- The partnership extends to exploring opportunities to establish best standards and practices in the domains of sustainability and debt capital markets
Economy
Global food prices drop in August: FAO
Led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations revealed that its...
- Its Cereal Price Index dropped by 0.7% from July and International wheat prices dipped by 3.8% in August
- But in contrast, the FAO All Rice Price Index climbed up by 9.8% from July to reach a 15-year nominal high
Business
Russia’s largest bank launches new services in Iran
Tehran, Iran--Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to the Islamic...
- According to the bank, the service would be available to both individuals and businesses using their Sber account
- Last year, Russia’s second-largest bank VTB launched a similar service and then in May it opened a branch in the country
Business
ADNOC Gas signs US$450-550m Chinese supply deal
Abu Dhabi, UAE--ADNOC Gas today announced an agreement valued between $450 million and $550 million to supply Liquefied Natural Gas...
- ADNOC Gas CEO Ahmed Mohamed Alebri said that China continues to be a key market for the firm, and the deal reinforces "our role as a major LNG supplier"
- Elary this year, the firm -- 90 percent-owned by state oil giant ADNOC -- also signed a three-year supply agreement with France's TotalEnergies Gas and Power
Business
Bank of China opens in Riyadh
It is expected to speed up the use of yuan in trade.
- China's ambassador to Saudi Arabia said that it is the fruit of the continuous development of friendly relations between the two countries
- With the launch of the Riyadh branch, the BOC now operates and provides financial services across 64 countries and regions worldwide
Economy
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...
- According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
- The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors
Company News
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Alba sets new production record
Business
Abu Dhabi Islamic Bank adopts AI
Business
UAE-Hong Kong non-oil foreign trade surges to US$16.23 billion
Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in...
Business
Bahrain and South Korea seek to bolster economic, parliamentary ties
Manama, Bahrain--Bahrain and South Korea have reviewed ways to enhance diplomatic, economic and parliamentary cooperation and partnership to benefit the...
Geostrategy
DMCC launches global trade roadshow in London to attract FDI from UK
Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking...
Business
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Business
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
- The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022
- The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year
Business
Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth
Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...
- The figures for 2023 have set a new record for the highest number of customs transactions by Dubai Customs, showcasing a 17.5% growth
- The new accomplishment has resulted from the ongoing success of the Comprehensive Economic Partnership Agreements program
Economy
Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...
- The council has been set up to develop policies and strategies related to research, infrastructure and investments in AI in Abu Dhabi
- It will formulate plans in collaboration with local and global partners to enhance Abu Dhabi's status in the fields of artificial intelligence