UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
Business
UAE and Greece hold talks to widen economic cooperation
Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues...
Economy
Economy
UAE economic expansion to continue, after posting 3.8% growth in Q1: OPEC
Vienna, Austria--The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the UAE's economy grew by 3.8 percent in...
- The UAE's economic expansion, according to the OPEC report, will continue, noting that the key sectors of the country's economy have posted significant growth
- The report highlighted the sectors that posted growth were transportation and storage (10.9%), construction (9.2%), and accommodation and food services (7.8%)
Business
Over 3,500 new members register with Ajman Chamber in H1 2023
AJMAN, UAE- The Ajman Chamber of Commerce and Industry (ACCI) has revealed that in the first half of 2023, at...
- The industrial membership in the Ajman Chamber grew by 6.9 percent during the first half of this year compared to the first half of 2022.
- The Ajman Chamber is keen to attract specialized investments in modern industries based on technology and artificial intelligence.
Economy
Qatari-Chinese Business Forum discusses ways to boost trade ties
Doha, Qatar--The Qatari-Chinese Business Forum kicked off with the participation of over 70 local companies and nearly 60 Chinese companies...
- At least 70 companies from Qatar and 60 from China met at the forum to look at investment opportunities in the two countries
- Chairman of Qatar Chamber of Commerce and Industry said that trade between the two countries stood at $27 billion in 2022
Science
Iran and Russia sign deal to build research spacecraft in two years
Tehran, Iran-- Iran and Russia are looking to build a research spacecraft within two years and in this connection top...
- The Scientific and Research Department at the University of Tehran has set up a secretariat to oversee the project
- The Islamic republic's vice president has directed the Plan and Budget Organization of Iran to finance part of the joint project
Economy
UAE president discusses boosting ties with president of Nigeria
Abu Dhabi, UAE-- UAE President Sheikh Mohamed bin Zayed and Nigerian President Bola Ahmed Tinubu discussed opportunities for further bilateral...
- UAE president hoped the two leaders would work together to deepen ties that benefit both the UAE and Nigeria
- Sheikh Mohamed renewed the UAE's goal to foster ties with countries that share the same aspiration for growth
Economy
Russia to cancel tourist visas to four Gulf countries
Speaking at the Eastern Economic Forum (EEF), Russia's Minister of Economic Development Maxim Reshetnikov said that his country has offered...
- He said the countries of the Middle East and Southeast Asia are among those "with which we interact"
- The minister added, "this is where incremental growth of premium class tourists is possible in particular"
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
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
Business
Company News
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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...
Economy
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...
Business
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Business
Global Islamic finance market to touch US$4.9trn in 2025, says Malaysian official
Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner...
- The official said the Islamic finance market is seeing significant and rapid growth worldwide, surpassing the size of US$2.2 trillion in 2022
- He said the Islamic finance industry has seen a noticeable growth in the Middle East and the Association of Southeast Asian Nations (ASEAN)
Business
UAE, Malaysia sign MoU to enhance ties in digital-infrastructure sector
Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the...
- The agreement envisages setting up collaboration by developing bilateral relationships between public and private organisations
- The trade ties between the UAE and Malaysia have climbed up, with non-oil trade volume surpassing $2.22bn in H1 of 2023
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...
- The Hong Kong official said that the non-oil foreign trade value grew between the UAE and Hong Kong in the past year, reaching $16.2 billion in 2023
- He said the Hong Kong companies are keen to invest in the UAE in sectors such as infrastructure, information technology, financial technology and health technology