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.Emerge,...
Economy
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
Economy
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...
- With data collected from 137 banks, the survey is the world's leading barometer of trade finance health
- The Russian invasion of Ukraine was seen impacting trade finance portfolios by some 60 percent banks
Business
ADNOC to develop largest carbon-capture project in MENA
According to an ADNOC statement, the project will be able to capture up to 1.5 million tonnes of CO2 a...
- The new initiative will siphon planet-heating carbon dioxide emissions from the Habshan gas processing plant in Abu Dhabi
- ADNOC is hoping to "maintain its leading position in producing low carbon-intensity barrels" of fuel with its carbon capture initiatives
Geostrategy
Arab-Japan ties to see expansion to cultural, environmental, energy fields
Cairo, Egypt-- Vowing to expand their relations to cultural, educational, environmental, and energy fields, Arab states and Japan have expressed...
- Bahrain's foreign minister said dialogue reflects the strong ties and joint commitment between the Arab and Asian regions to further enhance cooperation
- The minister emphasized the importance of both sides' commitment to supporting pluralism, international law, peace, stability, and prosperity for all
Economy
Qatar’s non-energy private sector records strong growth in August
Doha, Qatar--Qatar's non-energy private sector witnessed strong expansion in August on the back of new orders in the manufacturing and...
- According to the QFC's latest purchasing managers' index (PMI) survey, the expansion rate was the third strongest so far in the current year
- QFC CEO Yousuf Mohamed al-Jaida said PMI has held steady over the past six months at a level consistent with solid economic growth
Economy
Healthcare sector in Qatar witnesses remarkable growth, says IPA Qatar
Doha, Qatar--Sustained investment in healthcare infrastructure in Qatar has seen a rapid transformation in the sector as promotion of health...
- A study carried out by IPA Qatar shows that health promotion and disease prevention underpin its commitment to ensuring the well-being of its citizens
- In the next 10 years, digital infrastructure, virtual care, remote patient monitoring and AI will account for some 30% of hospital investments in the region
Business
Gaming industry posts exponential growth in Saudi Arabia: PayerMax COO
Riyadh, Saudi Arabia-- The gaming industry has witnessed exponential growth in Saudi Arabia with an average revenue per paying user...
- By the end of the decade, Saudi Arabia's Vision 2030 aspires to make the kingdom a global hub for gaming and esports
- According to Essay Zhu, Partner & COO of PayerMax, the industry is rapidly evolving in the region, driven by technological advancements
Business
Meeza, QNBFS sign agreement
The liquidity agreement is for Meeza's listed shares on QSE.
- The liquidity provision service is expected to start on September 7, 2023, according to a statement published on the QSE
- Meeza, a Qatar-based venture, is helping speed up Qatar's growth through the provision of top-notch IT services and solutions
Geostrategy
Saudi Arabia and Iran two most influential countries in Islamic world: Raisi
Tehran, Iran--Iran's President Ebrahim Raisi has termed Saudi Arabia and Iran as the two most influential countries in the region...
- Iranian president in his meeting with Alireza Enayati, the new ambassador to Saudi Arabia, spoke of strengthening relations between the two countries
- In June, the Islamic republic reopened its embassy in Riyadh and then followed it up with the reopening of its consulate in Jeddah
Economy
Saudi Arabia forms Global Water Organization to secure sustainable resources
Jeddah, Saudi Arabia--Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the establishment of Global Water Organization in order to...
- The body will seek to exchange knowledge, expertise, the advance of water technology, innovation, and share research and development experiences
- It will also press for the funding of high-priority projects to ensure the long-term sustainability of water resources while ensuring access to water for all
Company News
Alba sets new production record
Business
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Abu Dhabi Islamic Bank adopts AI
Business
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
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
Business
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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
Business
Bahrain and GCC look to boost ‘convention, exhibition’ industry
Manama, Bahrain-- Bahrain and the Gulf Cooperation Council (GCC) are looking to boost cooperation in the convention and conference industry...
- The Bahrani minister spoke of the kingdom's resolve to continue developing the exhibitions' sector by providing it with facilities
- The two sides discussed establishing more major international events and exhibitions across the cities of the GCC countries
Business
IPT Energy floats new firm in Sharjah
It will engage in the import and trading of oil products.
- The new company will be involved in the import and trading of refined oil products, petrochemicals, lubricants, and grease
- It has invested $11m as first stage investment in the emirate and plans to double this investment to $22 million by 2025-26