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
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
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
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
Company News
Latest News
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)...
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...
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...
Business
Most Read
Geostrategy
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...
- The two sides looked to boost partnership in order to benefit the two countries and contribute to consolidating security, stability, economic growth in the MENA region
- The South Korean official underscored the deep friendship between the two countries, noting the steady growth of bilateral ties at the political, economic, and parliamentary level
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...
- During the four quarters to the end of Q2 2023, the UAE-UK bilateral trade grew 47.3% year-on-year to reach $32.40 billion
- In 2023, more than 200 British companies joined DMCC’s business district alone, representing a 10% year-on-year growth
Business
Gulf Warehousing Company profit down
Its net profit fell 10.24% to US$59.07 million in 2023.
- Its earnings per share (EPS) decreased to QR 0.37 in 2023 compared to EPS of QR 0.41 in the previous year, the company said
- Its board of directors ratified the distribution of dividends of QR 0.11 at a rate of 11 percent per share for the year 2023