OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
Business
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Economy
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,...
- The project will be designed, maintained and funded by Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group
- Dr Sultan Al Jaber said at the signing of the agreement that the UAE will continue leading by example as it advances its net zero initiative
Business
Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
- The tech show featured hundreds of speakers, more than 600 startups, besides 170,000 participants from around 180 countries
- HONOR, Chinese consumer electronics brand, announced regional expansion plans with an investment of US$100 million
Economy
European tourists make a beeline for Sharjah as 400,000 visit in 2023
Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase...
- Sharjah is showcasing its unique locations at a travel-trade show in Berlin, seeking to entice more Europeans to the emirate
- Tourism officials from Sharjah held meetings with investors and business leaders interested in the tourism and trade sectors
Economy
Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...
- The MoU corresponds with the goals of Dubai Global Initiative, aiming to establish offices around the world to attract foreign direct investment
- The Dubai Global initiative is led by Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers
Economy
Qatar Central Bank head calls for enhanced GCC action to tackle challenges
Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among...
- Al-Thani exhorted the GCC to boost efforts to fight off financial challenges in relation to growth, sustainable development, financial stability, and interest rate
- He applauded the GCC for great achievements registered during the last few years, which contributed to the advancement and prosperity of the region
Business
FAB shareholders approve dividend
The 50% cash dividend would be to the tune of US$2.12bn.
- The annual meeting commended the bank's three consecutive years of accelerated business momentum, and its strong platform for future growth
- The bank's CEO said that FAB achieved a record net profit of $4.46bn and $7.56bn in revenue in 2023, fueled by growth across all core businesses
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
- Viola will set up and operate outdoor media advertising solutions on ADNOC assets in strategic locations across the capital
- The company's diverse assets are expected to boost the local business ecosystem and introduce innovative revenue streams
Economy
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
- The minister said that Ireland wants the UAE, and indeed others in this region like Saudi Arabia and Kuwait, to see it as a gateway into the EU market
- Close to16,000 Irish citizens work in the GCC, mostly in the UAE, across various sectors such as education, healthcare, business, banking and hospitality
Business
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
- Dubai and Abu Dhabi are among five of the world's largest aviation cities in the Middle East, serving more than 10,000 long-haul passengers per day
- The regional expansion will surpass the global average growth of 3.6 percent, and register a 4.4 percent average annual growth by growing to $28bn
Business
Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries.In this...
- The two countries signed a memorandum of understanding to increase air transport rights to Cairo International Airport
- The agreement will facilitate the opening of new avenues of cooperation in the field of air transport between the two countries
OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
Business
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Investcorp Capital names new CFO
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UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
Business
Middle East to receive millions of Chinese tourists lost in Covid pandemic
Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be...
Business
Jordan oil imports decline in January, boosting trade balance
Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according...
Economy
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Business
OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
- Al Ghais said the investments are crucial for ensuring reliable energy supplies for current and future generations
- At the same time, the secretary general noted the organisation's active involvement in climate change negotiations
Economy
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
- The agreement looks to boost expertise exchange and cooperation between Bahrain and Saudi Arabia, focusing on joint efforts in infrastructure development and road safety
- The Bahraini minister noted the strong relations between the two countries, emphasising the keenness to enhancing ties, particularly in infrastructure development
Business
SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation.In this...
- The two sides discussed the potential establishment of a Thai Business Council, under the auspices of the Sharjah Chamber, to stimulate joint investments
- The Thai delegation during its meeting with the SCCI underlined their desire to facilitate the Emirati jewellery designers’ participation in the Bangkok Fair