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’...
Business
Economy
Jordan and Algeria look to ramp up trade, parliamentary ties
Amman, Jordan--Jordan and Algeria are looking to boost trade and parliamentary relations to further enhance bilateral ties between the two...
- The head of the Jordanian-Algerian Parliamentary Committee and Algerian ambassador discussed boosting of ties between the two countries
- The ambassador reiterated her country's commitment to improving ties with the kingdom, adding that a tax-free customs zone will be set up in the near future
Economy
Ruwad approves financing for several projects in various sectors
Sharjah, UAE-- Ruwad, or the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad), has approved the financing of three projects after...
- In the second quarter of this year, Ruwad received some 102 application from projects for the Ruwad membership, of which 66 were approved
- According to Ruwad, the food sector stood at top of the list that secured the membership during the second quarter of 2023
Geostrategy
UAE president meets with Arab and EU leaders in Italy
The president met with a string of leaders from the Arab world and the European Union and discussed ways to...
- The UAE has announced a contribution of US$100 million to support developmental projects in countries affected by irregular migration
- The heads of the European Commission and the European Council, and the Tunisian president and Lebanese PM applauded the UAE for the aid
Business
Dubai Customs processes over 14m transactions in first six months of 2023
DUBAI, UAE - Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the...
- Dubai Customs revealed that business registration service transactions went up 7 percent, recording 143,000 service requests.
- Customs declarations stood at 12.3 million transactions, accounting for 88 percent of the total number of customs transactions.
Business
Dubai seeks to unleash high-powered growth for its family business sector
DUBAI, UAE - In Dubai’s economic growth story, family businesses stand tall as architects of growth, innovation and value creation....
- The government is introducing initiatives to future-proof family businesses and bolster their competitiveness and growth capabilities in a global environment.
- Dubai has introduced new legislative measures aimed at helping them navigate the challenges and opportunities brought by a global economy in transition.
Economy
Egypt and Indonesia to ramp up trade exchange
Cairo, Egypt--Egypt and Indonesia will ramp up trade exchange as the two countries look to strengthen the overall ties.This came...
- Both agreed to give a fillip to Indonesian investments in Egypt benefiting from the incentives offered by the Suez Canal Economic Zone
- Egypt and Indonesia also reviewed all agreements and memos signed between the two nations over the past years
Economy
Qatar records 70% growth in annual FDI between 2019 and 2022
Doha, Qatar-- Qatar has recorded a 70 percent growth in annual foreign direct investment (FDI) between 2019 and 2022. Just...
- IPA Qatar said it has succeeded in luring FDI and building a world-class business environment, boosting Qatar's image on the global stage
- It has also played a leading role in policy advocacy, making 70 policy recommendations, apart from creating a better business environment
Economy
UAE and UN to boost climate action cooperation in run up to COP28
New York, US--The UAE and the UN have discussed joint cooperation and partnership on government experience exchange, global climate action...
- The UAE delegation noted the country's initiatives in development including government work, capacity building and exchange of expertise
- They also discussed opportunities to boost cooperation in international initiatives, maximizing the positive impact of climate action around the world
Economy
Nations look to sign deep sea mining rules by 2025
The member nations of the International Seabed Authority (ISA) agreed on a two-year roadmap for the adoption of deep sea...
- The ISA Assembly and its 167 member states next week will discuss a "precautionary pause" in mining, supported by about 20 countries
- Scientists believe deep sea mining can destroy habitats and species that may still be unknown but are potentially vital to ecosystems
Geostrategy
Bahrain and US assert commitment to freedom of maritime navigation
Dubai, UAE-- Bahrain and the US have reaffirmed their commitment to freedom of navigation in international waters. They reiterated the...
- Both the countries noted the importance of safe passage for commercial shipping in the Strait of Hormuz and denounced acts putting freedom of navigation at risk
- They also pledged to combat climate change through the deployment of clean energy sources and innovations such as carbon-capture technologies
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’...
Business
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COP28 UAE
Shanghai to build 200 smart factories to shore up its manufacturing status
Shanghai, China--Shanghai plans to build 200 new smart factories and 20 demonstration sites by end of 2025 after 70 intelligent...
Business
Qatar National Bank forecasts world economic growth to be 2.9% in 2024
Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same...
Economy
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Business
Alba sets new production record
It produced 1,620,665 metric tonnes of aluminium in 2023.
- The CEO of Alba said that the company was not just celebrating numbers but the human capital behind "such achievement"
- He expressed his gratitude to the chairman of the board and also members of the board for their support during 2023
Business
Abu Dhabi Islamic Bank adopts AI
The bank expects to enhance operations with AI tools.
- The bank seeks to leverage technology in order to increase productivity and efficiency in code generation and error identification
- The bank says GitHub Copilot will help empower IT teams to streamline their workflows by harnessing the artificial intelligence
Business
UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...
- The decision to enhance ties came up in a meeting between the UAE's minister of state for foreign trade, and Jordan's prime minister
- Al Zeyoudi said the two countries wish to develop economies driven by innovation and the unhindered exchange of trade and investment