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UAB net profit up by 50% for H1

Total assets increase by 11 percent.

TSMC Q2 profit up 60%

TSMC is the world's largest contract maker of chips.

ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

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

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.

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.

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

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

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

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

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

Saudi Arabia to host MENA Climate Week in October to ‘assess progress’

Riyadh, Saudi Arabia--Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12, in coordination with the...
  • According to the ministry of energy, the event will examine the progress made in realizing the objectives outlined in the Paris Agreement
  • It added the event will bring into focus the region's initiatives and approach to climate action and shed light on the impact of climate change

DEWA exhorts customers to take ‘measures’ in order to avoid fire

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has called on the public to take all necessary measures to avoid the...
  • Exhorting customers to use its smart services, DEWA asked them to visit its website and smart app in order to protect people and property
  • It urged customers to use proper insulation in order to cover wires and be careful of exposed wires and damaged electrical parts

Iran and Russia to sign new contracts to develop oil, gas fields

Tehran, Iran-- Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the...

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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...

AD Ports to build passenger terminals at Egyptian Red Sea ports

Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for...

Alba sets new production record

It produced 1,620,665 metric tonnes of aluminium in 2023.

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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

Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors

Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...
  • The investment into the maritime and logistics sectors corresponds with the targets of the National Transport and Logistics Strategy
  • The authority signed several agreements in 2023 to establish 5 new logistics parks and centers, with investments exceeding $1.06 billion

Qatari exports to clients surge in 2023 to US$412m: Tasdeer

Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an...
  • According to the agency, some 260 Qatari exporters and 130 companies took part in eight international exhibitions during the past year
  • The trade missions undertaken by Qatari companies to Iraq and India generated deals worth approximately $57.41m and $31.31m respectively