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...
Economy
Economy
COP28 urges governments to make ‘food systems’ central to climate change
Dubai, UAE-- Calling on governments around the world to demonstrate leadership by signing the "Leaders Declaration on Food Systems, Agriculture...
- The presidency exhorted stakeholders in the food and agriculture sectors to speed up existing initiatives across food systems, agriculture, and climate action
- It also pleaded for action to ramp up innovation in the sectors in order to drive both development and climate action, leveraging mechanisms
Business
Saudia Cargo signs deal with Jan de Rijk
It will enable Saudia Cargo to widen network in Europe.
- As per the terms of the deal, Saudia Cargo will use Jan de Rijk's extensive trucking network to shore up its operations in Europe
- Set up in 1971, Jan de Rijk Co, is a leading provider of European transportation, distribution services, and supply chain management solutions
Business
Abu Dhabi Maritime signs MoU with ADNOC Distribution
It seeks to enhance emirate's coastal and marine locations.
- The agreement between the two underscores the ongoing effort to strengthen Abu Dhabi's maritime sector
- Director-General of Operational Affairs at the DMT said that "together, we will unlock the untapped potential of our shores"
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...
- 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
Company News
Silal and MBZUAI sign MoU
Business
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GCC head and EU top diplomat review relations in Riyadh
Riyadh, Saudi Arabia--Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), and Josep Borrell, High Representative of...
Geostrategy
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
Business
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
Economy
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Business
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...
- The city as China's largest smart-solutions provider and a core equipment hub sees such innovation as vital for industrial competitiveness
- Its vice mayor said that "intelligent manufacturing" plays a key role in new industrialization and is pivotal in the city's digital economic transition
Economy
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...
- QNB said that its view is more bullish than others as the bank believes the global economy to expand by 2.9 percent roughly the same rate as last year
- It believes the US economy would slow down as the US fiscal thrust is set to decelerate from a positive 1.9 percent in 2023 to a negative 1.4 percent in 2024
Business
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...
- According to the Egyptian ministry of transport, the contract entails AD Ports Group to develop yacht and cruise-ship tourism in Egypt
- The cruise lines will be operated between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, and Europe