Central Bank of Bahrain Sukuk Al Ijara oversubscribed by 186 percent
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al...
Business
China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...
Economy
Economy
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
- Officials from the UAE have highlighted the role of the country in supporting the free flow of trade and investment to drive global economic growth
- They said the UAE's endeavours have been to expand its base of trading partners around the world through comprehensive economic partnerships
Business
DIEZ profit jumps 64.6% in 2023
The market value of its net assets crossed US$5.66bn.
- DIEZ reported growth in earnings before interest, taxes, depreciation, and amortisation by 49.2 percent, alongside an 8.1 percent increase in total revenues
- Economic zones affiliated to DIEZ have experienced substantial growth across six key sectors, which collectively represent 95 percent of total companies hosted.
Business
GAS, SPPC ink two contracts
The duration of each contract is of 22 months.
- The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
- The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).
Business
Ooredoo, Nokia sign MoU
It will commit the two to sustainable innovation.
- The partnership between the two companies stems from their collaborative vision to foster a more environmentally-conscious industry
- The CEO of Ooredoo said that the MoU is a cornerstone in their journey towards achieving the goals of Qatar’s National Vision 2030
Economy
Qatar and China entrepreneurs explore partnerships, JVs in tech and energy
Doha, Qatar-- Businessmen and entrepreneurs from Qatar and China have discussed opportunities to set up joint ventures and commercial partnerships...
- The talks between the two sides focused on enhancing bilateral economic relations and exploring the investment climate and opportunities
- The volume of trade between Qatar and China has grown significantly in recent years, increasing by 62 percent and reaching $22bn last year
Economy
WTO conference ends with acceptance of Abu Dhabi Declaration
Abu Dhabi, UAE--The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has concluded with the acceptance of Abu...
- Dr. Thani Al Zeyoudi termed the declaration as a “a momentous week not only for Abu Dhabi and the UAE, but for global trade as a whole”
- Many breakthroughs were achieved on dispute settlement, with an agreement to fulfil the MC12 mandate to arrive at a dispute settlement system
Economy
Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
- The $13.89 billion joint investment with RWE is expected to provide a huge boost to the UK economy
- The investment builds on the $12.63bn UAE-UK Sovereign Investment Partnership to invest in energy transition
Geostrategy
UAE and Russia look to deepen parliamentary cooperation
Abu Dhabi, UAE-- The UAE and Russia have held talks to enhance the parliamentary cooperation between the two countries. In...
- The meeting between the two addressed the role of parliamentary diplomacy in supporting efforts to promote security and peace in the region
- The officials also discussed the 10th BRICS Parliamentary Forum, to be held in the city of St. Petersburg, Russia, from 10th to 11th July, 2024
Business
Emaar unveils new projects
The new projects are estimated to value US$26.14 billion.
- The first development valued at $15 billion is poised to set a new standard in premium high-end living
- The second valued at $11.16bn is designed to house wellness facilities, a new standard in luxury hospitality
Business
Egypt signs several MoUs with global developers in renewable energy
Cairo, Egypt--Egypt has signed seven Memoranda of Understanding (MoUs) on Wednesday in green hydrogen and renewable energy with seven global...
- The agreements to set up geen hydrogen projects represent a new step or the Sovereign Fund of Egypt in its partnerships with global companies
- The green projects are expected bring in investments of $12bn for the pilot phase and $29bn for the first phase, for a total of $40bn over 10 years
Central Bank of Bahrain Sukuk Al Ijara oversubscribed by 186 percent
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al...
Business
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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...
Business
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...
Economy
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...
Business
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Economy
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
- The aviation arm of the UN said that demand this year is forecast to be around 3 percent above 2019 levels and could reach 4 percent if the pace of recovery strengthens
- According to its analysis, global demand expressed in Freight Tonne-Kilometres (FTK) is forecast to be around 2 percent below 2019 levels for the full year 2024
Science
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
- The two will also cooperate to utilize ENEC's experience in developing new nuclear builds and investments in GA's' advanced non-light water reactors
- ENEC and GA Electromagnetic Systems (GA-EMS), as part of the memorandum of understanding, will explore collaboration opportunities covering several projects
Economy
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In...
- Albudaiwi said the free trade talks exemplify the strategic partnership between the GCC countries and Turkey, as well as the regional cooperation in various sectors
- He said the GCC countries are actively engaged in free trade negotiations with other nations to expand trade opportunities, promote economic cooperation