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...
Business
Economy
Qatari small and medium-sized companies sign deals worth US$201m in H1
Doha, Qatar--Small and medium-sized companies in Qatar have signed deals worth $201 million during the first half of 2023, benefiting...
- Tasdeer said that many Qatari companies took part in international exhibitions and trade missions, including Gulf and Arab markets as well as Turkey and India
- It is eager to continue its programs seeking to accelerate the development of the private sector in line with the National Vision of Qatar 2030
Economy
Saudi Arabia and Bahrain to collaborate on speeding up sustainable development
New York, US--Saudi Arabia and Bahrain are looking to collaborate in order to speed up the sustainable development goals, aligning...
- The discussion took place in New York on the sidelines of the United Nations High Level Political Forum on Sustainable Development 2023
- The ministers spoke at length about the he innovative practices adopted by the two countries for achieving sustainable development and deepening their expertise
Business
ADIB unveils fixed-rate home finance
In a UAE's first, Istikrar will offer long-term, fixed-rate home finance.
- The bank said that the new product offers customers more property financing options in the midst of a high-rate environment
- In January this year, the bank reported a net profit of US$985 million (AED 3.62 billion) in 2022, a 55 percent increase from the previous year
Geostrategy
Morocco claims Israel recognizes its sovereignty over Western Sahara
Dubai, UAE--Morocco said that Israel has recognized its sovereignty over the disputed territory of Western Sahara and is mulling opening...
- According to a statement from Morocco's Royal Palace, Israeli Prime Minister Benjamin Netanyahu stated the Jewish country's position in a letter to the king
- The statement from the palace further noted that as part of this recognition Israel mulls "the opening of a consulate in the city of Dakhla"
Business
Standard Chartered sells Africa business
It sold the sub-Saharan Africa business to Access Bank.
- Last year, the bank decided to divest from a number of markets, in Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan
- The two entities will work together to ensure a seamless transition, with the transaction expected to be completed over the next 12 months
Business
QIB posts 7.7% profit rise
The net profit shot up to US$538m in H1 of 2023.
- The bank said its earnings per share amounted to QR 0.83 on June 30, 2023 as against QR 0.77 in the same period of last year
- The total assets the bank now stand at $50.27bn., financing assets reached $33bn and customer deposits now stand at $32.14bn
Economy
GCC, Japan resume Free Trade Agreement negotiations
Jeddah, Saudi Arabia--Looking to consolidate trade and investment ties, the Gulf Cooperation Council (GCC) and Japan announced their resumption of...
- GCC Secretary-General Jassem Mohamed Albudaiwi met with Prime Minister of Japan Fumio Kishida for talks and later their representatives signed a joint statement
- GCC secretary general said Japan's exports from the GCC countries touched $76.7 billion and its imports to the GCC was valued at $22 billion
Economy
Jordan, World Bank sign US$250m agreement to boost water efficiency
Amman, Jordan--Jordan and the World Bank have signed a $250 million financing agreement for a water sector efficiency project in...
- Nearly $200 million of the amount will be a soft loan from the International Bank for Reconstruction and Development, and $50 million will be in the form of a grant
- The Jordanian minister praised the World Bank for its partnership with the kingdom's government and support for reform and development needs in the country
Business
UAE-India trade rose to US$384bn in 2013-22
ABU DHABI, UAE - The significant growth in the volume of non-oil trade between the UAE and India signifies the...
- CEPA will help deliver the target of reaching US$100 billion in non-oil trade annually over the next five years.
- During 2020-2022, non-oil trade between the UAE and India has grown from US$27.9 billion to US$51.4 billion last year.
Economy
UAE and Mozambique sign MoU to improve ‘work cycle’ for workers
Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the...
- The UAE minister said the MoU establishes an institutional partnership between the two ministries to maximize mutual benefits
- He said the UAE government is keen to build partnerships around the world, which, he feels, builds trust in the country's labor market
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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...
Business
Company News
ENEC signs MoU with Egypt
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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...
Business
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...
Business
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Business
Dragon Oil starts oil production
The Al Wasl field is its first oil discovery in Egypt.
- Dragon Oil discovered the Al Wasl field, “North Safa” in 2021, making it the largest oil discovery in the Gulf of Suez region during the last twenty years
- The oil company will begin setting up a new offshore production platform, extending a production line and an electricity line to operate oil pumps
Business
Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022. Bitcoin touched a 21-month peak of...
- It reached a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020
- Expectations that major central banks will cut interest rates this year has also been a boon for cryptocurrencies
Business
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
- The Ministry of Human Resources and Emiratisation notified more than 12,000 companies to comply with the decision, providing them sufficient time to meet their required targets
- The ministry said it will continue to hold training workshops to educate companies subject to the decision about the procedures to follow in order to meet their required targets