Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
Economy
Dubai Chambers to host two-day event in November on global trade
Dubai, UAE-- Seeking to forge partnerships around the world, Dubai Chambers will host a two-day event in November this year...
- The two-day event running under the theme of "Shifting Economic Power" Dubai and the future of global trade" will be held at Madinat Jumeirah
- The occasion will see leaders from sectors as diverse as technology, retail, finance, travel and hospitality, real estate, and healthcare
Business
ADNOC Gas signs deal with IOCL
It will export annually up to 1.2m metric tonnes of LNG.
- The 14-year agreement is valued in the range of $7 billion to $9 billion, signifying a major step in the partnership between the two industry players
- The deal marks another milestone for ADNOC Gas to expand its footprint around the globe, reinforcing the company's position as an LNG exporter
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
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
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ENEC signs MoU with Egypt
COP28 UAE
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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...
Business
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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...
- 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
Business
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
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