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...
Economy
UAE presses for ‘sustainable development policies’ at BRICS meeting in Brazil
Sao Paulo, Brazil-- The UAE has affirmed that it collaborates with the BRICS nations in order to establish sustainable development...
Economy
Business
Bahrain’s EWA invites bids for US$53mn tender to upgrade desalination plant
Manama, Bahrain--The Electricity and Water Authority (EWA) of Bahrain has invited bids for a $53.19 million tender to upgrade the...
- The Electricity and Water Authority said that international companies will need to submit their bids as per the latest international standards
- The upgrade of the Ras Abu Jarjour plant by reverse osmosis from underground wells is expected to extend the life span of the plant by 20 years
Economy
UAE cabinet sets up ministry of investment, approves new strategies
The new ministry will bolster the UAE's business aims and investment policies, apart from promoting its infrastructure as a global...
- The cabinet approved the updated UAE National Energy Strategy, aiming to triple the contribution of the renewable energy over the next 7 years
- It also approved the National Hydrogen Strategy which aims to promote the UAE’s position as a producer and exporter of low-emission hydrogen
Business
ACWA Power okays dividend
The shareholders approved to distribute an 8.3% dividend.
- The shareholders also endorsed the buyback of two million shares, to be earmarked for the employee stock incentive program
- From the date of the EGM approval, the repurchased shares will be kept no longer than seven years and then allocated to employees
Economy
Al Sada to be chairman of Rosneft
The shareholders elected a new board of directors as well.
- The new chairman has a wide experience in the energy sector and is at present chairman of the board of trustees of the Doha University of Science and Technology
- He has served as Qatar's minister for energy and industry, apart from holding the chairmainship of the Board of Qatar Petroleum, now called QatarEnergy
Economy
UAE economy set to post strong growth in second half of this year
While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic...
- The economy is expected to sustain its growth on the back of a rise in the purchasing managers' index to its highest level in five months in May this year
- The robust increase in new business, according to the S&P Global, underlined growing confidence across surveyed firms about economic prospects
Economy
Saudi Arabia to compete for 17-title categories at 15th Arab Games
Riyadh, Saudi Arabia--Saudi Arabia will take part in the 15th Arab Games, "Algeria 2023," which is set to commence next...
- The games to be held in Algeria will see the kingdom players taking part in disciplines as diverse as football, fencing, badminton, swimming and many other sports
- Although the male representation will form the biggest component of the Saudi team at 79 percent, there will be nearly 21 percent women in the team too
Business
Iran makes US$54 billion in revenue from export of oil in 2022
Tehran, Iran-- Iran has earned revenue to the tune of $54 billion last year from the export of oil, according...
- According to the estimate, Saudi Arabia earned the highest net oil export revenue among OPEC members in 2022, standing at $311 billion
- Iraq came second at $131 billion, followed by the United Arab Emirates with $119 billion, and Kuwait came fourth at $98 billion
Economy
Oman’s GDP climbs up 4.7 percent to touch US$22.59bn in Q1
Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion...
- The jump has mainly resulted from the growth of non-oil activities, climbing up by 4.6 percent to $17.55 billion at the end of the first quarter of 2023
- The country has seen oil activities at the end of Q1 grow by 3.5 percent to $7.32 billion as against $7.09 billion at the end of the first quarter of 2022
Business
DFM adds new investor accounts
The brokerage firms added 26,953 new accounts in H1.
- The new investor accounts at the bourse climbed more than 48 percent during the first five months of this year as against 18,204 last year
- Since the listing of companies such as DEWA, TECOM Group and many others, the market has witnessed significant momentum
Geostrategy
Arab Groups supports negotiations on UN Security Council reform
New York, US--The Arab Group has welcomed the adoption by the UN General Assembly by consensus of a resolution on...
- Al Ruwae noted that the intergovernmental negotiations are the only forum for reaching an agreement on expanding and reforming the Security Council
- Arab Group demands permanent Arab representation with full powers in the category of permanent seats in the event of any future expansion of the council
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...
Economy
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Dubai Taxi IPO raises US$315m
Business
Dubai to host ‘Arab Strategy Forum’ next week
Dubai, UAE--The Arab Strategy Forum will commence in Dubai on January 3rd, 2024 to debate the intricate political and economic...
Geostrategy
UAE looks to support farmers to boost sustainability of food sector
Dubai, UAE--The UAE leadership places utmost importance on supporting farmers to enhance the sustainability of the agricultural and food sector,...
Economy
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Economy
Abu Dhabi’s non-oil economy expands 7.7 percent in Q3 2023
ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has reported a substantial 7.7 percent growth in the...
- The growth is due to the success of Abu Dhabi’s comprehensive strategies aimed at fortifying its standing as a prominent economic powerhouse.
- Preliminary estimates reveal that most of non-oil activities have sustained growth rates, contributing 52.8 percent to the overall economy.
Business
Abu Dhabi Maritime unveils new hub
Maritime Hub Abu Dhabi will boost the marine sector.
- The hub will benefit from interaction with influential bodies, policymakers and a vibrant community of players covering offshore, maritime suppliers
- It is expected to play a crucial role in facilitating the maritime industry’s sustainability, offering awareness, guidance in relation to decarbonisation
Business
UAE insurance sector witnessed expansion in 2022: CBUAE
Abu Dhabi, UAE--The insurance sector in the UAE witnessed growth and expansion across various key indicators during 2022, according to...
- The growth in the insurance sector is expected to shore up the market's liquidity and make it more resistant to any future downturns
- According to the CBUAE report, the number of direct premiums written expanded by 11.2 percent year-on-year to 9.8 million in 2022