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...
Economy
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
Economy
Jordan’s exports to non-Arab Asian countries climb to US$1.16bn in Q1
Amman, Jordan-- Trade between Jordan and non-Arab Asian countries has shot up in the first quarter of 2023, with the...
- The kingdom's exports to the Greater Arab Free Trade Area increased by 1 percent in Q1 of 2023 to touch $1.14 bn as against $1.13bn in the same period of the last year
- Its exports to the American Free Trade Agreement countries rose by 2.6 per cent in Q1, touching nearly $898 million, compared to $876 million for the same period last year
Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
- The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
- ABD and its partners financed projects that helped developing members strengthen trade and small businesses.
Economy
Price monetary policy tools strong in managing public funds: Iraq official
Baghdad, Iraq-- An advisor to Iraq's Prime Minister said the country has effective price monetary policy tools to manage public...
- The advisor to the Iraqi PM said that the budget's financing methods primarily involve Iraqi dinars in exchange for foreign currency
- He further noted that the strength of monetary policy and foreign reserves stand at their highest level in the country's financial history
Economy
Qatar to ramp up investment and economic cooperation with Iran
Tehran, Iran-- Qatar has renewed its willingness to boost economic cooperation with Iran, ramping up investment in order to strengthen...
- The resolve to boost ties was expressed in a phone call between the Emir of Qatar Sheikh Tamim bin Hamad Al Thani and the Iranian President Ebrahim Raisi
- The Iranian president on his part said the Islamic Republic has always emphasized the promotion of relations and expansion of ties between the two countries
Muslims mark Eid al-Adha with prayers, festivities
Hundreds of millions of Muslims in their best dresses packed mosques in the Middle East, Asia, Europe, Africa, and the...
- Tens of thousands of worshipers in white robes gathered at the Grand Mosque in Makkah and the Prophet's Mosque in Medina to mark the sacred event
- Exhorting Muslims to fear God, the imam of the Grand Mosque Sheikh Yasser bin Rashid Al-Dosari said it is the "strongest, most important, and "fairest form of righteousness"
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GCC Commercial Arbitration Centre to use AI in its operations
Manama, Bahrain-- The GCC Commercial Arbitration Centre has started to harness AI techniques, according to its secretary general, Dr. Kamal...
Business
Bahrain kicks off roadshow in China to boost tourism sector
Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism,...
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
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Economy
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,...
- The farmers' council looked to identify the needs of the farmers to increase domestic productivity and thereby optimise imports
- The minister said that one of the key goals of the UAE is to make agricultural systems more sustainable and climate-smart
Business
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
- Central Bank of the UAE data shows that assets rose 3.05 percent from US$1 billion to US$ 34.7 billion between Q2 and Q3 of 2023.
- The UAE's leadership position within the Arab insurance landscape is further solidified by its consistent ranking among the top global performers.
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.