Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
Economy
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
Business
Business
DP World partners with Standard Bank to expand trade finance in Africa
Dubai, UAE-- In order to fulfill demand for working capital in Africa, DP World has partnered with Standard Bank, the...
- Companies across the continent can now borrow working capital from Standard Bank through the DP World Trade Finance platform
- The group chairman of DP World said Africa is a key market for the company and the partnership will strengthen development in Africa
Economy
DEWA commissions water reservoir built at cost of US$42.85mn
Dubai, UAE-- In order to increase Dubai's water security and keep pace with the increase in demand, Dubai Electricity and...
- Built at a cost of US$42.85 million, it has a storage capacity of 60 million imperial gallons (MIG) and will take care of any rise in demand for water
- Saeed Mohammed Al Tayer, MD and CEO of DEWA said sound scientific planning has helped DEWA keep pace with the growing demand for water in Dubai
Economy
Iraq and Iran discuss boosting ties in transportation sector
Baghdad, Iraq--Iraq is looking to deepen cooperation with Iran in the transport sector and facilitate the movement of pilgrims between...
- An official in the Iraqi ministry said discussions focused on increasing cooperation in the field of land and air transportation, and ramping up the number flights
- The meeting between the Iranian and Iraqi ministers happened two days after Baghdad announced a plan to turn itself into a regional transportation hub
Economy
Qatar’s trade balance surplus touches US$6 billion in April
Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s...
- Qatar's value of imports in April dropped 6.3 percent from the previous year and 9.3 percent from the last month to touch $2.39 billion
- The country's prime minister said this month that non-oil sector has grown 9.9 percent in Q4 of 2022, and oil activities also saw a 4.8 percent rise
Economy
UAE and Czech Republic look to boost trade and investment ties
Prague, Czech Republic-- The UAE and Czech Republic have held discussions on deepening cooperation in wide-ranging vital sectors of common...
- The discussions were held during the visit of Ahmed Ali Al Sayegh, Minister of State of the UAE, to the Czech Republic with the aim of boosting bilateral cooperation
- The UAE minister said that non-oil exchange surpassed US$1 billion in 2022 and that there was marked growth in Czech investment in the UAE
Economy
Sharjah set to hold second UAE-China Tyre & Auto Parts Expo
Sharjah, UAE--More than 130 auto and tyre companies from China will take part in the second edition of the "UAE...
- According to Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, the exhibition is expected to become the most sought after platform for auto-industry stakeholders
- The expo will showcase the latest arrivals in auto parts and accessories, tire and battery products, automotive electronics and maintenance equipment
Geostrategy
Several Western states seeking division between OPEC members: Raisi
Tehran, Iran-- Urging OPEC member countries to preserve cohesion and unity among them, Iran's President Ebrahim Raisi said that several...
- Raisi, citing the history of good relations with OPEC, expressed his country's desire to continue strengthening the cooperation with it
- Haitham al-Ghais applauded the Islamic Republic's effort, both at ministerial and technical level, to strengthen the cohesion and unity of OPEC members
Economy
Global investment in clean energy to rise to US$1.7trn: IEA
Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set...
- According to the IEA report, investment across the globe in clean energy technologies is vastly outpacing spending on fossil fuels
- With solar in the forefront, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation
Business
More than 1,800 new companies set up businesses in RAKEZ in Q1
Ras Al Khaimah, UAE--More than 1,800 new companies have set up their businesses in Ras Al Khaimah Economic Zone (RAKEZ)...
- Ramy Jallad, CEO of RAKEZ, said that the emirate has positioned itself as a preferred hub for international traders due to its business-friendly ecosystem
- A large chunk of investors setting up businesses in the economic zone come from India, Pakistan, UK, Russia and Egypt, demonstrating its global appeal
Business
Dubai Municipality unveils new online system for building permits
Dubai, UAE-- Seeking to enhance the emirate's position as a global pioneering city in adopting the latest technology in the...
- Aligned with the updated Dubai Building Code, the new system will provide smart and integrated services and solutions while implementing automated checks
- Complying with the latest BIM standards and geographic information systems, it will facilitate user registration through digital ID and instant recognition
Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
Economy
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AD Ports net profit up
Business
Arab Union for International Exhibitions & Conferences approves 2024 plan
Sharjah, UAE--The board of directors of the Arab Union for International Exhibitions Conferences (AUIEC), operating under the Council of Arab...
Business
Saudi, Iran top diplomats discuss bilateral ties, Gaza ceasefire
Tehran, Iran-- Saudi Arabia and Iran's foreign ministers have stressed the need for an immediate ceasefire in Gaza and sending...
Geostrategy
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COP28 UAE
Expo City Dubai and Japan’s UMI sign MoU to support startups
Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and...
- With the signing of the agreement, the two sides consolidated their partnership in innovation, economic growth and sustainable development
- By joining forces, they will facilitate and host networking events, workshops and specialised training programmes to help startups scale and grow
Economy
Inter Miami to play two ‘friendlies’ in Saudi Arabia next year
Miami, United States--Inter Miami on Monday confirmed details of two upcoming friendlies in Saudi Arabia next year which will include a...
- Inter Miami would take on Saudi powerhouses Al Hilal at the Kingdom Arena in Riyadh on January 29
- On February 1, they will face Al Nassr, giving Messi the chance to lock horns once again with Ronaldo
Business
ADX and Abu Dhabi Housing Authority sign agreement to boost data exchange
Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Abu Dhabi Housing Authority signed a service level agreement to...
- The agreement between the two entities is designed to enhance service and improve overall customer experience for Emiratis
- It will simplify the method used for accessing investor data on ADX, benefiting from Abu Dhabi Housing programs with increased efficiency