Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a...
Business
Expo Centre Sharjah gives peek into its plan to attract new exhibitors
Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector...
Business
Business
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
- IHC's earnings per Share (EPS) saw huge growth, more than doubling from AED 6.81 to AED 12.55
- Its revenue jumped to $16.33 billion, a jump of 17.9 percent from the previous year's $13.85 billion
Business
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
- The Bohai 26-6 oilfield is situated approximately 170 kilometers from Tianjin Municipality.
- It has been anticipated that the average daily oil production will surpass 390 cubic meters.
Economy
China pledges to ‘work with all’ for results at Abu Dhabi WTO conference
Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference...
- China, according to Wentao, supports efforts such as the restoration of the normal functioning of the WTO's dispute settlement mechanism
- The minister said China also supports the inclusion of the agreement on investment facilitation for development into the WTO's legal framework
Economy
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
- The WTO economist said the UAE is a "natural fit" for hosting the ministerial conference, praising the country's focus on low tariffs and export diversification
- Ossa said the conference is looking to make progress on range of issues such as the reform of dispute settlement system, constraints on subsidies leading to overfishing
Business
Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data.Specifically,...
- According to the China Association of Automobile Manufacturers, some 289,000 trucks were sold during this period, a rise of 81.8 percent
- Xinhua News Agency said nearly 35,000 coaches were sold last month, an increase of 63.4 percent compared with the same period of 2023
Economy
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
- The Saudi energy minister said that reserves at Jafurah had reached 229trn cubic feet of gas and 75bn barrels of condensates
- The Jafurah gas field, in Saudi Arabia's eastern province, is the largest liquid-rich shale gas play in the Middle East
Economy
Bahrain to support ‘Arab tourism’ in order to boost cultural integration
Manama, Bahrain--Bahrain will support Arab tourism in order to enhance social, cultural and historical integration among Arab people, according to...
- The minister told media the exercise would advance the contribution of the tourism sector to Arab countries’ national development
- She said the kingdom will strengthen its position as an ideal destination for sustainable tourism in light of the diversity of its tourism services
Business
Ford halts shipment of F-150 EVs
It will carry out quality checks on pickup trucks.
- The automaker said the shipments were stopped on Feb. 9, but did not say when it expected to resume shipments
- The company began shipping this week the first newly designed gas-powered 2024 model F-150 pickups to dealers
Economy
Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
- The two sides look to enhance relations in the fields of labour, research, training, and ways to achieve the common interests
- Al Mansori noted the chamber's preparedness to collaborate with the ILO, praising its significant role in labour-related matters
Economy
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday.The National Bureau...
- According to the National Bureau of Statistics, 56 of 70 large and medium-sized cities saw month-on-month drops in new home prices
- In Shanghai, Guangzhou and Shenzhen, prices of new homes fell 0.3% in January with the decline narrowing by 0.1 percentage points
Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a...
Business
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UAE and Egypt presidents hold discussions in Cairo to boost ties
Cairo, Egypt-- UAE's President Sheikh Mohamed bin Zayed Al Nahyan and his counterpart from Egypt Abdel Fattah El-Sisi met in...
Geostrategy
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
Science
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Science
COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
- Countries across the world have been under pressure to keep this warming limit alive by pledging to accelerate their efforts to slash greenhouse gas emissions
- The United Nations climate chief last week stressed that the new round of commitments were essential to keep the world from blowing past 1.5 Celsius
Economy
Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
- As per reports, the sub-index for mining and quarrying activity, which accounts for 61.4% of the index weight, grew by 0.1% to reach 98.2 points in January 2024
- The report added that the sub-index for manufacturing activity, which accounts for 35% of the index weight, grew by 1.1% to reach 113.8 points in January 2024
Economy
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
- Both central banks' decisions come after Fed's vote to maintain interest rates at a 23-year high
- The decision is a careful balancing act by the UAE and Qatar aimed at fostering stability and growth