Morocco aims to increase exports by 12% in 2024, says kingdom’s trade minister
Dubai, UAE-- Morocco hopes to increase its exports by 12 percent this year, according to the kingdom's minister of industry...
Economy
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....
Business
Economy
Iran and Russia look to expand ties in the energy sector
Tehran, Iran-- Iran is looking to deepen energy ties with Russia as the latter is keen to explore and develop...
- Russian Deputy Prime Minister Alexander Novak said that projects to develop oil fields in Iran are underway and new projects are being outlined, "where I expect progress soon"
- Iranian Oil Minister Javad Owji said that the two sides also discussed the construction of nuclear power plants in Iran and other electrical power generation
Economy
Gross banks’ assets vault 2.2 percent to US$1trn in February: CBUAE
Abu Dhabi, UAE--Gross banks’ assets, including bankers’ acceptances, rose by 2.2 percent, from $999 billion at the end of January...
- According to the central bank, gross credit shot up 1.2 percent from $510 billion at the end of January 2023 to $517 billion at the end of February 2023
- It further added that total bank deposits climbed 0.4 percent, from $608 billion at the end of January 2023 to $610.48 billion at the end of February 2023
Economy
Sharjah Chambers reviews efforts to bolster UAE’s food security
Sharjah, UAE-- Sharjah Chamber of Commerce and Industry (SCCI) has reviewed the UAE efforts to achieve and maintain the food...
- The meeting discussed avenues for boosting exports, and explored strategies to monitor international markets in order to support local production
- The participants highlighted the country's advantageous position, its advanced logistics infrastructure, and strong international trade relations
Economy
Saudi Arabia and Algeria sign agreement to boost ties
Jeddah, Saudi Arabia--Saudi Arabia and Algeria have agreed to expand bilateral relations, boosting ties in all areas. In this regard,...
- Presided over by the ministers, the two sides signed the agreement during the meeting of the fourth session of the Saudi-Algerian Political Consultations Committee
- The two sides discussed enhancement of joint efforts on several issues in order to strengthen stability and prosperity for the two countries and their peoples
Economy
Masdar, Airbus sign deal
They will support growth of the sustainable aviation fuel market.
- The two will work toward collaborating on sustainable aviation fuels (SAF), green hydrogen, and direct air capture technologies
- Direct-air capture together with the use of SAF based on green hydrgoen can bring down greenhouse gas emissions by up to 95%
Business
Central Bank of Bahrain Sukuk Al-Salam securities oversubscribed 197%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been...
- Carrying a maturity period of 91 days, subscriptions worth $225 million were received for the BD 43 million issue
- The issue, which begins on May 17 and matures on August 16, is expected to a give a return of 6.15 percent
Geostrategy
Qatar and Bahrain to restart flights in signs of improving relations
Dubai, UAE-- Qatar and Bahrain have agreed to restart flights toward the end of the month, in a sign of...
- The resumption of flights between the estranged countries, according to Bahrain News Agency, falls within "the framework of the brotherly relations between the two countries
- In recent months, GCC countries have patched up differences with each other and begun to focus on their economies, taking advantage of high oil and gas prices
Business
Iran invites UAE businesses to invest in transportation projects
Abu Dhabi, UAE-- Iran is keen to boost transportation ties with the UAE and has invited investors from the country...
- Mehrdad Bazrpash, Iran Minister of Roads and Urban Development, met with Sheikh Mansour Bin Zayed Al Nahyan, Vice President of the UAE in Abu Dhabi
- The Iranian minister also met with Qatari Minister of Transport Jassim bin Saif bin Ahmed Al Sulaiti and both emphasized the need for expansion of relations
Science
UAE issues decree on use and distribution of hydrofluorocarbons
Dubai, UAE-- The UAE's Ministry of Climate Change and Environment has issued a decree on the use and distribution of...
- Referred to as refrigerant gases responsible for intensifying global warming and depletion of the ozone layer, HFCs are categorized among greenhouse gases
- The UAE has been at the front of attempts to restore the ozone layer's protective capacity since joining the Convention in 1989 and the Protocol in 1990
Economy
Meydan Free Zone-ADIB pact to promote SMEs, sustainability in economy
Abu Dhabi, UAE-- The recent partnership signed between Abu Dhabi Islamic Bank (ADIB) and Meydan Free Zone is expected to...
- The partnership will enable trade license holders in the Meydan Free Zone to access ADIB's range of banking products and services
- Hamed Ahli, head of Meydan Free Zone, said the MoU will drive new financing potential for companies seeking to grow from Dubai
Morocco aims to increase exports by 12% in 2024, says kingdom’s trade minister
Dubai, UAE-- Morocco hopes to increase its exports by 12 percent this year, according to the kingdom's minister of industry...
Economy
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COP28 focused on achieving balanced package in negotiations: Majid Al Suwaidi
Dubai, UAE-- The COP28 Presidency is focused on achieving a balanced package in the negotiations, according to Ambassador Majid Al...
COP28 UAE
Faster hydrogen production needed for energy transition: WTO
Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production...
Economy
UAE to tie up with ACSAD to achieve zero neutrality by 2050
Dubai, UAE--The Arab Centre for the Studies of Arid Zones and Dry Lands (ACSAD) will partner with the UAE's Ministry...
COP28 UAE
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Business
Bahrain and Germany look to boost cooperation in health sector
Manama, Bahrain-- Bahrain and Germany have held discussions to boost ties in the health field as the two countries seek...
- Chairman of the SCH, Lieutenant-General Dr. Shaikh Mohammed bin Abdulla Al Khalifa, expressed Bahrain’s interest in developing cooperation with Germany in all fields
- Both the sides pushed for an exchange of specialized medical, technological and technical expertise, training, medical research between the two countries
Business
EU clinches ‘historic’ deal on AI law after long negotiations
The EU's internal market commissioner, Thierry Breton. called the deal as historic, regulating artificial intelligence models such as ChatGPT. Negotiators...
- The commissioner said the AI Act is much more than a rulebook , calling it a launchpad for EU startups
- The EU law will still need to be formally approved by member states and the parliament
Business
UAE’s GCAA signs MoUs with Brazil, Switzerland in air-transportation sector
Riyadh, Saudi Arabia--The General Civil Aviation Authority (GCAA) of the UAE signed two memorandums of understanding (MoUs) with Brazil and...
- The MoUs were signed on the sidelines of the UAE delegation's participation in the fifteenth ICAO Air Services Negotiation (ICAN2023),
- The GCAA chief said the UAE is eager to strengthen cooperation in the field of air transportation with various countries around the world