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...
Economy
Business
Telecom Egypt sells 162 million shares
The government sold a 9.5% stake for US$121.6mn.
- The North African country desperately needs privatization in order to meet a series of foreign debt obligations over the next few months
- When the two-part sale is complete, it will bring down the Egyptian government's stake in Telecom Egypt down to 70 percent from 80 percent
Geostrategy
Indo-Pacific needs comprehensive economic prosperity
"The UAE shares a vision with the European Union to achieve comprehensive economic prosperity in the Indo-Pacific," adds Al Kaabi...
- UAE’s Minister of State Noura Al Kaabi emphasizes global cooperation and growth opportunities at EU's Indo-Pacific Forum
- UAE shares a vision with the European Union to achieve comprehensive economic prosperity in the Indo-Pacific, she adds
Economy
QC exhorts Vietnamese firms to benefit from ‘investment climate’ in Qatar
Doha, Qatar--Qatar Chamber (QC) has urged Vietnamese companies to benefit from the investment climate in Qatar and the investment incentives...
- The investment ties between the two countries particularly in healthcare and pharmaceuticals have witnessed significant growth in recent years
- Qatar Chamber urged companies from Vietnam to take advantage of the incentives, infrastructure, economic legislation in Qatar to grow their businesses
Economy
Qatar Chamber chairman calls for ‘unified’ Gulf policy on purchase of food, medicine
Muscat, Oman--Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim Al-Thani has called for a unified policy for purchase of food...
- The chairman was speaking at a meeting between GCC ministers of commerce and heads of unions and chambers of commerce and industry in Muscat
- He said the region has been coping with a number of challenges posed by the Covid-19 pandemic and the ongoing war between Russia and Ukraine
Business
IsDB signs financing agreements worth US$5.4bn with 24 member countries
Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries...
- The 77 agreements look to develop projects in sectors such as health, agriculture, food security, transport, energy, education, and humanitarian relief
- President of the IsDB Group said the discussion with the member states covered a range of development issues and the future of the IsDB Group
Business
Iran’s trade with six Arab countries climbs up to US$35bn in 2022-2023
Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to...
- Iran traded 58.25 million tons of goods worth $35.11 billion with Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia during the fiscal 2022-2023
- The Islamic Republic's top business partner among the Arab countries was the UAE, trading 24.35 million tons of goods worth $24.16 billion
Business
EU’s imports in high-tech products worth $524bn in 2022
BRUSSELS, BELGIUM - The EU imported US$524 billion (€482 billion) worth of high-tech products from extra-EU countries in 2022 (+22...
- In 2022, over half of the EU’s high-tech imports from non-EU countries came from China (US$199 billion) and the United States (US$99 billion).
- The most significant category of high-tech products imported from non-EU countries was electronics-telecommunications (US$219 billion).
Geostrategy
Saudi Arabia and Iran discuss ‘opportunities to develop and strengthen’ ties
Riyadh, Saudi Arabia-- Saudi Arabia and Iran have discussed ways to strengthen the ties between the two countries in a...
- The Iranian minister described the expansion of the Saudi-Iranian relations as a "win-win" development
- The two ministers met in Jeddah on the sidelines of the Islamic Development Bank Group's conference
Geostrategy
Iran to receive fighter jets from Russia in sign of growing military ties
Tehran, Iran--Iran will begin to receive the first batch of Russian SU-35 fighter jets next week, according to Mehr News...
- Being under Western sanctions, both Iran and Russia have signed deals in recent months to boost military, economic, trade, and energy ties
- Apart from the 24 jets, Iran will also receive from Russia air defense systems, missile systems and helicopters from Russia in the near future
Business
RAK Ceramics’ profit soars in Q1
The profit rose to US$22mn on the back of higher revenue.
- The company's revenue soared to $240 million, a jump of 12.7 percent, and EBITDA went up to $43 million, an increase of 21 percent
- It is looking to make additions to its capacity for tiles, sanitaryware and tableware division in the United Arab Emirates
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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...
Economy
Company News
Yahsat net profit up
Business
Agthia Group revenue soars
Business
Latest News
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...
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...
Business
Saudi Arabian GDP declines by 4.4 percent in Q3 2023
RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third...
Economy
Most Read
COP28 UAE
Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...
- The agreement as per media reports will be signed by the the United States Trade and Development Agency (USTDA) within the framework of the COP28
- The minister said that Egypt supported green hydrogen projects in order to promote North African country's drive to become a green hydrogen regional center
Business
Masdar eyes Europe for growth
It wants to build a supply chain between UAE and Amsterdam.
- It signed an agreement to explore the development of a green hydrogen supply chain between Abu Dhabi and Amsterdam to support Dutch and European markets
- The green fuel is generated with green electricity from renewables like wind or solar, in a process that separates water into oxygen and hydrogen via electrolysis
COP28 UAE
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...
- FMC member companies have signed 94 offtake agreements to purchase emerging climate technologies.
- The coalition engages 13 governments who together account for over 50% of global gross domestic product