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,...
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,...
Economy
Business
DP World’s JAFZA looks to boost UAE-India trade to US$100bn
Speaking at a CII event in New Delhi, Abdulla Bin Damithan, CEO & Managing Director, DP World UAE & Jafza...
- Trade between the UAE and India has shot up to $84 billion in 2022, from $68 billion the year before, recording a 23 percent jump
- Indian companies are the second largest partners in the free zone in terms of trade volume and fourth in terms of trade value
Business
ADNOC Distribution’s profit up
Its profit vaulted to US$150 million in Q1 of 2023
- The company said the profit resulted from strong performance and improvement in efficiency measures across all operations
- It acquired a 50 percent stake in TotalEnergies Marketing in Egypt, and plans to open the first service station in Cairo in Q2
Economy
Egypt’s headline inflation slows to 30.6% in April, first such drop in 9 months
Cairo, Egypt--Egypt's annual urban consumer inflation in April dipped to 30.6% from 32.7% in March, data from the state statistics...
- Following a series of currency devaluations since March 2022, inflation in the North African country has gone up, fueled by shortage of foreign currency
- According to Moody's, the slow implementation of its asset sale plan hobbles the country's foreign exchange liquidity and weakens trust in its currency
Economy
UAE’s GDP expected to have grown by 7.6% in 2022: CBUAE
Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up...
- The bank said that in spite of the rise in global inflation, the UAE's remained below the average rate of 4.8 percent, with a decline expected in 2023
- The report noted the bank's efforts to ramp up monetary stability, improve financial sector's resilience, and support economic activity in the UAE
Business
Dana Gas posts fall in profit
Its net profit fell 7 percent to US$50 million in Q1 of 2023.
- Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
- The company attributed the decline in revenue and net profit to a fall in energy prices from high levels
Economy
Rise of ChatGPT: GCC might lose 10 million jobs in 5 years
Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might...
- According to a Goldman Sachs economist, more than 65 percent of occupations will be partially or fully automated in the coming years
- Critics of generative artificial intelligence that powers chatbots argue that it can never be able to replace the genius of human mind
Geostrategy
Oman to ramp up ‘military and defense industry’ ties with Iran
Tehran, Iran-- Oman is keen to improve the military and defense ties with Iran in order to ensure the security...
- Sultan of Oman underscored the importance of developing military and defense industry cooperation between the two countries
- The visiting Iranian Major General Mohammad Bagheri termed Tehran-Muscat relations as stable and positive
Business
ADNIC records 17% profit rise
The firm's net profit soared to US$27.14mn in Q1 of 2023.
- The insurance company's total revenue took a dive to $273 million in Q1 of 2023 from $300 million for the same period in 2022
- Its net income from investment however shot up 94.0% to $12.60 million compared to $6.50 million for the same period in 2022
Business
Saudi Arabia, South Korea sign two MoUs for mobility, road projects
Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed two agreements on Tuesday for future mobility and roads in the...
- The agreements between the two countries will boost cooperation in mobility and innovation in the transport and logistics services sectors
- Both the countries will, in accordance with the spirit of the agreement, exchange experiences to solve challenges in adopting modern technologies
Business
Central Bank of Oman issues treasury bills valued at US$36.35 million
Muscat, Oman--The Central Bank of Oman (CBO) has raised $36.35 million by way of allotting treasury bills on Tuesday, the...
- According to the central bank, the value of the allotted treasury bills amounted to $26 million, for a maturity period of 28 days
- The bank added in a statement that the allotted treasury bills amounted to $10.38 million for a maturity period of 91 days
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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,...
Economy
Company News
Latest News
Iran-Russia trade surges 18 percent to US$1.7 billion in 2023
Tehran, Iran--Trade between Iran and Russia has climbed 18 percent to US$1.7 billion in the first eight months of 2023....
Business
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...
COP28 UAE
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COP28 UAE
Arab Coordination Group allots US$10bn to support energy transition
Dubai, UAE--The Arab Coordination Group (ACG), a strategic alliance comprising regional and international development institutions, announced at COP28 an allocation...
- The important aspects of the plan include mobilising financial resources by increasing the use of green bonds and risk mitigation tools
- The ongoing COP28 in Dubai lays emphasis on substantially ramping up climate financing and expediting the transition process
Business
FAB partners with Engie
They will advance solutions in financial decarbonization.
- The partnership entails both to focus on derivatives or financing solutions related to energy, carbon, renewables, battery energy storage systems, and green products
- Engie is a global leader in low-carbon energy and services, including renewables, committed to accelerate the transition towards a carbon-neutral world
Business
Crypto markets witness dynamic asset allocation amid volatility, says study
DUBAI, UAE – Institutional traders (INS) in the crypto markets maintain a conservative approach, with 50 percent of their portfolio...
- In September 2023, institutional traders allocated half of their portfolios to Bitcoin, the report said.
- Retail traders showed a lower percentage of Bitcoin holdings, which could be linked to their higher leverage levels.