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
Economy
Saudi Arabia looks to widen trade and investment ties with Italy
Riyadh, Saudi Arabia--Saudi Arabia is keen to deepen trade and economic ties with Italy from the current volume of trade...
- The Saudi delegation held meetings with Italian officials and government and private agencies to discuss ways to boost the volume of trade and investment
- The visiting investors took part in the Saudi-Italian Business Forum in Milan, attended by 300 business owners and representatives of government agencies
Business
QGIRCO reports Q1 profit drop
The insurance firm's net profit fell to US$12.36 million.
- Its earning per share amounted to QR 0.051 as of March 31, 2023 as against QR 0.068 for the same period in 2022
- The insurance company also reported a profit drop in the third quarter of 2022, compared to the same period in 2021
Economy
Iraq, Iran sign MoU to build railway track linking two nations
The railway track will connect Iran's southwestern town of Shalamcheh with Basra in Iraq in what will be the first...
- The laying of railway line has been long in the making, with two MoUs having been signed in 2011 and 2013, but the project was halted due to legal and economic problems
- Considered to be a strategic event in the region, the new MoU came about after the current governments of the two countries evinced a renewed interest in the project
Geostrategy
Dozens file ‘documents’ to take part in Kuwait polls next month
Kuwait City, Kuwait -- Dozens of candidates have submitted their candidacy documents for Kuwait's National Assembly election, set to take...
- On Saturday, 31 candidates registered to run in the elections, the second day of registration, bringing the total of hopefuls so far to 61
- The oil-rich country has seen much wrangling between the government and the elected parliament, hampering fiscal reforms
Business
Alba posts Q1 profit drop
The aluminium giant's profit fell 68% to US$126.2mn.
- The company's total equity at the end of March 2023 stood at $4.62 billion, a 5 percent drop to $4.84 billion as of December 31, 2022
- Demand for aluminium fell across the Middle East by 6 percent with Bahrain's consumption falling by 9 percent, and UAE's by 6 percent
Economy
Iran reports 32% increase in wheat output in April and May
Tehran, Iran--Iran has reported a large increase in its purchases of domestically-grown wheat in the months of April and May....
- The country's southwestern province of Khuzestan accounted for 623,000 mt of wheat supply delivered to GTC silos during the months of April and May
- The Islamic Republic purchases a big chunk of wheat from growers in the country under a program that offers them favorable prices and transportation
Business
Jordan-Iraq business forum to begin in June, seek deeper trade ties
Amman, Jordan-- Seeking to widen its economic and trade ties with Jordan, the Iraqi Business Council (IBC) will organize the...
- The forum will focus on sectors such as energy, mining, construction, IT, real estate development, finance, telecom, and industry
- Both countries seek to promote investment in several fields, establish joint partnerships, and enhance trade and investment exchange
Business
Saudi Arabia and Switzerland look to boost ties in industrial, mining sectors
Bern, Switzerland-- Seeking to expand its industrial base, Saudi Arabia is keen to widen cooperation with Switzerland in the industrial...
- They discussed boosting of ties in industry and mining sectors and how they can contribute to diversifying the economic base
- The two countries continue to have strong ties in petrochemicals, construction materials, medicines, consumer products, manufacturing of precious metals, and jewelry
Business
Bank of Sharjah to boost capital
The US$218mn capital infusion will foster bank's growth.
- With the infusion, Sharjah Asset Management, the investment arm of the Sharjah government, will be the main beneficiary, raising its stake in the bank to 40% from 17.16%
- The chairman of the bank said total capital of the bank now stands at US$816 million, bolstering its financial position and increasing its ability to pursue new investments
Geostrategy
Iran blames US and Israel for targeting its nuclear facilities
Tehran, Iran--Iran's head of Supreme National Security Council (SNSC) considers the United States to be responsible for all of Israel's...
- Shamkhani was reacting to US NSA Jake Sullivan's comment that Washington would recognize Israel's "freedom of action" in stopping Iran from making a nuclear weapon
- Iran's security chief said that the US will be responsible for all "terrorist acts of Zionists against Iran's facilities and people, and should definitely accept its consequences"
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
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Latest News
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...
COP28 UAE
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...
Business
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Geostrategy
Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts
Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then...
- The announcement of the visit follows the recent OPEC decision to cut oil production by 2.2m bpd in Q1 of 2024
- Saudi Arabia, as the world's largest exporter, will see a reduction of 1 million barrels per day
Business
ADQ and Qazaqstan Investment Corporation set up ‘investment platform’
Abu Dhabi, UAE--ADQ and Qazaqstan Investment Corporation have established a co-investment platform focused on high-growth sectors such as food and...
- The investment platform will seek to explore and leverage investment opportunities in Kazakhstan as well as other countries in the Central Asia and Caucasus region
- As part of the initiative, ADQ and Qazaqstan Investment Corporation will be committed to making equal financial and operational contributions to each investment
Business
Turkish Airlines, Riyadh Air ink MoU
The pact will benefit customers of both the airlines.
- The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
- The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.