Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
Economy
Economy
SCCA’s revised arbitration rules come into effect in Saudi Arabia
Riyadh, Saudi Arabia-- The Saudi Center for Commercial Arbitration (SCCA) has published the 2023 revised SCCA arbitration rules with effect...
- With the publication of revised rules, SCCA court will become fully functional and replace the existing SCCA Committee for Administrative Decisions
- According to SCCA, the new rules are in line with international standards in the arbitration industry followed by renowned institutions across the world
Business
Saudi Arabia seeks US$26bn of investment in machinery, equipment sectors
Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and...
- The investment aims to give impetus to the National Industry Strategy that seeks to widen the industrial base, cut imports by up to 50% and push exports
- NIDC, according to the minister, has partnered with the Public Investment Fund (PIF) to create a business model for taking advantage of the investment opportunities
Business
Japan’s investment in Egypt soars, but bilateral trade contracts
Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments...
- In 2022, Egypt sent exports worth $261 million to Japan, including fuel, minerals, fruit, iron and steel products, carpets, and animal feed
- Japan exported goods worth $889 million to Egypt in 2022, including boilers, machinery, equipment, cars, tractors, bicycles and pharmaceutical products
Economy
Saudi CMA cancels its share in sukuk, bonds trading commission
Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission...
- It is designed to lower costs for participants in the market, boost liquidity and expand domestic investors' based in government debt issues
- With this step, the CMA hopes to develop a diversified financial sector and create an advanced capital market in line with the Vision 2030 objectives
Economy
UAE to deepen economic ties with Morocco in several sectors
Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the...
- Having invested US$14 billion at the end of 2021, the UAE is the largest Arab investor in Morocco and second in the world
- The UAE and Morocco will double the volume of trade and investment during the next few years and also ramp up cooperation in many sectors
Business
Alkhaleej Insurance posts profit
Its net profit soared 33% to US$7.49mn for Q1 of 2023.
- Its EPS stood at QR 0.107 at the end of March 31, 2023 as against EPS QR 0.080 for the same period in 2022
- Qatar Islamic Insurance reported a 7.16 percent jump in the net profit to $8.04 million in net profit in the first three months of 2023
Business
Abu Dhabi aims to draw 24 million visitors by end of 2023
Abu Dhabi, UAE--The emirate of Abu Dhabi is looking to draw some 24 million visitors by the end of 2023,...
- In 2022, the Abu Dhabi hotel occupancy rate touched 70 percent as 18 million visitors trooped into the emirate, posting a 13 percent jump
- The emirate received the highest number of international visitors from India, Saudi Arabia, the United Kingdom, and the United States
Economy
UAE keen to expand ties with Uzbekistan beyond clean energy: Al Mazrouei
Suhail bin Mohammed Mazrouei, Minister of Energy and Infrastructure, said the UAE was keen to widen ties with Uzbekistan in...
- Al Mazrouei maintained that the UAE will continue to help Uzbekistan in achieving economic and investment goals
- President Mirziyoyev of Uzbekistan praised the UAE for supporting the Central Asian nation in its quest for growth and development
Economy
Iran-EU trade posts 9.2% drop to US$847mn in first two months of 2023
Tehran, Iran--Iran and the European Union traded $847 million worth of goods during the first two months of 2023, registering...
- Eurostat data shows Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged $279 million worth of goods
- The Islamic Republic exports to the EU jumped to $1.08 billion in 2022 as against $904 million in the same period of last year
Geostrategy
Jordan’s king seeks deeper partnership with US in ‘various fields’
Amman, Jordan--Expressing his deep appreciation of the United States for its support to Jordan, King Abdullah has called for strengthening...
- Both the sides pledged to deepen the historic friendship and strategic partnership between Jordan and the US, and to widen ties in various fields
- The king maintained that a restart in negotiations between the Palestinians and the Israelis was critical in order to reach just and comprehensive peace in the region
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Company News
Burjeel Holdings profit surges
Business
EITC Q3 profit soars 57.7%
Business
Latest News
Ready to work with developing nations for green future: China
Chinese Vice Premier Ding Xuexiang said his country has promoted the targets for carbon peak and carbon neutrality, adding that...
COP28 UAE
UAE and Turkmenistan pledge to ramp up ties ‘in all fields’
Dubai, UAE-- The UAE and Turkmenistan have agreed to enhance bilateral ties in all fields, particularly in the development sectors,...
COP28 UAE
UAE president and UN chief discuss ‘collective action’ to address climate challenges
Dubai, UAE-- UAE President Sheikh Mohamed bin Zayed and UN Secretary General António Guterres discussed the importance of the conference...
COP28 UAE
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Business
UAE signs agreements to develop Kazakhstan renewables sector
Dubai, UAE--The United Arab Emirates (UAE) and Kazakhstan signed an agreement outlining a commitment to co-operation in the development of...
- A joint agreement was signed between Masdar, W Solar, Qazaq Green Power and the Kazakhstan Investment Development Fund to develop and implement a 1GW wind project
- The Kazakhstan project enables Masdar to set itself up in Central Asia's largest economy, representing a huge investment in the country’s potential as a major clean energy producer
Business
Abu Dhabi-backed fund takeover of Telegraph triggers UK probe into sale
Dubai, UAE--The UK government has ordered a formal probe into the proposed sale of the Telegraph Media Group to an...
- Earlier this month RedBird IMI announced that it will take control of The Daily and Sunday Telegraph sister newspapers and The Spectator magazine
- The Abu Dhabi-backed investment fund said a $762-million "package of loans" will fully repay the debts owed, allowing the media group to be taken out of receivership
Geostrategy
UAE marks 52nd National Day with parades, shows
Across the country, the festivities will be characterized by performances of Emirati folk arts, cultural shows, police parades, display of...
- Flags will adorn Dubai’s shopping malls, skyscrapers and beaches will be draped in hues of black, red, white and green for Union Day
- The founder’s memorial, a permanent tribute to the late founding father Sheikh Zayed bin Sultan, will mark the country's 52nd Union Day