Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Jordan, Oman sign agreements to ramp up investments
Amman, Jordan--Jordan and Oman have signed a raft of agreements to boost direct investment in both the countries. The first...
Economy
Business
Egypt signs transport investment deal with Japan worth US$734mn
Cairo, Egypt--Egypt has signed its biggest investment package with Japan aimed at supporting the North African country's transportation development plan....
- Egypt will use the money to finance expansion of Cairo's metro, a 30-km stretch of land that would link Egypt’s 6th of October city to the Giza plateau
- Japan's investments in Egypt have gone up by 99 percent during 2021-2022, touching $73.7 million as against $37.1 million in the previous year
Business
Dubai hosts World Free Zones Organization’s annual AICE event
Dubai, UAE-- The World Free Zones Organisation’s (World FZO) ninth Annual International Conference & Exhibition (AICE) will begun in Dubai...
- The two-day event will debate challenges facing global trade and the impact of the Covid-19 pandemic on the global economy
- Nearly 600 participants specializing in trade, logistics will come from more than 70 countries to take part in the event
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
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
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Ooredoo net profit up
Business
Burjeel Holdings profit surges
Business
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EITC Q3 profit soars 57.7%
Business
UAE’s ENEC signs MoU with TerraPower for nuclear-technology development
Dubai, UAE--The Emirates Nuclear Energy Corporation (ENEC) has signed a memorandum of understanding with TerraPower, an American nuclear innovation company,...
COP28 UAE
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
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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...
- The UN chief applauded the initiative of UAE president in establishing a US$30 billion fund for global climate solutions
- They also talked on cooperation between the UAE and UN agencies, particularly in supporting world peace and climate action
COP28 UAE
COP28 unveils oil and gas ‘Decarbonisation Charter’ to speed up climate action
Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter...
- Around 50 companies, representing more than 40 percent of global oil production, so far have signed on to the OGDC
- COP28 President Dr. Sultan Al Jaber said several oil companies have adopted net-zero 2050 targets for the first time
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