Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Geostrategy
GCC renews pledge to deepen partnership with China
The Gulf Cooperation Council (GCC) has renewed its commitment to continue having a strong partnership with China in order to...
- The sentiment was echoed in a meeting between Secretary General of the GCC, Dr. Nayef Falah Mubarak Al-Hajraf, and China's Ambassador to Saudi Arabia, Chen Weiqing
- The two sides discussed all issues and topics of common interest, and reviewed the cooperation relations between the GCC and China to achieve common interests
Economy
Saudi Arabia holds GCC meeting to boost economic ties
Saudi Arabia hosted a meeting of the GCC Financial and Economic Cooperation Committee to broaden economic cooperation among the GCC...
- The meeting was held under the chairmanship of Minister of Finance Mohammed bin Abdullah Al-Jadaan
- It reviewed a host of issues related to enhancing financial and economic cooperation among the GCC countries besides discussing the impact of the world economic crisis
Economy
IMF likely to open regional office in Saudi Arabia
IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this year
- IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this year
- Credit rating agency S&P has already affirmed Saudi Arabia’s rating at “A-/A-2” with a positive outlook citing higher oil revenues
Business
UAE and Italy to widen trade and economic ties
The UAE and Italy are looking to widen trade ties between the two countries, and in this regard an Italian...
- The talks touched on the customs services and facilities that Dubai Customs provides to facilitate trade
- The meeting is part of Ertibat Initiative, which seeks to develop relations with foreign diplomatic missions and business sectors
Business
US Gecko Robotics set to establish international HQ in UAE
The Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi.
- The Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi
- Gecko Robotics is the latest to set up base in the UAE, joining UK tech company Gödel and food app development company Krush
Economy
Saudi banks provide $630 billion loans till August 2022
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 15 percent by the end of...
- Private-sector lending also increased by 15 percent year-on-year to SAR 2.241 trillion ($600 billion).
- Loans granted to public non-financial institutions increased 26 percent YoY to SAR 117.1 billion ($31.14 billion).
Arts & Culture
Cultural policy vital for diversified economy, says UAE Minister
UAE Ministry of Culture and Youth participated in the UNESCO World Conference on Cultural Policies and Sustainable Development – MONDIACULT...
- UAE Minister of Culture and Youth Noura bint Mohammed Al Kaabi participated in a UNESCO world conference in Mexico via video conference.
- A delegation headed by Salem Al Qasimi, Permanent Delegate of the UAE to UNESCO, was present on the occasion.
Business
UAE-China non-oil trade exceeds $470bn in past decade
Abu Dhabi, UAE - The non-oil trade between the UAE and China increased by 78.5 percent from 2012 to 2021,...
- The trade increased by 78.5 percent from 2012 to 2021 to $60.85 billion by the end of 2021 compared to $34 billion in 2012.
- FCSC also showed that the non-oil trade exchange between the two in the first half of 2022 totaled AED118.4 billion $32.24 billion.
Videos
Saudi growth in 2022 to outpace Asian giants
The kingdom recovered quickly from Covid-induced recession and is reaping the rewards of high global energy prices and increased energy...
- The kingdom is set to be the fastest growing of the world’s largest economies in 2022, outpacing the Asian giants of China, India, Indonesia, South Korea and Taiwan.
- It is expected to grow much faster than the struggling major economies in Western Europe and North America.
Business
Sharjah Chamber organizes forum, briefs Russian delegation
The Sharjah Chamber of Commerce and Industry (SCCI) has organized a forum to discuss ways to boost economic ties and...
- The forum witnessed bilateral meetings between business owners from Sharjah and Russia.
- The chamber briefed the Russian trade mission on Sharjah’s business advantages and facilities.
Company News
Latest News
Emirati investments in Turkey reach $5.6 billion in 2022
ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative...
Business
Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
Business
Archer to launch its all-electric air taxi service across UAE
ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment...
Business
Most Read
Economy
UAE invests $36bn in renewable energy projects in 2022, says ADDED chairman
ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said...
- The UAE has successfully enticed a staggering US$23 billion in 2022, up 10 percent from 2021, to be ranked 16th globally in FDI attraction.
- UAE is now the world's fourth-largest recipient of greenfield projects, with nearly a thousand ambitious ventures announced last year.
Geostrategy
UAE, South Korea ink MoU to enhance air transport relations
ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum...
- This MoU includes an agreement to increase the number of national carrier flights between the two countries to 21 flights per week.
- The signing of this MoU followed discussions held in Seoul on October 12 and 13, 2023, with representatives from both countries' aviation sectors.
Business
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
- The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund Annual Meetings in Morocco.
- The US$20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital.