OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
UAE banking sector assets exceed $1.16 trillion by the end of June
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates,...
Business
Economy
European Union pledges €364m in grants to Jordan
The aid packages include supporting human development, civil society, governance, institutional development and green transition.
- The aid packages include supporting human development, civil society, governance, institutional development and green transition
- EU ambassador to Jordan Hadjitheodosiou said that the programme sets the priorities for cooperation between the two nations
Business
QIB partners with Loop
They will promote eco-friendly alternative to personal cars.
- The agreement is in line with QIB’s sustainability principles for urban mobility and encourages the public to reduce carbon footprint to mitigate the effects of climate change
- Loop Mobility is a start-up transforming operations with a revolutionary e-scooter model and supporting national efforts towards building a more sustainable future
Business
Sports sector contributes US$2.45bn to Dubai economy
The sports sector has contributed some $2.45 billion to the Dubai economy in 2021, representing 2.3 percent of the emirate's...
- The DSC chairman said the government’s support for the industry is a key priority in Dubai’s drive to become the best city in the world to live and work in
- The council’s latest strategy focuses on sports clubs, sporting infrastructure, esports, sports tourism, and sports technology
Geostrategy
UAE says global pacts can help face labor related challenges
The UAE highlighted the significance of complying with international work standards and developing partnerships that empower countries to overcome the...
- The UAE said that it is important to guarantee the rights of employers and employees.
- Global cooperation would help in reducing inequality and discrimination that employees may be exposed to.
Economy
Arab economies expected to grow by 5.4 percent in 2022: AMF
Arab economies grew by 3.5% in 2021. The higher growth in 2022 is attributed to an improvement in global demand...
- However, economic growth for Arab countries is expected to decline in 2023 to about 4 percent, in line with the decline in global economic growth rate.
- Global economy is expected to rise 3.2 percent in 2022 and 2.9 percent in 2023, said Abdulrahman bin Abdullah Al-Hamidy, chairman AMF Board of Directors.
Business
Record volume handled by Saudi ports in eight months: Mawani
Riyadh, Saudi Arabia---Saudi Ports Authority (Mawani) handled record tons of volume at the Kingdom's various ports from Jan-Aug this year....
- Against the 187 million tons during the Jan-Aug period in 2021, Mawani said Saudi ports handled more than 212 million tons this year, an increase of 13.59 percent.
- Saudi ports, which handle 90 percent of the Kingdom’s exports and 70 percent of its imports, received 538,265 cars between January and August,
Research
Treated sewage water improves wheat growth, production in UAE
A study by an Emirati researcher has shown that wheat growth can be accelerated and production improved using treated sewage...
- The highest wheat productivity rate was achieved when using treated sewage water.
- key factors that improve wheat quality are the fertility of the soil, which must contain important nutrients and the quality of irrigated water.
Economy
Dubai reduced carbon emissions by 21 percent in 2021
The Dubai Supreme Council of Energy had a virtual meeting in which it was revealed that Dubai had reduced carbon...
- The Dubai Supreme Council of Energy in a meeting discussed increasing the share of solar energy.
- The meeting deliberated waste recycling in power and water production, industry, ground transport and waste treatment.
Economy
Bahrain central bank’s $185m treasury bills oversubscribed 216%
Manama, Bahrain—Bahrain’s latest government treasury bills, valued at Bahrain Dinar 70 million ($185 million), have been oversubscribed by 216 percent....
- The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government.
- The issue date of the bills is 21 September 2022 and the maturity date is 21 December 2022.
Economy
UAE financial restructuring body holds second meeting
The UAE finance ministry's Financial Restructuring Committee (FRC) recently held the second meeting of its Consultative Council.
- The meeting discussed the development of the financial reorganization service.
- It deliberated on the best ways to communicate relevant information about financial restructuring procedures.
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OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
Company News
Latest News
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
Business
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...
Geostrategy
Most Read
Business
Dubai real estate sales up despite price rise since January 2020
Dubai, UAE – The Dubai Land Department (DLD) reported over 3,200 transactions worth AED 24.7 billion last week and this...
- Research show real estate transactions soared by 44 percent in the first six months of 2023 with nearly 60,000 units being sold.
- Several industry analysis indicate that the real estate sector in the emirate will observe growth of approximately 15 percent in 2024.
Economy
Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
- The Iranian diplomat said that his country has an ambitious vision to diversify its economy away from crude oil revenues.
- He said that this includes expanding the transportation infrastructure in Iran to significantly increase its cargo transit revenues.
Business
RAKEZ, Indian Economic Trade Organization ink MoU to boost business ties
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed...
- The collaboration focuses on initiating trade missions and investment forums to help Indian businesses understand what RAKEZ offers.
- The agreement promises customized business services for Indian companies that are tailored to their aspiration of expanding into the MENA region.