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
Economy
Sharjah Chamber suggests measures for strengthening PPPs
The Sharjah Chamber of Commerce and Industry (SCCI) has recommended several measures to strengthen the emirate’s public-private partnerships (PPPs).
- The Cabinet to issue a federal law regulating partnerships between the federal authorities and the private sector in the UAE.
- In its meeting SCCI board of directors has ordered arrangements to be put in place to encourage public-private sector partnerships.
Business
Walaa to merge with SABB
The firm won the shareholders' approval for the merger.
- Walaa Insurance also received its shareholders’ approval to raise its share capital to $227 million, out of which 24 percent will go to SABB Takaful's shareholders
- The merger will be conducted through a share swap where Walaa will issue 0.6 shares against each share issued by SABB Takaful
Business
Qatar deepens partnership with Iberdrola Innovation
Qatar science and Technology Park (QSTP) has deepened its partnership with Iberdrola Innovation Middle East by signing an agreement to...
- The agreement was signed by QSTP Executive Director Yosouf Al Salehi and Managing Director of Iberdrola Innovation Middle East Santiago Banales
- Iberdrola aims to define the digital utility by developing innovative digital solutions for renewable energy integration, smart grids, and energy efficiency and conservation
Economy
Steep Fed rate hike seen as certainty after ugly inflation data
Soaring prices have pushed annual inflation to a 40-year high, inflicting pain on American consumers and businesses, despite the welcome...
- Families have been struggling with rising prices sparked initially by high demand as the world's largest economy emerged from the pandemic
- The US central bank has cranked up the benchmark lending rate four times this year, including two straight three-quarter-point hikes in June and July
Economy
S&P updates its outlook for Saudi Arabia to positive
In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings...
- In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings to A-/A-2
- S&P expects the kingdom's GDP to grow to a ceiling of 7.5 percent in 2022 with an expected financial surplus in the state budget of about 6.3 percent
Geostrategy
Saudi Arabia provides US$1m in assistance to UNAOC
Saudi Arabia has provided $1 million in assistance to the United Nations Alliance of Civilizations (UNAOC) for supporting its work...
- The kingdom's permanent representative to the UN, Abdulaziz bin Mohammed Al-Wasel, handed over the assistance to High UN High-Representative for the Alliance of Civilizations
- The ambassador praised the body for strengthening the role of multiple diplomacy, at a time when the world has an urgent need to establish the values of coexistence
Economy
Saudi Arabia chairs coordination meeting of GCC labor ministers in Cairo
The meeting discussed the agenda of the 48th session in addition to a number of other issues pertaining to GCC...
- The meeting discussed the agenda of the 48th session of Arab Labor Conference kicking off on Sunday
- The conference extends until 25 September with the participation of the heads of delegations from 21 Arab countries.
Business
US team explores ways to boost economic ties with UAE
The delegation, led by Governor Spencer J. Cox, included over sixty prominent Utah government officials, business executives, and community leaders,...
- The meeting was organized by the US-UAE Business Council, the State of Utah Governor's Office of Economic Opportunity and the World Trade Center Utah
- The American delegation discussed strengthening relations with the UAE and opportunities for future cooperation with nearly 100 businessmen and women from both sides
Science
Continuous effort required to protect ozone layer, says UNEP
The UNEP noted a global temperature rise of 2.5C was possible if the ozone-depleting chemicals weren't banned, which would have...
- The United Nations Environment Program (UNEP) praised the Protocol’s success, as it ended the danger of ozone layer's depletion, a threat for humanity.
- It said the global cooperation worked, and the gases were eliminated. This healed the ozone layer which would save earth from sun's ultraviolet radiations.
Business
Jebel Ali Free Zone propels automotive markets growth
Jebel Ali Free Zone (Jafza), facilitated over 1.2 million metric tonnes (MT) from Dubai’s total volume of around 4.8 million...
- Jebel Ali Free Zone (Jafza) logistics infrastructure and global trade network have connected African, Asian and Middle Eastern traders to consumers globally.
- With companies from 70 countries and a workforce of nearly 8,000, Jafza’s infrastructure and trade volumes are an attraction for industry giants.
Company News
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Ajman Bank, EIH ink deal
Economy
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
Saudi Arabia’s first social network Jaco attracts 1m users in 2 months
RIYADH, SAUDI ARABIA:Â Â The supervisor of the Kingdom's first social network Jaco - Saudi entrepreneur Fahd Al-Shidi announced that the...
Business
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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.
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
- EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
- 9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.