UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
Business
DEWA breaks own record for overhaul of gas turbines
Dubai Electricity and Water Authority (DEWA) has announced breaking its own world record in major inspection outage duration for the...
- DEWA has reduced the maintenance outages for critical inspection operations from 11 days to nine days.
- There is a reduction in the maintenance duration of 84 percent compared to 2006.
Business
Kuwait central bank issues $792 bonds, tawarruq for three months
The Central Bank of Kuwait (CBK) has issued bonds and related Tawarruq worth Kuwaiti Dinar 240 million ($792 million) payable...
- The bank said in a statement that the new securities have a return rate of 2.625 percent.
- Tawarruq is a financing arrangement where the buyer can obtain cash immediately through a series of sale transactions.
Business
ESG acquires stake in two firms
ESG is a subsidiary of International Holding Company.
- The company said it has acquired a 60 percent stake in Vision Factory, one of the biggest furniture and joinery production facility in the UAE.
- The company has also taken a 45 percent stake in Decovision, a quality interior design and engineering services provider.
Geostrategy
Jordan king Abdullah meets Arab leaders in Egypt
The king was received by Egypt President Abdel Fattah El Sisi and a number of senior Egyptian officials on arrival...
- The king was received by Egypt President Abdel Fattah El Sisi and a number of senior Egyptian officials on arrival at El Alamein International Airport on Egypt’s north coast
- Egyptian President Abdel-Fattah al-Sisi and visiting President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan underlined the importance of strengthening Arab unity
Economy
Iraqi Central Bank report shows financial recovery in past 10 years
A Central Bank of Iraq report showed that the unemployment rate rose to 16.5 percent in 2021, compared to 11.9...
- A Central Bank of Iraq report showed that the unemployment rate rose to 16.5 percent in 2021, compared to 11.9 percent in 2012
- As for imports, they decreased from $50 billion in 2012 to $34 billion in 2021, as well as exports which decreased from $94 billion in 2012 to $73 billion in 2021
Business
Sumou signs $144m deal
The Saudi real estate firm will build 507 villas in Madinah.
- The company said in a bourse filing that it will develop villas for Al-Samiya, a residential project located in Al-Madinah
- The construction is expected to be completed in 42 months and will be financed based on equity and off-plan sales
Business
GCC and UK set sights on signing Free Trade Agreement
Dr. Nayef Al Hajraf, Secretary-General of the GCC, voiced hope that the talks would lead to an ambitious Free Trade...
- Dr. Nayef Al Hajraf, Secretary-General of the GCC, stressed the importance of the friendly relations between the GCC and the UK in serving the common interests of both sides
- The joint statement, signed with British Trade Secretary Anne-Marie Trevelyan on 22nd June, laid the groundwork for launching the negotiations today
Economy
Central Bank of Kuwait issues $792 million bonds
According to a CBK statement carried by state news agency KUNA, the new securities have a return rate of 2.625...
- According to a CBK statement carried by state news agency KUNA, the new securities have a return rate of 2.625 percent
- On August 8, the bank issued bonds and Tawarruq valued at US$ 526 million with a three-month term and return rate of 2.375 percent
Business
Saudi Fisheries posts losses
The news of the loss of $6.4m in H1 led to a slide in firm's stock.
- The news of the poor financial results dragged down the company's stock by 3.35 percent to SR37.55
- The firm reported a 34 percent surge in revenue during the same period to reach $7.73 million
Economy
Oman producer prices increase by 40.7 percent in Q2
Producer prices in Oman increased by 40.7 percent during the second quarter of 2022 The producer price index in the...
- The rise in the index was due to the 48.7 percent rise in oil and gas products and a 40.7 percent increase in non-oil products.
- The price of non-oil products rose due to the increase in the prices of the manufacturing group by 9.4 percent, and the mining, electricity and water group by 1.8 percent.
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UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Company News
Latest News
UAE, Turkish presidents discuss bilateral, economic relations in Istanbul
ISTANBUL, TURKEY - UAE President Sheikh Mohamed bin Zayed Al Nahyan arrived here on Saturday for a working visit and...
Geostrategy
SPC Free Zone to provide licenses within 45 minutes
SHARJAH, UAE - Sharjah Publishing City Free Zone (SPC Free Zone) has announced an expedited business setup process, allowing businesses...
Business
UAE convenes Security Council meet, urges UN, League of Arab States to cooperate
NEW YORK, US - Minister of State Khalifa Shaheen Al Marar chaired the first signature event of the UAE’s United...
Geostrategy
Most Read
Business
UAE, Peru sign air services agreement to promote bilateral trade
Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote...
- UAE investments in Peru over the last five years exceeded US$700 million, while intra-trade reached US$4.4 billion in the same period.
- UAE official said the deal will contribute to the growth of trade exchange in a manner that supports development in both the countries.
Geostrategy
GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...
- The strategic partnerships between the two sides aim at focusing mainly on peace, security, stability, integration, and economic prosperity in the Middle East.
- Beside supporting Yemeni peace efforts and humanitarian needs, the US and GCC also make a commitment to freedom of navigation and maritime security in the Gulf region.
Business
Bybit partners with Sharjah varsity to boost crypto adoption in UAE
Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership...
- A Bybit contribution of $2,72,257 marks the first collaboration between American University of Sharjah and the crypto exchange.
- Eligible computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall.