Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Economy
Saudi economy to be fastest-growing economy in 2022, says IMF
The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6...
- The International Monetary Fund in its World Economic Outlook, 2022 says the Saudi economy will register a 7.6 percent growth rate this year
- Saudi Arabia's expected growth, as per IMF, would be the highest among advanced, emerging market and developing economies
Business
DP World signs two deals
The projects will strengthen F&B cluster in Jebel Ali.
- The new integrated quayside facilities will enhance year-round availability and production of essential grains and pulses, DP World said.
- The concessions with Adroit Canada and Al Amir Foods in the Jebel Ali Port will ensure a reliable, consistent, and safe agricultural value chain within the region, it added.
Economy
UAE launches Power to Liquids roadmap to decarbonize aviation sector
The United Arab Emirates has launched the Power-to-Liquids (PtL) Roadmap: Fueling the Aviation Energy Transition in the United Arab Emirates,...
- The PtL roadmap shows the financial, economic and environmental benefits of PtL in decarbonizing the UAE's aviation industry.
- It says PtL offers a unique opportunity for the Emirates to leverage domestic resources, infrastructure and expertise to grow and decarbonize the economy.
Business
Multiply H1 2022 profit up US$126m
Net profit equates to a healthy 91% of revenue for the period.
- Net profit equates to a healthy 91 percent of revenue for the period with investment and other income of AED 300 million helping to drive profitability
- The Group continues to benefit from a strong liquidity position, with AED 3.24 billion in cash and bank balances and negligible debt
Business
UDC profit up 23% in H1 2022
The company earned a profit of US$37,302,472 in HI 2021.
- The EPS amounted to QR 0.047 as of June 30, 2022, versus an EPS of QR 0.038 for the same period in 2021
- United Development Company was established in 1999 and has an authorized capital of QR 3.5 billion
UAE lauds Turkiye’s role in Russia-Ukraine grain exports pact
The UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan in a phone call to his Turkish counterpart Mevlüt Çavuşoğlu...
- The UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan in a phone call to his Turkish counterpart Mevlüt Çavuşoğlu described the agreement as a ''key step''
- Sheikh Abdullah and Çavuşoğlu also discussed ways of boosting cooperation between the two friendly countries in order to serve their mutual interests
Business
Saudi Central Bank, CMA support 12 fintech startups
The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business...
- The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business models
- The companies that took part displayed cutting-edge fintech products that directly address social demands and provide solutions to pressing issues
Economy
US Fed decision impacts key policy rates across GCC
While Saudi apex bank has raised its repurchase rate by 75 bps to 3%, and its reverse repo rate by...
- Hours after the US Federal Reserve hiked its key interest rates by 75 bps, the GCC countries followed the suit and increased their policy rates by the same margin
- While the Fed’s step was aimed at combating the soaring inflation, the regional economies followed the US moves as their currencies are pegged to the dollar
Business
21 business, investment deals boost KSA-Greece ties
The agreements cover logistics and transportation, renewable energies, manufacturing, environment services, aquaculture, defense, trade, engineering and agriculture.
- The bilateral agreements cover logistics and transportation, renewable energies, manufacturing, environment services, aquaculture, defense, trade, engineering and agriculture
- 32 representatives from Greek firms, chambers of commerce and trade associations attended the event, taking part in B2B and G2B meetings to explore business opportunities
Economy
Abu Dhabi Chamber, Philippine Business Council discuss ties
A delegation from the Philippine Business Council, headed by Prof. Gau Raganit, visited the Abu Dhabi Chamber of Commerce and...
- Abu Dhabi Chamber, Philippine Business discuss strengthening relations between the Chamber and Filipino investors
- The two sides discuss increasing the level of cooperation in diverse sectors of mutual interest
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Company News
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China third-largest investor in UAE, its top trading partner
The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real...
Business
EU unveils plans to scale up net-zero technology
BRUSSELS, BELGIUM- The European Commission proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU...
Science
JCC discusses trade, commerce in economic summit in France
AMMAN, JORDAN - The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris....
Business
Most Read
Business
etisalat by e& announces first 5G satellite communications in UAE
ABU DHABI, UAE - etisalat by e& announced on Saturday the implementation of the Eutelsat Quantum satellite solution, becoming the...
- etisalat became the first telecommunications company in UAE to expand 5G network capabilities over a software-defined satellite.
- This deployment was a result of rigorous testing with customers for over a year to rapidly scale up the 5G mobile network deployment.
Geostrategy
UAE minister meets UN Secretary-General on global climate action
NEW YORK, US - Minister of Industry and Advanced Technology and COP28 President-Designate Dr. Sultan bin Ahmed Al Jaber met...
- The minister outlined the UAE’s key COP28 priorities across mitigation, adaptation, loss and damage, climate finance and process innovation.
- The UAE and UN discussed the urgent need to close the financing gap and to keep alive the goal of limiting global warming to 1.5ºC.
Business
Mohamed bin Zayed issues law to establish Abu Dhabi Transport Company
ABU DHABI, UAE - In his capacity as the Ruler of Abu Dhabi, President Sheikh Mohamed bin Zayed Al Nahyan...
- An affiliate of the Supreme Council for Financial and Economic Affairs, the company will support the emirate’s integrated transport ecosystem.
- It will develop transport systems, and contributing to effective and sustainable transport services for citizens and residents.