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
ADFD, ADEX to give US$92m loan for Bahrain water supply project
Abu Dhabi Fund for Development and the Abu Dhabi Exports Office signed two loan agreements with the Electricity and Water...
- AED will provide US$ 41mn to the Electricity and Water Authority in Bahrain to finance a water supply network project
- ADEX will provide US$ 51 million for the project which aims to enhance the capacity of the water transmission networks
Business
Bank Muscat net profit up 5 percent
The bank said profits up despite lower net interest income and higher expenses.
- The Bank said that net interest income from conventional banking and net income from Islamic financing reached 166.25 million riyals.
- Operating expenses went up by 8 percent to 102.71 million riyals.
Geostrategy
Jordan, Greece discuss cooperation in construction, energy, agriculture
The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025.
- The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025
- They decided to work for increased cooperation in the economy and commerce, as well as higher education, transportation, energy and agriculture
Business
UAE imports of Spanish fruit and vegetables top AED181m
Spain exported a total of 22,827 tonnes of fruit and 17,753 tons of vegetables to the UAE last year.
- Spain exported a total of 22,827 tonnes of fruit and 17,753 tons of vegetables to the UAE last year
- The Fruit Attraction 2022, the leading exhibition for the fruit and vegetable sector, is scheduled to be held from October 4-6 in Dubai
Business
Saudi Ports Authority reports 16% jump in cargo in June
Saudi Arabia has reported a 16 percent increase in cargo volumes to 27.1 tons in June 2022, according to the...
- According to figures 27.1 million tons went through the nine ports managed by the authority, compared to 23.4 million in June 2021
- According to Mawani, Saudi ports received 1,126 vessels in June, rising by 13.6 percent compared to the same period last year
Business
‘GCC inflation still remains lesser than UK’
The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the...
- The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
- Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages
Business
Select Group buys hotel in UK
The purchase is part of Dubai-based firm's expansion plan.
- The acquisition is an important part of Select Group's diversification and growth strategy
- Select Group has a portfolio of premium residential, commercial and mixed-use developments in the UAE and Europe
Geostrategy
Diversifying economy focus of UAE’s plans: President
The UAE will continue to strengthen cooperation and enable positive, respectful dialogue between countries to achieve stability and prosperity for...
- Sheikh Mohamed said more than 200 nationalities are actively participating in the growth and development of the country’s economy.
- UAE’s priorities include strengthening people’s capabilities in science and technology, and develop it further to benefit all economic areas and the society, he said.
Business
AD Ports, Hayat Biotech ink deal
AD Ports to support Hayat' global logistics and distribution.
- The partnership will help facilitate Hayat Biotech’s efforts to set up manufacturing centers around the globe.
- The deal encapsulates shipping of strategic construction supplies, including containers, machinery, raw materials.
Geostrategy
Beirut port blast victims file $250m lawsuit against US firm
Victims of Lebanon's deadly 2020 port blast have filed a quarter-billion-dollar lawsuit against a US firm for its suspected links...
- Accountability Now said in a statement that the claim was filed this week in Texas against US-Norwegian geophysical services group TGS.
- The blast -- described as one of the largest non-nuclear explosion in recent history -- killed more than 200 people, wounded thousands and ravaged entire neighbourhoods.
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
Company News
Latest News
Iraq finalizes fresh air deals with Gulf countries
BAGHDAD, IRAQÂ - The Civil Aviation Authority announced the work to conclude new air agreements with the Gulf states. A spokesman...
Geostrategy
15 top panels to discuss defense advancements in IDEX, NAVDEX 2023
ABU DHABI, UAE - IDEX and NAVDEX 2023 exhibitions, to be held from February 20-23 in Abu Dhabi, will host...
Business
UAE, Korea discuss partnership in renewable energy, technology
The two sides discussed various paths of cooperation and development in the investment, economic, scientific, cultural and advanced technology fields.
Geostrategy
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Business
DEWA organized 157 health, safety training sessions for employees in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has organized 157 training courses and awareness sessions on occupational health...
- DEWA organized its 20th Internal Health and Safety Week which featured various activities in aspects of occupational health and safety.
- DEWA continues to upgrade the expertise of its staff to reach the highest levels of excellence and quality through ongoing training.
Geostrategy
UAE takes part in financial inclusion meet under India G20 Presidency
ABU DHABI, UAE - The UAE participated in the Global Partnership for Financial Inclusion (GPFI) meeting in the Finance Track...
- The meeting was held to discuss the Global Partnership for Financial Inclusion work plan for 2023.
- G20 members, invited countries, GPFI members, and international organizations such as the World Bank and OECD attended the meeting.
Business
Emirates NBD issues Dirham bond, first by UAE firm in 10 years
Dubai, UAE-- Emirates NBD has announced the successful pricing of its inaugural AED1 billion ($272 million) dirham-denominated bond, the first...
- The three-year bond saw strong demand, with the order book peaking at over AED1.65 billion.
- The issuance is the bank's first dirham-denominated bond since the Ministry of Finance created a medium-term yield curve.