Sharjah Consultative Council okays emirate’s draft budget 2024
Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
Business
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
Economy
Economy
190k tourists visit Jordan during Eid al-Fitr, says official
Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.
- Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.
- The country prepared shift programs in archaeological and public sites, and provided services to tourists and visitors during their stay
Economy
Turkey sees April inflation hit 69.97%, near 20-year high
Turkey is experiencing the highest inflation among major emerging markets and industrialized G20 economies.
- The inflation rate rose from 61.1 percent in March
- On a monthly basis, prices rose by 7.25 percent
Business
Saudi Arabia, Azerbaijan sign MoU to boost accounting services
The MoU aims to enhance cooperation between the two countries in the areas of financial auditing and performance control.
- For Saudi Arabia, the MoU was signed by Saudi General Bureau for Auditing president Hossam bin Abdul Mohsen Al-Angari
- The other signatory was Vugar Gulmammadov, chairman of the Chamber of Accounts of Azerbaijan
Economy
Saudi-US cooperation to spur growth of digital content market in KSA
Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the...
- Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the US met the president and COO of Omnicom Media Group Daryl Simm
- The meeting also included several specialized technological companies in the fields of FinTech, software, and administrating alternative investments
Economy
Al Maktoum Solar Park key to achieving UAE’s net zero goal: DEWA
Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy...
- When completed, the park will reduce over 6.5 million tons of carbon emissions annually.
- Dubai also launched the Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai's total power capacity from clean energy sources by 2050.
Business
Prince Alwaleed bin Talal now sees Musk as ‘excellent leader’ for Twitter
Saudi investor Prince Alwaleed bin Talal, who initially spurned Elon Musk’s bid for Twitter, agreed to roll his $1.89 billion...
- On April 14, Alwaleed opposed Musk’s buyout bid saying the price offered by him did not come close to the intrinsic value of Twitter given its growth prospects.
- Alwaleed agreed to roll his $1.89 billion stake into the deal rather than cashing out.
Economy
Financial institutions exposed to high risk by global water crisis: Report
Financial institutions are exposed to significant risks posed by depleted and contaminated water supplies, a report released by non-profit Carbon...
- A first-of-its-kind report by CDP and Planet Tracker shows how global companies in key industries are already losing billions as a result of the global water crisis.
- By focusing on oil & gas, electric utilities, coal and metals & mining sectors, the report found that $13.5 bn in assets are already stranded and $2 bn at risk due to water issues.
Economy
Saudi Central Bank raises interest rate to curb inflation
In order to curb the soaring inflation in the kingdom, the Saudi Central Bank (SAMA) has raised its main interest...
- SAMA raised its repo rate and reverse repo rate to 1.75 percent and 1.25 percent respectively
- The Saudi decision came in the wake of the US Federal Reserve decision to hike the interest rate
Business
AD Ports to develop Egypt projects
AD Ports to develop, operate, and manage a terminal in Safaga seaport.
- Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority sign a term sheet and a head of terms agreement for the development of these projects.
- AD Ports Group will also develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba.
Economy
UAE Central Bank raises base rate by 50 basis points after Fed hike
The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility...
- This decision was taken following the US Federal Reserve Board’s announcement on Wednesday to increase the Interest on Reserve Balances (IORB) by 50 basis points.
- The bank also decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate
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Sharjah Consultative Council okays emirate’s draft budget 2024
Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
Business
Company News
du revenues vault 10.5%
Business
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UAE, China eye $200bn bilateral trade by 2030
Infographics
Jordan to receive $845 million in aid from the US
The United States will provide Jordan with over US$845 million in annual financial support, officials in Amman said as the...
Geostrategy
Saudi Aramco only behind Apple in market cap
The world's largest producer of oil and world's most profitable company marginally overtook Apple with a market capitalization in excess...
Videos
Mohammed bin Rashid approves Dubai rural area development master plan
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has approved the...
Economy
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Economy
Saudi Minister inaugurates Aquatic Animal Diseases Network
RIYADH, SAUDI ARABIA - Saudi Minister of Environment, Water and Agriculture, Engineer Abdul Rahman bin Abdul Mohsen Al-Fadhli inaugurated Sunday...
- The launch aims to strengthen the aquaculture industry, prevent aquatic diseases, support the production of aquatic organisms.
- It also aims to meet the growing demand for aquaculture and its products, reduce the spread of diseases, train veterinarians and specialists in aquatic health.
Business
SCCI, Moscow Chamber discuss trade, cooperation
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) discussed business and investment opportunities in the UAE and...
- Sharjah has many strategic advantages for Russian companies which plan to expand in the region's markets.
- Sharjah is an ideal environment for industrial companies in various sectors, especially startups.
Business
DEWA commissions two new transmission substations
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned a new 132/11kV substations in Al Awir First with...
- DEWA inaugurated a new transmission 400/132kV substation in Jebel Ali First.
- DEWA inaugurated an overhead cables with a conversion transmission of 2,000 MVA, at a total cost of US$92 million.