IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
Dubai Customs strengthens partnerships with courier firms to expand e-commerce
DUBAI, UAE - Dubai Customs recently convened an extensive meeting with the courier and express shipping companies, aimed at bolstering...
Business
Economy
Palestine Q3 current-account deficit stands at $316m
The preliminary results showed a surplus value for the capital and financial account amounting to $222 million, mainly caused by...
- This deficit in the current account was mainly triggered by the deficit of the trade balance of goods, which reached $1,464 million
- The total transfers from abroad amounted to $602 million, of which 17% were the transfers to the government sector
Economy
Jordan to disburse $1.4m to drought-affected farmers
Jordan will distribute JD1 million to compensate those suffered losses due to the Al Waleh Dam draught and cross-border fires...
- Jordan's cabinet had approved the disbursement of JD1 million in compensation from the Agricultural Risk Fund
- Jordan as tasked specialized committees to limit the damages in the northern Jordan Valley and the Al-Wala Dam
Arts & Culture
Largest museum of Egyptian civilization to open in 2022 near Giza Pyramids
Egypt is set to open what is billed as the world’s largest museum of Egyptian civilization near the iconic Giza...
- The Grand Museum is spread across 117 acres. Its inauguration was delayed due to COVID-19 pandemic, and will now open in the second half of 2022.
- Egyptian teams managed to restore very important statues in the Luxor area, including a statue of King Ramses II who ruled Egypt for 66 years.
Arts & Culture
Kuwait Gulf Games deferred, will be held in May 2022
Kuwait will host the third Gulf Games from May 11-21, Secretary-General of Kuwait Olympic Committee Husain Al-Musallam said on Sunday....
- The Gulf Games include football, handball, volleyball, basketball, swimming, athletics, karate, Judo and others.
Geostrategy
Kuwait and UNHCR agreement to provide $2 million aid to Yemen
It is also meant to provide basic building materials for temporary shelters, to rehabilitate and improve sites' and water sources...
- The agreement is a result of Kuwait’s commitment during the 75th session of the United Nations General Assembly.
- The grant targets at improving living conditions of almost 200,000 internally displaced persons in cities of Yemen.
Business
Binance gets nod to become crypto asset service provider in Bahrain
The regulatory approval, the first in the Middle East and North Africa region, may push Binance to set up its...
- The regulatory approval, the first in the Middle East and North Africa region, may push Binance to set up its headquarters in Manama
- The second regulatory approval for Binance has come from Canada, which has approved a money services business license
Geostrategy
UAE residents can recycle used cooking oil at Bee’ah Tandeef machines
Waste management and environment company Bee’ah Tandeef has launched a service that allows people to recycle used cooking oil so...
- Bee’ah Tandeef will turn the waste cooking oil into biodiesel that will be used to run its fleet of waste collection trucks.
- The collection machine also dispenses a new empty bottle whenever a bottle is deposited.
Business
Saudi Central Bank seeks consultation on real estate refinance regulations
The Saudi Central Bank "SAMA" has released a public consultation on rules for regulating the business of real estate refinance...
- The draft can be reached by visiting Public Consultation Platform affiliated with the National Competitiveness Center at https://istitlaa.ncc.gov.sa.
- SAMA has invited the public, specialists, and interested individuals to provide their views and observations on the rules within 30 days.
Economy
Council of Arab Ministers declares Muscat Arab Digital Capital for 2022
Oman's capital Muscat will be the Arab Digital Capital for 2022, the Council of Arab Ministers for Communications and Information...
- Oman had made cyber-security, digital innovation and digital capabilities development focus of its candidacy.
- Oman's communications minister said that the decision reflects the confidence of Arab countries in the digital and legal capabilities of Oman.
Business
Abu Dhabi Global Market to begin Monday-Friday workweek from Jan 1
Abu Dhabi Global Market (ADGM) has announced that it will commence a Monday to Friday working week from 1 January...
- ADGM said the new working week brings Dubai's business community and financial sector closer to global markets and real-time economic and trading activities.
- More than 3700 entities are registered with the ADGM and it has a strong pipeline of growth, said the IFC in a statement.
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IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
Company News
Latest News
Abu Dhabi Chamber to launch new digital platform
Abu Dhabi Chamber of Commerce and Industry (ADCCI) will launch a new platform for Abu Dhabi's business community in order...
Business
Arab world rallies around Saudi Arabia over oil cut decision
Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism...
Geostrategy
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Geostrategy
UAE, Chile ink pact to exchange knowledge on energy sector
UAE's Ministry of Energy and Infrastructure signed a Memorandum of Understanding with its counterpart in Chile to exchange knowledge and...
- Under the agreement UAE and Chile will exchange information, knowledge and expertise, hold high-level meetings to discuss issues.
- The two sides will organise relevant academic research and enhance their cooperation in clean and renewable energy.
Business
ADQ submits shareholding offer to ADA
ADQ aims to establish a diversified aviation services and MRO business.
- The combined group would have assets of approximately AED 9.4 billion ($2.6 billion) with an extensive portfolio of aircraft, MRO centers and hangars.
- Following completion, ADQ would own approximately 59 percent of the entire issued share capital of ADA.
Geostrategy
UAE calls Borrell’s ‘jungle’ remark as ‘racist and disappointing’
"Borrell’s remarks are a disappointing development that comes at a time when all parties are aware of the importance of...
- Borrell said in a speech in Bruges, Belgium that “Europe is a garden, but most of the rest of the world is a jungle, and the jungle could invade the garden”.
- The UAE asked the Office of the High Representative to "provide a written explanation of the High Representative’s hurtful and discriminatory comments".