Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
Business
RAKEZ, Indian Economic Trade Organization ink MoU to boost business ties
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed...
Business
Business
UAE banks waive $313 million in debts of 4,511 Emirati citizens
Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions,...
- 20 banks and financial institutions provided debt relief on the direction of Sheikh Khalifa bin Zayed Al Nahyan.
- First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank were among the banks that waived debts.
Business
DXB to welcome 1.8m passengers in next 11 days
According to the operator, as many as 1.8 million passengers are expected to pass through DXB between November 25 to...
- According to the operator, as many as 1.8 million passengers are expected to pass through DXB between November 25 to December 5
- December 4 is expected to be the busiest day during this period with passenger numbers likely to surpass the 190,000 mark
Business
GMIS2021 concludes in UAE with launch of GMIS America
The inaugural edition of the GMIS America will take place in 2022 in Pittsburgh as a homage to a city...
- The inaugural edition of the GMIS America will take place in 2022 in Pittsburgh as a homage to a city that has rebounded from significant industrial challenges
- The summit explored the role of data and connectivity in shaping the future of supply chains, green manufacturing, sustainable energy, and climate action
Geostrategy
AFESD signs $33m deal to fund water and electricity project in Bahrain
The Arab Fund for Economic and Social Development (AFESD) signed a deal worth KD ten million ($33 million) with Bahrain...
- Bahrain moving ahead with advancing economic development, Finance Minister Sheikh Salman bin Khalifa said.
- The project will contribute to maintaining the service provided by the Electricity and Water Authority.
Geostrategy
Iraqi delegation to visit Geneva, discuss country’s WTO accession
Iraq is making efforts towards joining the World Trade Organization and its Minister of Trade will visit Geneva to discuss...
- The delegation is likely to reach an agreement with European trade ministers.
- Iraq needs to pass laws and legislation on many topics, including the economy and customs, a trade ministry spokesman said.
Economy
Oman inflation up by 3.35 percent as transportation, education prices surge
The inflation rate in Oman rose by 3.35 percent in October 2021 compared to October 2020. Local media reports, citing...
- Prices of fish and seafood group rise by 14.82 percent in October compared to Oct. 2020.
- While the prices of restaurants and hotels fell by 0.21 percent, the prices of tobacco, health and communication remained unchanged.
Economy
Omani finance ministry issues government treasury bills worth $194 million
Oman's finance ministry has issued government treasury bills worth Omani Riyal 75 million ($194 million). Treasury Bills are short-term highly...
- Treasury bills are short-term highly secured financial instruments that provide licensed commercial banks the opportunity to invest their surplus funds.
- The bills have a maturity period of 91 days, from 24 November 2021 until 23 February 2022.
Economy
Iraqi PM’s advisor outlines measures to sustain growth
The financial advisor to Iraqi Prime Minister, Madher Muhammad Salih, has stressed the need for beginning a set of measures...
- "What matters today is the accelerated growth in the energy sector, whose contribution to the to GDP constitutes approximately 45%"
- "the growth rate in the gross domestic product exceed the growth rate of the population, which is a positive indicator towards the welfare of society"
Geostrategy
UAE announces updated procedures for entry through border crossings
The UAE has announced updated procedures for citizens of neighboring countries and those living in border areas, who are repeatedly...
- GCC citizens need to present a negative PCR test that does not exceed 14 days.
- The non-vaccinated persons must present a negative PCR test conducted no more than 72 hours before the date of arrival.
Geostrategy
Qatar Fund for Development donates $10m for vaccination in poor countries
Qatar Fund for Development (QFFD) has signed a five-year agreement with Gavi, the Vaccine Alliance, and donated $10 million between...
- The money will be used to increase access to vaccination in low-income countries.
- The Fund will work with the Vaccine Alliance to ensure vaccination for yet-to-be-vaccinated children.
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Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
Business
Company News
JODC posts increase in revenue
Business
Emaar to sell Namshi to Noon
Business
Latest News
DMCC, Fresh Water Norway partner to expand water supply chain
The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a...
Economy
Saudi Arabia’s non-oil economy is growing: S&P
Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month.
Economy
Exclusive: ‘Cheerleaders’ hired to clap during FIFA Cup
Young Arab boys and girls from countries such as Lebanon are being flown to Qatar and paid $800 to cheer...
Investigation
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Business
Mawani, Globe Group to set up logistics zone at Jeddah port
Riyadh, Saudi Arabia--Saudi Arabia's General Authority of Ports (Mawani) has signed a contract with Globe Group, a marine services company,...
- The integrated logistics zone and a re-export zone in Jeddah Islamic Port will be constructed on an area of 135,000 square meters.
- Mawani said the logistics zone will enhance the port’s competitive advantage and support national companies specialized in the logistics sector.
Business
Multiply Group buys 80% of IEH
Firm aims to expand its utilities, energy investments.
- Multiply Group had recently invested US$2.7 billion in a 7.3 percent stake in the Abu Dhabi National Energy Company.
- Other investments include 100 percent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry.
Business
Arada awards two contracts
Under the $123m project, nine apartment blocks will be built.
- Consisting of 740 homes in total, the buildings include the five Sokoon blocks, two new apartment blocks located close to Aljada’s museum and the two Gate buildings.
- Valued at AED377 million, the contract to build the five Sokoon apartment buildings and the two apartment blocks located next to the museum was won by Airolink Building.