OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
UAE banking sector assets exceed $1.16 trillion by the end of June
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates,...
Business
Geostrategy
Best chance for peace in Yemen in eight years, says UN envoy
Yemen faces its best chance to strike a peace deal since the country's civil war started over eight years ago,...
- The Arabian Peninsula country is one of the poorest in the Middle East, and has been devastated by the war, which started in 2014.
- The government and the rebels have exchanged nearly 900 prisoners in recent days, as hopes grow for peace.
Business
Dubai records $450 million in real estate transactions: DLD
Dubai, UAE - Dubai's real estate market recorded real estate deals worth AED1.8 billion on Monday, Dubai Land Department said.The...
- The sales included 447 villas and apartments worth AED910.14 million ($247.84m), and 49 land plots worth AED756.08 million ($205.87m).
- The mortgages included 88 villas and apartments worth AED145.7 million ($39.68m) and 19 land plots valued at AED23.35 million ($6.36m).
Geostrategy
Cementing ties: Iran invites Saudi Arabia’s king to visit Tehran
The two countries had severed ties seven years ago after Saudi Arabia executed a revered Saudi shia cleric Sheikh Nimr...
- The two Middle East powerhouses had held several rounds of dialogue in Iraq and Oman before reaching the agreement to mend ties on March 10 in China.
- Saudi delegation to visit Iran to discuss the reopening of the embassy and consulate. Iranian officials say diplomatic mission likely to open before May 9.
Business
Delegation highlights investment opportunities in Ras Al Khaimah
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ) has concluded its visit to Russia...
- RAKEZ delegation met people from construction, manufacturing, information technology and fast-moving consumer goods trading.
- The audience in Russia was keen on exploring sectors such as cement, building materials, engineering services and raw materials trading.
Economy
UAE minister stresses G20 and COP28 collaboration at WBG meet
The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent...
- Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the meeting, held on the sidelines of the 2023 Spring Meetings.
- Ministers of Finance and Central Bank Governors from G20 member countries, invited countries, and international organizations attended the meeting.
Economy
Ajman Bank, EIH ink deal
The bank will act as a strategic partner during listing of EIH.
- Ali El Gebely, Managing Director and CEO of EIH, said the partnership aims to build real value for the future of investment through strategic partnerships.
- Established in 2007, Ajman Bank is an Islamic commercial bank that listed on the Dubai Financial Market in 2008.
Science
UAE’s Rashid Rover to land on Moon on April 25
The Mohammed Bin Rashid Space Center in UAE said that Rashid Rover, onboard the HAKUTO-R Mission 1 Lunar Lander, is...
- During the landing sequence, the Lander will perform a braking burn, firing its main propulsion system to decelerate from orbit.
- Utilizing a series of pre-set commands, the Lander will adjust its altitude and reduce velocity to make a soft landing.
Business
Abu Dhabi QCC drives emirate’s infrastructure development in 2022: Report
Abu Dhabi, UAE - Abu Dhabi Quality and Conformity Council (QCC) has made strides in developing the quality infrastructure of...
- In 2022, the Council approved 26 new technical documents, reviewed 22 draft specifications and technical regulations.
- The report said that the council has conducted over 5 million laboratory examinations since 2014, 606 main services and over 2,394 sub-examinations.
Economy
UAE’s global merchandise trade crossed $1trn mark in 2022: WTO
Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22%...
- Exports grew 41 pecent to $599 billion in 2022, accounting for 2.4 percent of the global merchandise exports share
- The UAE ranked 11th in terms of exports of commodities and was the 18th importer of global merchandise goods trade
Business
UAE, Vietnam begin process for economic partnership pact
Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive...
- The UAE is the leading trade partner of Vietnam in the Arab region, accounting for 39 percent of Vietnamese trade with the region’s countries.
- The two sides discussed ways of strengthening their cooperation in the areas of trade, investment, the new economy, industry and energy.
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
Company News
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Bayanat, Yahsat to merge
Business
Dubai posts real estate transactions worth $3.5bn in week ending January 19
DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...
Business
Palestinians count cost of Israel’s West Bank raid
Palestinians held funerals and assessed the damage of a days-long Israeli raid in the occupied West Bank, where violence has...
Geostrategy
Qatar real estate trading volume reaches US$91m between January 7-11
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
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Business
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.
- The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
- The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Geostrategy
EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
- Gentiloni said that "what is happening in the Red Sea... is not for the moment apparently creating consequences on energy prices and inflation".
- Tensions in the Red Sea have soared after the United States and Britain carried out strikes on Houthi rebels in Yemen.
Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
- Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
- The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.