UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...Business
ADNOC Gas signs US$450-550m Chinese supply deal
Abu Dhabi, UAE--ADNOC Gas today announced an agreement valued between $450 million and $550 million to supply Liquefied Natural Gas...ADNOC Gas CEO Ahmed Mohamed Alebri said that China continues to be a key market for the firm, and the deal reinforces "our role as a major LNG supplier"
Elary this year, the firm -- 90 percent-owned by state oil giant ADNOC -- also signed a three-year supply agreement with France's TotalEnergies Gas and Power
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...A GASTAT report showed a 6.1% increase in non-oil activities over 2022, a 2.3% increase in government activities over 2022, and a 4.3% decrease in oil activities.
According to the report, seasonally adjusted real GDP decreased by 0.2 percent in Q2 of 2023 compared to the Q1 of 2023.
Bank of China opens in Riyadh
It is expected to speed up the use of yuan in trade.China's ambassador to Saudi Arabia said that it is the fruit of the continuous development of friendly relations between the two countries
With the launch of the Riyadh branch, the BOC now operates and provides financial services across 64 countries and regions worldwide
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors
Rani R Raad is new CEO of IMI
International Media Investments owns and operates a portfolio of media outlets.The company said Raad "has been brought in to steer IMI and its operating assets to their next stage of development
IMI owns and operates a portfolio of media outlets, including The National, CNN Business Arabic, Al Ain News
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...With data collected from 137 banks, the survey is the world's leading barometer of trade finance health
The Russian invasion of Ukraine was seen impacting trade finance portfolios by some 60 percent banks
Saudi Arabia leads as MENA region sees gaming boom
The MENA region's gaming revenue is set to hit $7.2bn in 2023, representing 17% of global gamers, while Saudi Arabia's...The MENA region's gaming revenue is set to hit $7.2bn in 2023, representing 17% of global gamers, while Saudi Arabia's market may hit $1bn mark this year and triple by 2030
Spearheaded by Saudi Arabia, the region's gaming renaissance reshapes the global landscape, with Gamers8 festival showcasing the region's growing influence in the sector
Enbridge inks $14bn pact
The deal will make it North America's largest natural gas supplier.Enbridge, which operates the world's longest petroleum pipeline system, said it is doubling its gas distribution business with the acquisitions.
The deal underscores the continued value producers are placing in natural gas even as countries strive to reduce fossil fuel dependence to curb greenhouse gas emissions.
Apple, Facebook among tech giants to face tough new EU curbs
The European Commission, the EU's powerful antitrust body, named 22 "core platform" services belonging to five US tech behemoths identified...Brussels is working through a dense legislative agenda to build tougher regulation of big tech, arguing it needs to protect European consumers online.
Observers say the law could open a new battlefront between digital titans and the European Union as some companies consider launching legal challenges.
Production of pick-up trucks and vans in Iran rises by 52-70%
Tehran, Iran -- Production of pick-up trucks and vans in Iran in the first five months of the current Iranian...In total, 11,436 pick-up trucks were manufactured in the country in the first five months of the current Iranian calendar year.
The number of vans produced in the country from March 21 to August 22, 2023 was 1,371, showing a 70 percent hike compared to the same period of last year.
