Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...Business Economy
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022.
Also in 2022, non-EU imports (+41 percent) and exports (+18 percent) reached their highest year-on-year growth rates recorded over the last 10 years.
QatarEnergy acquires 40% interest in Mauritania exploration block
QatarEnergy will hold the interest in the Exploration and Production Agreement pertaining to the C-10 block, while Shell will hold...President and CEO of QatarEnergy Saad bin Sherida Al Kaabi said the deal builds on the company's exploration footprint in Africa.
In October last year, QatarEnergy selected Shell as its second international partner in the North Field South (NFS) expansion project.
Erdogan vows to build 319,000 homes in quake-hit southern Turkey
Ankara, Turkey--Turkish President Recep Tayyip Erdogan on Saturday pledged to rebuild the country's southern region devastated by powerful earthquakes on...The Turkish president promised to erase all traces of the destruction caused by the disaster, and prepare "more strongly" for possible disasters in the future
The magnitude 7.7 and 7.6 quakes affected more than 13.5 million people in Turkey, as well as many others in northern Syria
Agility posts US$221m profit
Its revenue for 2022 rose to US$2.8bn, a 78% jump.The company has ramped up its credit facilities in order to fund its growth plan, which includes the acquisition of John Menzies
Agility enjoys a healthy balance sheet with $10.72 billion in assets. and the company's net debt stands at $2.60 billion
SWFC to boost Canada-UAE investment partnership
The SWFC will help identify opportunities for strategic capital collaboration and thought leadership between Canadian Public Pension Funds (PPFs) and...The Canada-UAE Sovereign Wealth Fund Council aims to harness synergies between Canadian Public Pension Funds and UAE Sovereign Wealth Funds in global markets
Designed to offer an investment collaboration framework with a more dynamic and flexible structure, the SWFC will benefit Canada and the UAE as two key investment allies
WTO 2023 to put spotlight on trade role in sustainable future
GENEVA, SWITZERLAND - The WTO’s annual Public Forum 2023 will focus this year on how trade can contribute to a...The Forum will examine in particular how the services sector, digitalization and inclusive trade policies can support global environmental goals.
Sessions at the Public Forum are organized by representatives from civil society, academia, business, government and international organizations.
DEWA, Siemens discusses enhancing cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer discussed the latest advancements...DEWA and Siemens discussed the role of smart grids in improving the efficient and sustainable distribution of energy.
They also discussed ways to enhance collaboration between DEWA and Siemens in the area of smart grid technology.
Pakistani businessman exports food products to Israel
ISLAMABAD, PAKISTAN - The American Jewish Congress celebrated the arrival of the first shipment of food products from Pakistan to...While Israeli authorities and buyers have no issue with direct shipments from Pakistan, officials in Islamabad have not issued any comment.
The transaction reportedly involved Pakistani-Jewish businessman Fishel BenKhald and three Israeli entrepreneurs.
Bank of Sharjah profit soars
Total equity increased by 7 percent to $930 million.ÂThe bank maintained a solid capital position, with a regulatory capital adequacy ratio of 11.51 percent and a Tier 1 capital ratio of 10.33 percent.
Customers' deposits grew by 5 percent to AED 27,773 million ($7,562 million), highlighting the Bank's ability to maintain a solid and loyal customer base
Rising rates boost GCC banking sector’s net margin
The region's banking sector thrives in Q4-2022 with NIMs at multi-year highs and strong lending growth despite global banking crisis,...The region's banking sector thrives in Q4-2022 with NIMs at multi-year highs and strong lending growth despite global banking crisis, highlights a report
The ongoing banking sector crisis in the US and Europe has limited impact on the region as GCC banks' exposure to these parts of the world remains minimal
