Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
ExxonMobil makes new oil discovery
The oil and gas strike is the first of 2024.
Infographics
UAE crypto registration cost highest in GCC
The factors that influence the cost of registration include the type of business, the location of the business, and the...
- In addition to the registration fee, there are other costs associated with starting a cryptocurrency business, such as legal fees, accounting fees, and marketing fees.
- In the free zones of the UAE, the crypto registration cost is much lower than those areas under VARA.
Economy
Germany gears up for continued recession after years of bloom
BERLIN, GERMANY - On his many visits to semiconductor factories and electric car plants, Germany's Chancellor Olaf Scholz bangs the drum...
- Having dipped into recession at the beginning of the year, Germany looks set to finish the year in the red - and at the back of the pack among its eurozone competitors.
- The government is the only one left still predicting GDP will grow this year, while the main economic institutes and the IMF are looking at a drop of 0.2 to 0.4 percent.
Business
Qatar and Tajikistan chambers to form joint business council
Doha, Qatar - Qatar Chamber and Tajikistan Chamber of Commerce and Industry signed Sunday an agreement to establish a Joint...
- The Joint Business Council aims to facilitate communication between the two parties to increase trade and economic cooperation between the two countries.
- It includes communication mechanisms between business owners in the two countries, and exchanging information on trade and economic cooperation.
Geostrategy
India’s Modi, Egypt’s Sisi pledge to deepen strategic partnership
Indian Prime Minister Narendra Modi met Egypt's President Abdel Fattah al-Sisi in Cairo on a rare visit during which both...
- New Delhi and Cairo have pledged to boost bilateral trade as India is also stepping up investment in Egypt, particularly in renewable energy.
- India is already Egypt's seventh-largest trading partner, according to data from Cairo's central bank, with trade reaching $7 billion last year.
Business
Vodafone, Microsoft ink pact
The two firms will offer AI Digital Contact Centre Platform.
- The MoU was signed by General Manager of Microsoft Lana Khalaf, and Enterprise Business Unit Director at Vodafone Qatar Mahday Saad Al Hebabi.
- With this platform, contact centers will be equipped with modern digital tools to engage customers across voice, video, and other digital channels.
Geostrategy
UAE discusses tourism with India, UK, Indonesia and Japan
NEW DELHI, INDIA - UAE Minister of Economy and Head of the Emirates Tourism Council Abdullah bin Touq Al Marri...
- The UAE is keen on developing tourism ties with countries and building partnerships in fields that supports economic, social growth and prosperity.
- The UAE had adopted a forward-looking vision to develop a distinguished tourism sector at the regional and global levels.
Business
AD Ports Group, Premier Marine set up a JV SAFEEN Drydocks
ABU DHABI, UAE - AD Ports Group, a leading facilitator of global trade, logistics, and industry, and Premier Marine Engineering...
- AD Ports Group will own 51 percent of the joint venture and the remaining 49 percent by Premier Marine.
- The new enterprise will offer a broad range of vital services including drydocking, afloat repairs, ship building and refurbishment.
Business
Sharjah real estate transactions in May valued at US$653m
SHARJAH, UAE - The emirate's real estate activity during May 2023 logged a total value of US$653 million (AED 2.4...
- The report issued by Sharjah Real Estate Registration Department revealed that 3,540 transactions were recorded in various regions across the emirate.
- The report indicated that the real estate sector has maintained its leading position as a preferred choice for those wishing to buy or invest in Sharjah.
Business
Hyundai, Aramco sign $5bn contract
Hyundai will build a petrochemicals complex in the kingdom.
- Korean media reports said the deal, which will advance the Amiral project packages No. 1 and 4, is the largest contract won by a Korean builder.
- The deal comes a day after Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in Saudi Arabia.
Economy
Qatar to head ICAO’s Technical Cooperation Committee
Doha, Qatar--Qatar has been elected to be the chairperson of the International Civil Aviation Organization (ICAO)'s Technical Cooperation Committee (TCC).Representatives...
- ICAO council member states voted Qatar's permanent representative in the council Essa Abdullah Al Malki as the chairperson of the ICAO's TCC
- The TCC is tasked with assisting and advising the council on reviewing ICAO policies on technical cooperation, assistance, training, and operational plans
Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
Company News
ENEC signs MoU with Egypt
COP28 UAE
Latest News
Saudi Arabia picks bidders for mining exploration sites
Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...
Business
Bullish Bitcoin: Halving looms, miners face squeeze
Bitcoin’s mass adoption is growing and projected in the next four years to have around 1 billion users.
Business
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
Infographics
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Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
- The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
- Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
- Trade between the UAE and India touched $84.5 billion between April 2022 and March 2023, and is expected to reach $100 billion by 2027
- The MoU in the renewable energy focuses on forging effective collaboration by building relationships between public and private organizations
Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations