IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
Economy
UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
Economy
Business
PIF to set up pharma firm Lifera
Lifera is a development and manufacturing company.
- Lifera will primarily focus on producing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics.
- PIF has also invested in the National Unified Procurement Company (Nupco), a prominent provider of medical procurement, storage, and distribution services for medicines.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
Business
Mubadala investee firms sign pact
The partnership involves Tata Power Renewables, Princeton Digital.
- Under the agreement, PDG and Tata Power Renewables have co-invested in a captive power plant that will supply electricity to PDG’s MU1 data center in Airoli, Mumbai.
- First power from the solar plant, located in the Nanded district in the Indian state of Maharashtra, will be generated in June 2023.
Economy
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
- The agreement, signed by UAE's Ministry of Human Resources and Emiratization, aims to develop the skills and capabilities of inspectors at the ministry.
- The pact enables the ministry's officials to carry out inspections proactively and enhance their capacities in line with the best international practices.
Economy
Iran-EAEU free trade zone agreement can be signed by year’s end: Russian deputy PM
Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the...
- According to the deputy prime minister, Russia was in talks with "friendly" countries like Egypt, India, Indonesia, and the UAE as they are growing markets
- He said negotiations for an agreement like this were complex and that the negotiators have to take into account a lot of different interest of member states
Business
Saudi Arabia unveils AROYA Cruises to boost tourism industry
Riyadh, Saudi Arabia-- Saudi Arabia has unveiled its own cruise-line brand called AROYA Cruises to fuel growth in its tourism...
- Saudi Arabia is looking to become a global tourist destination by the end of the decade in line with its goals outlined in Vision 2030
- The Saudi tourism department is aiming to attract 1.3 million cruise visitors by 2035 and providing some 50,000 direct and indiret jobs
Asian, European markets drop as China stimulus hopes fade
Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of...
- Tokyo, Hong Kong, Shanghai, Seoul, Mumbai, Singapore, Taipei, Manila, Jakarta, Bangkok and Wellington were all down, though Sydney rose
- Pound will be in view this week as the Bank of England holds its latest policy meeting, with expectations for another hike to battle persistently high inflation
Economy
UAE’s GCAA signs agreement with ICAO to boost collaboration
Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement...
- The meeting between the two sides discussed training collaboration that aims to support a safe, secure, and sustainable development of the global air transport
- The GCAA and ICAO delegations also reviewed joint initiatives, the most notable of which is Fujairah Air Navigation's accession to ICAO's TRAINAIR PLUS Program
Economy
UAE’s foreign trade records 17% jump to US$607bn in 2022
The boost in foreign trade comes on the back of the signing of the comprehensive economic partnership agreements that the...
- The UAE until now has forged comprehensive economic partnership agreements with four nations: Turkey, Israel, Indonesia and India
- Dubai Customs provides a range of commercial and customs services to traders and investors from countries that have signed CEPA with the UAE
Business
Saudi healthcare needs 175,000 professionals by 2030
The Kingdom is modernizing healthcare with national e-health initiatives, integrated plans for virtual and remote healthcare, and the implementation of...
- The Kingdom is modernizing healthcare with national e-health initiatives, integrated plans for virtual and remote healthcare, and implementation of AI at service provider levels
- The Saudi government is also investing in training and recruiting healthcare professionals, encouraging Saudi students to pursue medical and healthcare-related education
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IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
Economy
Company News
Telefonica to cut 3,421 jobs
Business
Latest News
EU gives accent to landmark rules on artificial intelligence
Brussels, Belgium - The European Union's 27 member states on Friday approved landmark rules on reining in artificial intelligence, passing a key...
Business
Most markets advance after tech titans fuel Wall Street surge
Shares in Amazon, Apple and Facebook owner Meta all climbed during Thursday's session. All three companies were due to report...
Business
Qatar records real estate deals worth $100 million in five days
Doha, Qatar -- Qatar has recorded real estate transactions worth 378 million QR ($100 million) during the 21-25 Jan 2024...
Business
Most Read
Geostrategy
UAE signs pact to develop digital infrastructure in Greece
ABU DHABI, UAE - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic...
- Data centers to be developed under this MoU can reach a total capacity of 500 megawatts.
- The data center market in Greece has witnessed significant growth in the last few years.
Business
Dubai records weeklong real estate transactions worth $3.13 billion
Dubai, UAE -- Dubai recorded real estate transactions valued at AED 11.5 billion ($3.13 billion) during the week ending 2...
- A total of 192 plots were sold for AED 2.61 billion, 2,699 apartments and villas were sold for AED 5.75 billion.
- The sum of the amount of mortgaged properties for the week was 2.24 billion, with the highest being a land in Al Hebiah First, mortgaged for AED 458.77 million.
Arts & Culture
Hosts Qatar embrace ‘positive pressure’ of Asian Cup title defense
Doha, Qatar -- Qatar coach Tintin Marquez said Friday they relish the "positive pressure" of trying to retain their Asian Cup...
- The hosts and holders won all three of their games in the group phase without conceding a goal and then defeated Palestine 2-1 in the last 16.
- Qatar face Uzbekistan on Saturday in front of what is expected to be a packed crowd at the 68,000-capacity Al Bayt Stadium outside Doha.