Trump announces 100% chip tariff, pressuring Asian producers
The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on...
Economy
Economy
UAE to deepen economic tie-ups with various world countries: Sheikh Saud
St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to...
- The ruler of Ras Al Khaimah was speaking at the opening session of the St. Petersburg International Economic Forum 2023 as the representative of the UAE
- He drew attention of the audience to the efforts being accelerated in the UAE to enhance prosperity and deepen stability, as well as diversify non-oil revenues and investments
Boeing expects number of planes in air to double in 20 years
The American aircraft manufacturer estimates 48,575 planes will be in service in 2042, compared with 24,500 last year. This will...
- North America will take 23 percent of these new planes, the Asia-Pacific region 22 percent, Eurasia 21 percent and China alone 20 percent
- Boeing also expects low-cost carriers to more than double in size over the next 20 years-- substantial growth, but slower than the past 20 years
Business
Qatar Chamber looks to burnish lackluster gold and jewellery sector
Doha, Qatar-- In order to remove obstacles facing the gold and jewellery sector in the country, Qatar Chamber has reviewed...
- The chamber meeting discussed bottlenecks facing the sector and the proposals received by the committee as per the results of a survey conducted last month
- In order to develop the sector, the gold and jewellery committee was recently established to address and discuss the issues facing the sector in the country
Economy
Global food bill will rise to US$1.98trn in 2023, up 1.5%: FAO
According to a report by the FAO, the world food import bill is forecast to touch a new record this...
- The FAO's biannual report warns that the decline in food import volumes is a "concerning development", indicating a decline in purchasing capacity
- The report further says that world wheat production in 2023 is expected to drop by 3.0 percent from its all-time high of 777 million tonnes in 2022
Business
Crisis hits investments in MENA startups
While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments...
- Despite a 20% drop in venture capital investments in Q1 2023, the startup ecosystem in the Middle East and North Africa region remains resilient, say experts
- Concerns over the sustainability of investments and banks' ability to support SMEs have arisen amid the ongoing global banking crisis, they add
Business
38 million passengers used services of SRTA in 2022, say reports
SHARJAH, UAE - The Sharjah Roads and Transport Authority (SRTA) said it transported about 38 million passengers, throughout the year...
- The beneficiaries of taxi services and franchise companies within the emirate amounted to 29 million passengers.
- The total beneficiaries of bus services amounted to about 5.3 million, with an average of 14,500 passengers per day.
Economy
ZATCA sets criteria for target firms to apply phase II of e-invoicing
RIYADH, SAUDI ARABIA - The Zakat, Tax and Customs Authority (ZATCA) has set the criterion for selecting target establishments in...
- ZATCA said that it will notify all targeted establishments in preparation for linking the electronic billing systems with the Fatoora platform, starting January 1, 2024.
- It stressed that phase II includes additional requirements including issuing E-invoices based on a specific format.
Economy
Qatar Industrial Production index up 2.8 percent in April
DOHA, QATAR- The Industrial Production index (IPI) of Qatar for April 2023 reached 106.4 points which is an increase of...
- The index of the mining sector showed an increase by 3.2 percent compared to the previous month (March 2023).
- For manufacturing the index of this sector showed an increase by 0.5 percent compared to the previous month (March 2023).
Business
ADDED signs pact with Valeo to set up automotive technology hub in Abu Dhabi
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED) has partnered with Valeo to develop the automotive industry...
- Valeo plans to explore new areas of development by integrating its advanced technologies and its sustainability vision in green cities.
- The agreement to design and manufacture electric and autonomous driving car components will improve smart and sustainable mobility.
Economy
Iraq-UK economic ties strengthen on back of uptick in trade
London, UK--Volume of trade exchanges between the UK and Iraq has exceeded one billion dollars and imports and exports between...
- The Iraqi-British trade exchange saw huge growth, with the commerce volume crossing one billion sterling pounds, and British exports to Iraq surging by 40 percent
- The cooperation between Iraqi and British universities has grown in recent years even as the UK has made investments in the social sector and education in Iraq
Company News
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Oil prices rise after US, UK strike Houthi rebels
Market Report
ADQ, ADNEC Group sign agreements
Business
Abu Dhabi Judicial Department’s Auction App generated $925m in property sales
Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction...
Business
Innovative building codes transform MENA construction
Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction....
Opinion
MENA startups optimistic despite funding fluctuations
In January 2024, MENA startup funding dropped 34% to US$ 86.5 million across 33 deals, with the UAE leading, followed...
Business
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Business
NatWest profit soars 32%
The British bank's net profit jumped to US$5.5bn in 2023.
- The bank said that Paul Thwaite would become permanent chief executive in the wake of boardroom turmoil
- Thwaite takes over from Alison Rose, who resigned as CEO in July after admitting a "serious error of judgment"
Business
Mawani completes Red Sea Gateway Terminal at Jeddah Islamic Port
Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah...
- The gateway terminal has larger capacity, is equipped with the Optical Character Recognition (OCR) feature, and uses 146 different types of equipment
- The development of Jeddah Islamic Port’s North Container Terminal is included in the Build-Operate-Transfer (BOT) contract
Business
Tenaris sets up base in Abu Dhabi
The global pipe maker invested US$60m in the business.
- The new complex is expected to generate technical and administrative job opportunities for UAE nationals
- The newly built complex represents the first of its kind in the UAE to thread full-length premium connections