Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
Geostrategy
Economy
US lawmakers release $1.7 trillion spending bill to avert shutdown
WASHINGTON, UNITED STATES - US lawmakers early Tuesday released the text of a US$1.7 trillion funding bill which Congress hopes to...
- The bill includes $858 billion in defense funding and will also provide $44.9 billion in emergency assistance for Ukraine.
- It also includes $772.5 billion for non-defense discretionary programs, including $118.7 billion for Veterans Affairs medical care.
Twitter users vote to oust Elon Musk as CEO
Analysts have also pointed out that the stock price of Tesla has slumped by one-third since Musk's Twitter takeover. The...
- A total of 57.5 percent of more than 17 million accounts voted for him to step down
- Musk has fully owned Twitter since October 27 and has repeatedly courted controversy as CEO
London Arabic bookshop to shut after 45 years
The announcement on December 5 that the bookshop will close at the end of this month prompted an avalanche of...
- Al Saqi Books is another victim of the pandemic, and the economic upheaval in the UK and Lebanon
- For more than 40 years, many writers have come to the London bookshop to present their works, including Syrian poet Adonis
Business
In its pivot to East, GCC solidifies trade ties with China
As the Gulf nations look to deepen economic partnership with China, the US, the region's dominant security force, watches with...
- China became the largest trading partner of the GCC in 2020
- Its trade volume with the GCC reached about US$180 billion, accounting for more than 11% of the GCC's total foreign trade
Business
Arada awards contracts worth US$256m to build 986 homes
Sharjah, UAE-- Arada has awarded two major contracts totalling $256 million to build 986 new homes across two residential districts...
- The contract to build 421 villas and town-houses in Masaar’s second residential phase was won by Pivot Engineering & General Contracting
- Masaar was officially inaugurated in September by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah
Economy
Saudi Arabia, UAE lowest-risk investment havens in the ‘riskiest’ Middle East and Africa region
The region was ranked the riskiest by the Global Risk Report Quarterly Update. But the GCC region stood out, offering...
- In Africa, Morocco, Botswana and South Africa were the low-risk investment destinations, in that order, as far as the macroeconomic risks are concerned.
- Syria, Yemen, and Libya were on the list of the highest-risk countries in the third quarter.
Geostrategy
Sharjah, Belgium discuss enhancing ties
SHARJAH, UAE - A Belgian delegation met with Sheikh Majid Al Qasimi, Director of the Department of Government Relations (DGR)...
- The two parties agreed on organising a Sharjah delegation visit to Belgium for strengthening bilateral relations.
- the Belgian Ambassador to the UAE expressed his interest in visiting universities in Sharjah to discover more partnership opportunities.
Business
Aramco, SABIC sign pacts
They will explore refining and petrochemical projects in China.
- Aramco and Sinopec have signed heads of agreement for a greenfield project in Gulei in Fujian province.
- Additionally, Aramco, SABIC and Sinopec signed an MoU to study the economic and technical feasibility of developing a new petrochemical complex.
Geostrategy
UAE takes part in 17th Asia Pacific Regional Meeting of ILO
SINGAPORE - The UAE has participated in the 17th Asia Pacific Regional Meeting of the International Labor Organization (ILO) in...
- Over 500 representatives of governments, labor organizations and companies from 33 countries took part in the meeting.
- The meeting discussed labor priorities and ways to promote employment in the Asia Pacific.
Business
European Investment Bank lends Tunisia $229 million for food, power needs
Dubai, UAE--The European Investment Bank has granted Tunisia a 216 million ($229 million) loan to support its food security and...
- The Tunisian government signed an agreement with the bank, under which 150 million euros will be granted to support its food security.
- Another 66 million euros will be granted to support the company's program for developing infrastructure related to strengthening and expanding the power sector.
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Company News
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Mulk, Ajman Holding form JV
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Borouge Q3 net profit up 22%
Business
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
Business
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
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Business
Export Bahrain and HKTDC sign agreement to ramp up trade ties
Manama, Bahrain--Export Bahrain and Hong Kong Trade Development Council (HKTDC) have signed a strategic partnership agreement to strengthen trade ties...
- The agreement between the two sides looks to foster mutually beneficial trade and economic cooperation
- As per the dea, both sides will facilitate access to a wide range of opportunities for enterprises in both countries
Business
ESG and sustainability redefine UAE financial markets
"The UAE's success in establishing a fully regulated carbon market, integrating carbon regulation to manage and trade emissions effectively, providing...
- Nadim Najjar of LSEG highlights UAE's commitment to net-zero emissions and sustainable practices.
- Strategic alliance between ADX and LSEG exemplifies a commitment to sustainability, he adds.
Economy
2023: A year of technological triumphs in the GCC
This year, the GCC region has solidified its technological leadership, with AI, blockchain, and the metaverse leading the charge in...
- In 2023, the GCC region has solidified its technological leadership, with AI, blockchain, and the metaverse leading the charge in transforming various sectors.
- The GCC's 2023 tech journey has been marked by significant strides in sustainable technology, cybersecurity, and a bold entry into space exploration.