UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
Business
Oil uncertainty may stay for next five years: ExxonMobil CEO
ExxonMobil has taken a 6.25 percent stake in the expansion of Qatar's North Field, which contains the world's biggest natural...
- Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions.
- The CEO was speaking ahead of ExxonMobil's unveiling as the 4th global partner for Qatar's natural gas expansion.
Business
Twitter deal still in limbo due to fake accounts: Elon Musk
Business magnate Elon Musk said Tuesday that his $44 billion move to take over Twitter remained held up by "very...
- Musk was reluctant to talk about the deal when asked at the Qatar Economic Forum, saying it was a "sensitive" matter.
- Musk said he wanted to get 80 percent of the North American population and half the world's population onto Twitter.
Economy
Leadership supports growth of UAE as global manufacturing hub: Minister
UAE's Minister of Industry Dr Al Jaber said at the 'Make it in the Emirates' Forum that the national industrial...
- The national industrial strategy will leverage the UAE's competitive advantages to build a strong industrial sector
- The strategy will help the country develop a diversified, self-sufficient and sustainable economy
Business
UAE, Israel export credit agencies to back Ghana healthcare project
Etihad Credit Insurance (ECI) and Israel Export Insurance Corporation have entered into an agreement under which ECI will provide buyer’s...
- The project involves construction of four healthcare facilities in Ghana, including a general hospital in the country's largest port city, Tema.
- The agreement is related to the first Public-Private Partnership project between the UAE and Israel after the signing of the historic Abraham Accords in September 2020.
Business
Dubai eateries earn Middle East’s first Michelin stars
Created in 1900 by the brothers Andre and Edouard Michelin of the tyre company Michelin for motorists, the guide has...
- Two restaurants were given two-star ratings, another nine gained one star and 14 received the Bib Gourmand for value-for-money gourmet fare.
- Sixty-nine restaurants serving 21 types of cuisine were listed, including Italian, Japanese, Arabic, French and Indian.
Business
Three companies to buy Masdar stakes
TAQA, ADNOC, and Mubadala enter binding agreements worth $1.9bn.
- The agreements will see TAQA acquire a 43 percent controlling stake in Masdar's renewables business, with Mubadala retaining a 33 percent interest and ADNOC 24 percent.
- ADNOC will hold a 43 percent controlling stake in Masdar's new green hydrogen joint venture, Mubadala will retain a 33 percent interest and TAQA a 24 percent effective stake.
Business
ADNOC signs manufacturing pacts
Identifies $19bn worth of products that can be manufactured in UAE.
- The agreements, which were signed at the “Make it in the Emirates Forum”, will see the UAE and international companies set up and expand manufacturing facilities in the UAE.
- The local manufacturing opportunities comprise of over 100 products which will be utilized across ADNOC's full value chain.
Business
Equities climb in Asia as calm returns after sharp sell-off
Equities rose in most cities Tuesday in Asia as some stability returned to markets after last week's upheaval, but analysts...
- The Fed announced a three-quarter point lift last week, after inflation data days earlier had smashed forecasts and hit a four-decade high
- Tokyo, Hong Kong, Sydney, Seoul, Singapore, Wellington, Taipei, Mumbai, Bangkok and Jakarta all rose but Shanghai and Manila slipped
Business
Abu Dhabi Chamber looks to boost trade ties with Mexico
Abu Dhabi Chamber of Commerce and Industry has held discussions with a business delegation from Mexico to boost trade ties...
- The Ambassador called on Emirati investors to leverage the facilities his government provides for foreign investors
- The meeting discussed boosting trade cooperation and opening up new doors for economic cooperation between the two sides
Business
Saudi crude oil exports jump to 147,000 barrels per day in April
Crude oil exports of Saudi Arabia grew 147,000 barrels per day in April to 7.38 million, a level not seen...
- Exports of crude rose by 2 percent in April from 7.24 million bpd in March 2022
- As for the production of crude, in April it grew by 141,000 bpd to 10.44 million bpd
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Company News
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Disasters cause crop losses worth $3.8trn over 30 years, says FAO
PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's...
Economy
UAE sourced 30% of its gems and jewelry imports from India
Dubai, UAE - The gem and jewelry trade between India and the United Arab Emirates (UAE) has seen substantial growth,...
Business
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Business
Dollar sukuk activity for 2023 on course to outpace 2022: Fitch
Dubai, UAE: US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies,...
- The third quarter sukuk issuance in all currencies ($51.7 billion equivalent) issued in core markets was 12.3 percent lower YoY, while bond issuance fell by 17 percent YoY.
- Global outstanding sukuk expanded by 9.8 percent YoY to $823.4 billion at the end of third quarter, with the largest shares in Malaysia (40 percent).
Business
Real estate trading volume in Qatar exceeds US$88m in week
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin for the same period is US$19.7 million.
- A weekly bulletin shows that the list of real estate properties traded for sale included vacant lands, houses, hotel.
Business
Container traffic rises 11.66 percent in September, says Mawani
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) reported an 11.66 percent surge in container traffic across its trade...
- Passenger traffic jumped 79.29 percent over the preceding year’s figure of 40,679 passengers to hit 72,934 passengers in 2023.
- Mawani’s ports saw 11.83 percent additional vessels dock at its berths with a tally of 1,040 ships contrary to last year’s 930 ships.