Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Business
Al Arabia sets up e-commerce subsidiary
The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products.
- The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products
- Al Arabia will announce any material impact regarding setting up the new subsidiary once developed
Economy
WTI surges 6%, Brent 5% on Ukraine invasion by Russia
WTI rose 6.27 percent to $97.33, while Brent crude was up 5.24 percent at $103.06.
- Traders will closely watch an OPEC+ meeting this week, led by Russia, where they will discuss plans for further output
- The group has agreed previously to increase production gradually each month, but the Ukraine crisis could disrupt it
Business
UAE, Egypt sign reinsurance pact to bolster trade, economic cooperation
The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export...
- The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export relations
- The broad range of trade credit insurance amongst these two entities will mitigate risks they might encounter due to various political and commercial reasons
Business
Sukuks cast their spell beyond GCC markets
The total green sukuk market is worth more than US$15 billion, according to Refitiniv, with the Islamic Development Bank (IsDB)...
- The Sukuk market continued to grow in 2021 due to new procedures put in place to improve standardization while more competitors entered the industry
- A $100 million Sukuk fund was announced by GFH Financial Group (GFH) in February 2022
Business
Dubai Maritime City launches $38m infrastructure project
Dubai Maritime City (DMC), DP World’s purpose-built maritime hub, announced the launch of a major project worth AED140 million ($38.1...
- The project is part of ongoing efforts to boost Dubai’s economy and enhance the efficiency of the logistics sector
- It includes developing networks for deep sewage, stormwater, fire, irrigation, potable water
Business
Aramco discovers four natural gas fields in Saudi Arabia
The exploration of natural gas will further enhance Saudi's status as the premium exporter of energy sources.
- The four major areas are in the Central Region, the Empty Quarter, the Northern Border Region and the Eastern Region.
- The four fields where the natural gas has been found are named as are Shadun, Shehab, Um Khanasser and Samna.
Geostrategy
Jordan, Tunisia review bilateral ties, ways to boost health cooperation
The ministers of Jordan and Tunisia discussed ways to enhance bilateral ties, especially in health cooperation. Jordan’s Health Minister Firas...
- Jordan’s Health Minister Firas Al Hawari met with Tunisian counterpart Ali Mrabet on Saturday in Amman
- The ministers reviewed establishing health facilities such as cancer treatment centers and structures for monitoring communicable diseases.
Business
Algeria offers to supply Europe with gas amid Ukraine crisis
Algeria's state energy firm is ready to supply Europe with more gas in view of a possible decline due to...
- Sonatrach is "a reliable gas supplier for the European market and is willing to support its long term partners in the event of difficult situations," Hakkar was quoted as saying
- The Tansmed pipeline, jointly operated with Italy's ENI, has a capacity of some 32 million cubic meters per year -- four times that of the Medgaz pipeline to Spain
Economy
UAE non-oil foreign trade grows by 27 percent in 2021 to $517 billion
The government said the non-oil foreign trade figures of all emirates also witnessed growth individually in varying levels. The growth...
- The value of national non-oil exports amounted to about AED 354 billion, setting a new record, exceeding AED 300 billion for the first time in its history.
- China ranked first as the country's largest trading partner in 2021, accounting for 11.7 percent of the UAE's total foreign trade with the world.
Economy
Meta and UAE’s initiative for SBMs launch ‘Boost with Facebook’ program
Meta and The Entrepreneurial Nation program have launched ‘Boost with Facebook’ program in the Emirates that is aimed at attracting...
- The Entrepreneurial Nation, Ministry of Economy's initiative, helps entrepreneurs set up as well as expand their ventures through PPP.
- There are around 350,000 SMBs in the UAE, accounting for 86 percent of the labor force in the private sector and making up over 60 percent of GDP.
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Company News
Tesco picks new chairman
Business
Latest News
UK to revoke plan to attain net zero emissions by 2050
LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...
Business
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
Business
Russian defense minister says Moscow-Tehran ties improving despite sanctions
MOSCOW, RUSSIA – The cooperation between Moscow and Tehran is reaching new highs, Russian Defense Minister Sergey Shoigu said on...
Geostrategy
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Business
TotalEnergies, Adani Group set up JV for wind, solar power production in India
PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind...
- The JV will include wind and solar assets that Adani Green Energy Limited already operates and is building and developing in India.
- TotalEnergies has been developing renewable electricity production, with 19 GW of installed gross production capacity as of July 2023.
Business
QFMA launches single window e-portal for listing in Qatari financial markets
DOHA, QATAR - Qatar Financial Markets Authority (QFMA) announced the launch of a single window e-portal, which aims to facilitate...
- The single window provides many advantages for firms, related to securities, public offering, or listing on QSE and in acquisitions or mergers.
- It will simplify the procedures for companies by limiting their dealings with just one entity instead of interacting with other authorities separately.
Business
Ex Qantas boss Alan Joyce paid $14m in last financial year
Qantas said some of the former airline chief's pay could be subject to clawback "should the board determine that necessary"....
- In its annual report, the Australian airline Qantas said Joyce's "total pay outcome" for the financial year to June 30, 2023, was Aus$21.4 million
- Qantas said it had withheld the balance of the last financial year's short-term bonuses from its senior executives "while this matter progresses."