Abu Dhabi GDP grows 3.8% to $83.40bn in Q2 as non-oil sectors hit record
The non-oil economy expanded 6.6 percent year-on-year to AED174.1 billion — the highest quarterly value on record — and accounted...
Economy
Floating wind power sets sail in Japan’s energy shift
Still heavily reliant on imported fossil fuels, Japan has declared offshore wind energy a "trump card" in its drive to...
Geostrategy
Business
Qatar launches ‘Istamer’ platform to employ retirees in private sector
DOHA, QATAR - The Ministry of Labor (MoL) launched the "Istamer" digital platform, which deals with employing Qatari retirees wishing...
- The platform’s purpose is to aid retired persons keen on re-entering the workforce find jobs in private institutions aligned with their expertize.
- The platform streamlines the entire recruitment process, from application submission to interviews and final job offers, which is all conducted online.
Business
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...
- A consortium comprising Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility.
- ADNOC and TAQA own a joint 51 percent majority stake (25.5 percent each), the Consortium owning the remaining 49 percent stake in the project company.
Business
Evergrande shares sink after restructuring plan scrapped
Evergrande's enormous debt has contributed to the country's deepening property market crisis, raising fears of a global spillover. The property...
- The company collapsed more than 25 percent by the break, underscoring market concerns as China's property sector faces an unprecedented crisis
- On Sunday evening, Evergrande announced that it was unable to issue new debt as its subsidiary, Hengda Real Estate Group, "is being investigated"
Economy
Germany’s housing sector slumps into crisis
Scholz's government had promised to build 400,000 homes a year to alleviate an endemic housing shortage made worse by burgeoning...
- Experts believe the sector will struggle to even hit 250,000 in new build approvals this year
- Housing Minister Klara Geywitz recently announced plans to offer aid to help families get on the property ladder
Economy
Foreign direct investment crucial for economic growth
At this year's technology summit in the United States, which spotlights economic diversification through the strategic use of energy-generated wealth,...
- Qatar's Ahmad bin Mohammed Al Sayed underscores the pivotal role of foreign direct investment in economic diversification and job creation
- The summit gathers global leaders to address key challenges in economic diversification and the impact of technology on rural populations
Economy
UAE and Japan hold discussions to boost economic, strategic ties
Tokyo, Japan-- The UAE and Japan have held discussions to boost partnership in various sectors of the economy even as...
- Al Jaber chaired the first ministerial meeting of the comprehensive strategic partnership between the two countries in Tokyo
- He met with the Japan's minister of economy to explore avenues for bilateral relations, including the latest developments in trade and investment
Science
NASA capsule brings to Earth first major asteroid sample
Dugway, United States-- A seven-year space voyage came to its climactic end Sunday when a NASA capsule landed in the desert...
- The sample, according to scientists, will provide a better understanding of the formation of our solar system and how Earth became habitable
- NASA scientist Amy Simon said the sample return is "really historic" and it is the biggest sample NASA has brought back since the Apollo moon rocks
Economy
Jordan, Egypt and Iraq pledge to boost ties in economic and political fields
New York, US-- Jordan, Iraq, and Egypt have pledged to cement the partnership between themselves in order to boost cooperation...
- The foreign ministers of the three countries met in New York on the sidelines of the 78th session of the United Nations General Assembly in New York
- They reaffirmed the importance of completing the projects and taking the new initiatives in the fields of electrical connections, renewable energy, communications, trade
Infographics
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
- Gulf Cooperation Council economies are the most competitive in the Middle East region, according to the latest IMD World Competitiveness Ranking.
- In the 2023 IMD World Competitiveness Ranking, the top three economies are Denmark, Ireland and Switzerland, while the US ranks seventh.
Geostrategy
GCC chief highlights importance of boosting ties with UK
New York, US--Secretary-General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, has stressed the importance of strengthening ties with...
- Albudaiwi made the remarks during a meeting with Lord Tariq Ahmad, UK's Minister of State for the Middle East, North Africa, South Asia, in New York
- During the meeting many issues were discussed, including the developments in the negotiations of the FTA between the GCC and the UK and Northern Ireland
Abu Dhabi GDP grows 3.8% to $83.40bn in Q2 as non-oil sectors hit record
The non-oil economy expanded 6.6 percent year-on-year to AED174.1 billion — the highest quarterly value on record — and accounted...
Economy
Company News
Latest News
Asian shares rise as markets await tech results
Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports...
Economy
Oil prices tumble after Israeli attacks spare Iran facilities
Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against...
Economy
BRICS integral to Arab trade diversification strategy
The UAE and Saudi Arabia’s trade with China and India far exceeds their trade with the US and UK. This...
Economy
Most Read
Putin thanks UAE president for positive role in prisoner exchange with Ukraine
UAE President Sheikh Mohamed meets his Russian counterpart Vladimir Putin to discuss bilateral ties and Middle East. Sheikh Mohamed will...
- Moscow and Kiev announced that they had swapped 95 prisoners each following negotiations led directly by the UAE
- The UAE and Russia ties have grown closer recently with Putin saying that their bilateral trade had tripled in the past three years to $11.1 billion
Economy
Gold breaks above $2,700 to record high as geopolitical uncertainty heightens
Hong Kong, China - Gold prices hit a record high above $2,700 on Friday as traders piled into the safe-haven commodity...
- Bullion hit an all-time high of $2,704.89 in early Asian trade, up from its previous record of $2,688.83 touched on Thursday
- Markets have been on edge over the crisis in the Middle East as Israel battles Hamas in Gaza and, more recently, Hezbollah in southern Lebanon
‘Starvation tactics’ being used against 25 million people in Sudan
UN experts on Thursday accused the two sides in Sudan's civil war of using "starvation tactics" against 25 million civilians,...
- The world must pay attention to the largest modern famine taking shape in Sudan today, says UN
- Experts say "the volume of aid currently being delivered through this corridor is not enough to meet the population's needs"