India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...
Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
Economy
Business
Dubai logs over $871m in realty transactions on Thursday
DUBAI, UAE - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...
- DLD said 134 mortgage deals totaling US$73 million and 89 gift deals amounting to US$27 million.
- The sales included 567 villas and apartments worth US501 million and land plots worth US$294 million.
Geostrategy
Iraq join Egmont Group of financial intelligence units
BAGHDAD, IRAQ - Iraq joined the Egmont Group of Financial Intelligence Units, the Supreme Judicial Council announced."The efforts made by...
- The membership, "concerns the exchange of information between the financial investigation units for combating money laundering and financing terrorism."
- Egmont Group provides support to member states by enhancing secure communication between financial investigation units
Economy
Qatar Central Bank’s foreign reserves up 14 percent in June
Doha, Qatar -- International reserves and foreign currency liquidity of Qatar Central Bank (QCB) rose to reach QR 240.742 billion...
- The official reserves consist of major components, which are foreign bonds and bills, cash balances with foreign banks and gold holdings.
- Qatar's gold reserves increased, as of the end of June 2023, by about QR 8.617 billion to reach QR 20.853 billion.
Business
UN report confirms success of UAE investment endeavors: Al Marri
"The UNCTAD report for 2022 reaffirms the remarkable and unprecedented achievements resulting from the cumulative balance of FDIs flows in...
- UAE received the fourth largest number of greenfield projects (997), behind only India (1008), the UK (1230) and the US (2075), according to the UN Investment Report 2022.
- Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said the report confirmed the UAE’s position as a "compelling destination for global capital".
Economy
UAE Dirham can be third currency for India-Russia Trade, says Russian economist
New Delhi, India - Russian academic Sergey Luzyanin has suggested that the United Arab Emirates' Dirham could be considered as...
- Sergey Luzyanin shed light on Russia's need for a third currency option due to concerns over the volatility of the Indian Rupee
- The need for a third currency arises as Russia continues to face Western sanctions imposed after its involvement in Ukraine
Economy
Bahrain, UK sign MoU to preserve biodiversity and curb marine pollution
London, UK--Bahrain and the United Kingdom have signed a memorandum of understanding (MoU) on biodiversity and marine pollution.The MoU aims...
- The agreement will enable the two countries to explore areas of cooperation in monitoring the environment, marine life, biodiversity and safety from pollution
- Both Bahrain and the UK, under the terms of the MoU, will exchange scientific and technical information, visits, training, research and cooperative projects
Business
Iran signs oil contracts worth US$40bn in last 20 months: Javad Owji
Tehran, Iran-- Iran has signed oil contracts worth $40 billion with domestic and foreign companies during the last 20 months.Speaking...
- The Iranian minister made the remarks at the second ministerial session of the 8th OPEC International Seminar in Austria
- He said Iran was producing 3.8mn barrels of crude oil and gas condensates and more than one billion cubic meters of gas a day
Business
OPEC’s energy ministers back crude output cut by Saudi Arabia, Russia, Algeria
Vienna, Austria - Energy and oil ministers from the Organization of Petroleum Exporting Countries (OPEC) on Wednesday expressed support for...
- Saudi Arabia on Monday extended its voluntary production cut of 1 million barrels per day (bpd) into August
- Saudi Arabia and Algeria are among OPEC's 13 member states, and Russia is one of the organization's 10 allies
Economy
UAE is focused on uniting parties in a COP that delivers for all: Al Jaber
Dr. Sultan bin Ahmed Al Jaber believes that the Caribbean region will have a key role at COP28 in bringing...
- Al Jaber was addressing the conference of the heads of government of the Caribbean Community (CARICOM) in Trinidad and Tobago
- The minister felt that donor countries need to be nudged in order to deliver the US$100 billion pledge that they made over a decade ago
Economy
Total direct, indirect economic impact of re-exports is $13bn: UAE minister
Abu Dhabi, UAE - The total direct and indirect economic impact is estimated at AED 48 billion ($13 billion) the...
- Al Zeyoudi said that the re-exports are a vital sector for the country's economy, as the UAE is one of the largest re-export centers in the world
- He added that mobile phones and their accessories were the largest single sector for re-exports in 2022 followed by diamonds, mass transit vehicles and jewelry
India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...
Economy
Company News
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Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
Economy
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.
Business
CBUAE balance sheet touches US$182 billion in November 2023
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at...
Economy
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Economy
Saudi startups soar amid surge in venture investments
Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to...
- Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to support Vision 2030,
- The Saudi Venture Capital Company plays an important role, with more than $2.1 billion invested in various sectors, marking a new era of innovation and growth.
Business
Counterfeit products cost Europe $13 billion, 200,000 jobs a year
Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...
- The findings, based on data from 2018 to 2021, show that fakes take the biggest toll on the clothing sector, costing 12 billion euros ($13.1 billion) annually
- The bulk of the counterfeiting occurred in just five EU members, with Germany, France, Italy, Spain and Austria accounting for half the yearly losses
Opinion
AI revolutionizes UAE’s life sciences & healthcare
"By leveraging advanced data analysis techniques to process extensive datasets from diverse sources, including genomic data, scientific literature, and clinical...
- AI is transforming drug discovery, diagnostics, and personalized treatments, marking a new era in medical research.
- The UAE, especially Abu Dhabi, is setting global standards in longevity and healthcare integration for better future.