India’s Modi dangles tax cuts as US tariffs loom
Mumbai, India -- Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of...
Economy
Google to provide Gemini AI tools to US government
Google will provide its Gemini artificial intelligence tools to US federal agencies practically free, the government announced Thursday.
Science
Business
UAE is fourth biggest market for Indian spices
NEW DELHI, INDIA -Â The UAE ranked fourth in the world among the top 12 markets for Indian spices in...
- World Spice Congress 2023 is being organized on the sidelines of the G20 Summit to be held in New Delhi in September.
- India produces 75 spices out of the 109 varieties listed by the International Organization for Standardization (ISO).
Economy
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
- The value of the kingdom's imports from the EU during the first five months of 2023 rose 3.6 per cent to $1.66 billion
- Germany topped the list of countries from which Jordan imports, with the value of import climbing to $356 million
Economy
Strategizing internet use key to halt disinformation
“Handling disinformation is the need of the hour. The Global Media Congress will help devise a strategy to use the...
- The annual Global Media Congress (GMC) in Abu Dhabi aims to strategize the best ways to use the power of the internet and tackle disinformation
- Francisco Chacon Hernandez, Ambassador of Costa Rica to the UAE, sees the importance of the GMC as a platform for policy makers to share best practices
Business
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
- The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
- The government of Pakistan has already approved a refinery policy for new projects in the country.
Geostrategy
Egypt calls for renewal of Black Sea grain export deal
MOSCOW, RUSSIA - Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of...
- Moscow withdrew from the agreement after protesting for months that parts of the deal that allowed for export of Russian fertilizer were not honored.
- Russia refused to extend a deal brokered by UN and Turkey, under which Ukrainian grain exports passed through the Black Sea to reach global markets.
Business
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.
- Natural gas prices are down sharply from the year-ago period following a mild winter.
- The comparative weakness in refinery margins reflects sluggish economic conditions.
Business
PIF sets up tourism firm Asfar
Firm Saudi Tourism Investment Company has been set up.
- The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions.
- The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe
Business
Tabreed H1 23 net profit $105m
New customers and projects were added in H1 2023.
- In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
- Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.
Yen swings after Bank of Japan policy tweak, Asian equities mixed
After a closely watched meeting, the Bank of Japan said it would allow "greater flexibility" in government bond markets, having...
- The currency has been hammered for more than a year as the BoJ refused to shift from its loose policy
- With prices picking up at home and the yen struggling, pressure has been growing on the bank to change tack
Evergrande’s e-vehicle unit shares plunge 70% after trading resumes
The company on Wednesday announced its earnings for 2021 and 2022 -- showing a loss of almost $12 billion --...
- Officials called a halt to dealing in China Evergrande New Energy Vehicle Group (NEV) on April 1 last year after it failed to release its financial results
- In its financial results posted Wednesday, NEV said its debt hit 183.9 billion yuan ($25.6 billion) at the end of December 2022
India’s Modi dangles tax cuts as US tariffs loom
Mumbai, India -- Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of...
Economy
Company News
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Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
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Economy
SAMA: E-payments share reached 70% of total payments in 2023
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments...
- The achievement is attributed to the significant growth of payments processed through national payment systems in 2023
- The evolving cost-effective and reliable e-payment system helps enhance transaction efficiency, and support financial stability
Economy
Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
- The disruption to Red Sea trade has revived discussions around the need for alternative trade corridors
- There is a growing momentum around green financing following the success of COP28 and the introduction of green finance frameworks
Economy
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
- The number of licenced insurance companies in the UAE remained at 60, the CBUAE announced in its quarterly economic report.
- The insurance of persons and fund accumulation premiums decreased by 12.4 percent YoY.