Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Business
Saudi Arabia and UK hold discussions to boost economic partnership
London, UK-- Saudi Arabia and the UK have held discussions to boost trade and economic partnership between the two countries.The...
- Saudi Commerce Minister Dr. Majid Al-Qasabi met with several British ministers and leaders of major companies in London to discuss expansion of business ties
- The Saudi delegation presented the programs of the kingdom's Vision 2030 to expand business opportunities and investments between the two countries
Economy
UAE-Turkey non-oil intra-trade crosses US$103 billion in last 10 years
Abu Dhabi, UAE-- The UAE and Turkey economic ties have witnessed a great leap in the last decade with non-oil...
- Raw gold topped the list of the five most key commodities imported by the UAE from Turkey in 2022, with a value of $4.35 billion
- The UAE and Turkey inked an agreement in March this year, which looks to scale up trade between the two countries to US$40 billion in five years
Geostrategy
UAE, Turkish presidents discuss bilateral, economic relations in Istanbul
ISTANBUL, TURKEY - UAE President Sheikh Mohamed bin Zayed Al Nahyan arrived here on Saturday for a working visit and...
- The UAE and Turkish presidents discussed their shared interest in advancing sustainable economic growth and social development.
- Both the leaders applauded the recent progress witnessed in UAE- Turkey relations and discussed the benefits of CEPA.
Business
SPC Free Zone to provide licenses within 45 minutes
SHARJAH, UAE - Sharjah Publishing City Free Zone (SPC Free Zone) has announced an expedited business setup process, allowing businesses...
- SPC Free Zone has also unveiled a limited-time package aimed at reducing business licensing and set-up costs.
- It empowers smaller businesses and aspiring entrepreneurs to establish or expand their operations in the emirate.
Geostrategy
45 governments endorse doubling energy efficiency by 2030
PARIS, FRANCE - Forty-five governments have endorsed doubling the average global rate of energy efficiency improvements by the end of...
- The meeting stressed as to how energy efficiency can help accelerate clean energy transition toward reaching net zero emissions by 2050.
- The meeting underscored that effective policies must be fully leveraged to encourage behavior change among consumers and businesses.
Economy
Investment in solar to eclipse oil for the first time
"Almost all our indicators on climate are pointing in the wrong direction”, with emissions hitting record highs; finance commitments remaining...
- Almost all indicators on climate are pointing in the wrong direction with record-high emissions and unmet finance commitments, warns UN official
- Amina Mohammed also calls for an Acceleration Agenda, urging countries, especially the G20, to cooperate to speed up climate action
Economy
Qatar and Iran to boost cooperation in labor sector
Dubai, UAE-- Qatar and Iran intend to expand cooperation in the fields of labor, employment, and exchange of skill-training experiences.The...
- The two ministers met on the sidelines of the 111th session of the International Labour Conference in Geneva and discussed deepening ties
- Qatari minister while applauding Iran's role during the sanctions said Doha will never forget Tehran's support during the period of crisis
Economy
Türkiye’s first-ever female Central Bank Governor takes office
Ankara, Türkiye - Türkiye's newly appointed Central Bank Governor Hafize Gaye Erkan took office on Friday, becoming the first woman...
- Erkan, 41, holds a bachelor’s degree in industrial engineering from Istanbul's Bogazici and a doctorate in operations research and financial engineering at Princeton University
- Erkan also completed two training programmes on management sciences at Harvard Business School and leadership at Stanford University
Business
UAE and Cambodia to ramp up bilateral trade to US$1bn in five years
Phnom Penh, Cambodia-- The UAE and Cambodia have agreed to boost economic ties, expanding the bilateral non-oil trade from the...
- The two sides agreed that the Comprehensive Economic Partnership Agreement signed during the visit was the best means of achieving the economic ambitions
- The UAE side explored opportunities to enter into partnerships with business executives from Cambodia's fast developing sectors like apparel and fintech
Economy
UAE national banks provide $99.9 bn credit to trade, industry in Q1 2023
Abu Dhabi, UAE - Credit financing provided by the UAE national banks to the trade and industry sectors grew 6.1...
- The statistics showed that the cumulative balance of credit provided by national banks to the two sectors amounted to $99.9 billion
- According to the apex bank’s data, the cumulative balance of credit provided by national banks to the two sectors increased on a monthly basis by 0.1 percent
Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
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Gulf Air hit by data breach
Economy
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Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
Economy
Saudi Arabia launches skill verification program in Egypt
Riyadh, Saudi Arabia - Saudi Arabia, through its Ministry of Human Resources and Social Development (MHRSD), has initiated the first...
Economy
UAE’s CEPA program marks ‘exponential growth’
“Trade has always been important to the UAE, a bridge connecting our products, skills, and natural resources to the world,...
Economy
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Economy
GCC eyes economic upswing, business growth in 2024
Despite last year's challenges, the region is set to see robust growth this year, led by the UAE, which is...
- Despite last year's challenges, the region is set to see robust growth this year, led by the UAE, which is expected to top the economic performance with a 4% GDP growth.
- The Gulf region's growth is likely to be underpinned by technological advancements and a resilient banking sector, ready to navigate through global economic shifts.
Business
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
- This change reflects a continuous trend observed in the fuel prices over the past few months.
- September and October witnessing increases and November and December seeing reductions.
YEARBOOK 2023
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
- UAE launched ALTÉRRA, the world’s largest private investment climate action vehicle, aimed at raising and mobilizing an additional $250bn for climate action.
- Despite global headwinds, CBUAE projects 3.3 percent year-on-year growth projected for the UAE economy in 2024.