Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
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
Economy
UAE is a reliable trade partner: Iranian foreign minister
Tehran, Iran-- Terming the UAE as a reliable trade partner, Iran's Foreign Minister Hossein Amir Abdollahian said bilateral between the...
- The Iranian foreign minister made the remarks during a meeting with Khalifa Shaheen Al Marar, Minister of State of the UAE
- Abdollahian said that ties between the two countries are strengthening at both the government and private sector levels
Economy
Dubai holds trial of drone delivering medicine in public-private sector tie-up
Dubai, UAE--Dubai held the first trial of medical delivery by drones at the Dubai Silicon Oasis (DSO), in yet another...
- Fakeeh University Hospital, with the completion of the trial, becomes the first healthcare provider in the Middle East to leverage drone technology for medication delivery
- The test was conducted within a 10-kilometre radius, carrying medication from the hospital to a patient's home in Cedre Villas project in Dubai Silicon Oasis
Economy
UAE Corporate Tax: Ministry of Finance issues three new rules
Abu Dhabi, UAE: The UAE on Tuesday issued three new decisions to further smoothen implementation of the Corporate Tax in...
- These include updated regulations for unincorporated partnerships, interest caps, and tax grouping
- The new decisions are an attempt to ensure that “the UAE's corporate tax regime maintains flexibility.”
Economy
UAE government launches chatbot allowing users to access information on services
Dubai, UAE-- The UAE government has launched an AI-powered chatbot that allows users to access information about government services in...
- The chatbot deploying generative AI technology will let users to access information about services, including service requirements, and direct links for applications
- Designed to address a wide range of inquiries and requests, the platform will provide comprehensive answers, including basic information and ways to apply for services
Business
Nvidia crosses $1trn in market value on Wall Street
Chip company Nvidia exceeded $1 trillion in market value as Wall Street stocks mostly rose, following an agreement between President...
- Nvidia jumped more than seven percent on bullish sentiment over its role in artificial intelligence breakthrough technology.
- Most large tech companies advanced early Tuesday, with shares of Facebook parent Meta and Apple both up more than one percent.
Geostrategy
Extension of Kurdish parliament unconstitutional, says Iraq supreme court
Iraq's supreme court ruled as unconstitutional the extended mandate of autonomous Kurdistan's parliament, rendering invalid votes taken by the chamber...
- The president of the top federal court in Baghdad, found unconstitutional the year-long extension of the chamber's mandate.
- As a result, decisions taken by the Kurdistan parliament since October 2022 "are constitutionally invalid", the judge said.
Economy
Meeting discusses growth of new economic sectors in UAE
ABU DHABI, UAE - The Economic Integration Committee held its second meeting this year and discussed a range of key...
- The Committee also discussed strengthening of the Anti-Money Laundering/ Combating the Financing of Terrorism ( AML/CFT) efforts.
- The meeting discussed cooperation between the federal and local authorities concerned with the implementation of various economy-related laws.
Market Report
Stock markets give out mixed signals as traders await US debt ceiling vote
Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a...
- Ultra-conservative Republicans feel House Speaker should have secured far deeper spending cuts in exchange for raising the debt ceiling.
- The left wing of the Democratic Party is equally unhappy that President Joe Biden agreed to any spending limits at all.
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
- Under the agreements, the partners will cooperate to create incentives for people to own EVs, facilitate investment in the UAE network of electric vehicles.
- The Global EV Market is in line with the objective of the We The UAE 2031 vision of enhancing the position of the Emirates as a global partner.
Business
Dubai events generated $3.53 bn economic output in 2022
Dubai, UAE - The total economic output generated by 63 large-scale events hosted at Dubai World Trade Centre (DWTC) reached...
- A substantial $2.01 billion (AED 7.4 billion) was retained within the local economy, showcasing the venue's strong contribution to Dubai's GDP
- The events organized at DWTC attracted nearly 1.2 million attendees, with 40 percent of them coming from international locations
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
Company News
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Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
Business
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
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Business
Qatar’s customs and tax departments link up e-services to ‘facilitate’ business
Doha, Qatar--The General Authority of Customs and the General Tax Authority have announced the launch of the interconnection between their...
- The launch of interconnection is expected to achieve automation and integration of procedures, with the aim of providing the best services to taxpayers
- The chairman of customs said that the e-connection between customs and tax services is part of Qatar's vision to leverage technology and provide advanced and effective services
Economy
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister...
- The Qatari finance minister said the high inflation in Qatar during 2023 was linked to high food prices, and it was a temporary phenomenon
- The minister said the total expenditure in the 2024 budget will be US$55.1 billion, a one percent compared to the current year's budget
Business
UAE, Mauritius conclude CEPA talks, set to boost trade
The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...
- Mauritius posted an 8.5 percent GDP growth in 2022 — the fastest in 35 years
- The deal is also expected to drive FDI into fintech, healthcare and tourism sectors