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...
Economy
Saudi women’s unemployment drops to 13.7% by 4Q 2023
Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...
Economy
Business
Al Dahra Group signs supply agreement with Estonian firm Golden Fields
Riga, Latvia--Al Dahra Group has signed a supply agreement with Golden Fields, an Estonian agriculture company specializing in the production...
- Under the terms of the deal Al Dahra Group will be supplied forage commodities by Golden Fields through its agreements in Estonia, Lithuania, Latvia and Finland
- Al Dahra Group CEO Arnoud van den Berg said that owing to the partnership with Golden Fields, a promising new page has been turned for agriculture in the Baltic region
Business
Qatar interested in developing Iraqi energy projects: Iraqi oil minister
Doha, Qatar-- Qatar is keen to obtain rights for oil and gas exploration in Iraq, according to Iraq's oil minister...
- The Iraqi minister exhorted international companies to take part in developing oil fields as "these investments play a big role in securing financial resources of Iraq"
- Baghdad signed deals with UAE firm Crescent Petroleum and two Chinese companies in February this year for the development of six oil and gas fields
Business
Al Mahhar to list on QSE
Some 207mn shares will be on QSE through direct listing.
- Firms wanting to list in the QEVM category need to have at least 20 non-funding shareholders who own no less than 10% of the company's capital upon listing
- Upon listing the company's founders have permission to sell and trade no more than 30% of their shares, provided they retain 60% of their shares
Economy
Africa needs greater finance to battle climate change
“When it comes to renewable energy, only two percent of the US$3 trillion invested worldwide over the last twenty years...
- Dr Sultan bin Ahmed Al Jaber, the COP28 President-Designate, calls for a significant increase in public and private climate finance for Africa
- Only 2% of global renewable energy investment has gone to Africa in the last two decades, highlighting the need to shift climate finance balance.
Business
Qatar Airways boss skeptical on aviation industry’s 2050 net zero target
DOHA, QATAR - Qatar Airways' chief executive on Tuesday doused hopes that the aviation industry can become carbon neutral by 2050,...
- Not enough sustainable aviation fuel is being produced, and technological hurdles remain to using hydrogen as a replacement.
- In 2021, the International Air Transport Association's member airlines committed to achieving net zero carbon emissions by 2050.
Economy
Month after predicting contraction, IMF expects UK economy to grow
The IMF said the 2023 upgrade reflected "higher-than-expected resilience" in both demand and supply, alongside improved confidence in reduced post-Brexit...
- Britain's economy is now predicted to expand by 0.4 percent, the International Monetary Fund said in its latest outlook document which partly cited weaker energy prices.
- The news comes after the BoE forecast earlier this month that the UK economy would avoid recession this year despite the country's annual inflation stuck above 10 percent.
Geostrategy
UK Business Secretary to visit Gulf countries to boost trade ties
LONDON, UK - British Business and Trade Secretary Kemi Badenoch will hold talks for a modern, comprehensive trade deal as...
- British Business and Trade Secretary said, "We already have a strong trade and investment relationship with the Gulf nations."
- She said, "The GCC represents an enormous opportunity for UK firms, whether it’s selling brilliant British food and drink products."
Geostrategy
SCCI discusses trade with Guatemalan, Indonesian delegations
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has discussed strengthening trade and economic ties with diplomatic...
- The discussions focused on amplifying bilateral relations in industry, agriculture, food security, livestock and broadening trade exchanges.
- SCCI invited Indonesian businessmen to visit Sharjah to see the progress on existing projects and experience the facilities the emirate offers.
Geostrategy
Iran, Indonesia sign trade agreement during Raisi visit
Indonesia and Iran signed a trade agreement in Jakarta where President Joko Widodo hosted his Iranian counterpart Ebrahim Raisi. Tehran...
- Under the pact, Iran will provide easier access for Indonesian exports including vegetable oil, cocoa, coffee and tobacco.
- Jakarta would lower tariffs on Iranian exports to Indonesia, including oil and its derivative products, minerals, chemicals and iron.
Economy
Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three...
- “I keep advising them that they will be ouching — they did ouch in April,” Prince Abdulaziz bin Salman said. “I would just tell them: Watch out!”
- Prince Salman said that a future source of energy cannot be tackled amid foggy vision. He had called OPEC+ to stick to its Oct 2022 agreement.
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...
Economy
Company News
Latest News
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...
Geostrategy
Saudi Arabia eyes $13 billion from media sector
Riyadh, Saudi Arabia - Saudi Arabia aims to increase the media sector's economic contribution, targeting a GDP share of 47...
Economy
New platform to revolutionize global sustainability
World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and...
COP28 UAE
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Market Report
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
- Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
- Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..
Economy
Saudi Arabia, South Korea ink pact to manufacture vaccines, biotech solutions
Seoul, South Korea - Saudi Arabia and South Korea on Sunday signed a Memorandum of Understanding (MoU) to collaborate in...
- The agreement was inked between the Saudi Authority for Industrial Cities and Technology Zones "MODON" and the South Korean GL Rapha Holding Company
- As part of the pact, an expanse of 51,000 square meters in Sudair City for Industry and Business is set to be allocated, involving an investment totaling $200 million
Economy
Enhanced norms help UAE win financial crime battle
“This has led to heightened compliance levels with the country's laws, aligning with global efforts to combat money laundering and...
- The UAE adopts innovative legislative policies in order to combat money laundering and terrorism financing.
- Safeya Al-Safi, Director of Anti-Money Laundering, emphasizes heightened compliance with global standards.