Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Jordan exports pharmaceutical products worth US$874m in 2023
AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
Business
Business
Allen & Overy to merge with US peer
The merged firm will have a combined revenues of $3.4bn.
- The new group, called Allen Overy Shearman Sterling or A&O Shearman, was "truly a game-changing moment for both firms".
- The merged firm will have around 3,900 lawyers and about 800 partners across a total of 49 offices worldwide.
Geostrategy
Norwegian delegation in Abu Dhabi discusses legal issues with ADJD Â Â
ABU DHABI, UAE - The Abu Dhabi Judicial Department (ADJD) discussed legal and judicial issues with a delegation from Norway.The...
- The delegation was briefed about applicable regulations, the Judicial Department's initiatives to establish specialized courts for foreigners.
- It was also briefed about the pioneering experience with remote litigation at the stage of registration of claims, case preparation and hearing.
Sudan war leaves farmers of gum Arabic without business
Sudan is the world's largest producer of the raw gum which is a major source of foreign currency for the...
- A gum arabic producer in Sudan, Ahmed Mohammed Hussein, said the absence of buyers has led to a price collapse of around 60 percent
- Gum arabic exports from Sudan totalled 88,000 tonnes in 2021, earning $110 million, according to central bank figures, the latest official data available
Economy
DEWA, WeGO discuss cooperation to achieve sustainable development goals
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) is looking to cooperate with World Smart Sustainable Cities Organization (WeGO) in urban...
- The two sides discussed cooperation in urban sustainability, smart technologies and innovative solutions to achieve sustainable development goals
- DEWA CEO underscored the company's plan to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050
Economy
Saudi Arabia to invest $3bn in three new solar projects
Riyadh, Saudi Arabia ‒ The Public Investment Fund (PIF) owned Water and Electricity Holding Company (Badeel) and ACWA Power are investing $3...
- The solar projects are part of the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy
- These projects intend to produce a combined capacity of 4.55GWac of renewable energy, powering approximately 750,000 households
Economy
Jordan, Iraq to boost trade through Karama border crossing
Amman, Jordan-- Jordan and Iraq have discussed ways to boost bilateral cooperation in order to develop trade through Karama border...
- The agreement to boost trade exchange came in a meeting between Jordanian and Iraqi ministers in Baghdad, in which other sensitive border issues were discussed too
- The Jordanian minister said the kingdom was constantly focusing on expanding joint cooperation in various fields, particularly in security and economic domains
Business
Mubadala continues to advance UAE’s knowledge economy: Sheikh Mansour
Abu Dhabi, UAE-- Mubadala will continue to advance the UAE's knowledge-based economy in a way that contributes to solutions for...
- Sheikh Mansour noted that the year 2022 marked twenty years since the Abu Dhabi government set up Mubadala to advance a national agenda focused on knowledge creation and innovation
- He said Mubadala's philosphy, agility and long-term investment approach have created a vast array of opportunities for Emiratis that did not exist two decades ago
Geostrategy
Sharjah Chamber to send India bound trade group on 29 May
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) announced it will be sending a trade mission to...
- The initiative aims to bolster economic and trade cooperation, foster mutual investment, and establish promising partnerships between Sharjah and India.
- The upcoming trade mission is expected to support the chamber's strategic goals of driving foreign expansion and exploring new markets.
Geostrategy
Capable of safeguarding Gulf waters in coordination with neighbors: Iran
Iran said it is capable of ensuring the safety of the vital Gulf waters in cooperation with neighboring countries. Iran...
- The Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.
- Recently the commander of the US Navy's Fifth Fleet transited through the Strait of Hormuz in a guided-missile destroyer.
Economy
Biden denounces Republican demands on debt ceiling as ‘unacceptable’
President Joe Biden slammed Republican demands in negotiations to resolve the US debt ceiling standoff as "unacceptable" but said a...
- The Treasury Department says that the US government could run out of money and default on its $31 trillion debt as early as June 1.
- The default can happen if Congress, where Republicans control the House of Representatives, does not authorize more borrowing.
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Company News
Al Ansari 9M profit US$105m
Business
ADIB issues green sukuk
Business
Latest News
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...
Economy
UAE ranks first in Middle East, 4th globally as remote work destination
Dubai, UAE -- The UAE has ranked first in the Middle East and fourth globally as a leading destination for...
Economy
Innovative solutions crucial for marine conservation
The MENA Oceans Network, launched at the COP28, marks a pivotal step in addressing urgent ocean-related challenges in the region,...
COP28 UAE
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Economy
Qatar records 6 percent drop in Industrial Production Index in October
Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October...
- The mining sector posted an 11.1 percent fall as compared to September due to the decrease in the quantities of "crude oil petroleum and natural gas"
- However, manufacture of cement and other non-metallic mineral products posted a 4.3 percent jump, and printing and reproduction of recorded media increased by 3.2 percent
COP28 UAE
COP28 initiatives to narrow climate finance disparity
Antoine Samaha of BCG applauds the launch of a Loss and Damage Fund for developing countries, emphasizing the need for...
- At COP28, a significant focus was placed on climate finance, with the establishment of a Loss and Damage Fund to aid developing countries.
- Antoine Samaha of BCG underscores the urgency of securing more funds and ensuring its equitable distribution to combat climate change.
Economy
Volunteers offer help to Arab-Israeli farmers amid Gaza war
Baqa al-Gharbiya, Israel--In Baqa al-Gharbiya, an hour's drive from Haifa, city folk have temporarily traded pens for boots to aid farmers...
- Many people, lawyers or teachers, have joined hands to help Arab-Israeli farmers in the harvest as there is a shortage of labor force because of the war
- Volunteers were picking cucumbers, placing seedlings on stakes, and were preparing for the strawberry harvest when the rains interrupted them