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
TAQA, JERA sign pact with SATORP to develop plant in Saudi ArabiaÂ
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Business
Saudi Arabia’s per capita insurance spending up 30%
The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and...
- Health insurance accounted for 60 percent of total per capita spending on insurance, followed by general insurance (37%) and protection and savings (3%).
- The health insurance’s gross written premiums stood at $8.59 billion in 2022, up 27 percent from $6.78 billion in 2021
Economy
Moody’s upgrades Oman’s credit rating to Ba2 with positive outlook
Muscat, Oman - Moody's has upgraded Oman's credit rating from Ba3 to Ba2 while maintaining a positive outlook due to...
- Moody's attributed the upgrade and the rise in public revenues to the government's demonstrable efforts to manage its finances
- Earlier in April, the World Bank said Oman is expected to have the fastest-growing economy in the GCC region in 2023
Business
Central Bank of Bahrain Sukuk Al-Salam securities oversubscribed 197%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been...
- Carrying a maturity period of 91 days, subscriptions worth $225 million were received for the BD 43 million issue
- The issue, which begins on May 17 and matures on August 16, is expected to a give a return of 6.15 percent
Economy
UAE ministry calls on eligible employees to subscribe to the low-cost job security net
Dubai, UAE – The UAE Ministry of Human Resources and Emiratisation (MoHRE) has called on eligible employees to subscribe to...
- The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector, divided in two categories
- The insurance compensation can be claimed as long as the employee has subscribed to the Unemployment Insurance Scheme for at least 12 consecutive months
Geostrategy
Qatar and Bahrain to restart flights in signs of improving relations
Dubai, UAE-- Qatar and Bahrain have agreed to restart flights toward the end of the month, in a sign of...
- The resumption of flights between the estranged countries, according to Bahrain News Agency, falls within "the framework of the brotherly relations between the two countries
- In recent months, GCC countries have patched up differences with each other and begun to focus on their economies, taking advantage of high oil and gas prices
Economy
Turkey’s quake-hit economy to grow less this year: EBRD bank
The EBRD forecasts Turkish GDP will expand 2.5 percent this year, cutting prior guidance of 3.0 percent and citing the...
- EBRD chief economist Beata Javorcik said that Turkey has been prioritising growth over macroeconomic stability over the last many years
- European Bank for Reconstruction and Development forecast that Russian economy will shrink 1.5%, compared with a previous estimate of a 3.0% contraction
Business
Iran invites UAE businesses to invest in transportation projects
Abu Dhabi, UAE-- Iran is keen to boost transportation ties with the UAE and has invited investors from the country...
- Mehrdad Bazrpash, Iran Minister of Roads and Urban Development, met with Sheikh Mansour Bin Zayed Al Nahyan, Vice President of the UAE in Abu Dhabi
- The Iranian minister also met with Qatari Minister of Transport Jassim bin Saif bin Ahmed Al Sulaiti and both emphasized the need for expansion of relations
Science
UAE issues decree on use and distribution of hydrofluorocarbons
Dubai, UAE-- The UAE's Ministry of Climate Change and Environment has issued a decree on the use and distribution of...
- Referred to as refrigerant gases responsible for intensifying global warming and depletion of the ozone layer, HFCs are categorized among greenhouse gases
- The UAE has been at the front of attempts to restore the ozone layer's protective capacity since joining the Convention in 1989 and the Protocol in 1990
Business
ECB fines Goldman Sachs US$7.2m for misreporting capital needs
BERLIN, GERMANY -  The European Central Bank (ECB) has fined US financial giant Goldman Sachs US$7.2 million (6.63 million euros) for...
- Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a statement.
- Capital ratios are key indicators of a bank's strength and ability to absorb losses in the event of market turmoil.
Business
FAB summit explores economic opportunities, net zero transition
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders...
- FAB recently announced that it would set financed emissions reduction targets across oil and gas, power generation and aviation.
- The summit will examine how the aviation sector will play a crucial role in supporting the UAE's objective to achieve net-zero by 2050.
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
Company News
Latest News
EU reaches deal to reform electricity market
The agreement will see states given the "possibility to exclusively support" the acquisition of new renewable generation, in line with...
Economy
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...
Economy
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...
Economy
Most Read
Clean energy sees marked investment rise since 2020
With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is...
- With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is making strides towards a greener future, says an expert.
- However, challenges remain in meeting the Paris Agreement goals and ensuring all nations can participate in the transition, adds Ferdinand Varga of Boston Consulting Group.
Economy
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
- Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
- Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc
COP28 UAE
World unites at COP28 to shift away from fossil fuels
Nearly 200 nations in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step...
- Nearly 200 countries in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step in addressing climate change.
- EU climate chief Wopke Hoekstra lauds the historic deal targeting a 43% reduction in emissions by 2030 as a significant breakthrough after decades of discussions.