World Bank announces Lebanon, Syria reconstruction projects
Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and...
Economy
Tesla to build first grid-scale power plant in China
New York, United States - Tesla announced Friday that it signed an agreement to build its first grid-scale energy storage...
Economy
Economy
Iraq-UK economic ties strengthen on back of uptick in trade
London, UK--Volume of trade exchanges between the UK and Iraq has exceeded one billion dollars and imports and exports between...
- The Iraqi-British trade exchange saw huge growth, with the commerce volume crossing one billion sterling pounds, and British exports to Iraq surging by 40 percent
- The cooperation between Iraqi and British universities has grown in recent years even as the UK has made investments in the social sector and education in Iraq
Business
More than dozen private joint-stock companies list in UAE in 2022
Abu Dhabi, UAE-- The number of private joint-stock companies which listed in the UAE's capital markets during 2022 went up...
- According to SCA, twelve companies listed on the Abu Dhabi Securities Exchange and one company listed on the Dubai Financial Market
- The listing of private joint-stock companies enable them to access a large capital base, besides opening the way to raise a company's brand value
Business
In spite of US sanctions, Iran’s crude oil exports break five-year record
Tehran, Iran-- In spite of the US sanctions against the Islamic Republic, Iran has seen a huge surge in the...
- China, the world's major importer of energy, has received a big chunk of Iran's crude oil, apart from Germany, Spain and Bulgaria
- According to the report, the Iranian crude oil shipments have nearly doubled since last autumn to touch 1.6 million barrels a day
Economy
Saudi Arabia scouts Europe for business tie-ups in healthcare, mining sectors
Riyadh, Saudi Arabia-- Saudi Arabia is aiming to establish a slew of business partnerships in healthcare and mining sectors with...
- In their meetings with CEOs of British companies, the Saudi officials discussed strategic healthcare partnerships, digital transformation and biotechnology
- In Germany, the Saudi delegation met with investors and representatives of major companies to explore investment opportunities in the industrial and mining sectors
Economy
RAKEZ entices Indian investors with ‘lucrative’ business prospects
Ras Al Khaimah, UAE-- Looking to boost economic cooperation and convince businesses across India to invest in the free zone,...
- RAKEZ's team met with many business chambers, industry associations, such as the Bombay Industries Association, Federation of Indian Export Organization
- Its CEO Ramy Jallad noted with satisfaction the overwhelming response from businesses and startup founders, which showed their high level of interest in Middle East
Business
Dubai records US$3.4bn in weekly real estate transactions
DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted...
- The DLD report showed that 189 plots were sold for US$620 million.
- The report showed 2,753 apartments and villas were sold for US$1.9 billion.
Business
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
- Bicycle Capital has received $440 million commitments so far.
- Mubadala's $284 billion portfolio is spread across the globe.
Business
Dubai International Chamber opens Europe’s first representative office in UK
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a...
- The new office will focus its efforts on strengthening relationships with key public and private sector stakeholders.
- The office will support UK firms seeking to relocate to expand in Dubai and grow their business through the emirate.
Business
Saudi Arabia’s SVC invests $30m in Bedaya Fund II
RIYADH, SAUDI ARABIA - Saudi Venture Capital (SVC) announced its investment of US$30 million in Bedaya Fund II, which is...
- SVC is a government investment company and is a subsidiary of the SME Bank, one of the development banks affiliated to the National Development Fund.
- SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion in funds and co-financing in startups.
Business
Finding private sector jobs difficult for 62% percent Emirati graduates
Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's...
- Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's Emiratization Survey 2023.
- The survey sheds light on the efforts made by the UAE to enhance Emirati participation in the private-sector workforce, in line with the country’s national vision mandate.
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World Bank announces Lebanon, Syria reconstruction projects
Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and...
Economy
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WTO agri reforms key to global food and climate goals
"Australia maintains that global food security, climate, and biodiversity targets are unattainable without progress in agricultural trade reform, including the...
Economy
Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh
Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...
Business
UAE presses for ‘sustainable development policies’ at BRICS meeting in Brazil
Sao Paulo, Brazil-- The UAE has affirmed that it collaborates with the BRICS nations in order to establish sustainable development...
Economy
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Economy
UAE sets innovative media policy to propel the country onto global stage
DUBAI – Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the UAE Media Council (UAEMC), has approved a comprehensive legislative...
- The roadmap emphasizes the importance of aligning national efforts and creating partnerships to boost the UAE’s media sector.
- It aims to develop a media industry that embraces global cultures, driven by innovation and youth leadership.
Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...
- When asked about Israel's economic losses due to the war, Barkat said it could add "anywhere between 150 to 200 billion shekels ($42-55 billion)" to the country's national debt
- Barkat said Gaza war could help Israel boost sales of military technology, noting there is "high interest" from many countries, without specifying if Arab states were among them
Economy
Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
- The report said many participants emphasized the risks of moving too quickly and noted the importance of carefully assessing incoming data
- The recent data revealing a weakening demand in the US restricted the rise in oil prices, as the crude oil stocks in the country increased by 7.1m barrels