Jordan oil imports decline in January, boosting trade balance
Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according...
Economy
UAE’s global investments grow amid economic crisis
"The UAE has strengthened its position in the global economy. The total value of UAE assets abroad, whether government or...
Economy
Business
Saudi Arabia and Switzerland look to boost ties in industrial, mining sectors
Bern, Switzerland-- Seeking to expand its industrial base, Saudi Arabia is keen to widen cooperation with Switzerland in the industrial...
- They discussed boosting of ties in industry and mining sectors and how they can contribute to diversifying the economic base
- The two countries continue to have strong ties in petrochemicals, construction materials, medicines, consumer products, manufacturing of precious metals, and jewelry
Business
Bank of Sharjah to boost capital
The US$218mn capital infusion will foster bank's growth.
- With the infusion, Sharjah Asset Management, the investment arm of the Sharjah government, will be the main beneficiary, raising its stake in the bank to 40% from 17.16%
- The chairman of the bank said total capital of the bank now stands at US$816 million, bolstering its financial position and increasing its ability to pursue new investments
Business
UAE is on track to become global hybrid working hub: report
Dubai, UAE - The UAE is on track to become a global hybrid working hub, a new report by Workspace...
- 98 percent of UAE businesses reveal that they would invest in hybrid workplace technology by 2024, compared to 89 percent globally
- Employers are adopting a hybrid work system that is effective and efficient, with key steps being taken to create an effective hybrid strategy
Geostrategy
UAE and WHO dispatch 30 tonnes of medical supplies to Sudan
Dubai, UAE--The United Arab Emirates (UAE) and the World Health Organisation (WHO) have dispatched 30 tonnes of urgent medical supplies...
- The aid shipment estimated to be around US$444,000 is the first that WHO has dispatched by air to Sudan since the civil war erupted
- The UAE's aid delivery is focused on providing for the most vulnerable groups affected by the situation in Sudan, especially the sick, children, the elderly, and women
Business
Sharjah exhibits futuristic tourism technologies at ATM 2023
Sharjah, UAE-- Sharjah showcased its technology-enabled approach to the tourism industry at the Arabian Travel Market (ATM) 2023, highlighting the...
- The emirate displayed cutting-edge technologies and groundbreaking concepts, offering a glimpse into the emirate's tourist destinations
- A robot known as "Shj Al Guide" offered information, pictures, and promotional videos of events, activities, and tourist attractions in the emirate
Economy
Improving African trade integration key to boosting GDP: IMF
Washington, United States - Improving trade relations between African countries could provide a major boost to economic output (GDP) across the...
- The IMF report predicted its recommendations would boost real per capita output in the median African country by "more than 10 percent."
- It said such change would require reforms in the trade environment of Africa, which includes changes in transportation, border infrastructure.
Economy
Jordan, Iraq renew crude supply deal
Baghdad, Iraq - Jordan and Iraq have signed a deal to resume the export of Iraqi crude to Jordan under...
- The agreement was signed by the Energy and Mineral Resources Minister of Jordan, Saleh Al Kharabsheh, and the Oil Minister of Iraq, Hayan Abdul Ghani
- As per the deal, Jordan will begin importing 10,000 barrels of crude per day for a year, starting from June. and this will cover around 7% of Jordan's daily oil needs
US authorities probe Goldman Sachs over Silicon Valley Bank collapse
Goldman has been criticized over its multiple roles with SVB, in which it was both advising the California bank and...
- Goldman is cooperating with and providing information to various governmental bodies on its activities for SVB in March just before the bank collapsed, according to the filing
- In Thursday's filing, Goldman said the government probes include when SVB engaged the firm to assist with a proposed capital raise and SVB sold the firm a portfolio of securities
Economy
Companies violating Emiratization targets will face up to $136,147 fines
Dubai, UAE – The UAE announced on Thursday that companies will be subject to fines of up to AED 500,000...
- Not meeting the Emiratization targets, which includes reducing the number of employees or modifying their classification, will be considered a violation
- Companies with 50 employees or more are required to increase the number of their Emirati employees in skilled jobs by 1 percent every six months
Opinion
US Federal Reserve’s rate hike risky and ill-timed
"It appears that the central bank is willing to sacrifice parts of the economy and tighten its grip on households...
- The US Fed's failure to act earlier on inflation was a significant miscalculation, and now they have made another mistake with the latest rate hike, says deVere Group CEO
- It could potentially trigger not only a short-term but also a longer-term recession in the world's largest economy, with detrimental effects on the global economy, he adds
Jordan oil imports decline in January, boosting trade balance
Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according...
Economy
Company News
Latest News
Faster hydrogen production needed for energy transition: WTO
Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production...
Economy
UAE to tie up with ACSAD to achieve zero neutrality by 2050
Dubai, UAE--The Arab Centre for the Studies of Arid Zones and Dry Lands (ACSAD) will partner with the UAE's Ministry...
COP28 UAE
Underinvestment haunts youth-led climate solutions
“Our appeal is that children and youth are integral to any discussion, debate, negotiation in a meaningful, participatory, and intentional...
Economy
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Geostrategy
Joint ministerial committee meets US secretary of state
Washington, US – A committee of the Joint Arab-Islamic Extraordinary Summit under the chairmanship of Prince Faisal bin Farhan bin...
- A ministerial committee led by Saudi foreign minister holds discussions with US Secretary of State.
- The committee asked the US to influence Israel and called for an immediate ceasefire in Gaza.
Geostrategy
Nadia Calvino is now European Investment Bank head
BRUSSELS, BELGIUM - Margrethe Vestager is preparing to return to her day job as the European Union's competition chief after a...
- After the EU selected Nadia Calvino, Margrethe Vestager, 55, said she would "resume" her duties at the European Commission, the Eu's executive arm.
- Vestager's star has waned in recent years following a series of setbacks in EU courts against some of the world's biggest companies, including Apple.
COP28 UAE
OPEC implores members to oppose any COP28 deal targeting fossil fuels
Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks...
- The OPEC chief urged members to reject any text or formula that "targets energy i.e. fossil fuels rather than emissions"
- On Friday, negotiators released an updated text that still includes various options for exiting oil, gas and coal