Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
Economy
IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
Science
Business
AD Ports signs deal with Crystal Offshore to develop repair facilities
Abu Dhabi, UAE--AD Ports Group has signed a 25-year agreement with the Singapore-based company Crystal Offshore, a recognised one-stop logistics...
- As per the deal, Crystal Offshore will construct a base, featuring office facilities and fabrication workshops to provide advanced repairs and refits to jack-up rigs
- According to AD Ports Group, the partnership will add significant value to Khalifa Port's customers and furthermore will expand the many services it offers
Opec+ to extend cuts in oil output into 2024 as prices flag
Vienna, Austria – OPEC+ has decided to adjust the level of overall crude oil production to 40.46 mb/d, starting 1...
- The United Arab Emirates will extend its voluntary cut of 144 thousand barrels per day until the end of December 2024
- Opec+ pumps around 40 per cent of the world’s crude, meaning its policy decisions can have a major impact on oil prices
Economy
UAE’s FTA launches ‘platform’ to educate taxpayers on corporate tax
Abu Dhabi, UAE--The Federal Tax Authority (FTA) has launched what it dubs as a ‘Corporate Tax Virtual Workshops’ awareness platform,...
- The platform will feature educational materials, including 13 virtual awareness workshops in both Arabic and English about ‘registration for corporate tax’
- The FTA has appealed to both private and public joint stock companies resident in the UAE to participate in the awareness workshops
Business
Dubai Islamic Bank unveils digital banking services
Dubai, UAE - Dubai Islamic Bank launched DIB alt, a full-fledged digital umbrella brand to house all of the bank's...
- DIB ‘alt’ is a full-service transformative digital banking experience that is set to enhance the banking experience for DIB’s customers.
- The platform brings together more than 135 digital services via the DIB Mobile App, Online Banking, WhatsApp, and ATMs.
Geostrategy
Protesters in Morocco demand government act on cost of living
CASABLANCA, MOROCCO - Hundreds demonstrated on Sunday in Morocco's economic capital Casablanca to protest against the surging cost of living in...
- Morocco has seen months of rising prices, particularly of food, fuel and other basic staples, in part due to recurrent drought.
- Year-on-year inflation slowed in April to 7.8 percent, after 10.1 percent in February and 8.2 percent in March, according to official figures.
Geostrategy
Sharjah Chamber concludes successful 5-day trade mission to India
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has successfully concluded its trade mission to India after...
- The trade mission visited New Delhi and Mumbai to discuss potential investment opportunities.
- The business gatherings has served as an effective platform to discuss potential investment advantages.
Business
Workshops on suspicious transactions in gold, precious stone sector in UAE
ABU DHABI, UAE - UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of...
- The workshops made the traders and business owners aware of the necessity of reporting suspicious transactions to the Financial Intelligence Unit.
- This will contribute to enhance the competitiveness of the gold sector and its development in line with international best practices.
Geostrategy
Kuwait to hold seventh election in 10 years amid political paralysis
The oil-rich country suffers from constant stand-offs between elected lawmakers and cabinets installed by the reigning Al-Sabah family. The opposition...
- Fearing that widespread scepticism will discourage many people from voting, the authorities have festooned the capital with posters in an attempt to encourage a better turnout
- The latest general election was called by the emir last month after he again dissolved parliament amid a persistent deadlock with the executive branch that has stalled reforms
Economy
War casts shadow on Sudan breadbasket, fuelling famine fears
"Transportation disruptions, market devastation and the absence of financing... will have catastrophic impacts on the food security of the people...
- The state's large, mechanised farms are not taking on workers, as a cash crunch hits their finances, jeopardising a harvest that normally meets 40 percent of Sudan's grain needs
- With roads cut off by crossfire, trade at a standstill and processing factories razed or looted, agribusinesses face an uphill battle, prompting some heavyweight investors to walk
Business
QatarEnergy signs production sharing contract for Agua-Marinha block in Brazil
Doha, Qatar--QatarEnergy, and its joint-venture partners TotalEnergies, Petrobras, and PETRONAS Petroleo Brasil Ltda. (PPBL) has signed the production sharing contract...
- According to a statement, QatarEnergy will hold a 20% working interest, alongside TotalEnergies (30%) Petrobras (operator, 30%), and PPBL (20%)
- The President and CEO of QatarEnergy Saad Sherida Al Kaabi said the signing builds on QatarEnergy's sizable upstream presence in Brazil
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Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
Economy
Company News
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5 WEF reports shaping your 2024 agenda
Geostrategy
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy
UAE’s economy rides on tech and renewable energy
"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering...
Economy
Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
Economy
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Economy
GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
- GCC commits to global oil market stability through OPEC cooperation, says GCC Secretary General Jasem Mohamed Albudaiwi.
- OPEC predicts strong oil demand growth in 2024, led by economic activity in China and air travel recovery.
Economy
Saudi Arabia’s trade surplus remains stable at $26bn
Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of...
- The report indicates a 14.4 percent decline in merchandise exports during the fourth quarter compared to the same period in 2022
- Non-oil exports experienced a 1.2 percent decrease, with the chemical industry products, constituting a third of non-oil exports, witnessing an 18 percent decline
Economy
Female founders flourish in UAE’s startup ecosystem
Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international...
- Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international and female-led startups.
- Supported by visionary leadership and progressive policies, this surge ushers in a transformative era for the UAE, highlighting diversity, creativity, and sustainable development.