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
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Business
Morgan Stanley to cut 3,000 jobs after drop in profit
In the wake of reporting a drop in profit during the first three months of the year, the bank aims...
- According to media reports, the bank at the end of last year trimmed nearly 2 percent of its staff or some 1,600 positions
- Financial institutions have been hit hard by a slump in dealmaking caused by the Fed's fight against inflation and the banking crisis
Kuwait Crown Prince dissolves National Assembly, again
Kuwait City -Â Kuwait's Crown Prince, Shaikh Mishal Al-Ahmad Al-Jaber Al-Sabah, issued a decree on Monday to dissolve the National...
- Despite being the only Gulf Arab state to have an elected government, the emirate - one of the world's largest producers of crude oil - remains mired in political turmoil
- The country suffers from constant stand-offs between elected lawmakers and cabinets installed by the reigning Al-Sabah family, which keeps a firm grip on political life
Geostrategy
Tunisia’s main workers union criticizes IMF loan talks
TUNIS, TUNISIA - Tunisia's largest union on Monday attacked the government's handling of negotiations with the International Monetary Fund (IMF) on...
- Despite an agreement in principle on the loan, talks with the IMF have stalled for months over Tunisian President not committing to restructure public bodies.
- The IMF has called for legislation to restructure over 100 state-owned firms, which hold monopolies over many parts of the economy.
Business
Over 3.8m passengers transit through Sharjah Airport in Q1 of 2023
SHARJAH, UAE -Â Over 3.8 million passengers traveled through Sharjah Airport in the first quarter of 2023, recording a 28.01...
- The aircraft movement in Q1 of 2023 rose by 9.02 per cent, with 23,261 flights compared to 21,336 flights during the same period in 2022.
- There have been continued efforts by Sharjah Airport Authority to increase passenger numbers and aircraft movements.
Business
Eshraq to buyback shares
The share buyback is expected to enhance shareholder value.
- The shareholders recommended Eshraq increase the shareholder distribution via an increased share buyback program.
- The buyback will capitalize on the current share price discount compared to the company’s book value.
Business
AD Ports Group purchases bulk carriers, crude oil tankers
ABU DHABI, UAE - AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and...
- These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives.
- The five bulk carriers, to be purchased for AED459 million, form part of the long-term agreement with Saif Powertec, signed in April 2022.
Economy
Qatar’s industry PPI down by 2.56 percent in March
The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed...
- The PPI include four main industry sectors-- mining (82.46 percent), manufacturing (15.85 percent), electricity (1.15 percent) and Water (0.52 percent).
- The prices decrease is seen in refined petroleum products by 2.39 percent, followed chemicals and chemical products by 0.95 percent
Business
US regulators seize First Republic Bank, sell to JPMorgan Chase
With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank...
- JPMorgan will assume "all deposits, including those uninsured, and a majority of the assets," California's Department of Financial Protection and Innovation said
- First Republic had failed to come up with a workable rescue plan and last week disclosed that it had lost more than $100 billion in deposits in the first quarter
Business
Japan’s investment in Egypt soars, but bilateral trade contracts
Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments...
- In 2022, Egypt sent exports worth $261 million to Japan, including fuel, minerals, fruit, iron and steel products, carpets, and animal feed
- Japan exported goods worth $889 million to Egypt in 2022, including boilers, machinery, equipment, cars, tractors, bicycles and pharmaceutical products
Economy
Saudi CMA cancels its share in sukuk, bonds trading commission
Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission...
- It is designed to lower costs for participants in the market, boost liquidity and expand domestic investors' based in government debt issues
- With this step, the CMA hopes to develop a diversified financial sector and create an advanced capital market in line with the Vision 2030 objectives
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
Company News
Nedaa, Dubai Customs ink MoU
Business
Latest News
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...
Business
Renewable energy, sustainability drive GCC growth
The GCC's transformation towards sustainability encompasses economic growth, job creation, and resource management, shaping a resilient and green future for...
Economy
Saudi Arabian GDP declines by 4.4 percent in Q3 2023
RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third...
Economy
Most Read
COP28 UAE
COP28 chief urges nations to reach climate compromise
Setting the ambitious goal of having a deal in place by Tuesday, the last day of the conference, Sultan Al...
- Last week the event started with the launch of a loss and damage fund for nations devastated by climate change
- Scientists warn that greenhouse gas emissions must fall by 43 percent by 2030 from 2019 levels
COP28 UAE
Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...
- The agreement as per media reports will be signed by the the United States Trade and Development Agency (USTDA) within the framework of the COP28
- The minister said that Egypt supported green hydrogen projects in order to promote North African country's drive to become a green hydrogen regional center
Economy
Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom
Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...
- Under the Regional Headquarters (RHQ) Program, participating companies will benefit from substantial tax incentives, including a zero percent rate on corporate income tax
- The RHQ Program, launched initially in 2021, has already licensed over 200 companies to operate their regional headquarters from Saudi Arabia