Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
Economy
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
Economy
Economy
Iran-Turkey trade hits $1.3bn in 3 months
Tehran, Iran - Iran and Turkey have traded $1.379 billion worth of goods in the first quarter of 2023, according...
- Eurostat also reported a 17 percent decrease in Iranian gas exports to Turkey, totaling 1.567 billion cubic meters in the same period
- The two nations have set a target of $30 billion in annual trade and to achieve this, both governments have been working to remove trade barriers
Economy
UAE to deepen economic ties with Morocco in several sectors
Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the...
- Having invested US$14 billion at the end of 2021, the UAE is the largest Arab investor in Morocco and second in the world
- The UAE and Morocco will double the volume of trade and investment during the next few years and also ramp up cooperation in many sectors
Business
Alkhaleej Insurance posts profit
Its net profit soared 33% to US$7.49mn for Q1 of 2023.
- Its EPS stood at QR 0.107 at the end of March 31, 2023 as against EPS QR 0.080 for the same period in 2022
- Qatar Islamic Insurance reported a 7.16 percent jump in the net profit to $8.04 million in net profit in the first three months of 2023
UAE launches guide to aid adoption of AI technology
Dubai, UAE - The UAE government has launched a comprehensive guide for the adoption of generative AI applications in the...
- The guide provides a comprehensive exposition of generative artificial intelligence, explores the challenges and opportunities inherent in diverse digital technologies
- The guide showcases 100 use-cases of generative AI, including image and video synthesis, language translation, music composition, and text creation
Business
Abu Dhabi aims to draw 24 million visitors by end of 2023
Abu Dhabi, UAE--The emirate of Abu Dhabi is looking to draw some 24 million visitors by the end of 2023,...
- In 2022, the Abu Dhabi hotel occupancy rate touched 70 percent as 18 million visitors trooped into the emirate, posting a 13 percent jump
- The emirate received the highest number of international visitors from India, Saudi Arabia, the United Kingdom, and the United States
Economy
EU reports employment rate of 75 percent in 2022
BRUSSELS, BELGIUM - In the European Union countries, 75 percent (193.5 million) of people in the 20-64-year- age group were...
- The employment rate in the EU dropped to 72 percent in 2020 due to the COVID-19 pandemic.
- In 2022, the EU over-qualification rate was 22 percent, with 21 percent for men and 23 percent for women.
Geostrategy
Iran’s parliament removes minister over rising prices
Iran's parliament voted in an impeachment session to remove the industry minister amid soaring prices as the Islamic republic's economy...
- The vote came with the economy battered by Western sanctions, rampant inflation and depreciation of the rial against the dollar.
- Defending the minister ahead of the vote, President Ebrahim Raisi had urged "stability in the management of this ministry".
Business
DEWA keen to enhance happiness in work environment, says CEO
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) affirmed its commitment to achieve the 'We the UAE 2031' vision...
- "We harness all capabilities, technologies and digital solutions to strengthen the skills of our employees," DEWA CEO said.
- "We consider employees the main pillar for strengthening DEWA’s position as one of the most prominent utilities in the world," he said.
Economy
ECB looks to hike interest rate again but analysts divided on how much
The Frankfurt-based institution has already lifted rates 3.5 percentage points since July last year to tame energy and food costs...
- Currently many analysts are betting on a quarter point hike from ECB, due to slowing inflation as well as a stable outlook in the 20-nation currency club
- A day ahead of the ECB's announcement, the US Federal Reserve is set to unveil its latest rate decision, with traders expecting another quarter point hike
Economy
China’s manufacturing declines in April as recovery challenges loom
Its economy grew 4.5 percent in the first three months of the year as the country reopened after dropping strict...
- Its PMI dropped to 49.2 in April from 51.9 in March, and below the 50-point mark that separates expansion and contraction in activity, data from NBS showed
- The March reading was the highest since May 2011, as the country saw a surge in demand for travel, entertainment and other leisure services unavailable for nearly three years
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
Economy
Company News
Latest News
New CEO appointed in SRC
Business
Mawani, SGP ink US$266m pact
Business
COP28 strong push for climate action in Arab region
"The UNDP has spent approximately $1 billion in the Arab region for integrated development solutions driven by national priorities and...
Economy
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...
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...
COP28 UAE
Most Read
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
- The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
- It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
Business
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...
- In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.
- The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
COP28 UAE
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...
- FMC member companies have signed 94 offtake agreements to purchase emerging climate technologies.
- The coalition engages 13 governments who together account for over 50% of global gross domestic product