UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
Economy
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Economy
Gaza merchants sulk over tax hike as poverty bites hard in enclave
A split between Hamas and the PA, which administers the Israeli-occupied West Bank, often leads to disputes over taxation and...
- According to the Palestinian Central Bureau of Statistics and the IMF, the poverty rate has reached 53 percent and unemployment has hit 45 percent
- Nahed al-Souda, secretary of the clothes traders' syndicate, said a compromise was eventually reached, allowing for the tax-free importation of 600,000 pairs of jeans
Economy
UAE keen to expand ties with Uzbekistan beyond clean energy: Al Mazrouei
Suhail bin Mohammed Mazrouei, Minister of Energy and Infrastructure, said the UAE was keen to widen ties with Uzbekistan in...
- Al Mazrouei maintained that the UAE will continue to help Uzbekistan in achieving economic and investment goals
- President Mirziyoyev of Uzbekistan praised the UAE for supporting the Central Asian nation in its quest for growth and development
Economy
Iran-EU trade posts 9.2% drop to US$847mn in first two months of 2023
Tehran, Iran--Iran and the European Union traded $847 million worth of goods during the first two months of 2023, registering...
- Eurostat data shows Germany was the top trading partner of Iran in the EU region during the period, as the two countries exchanged $279 million worth of goods
- The Islamic Republic exports to the EU jumped to $1.08 billion in 2022 as against $904 million in the same period of last year
AI key to global opportunities, practical solutions
"Projections indicate that AI solutions are set to contribute an estimated $13 trillion to the global GDP by 2030, optimizing...
- Key research projects at MBZUAI focus on sustainable environment, infrastructure, healthcare, education, and large language models, says an official
- AI has the potential to contribute to the UAE's net-zero strategic initiative by reducing greenhouse gas emissions and advancing climate progress
Geostrategy
Jordan’s exports to EU nations in January,  February 2023 rose to US$87m
AMMAN, JORDAN - Value of Jordanian exports to European Union countries increased during January-February period of 2023, by 108.5 percent...
- Jordan's imports from the EU nations in January, February 2023 rose to reach US$671 million.
- Trade exchange between Jordan and EU countries in January, February 2023 amounted to about US$758 million.
Economy
Jordan-US trade soars to US$745mn in first two months of 2023
Amman, Jordan--The volume of trade exchange between Jordan and the US shot up in January and February 2023 to $745...
- The Department of Statistics said in a statement that the vaule of exports from Jordan to the US shot up to $392 million in the first two months of 2023, a 28.2 percent jump
- Imports from the US to Jordan also increased during the first two months of the year to $353 million, a 38.2 percent jump, as against $255 million for the same period of last year
Economy
IEA’s call to halt oil investments will hurt market
His remarks came after the IEA Executive Director, Fatih Birol, criticized OPEC+ for their unexpected decision to reduce oil output...
- OPEC Secretary General Haitham Al Ghais has cautioned IEA against discouraging oil investments crucial for global economic growth
- Russia's Deputy PM Alexander Novak says the OPEC+ group, comprising leading oil producers, sees no need for further output cuts
Geostrategy
European probe officials to question Lebanon central bank audit firms
European investigators probing Lebanese central bank chief Riad Salameh's wealth will question officials from two international firms previously tasked with...
- Visiting European investigators plan to question officials from the Lebanon offices of Deloitte, Ernst and Young, and a local firm.
- The European investigators arrived in Beirut this week on their third trip to Lebanon in connection with the probe.
Business
US Fed accepts supervision failed in Silicon Valley Bank
The US Federal Reserve called for greater banking oversight while admitting to its own failures in a report published into...
- Silicon Valley Bank's management failed to adequately manage risk prior to the bank's swift collapse.
- Federal Reserve supervisors failed to take forceful action after they had identified issues at the bank.
Geostrategy
Uzbekistan, IsDB ink pacts worth US$396.7m for infrastructure, education
JEDDAH, SAUDI ARABIAÂ - Islamic Development Bank (IsDB) President and Group Chairman Dr. Muhammad Al-Jasser and Uzbekistan Minister of Investments,...
- Under the agreement, IsDB will provide US$260 million in financing for the Integrated Rural Development Project.
- The project will empower local communities, improve their access to quality and resilient infrastructure.
UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
Economy
Company News
New CEO appointed in SRC
Business
Mawani, SGP ink US$266m pact
Business
Latest News
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...
Economy
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...
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,...
Business
Most Read
COP28 UAE
US pledges climate aid for cities, more private sector finance
Samantha Power, administrator of the US Agency for International Development, is visiting the COP28 summit where nations are wrangling over...
- USAID promised $53mn to help 23 cities in the developing world switch to low-carbon activities
- It would mobilize another $2.3bn in private-sector investment to climate-resilient food infrastructure
Economy
One in five children in rich countries lives in poverty: UNICEF
Sixty-nine million children live in poverty in the world's 40 richest countries, UNICEF said in a report, blasting Britain and...
- UNICEF figure is based on relative poverty, which is around 60 percent of the national median income
- The report also highlights the greater risk of poverty for children from single-parent families
Economy
Investments strengthen Türkiye-GCC economic ties
The strategic partnerships, including substantial financial support from UAE and Qatar, mark a new era in Türkiye-GCC ties, promising to...
- The strategic partnerships, including substantial financial support from UAE and Qatar, mark a new era in Türkiye-GCC ties, promising to significantly boost bilateral trade.
- Türkiye-GCC relations are revitalized through billion-dollar deals and support for Turkey's post-earthquake recovery, aiming to triple trade with the Gulf by 2030.