US tariffs to kick in Aug 1 barring trade deals: Treasury Secretary
Washington, United States -- US tariffs will kick in on August 1 if trading partners from Taiwan to the European...
Economy
World Bank announces Lebanon, Syria reconstruction projects
Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and...
Economy
Business
Dubai records 27 million taxi rides taken in first quarter of 2023
Dubai, UAE-- Some 27 million taxi rides were undertaken in Dubai in the first three months of 2023, up one...
- According to RTA, the high amount of taxi journeys in the first quarter of the year is the highest since 2019, before the outbreak of the Covid-19 pandemic
- The authority said the review of figures suggest that the economy of Dubai is thriving, cementing its standing as a prominent global hub for investment and tourism
Business
Dana Gas to hike its foreign ownership limit to 100 percent
Sharjah, UAE--With an aim to bolster the country's capital markets, the Sharjah-based company Dana Gas has revealed that it will...
- Listed on the Abu Dhabi Securities Exchange, the firm said that it had secured the approval of the regulatory authorities ro raise the percentage of ownership from 49% to 100%
- The company's chairman said the decision will bolster the UAE's vision of strengthening its dynamic capital markets by attracting greater numbers of international investors
Geostrategy
Sudan ceasefire extended as gunfire rages, aid trickles in
Many residents said they could hear gunfire after dark on Monday, shortly before the ceasefire extension was announced. Earlier, they...
- Shortly before the initial one-week ceasefire was to expire at 1945 GMT, Washington and Riyadh announced the extension
- In a "major breakthrough", the WFP said Monday that it had begun reaching thousands of Khartoum's trapped residents
Business
Meeza to offer 50% shares in IPO
The company will follow it up with a listing on QSE.
- Meeza, in a statement, said that it will offer 50 percent of the shares, 324.49 million, at an offer price of QR 2.17 per offer share
- Before the offering, it doled out 37.41% of the offer shares to a set of qualified investors according to the book building mechanism
After win, Erdogan faces tough task of uniting a polarized Turkey
Turkey's longest-serving leader surmounted a powerful opposition coalition, an economic crisis and anger following a devastating February earthquake to beat...
- Turkish president called on Turks to "come together in unity and solidarity", while Kilicdaroglu vowed to "continue the struggle" against the president and his AKP party
- Erdogan's inauguration ceremony, the nomination of a new cabinet and the sitting of the new parliament will follow the confirmation of the final election results this week
Economy
World needs tangible climate solutions: Al Mubarak
More than 1,000 private sector executives and members of the Dubai Chamber had joined the path towards reducing global emissions...
- Over 1,000 private sector executives and Dubai Chamber members commit to halving global emissions by 2030, aiming for zero emissions by 2050
- UAE continues to enhance its environmental prosperity, with an emphasis on protected areas, sustainable agriculture, and nature-based solutions
Business
DP World partners with Standard Bank to expand trade finance in Africa
Dubai, UAE-- In order to fulfill demand for working capital in Africa, DP World has partnered with Standard Bank, the...
- Companies across the continent can now borrow working capital from Standard Bank through the DP World Trade Finance platform
- The group chairman of DP World said Africa is a key market for the company and the partnership will strengthen development in Africa
Business
Holiday homes in Dubai to get ‘QR Code’ to improve transparency
Dubai, UAE - Dubai on Monday launched a new QR Code initiative for holiday homes, as part of efforts to...
- As part of the initiative, owners of Holiday Homes will now be required to display a QR code on the main entrances of their vacation properties in Dubai
- This code enables visitors and guests to conveniently scan it and access essential information about the operator of the Holiday Home
Business
QCC, Setup in Abu Dhabi partner to strengthen SMEs export capability
ABU DHABI, UAE - Abu Dhabi Quality Conformity Council (QCC) has joined Setup in Abu Dhabi, a comprehensive SME enabling...
- The partnership will strengthen SMEs exporting capabilities by benefiting from in-depth consulting which is backed by research and expertise.
- Setup in Abu Dhabi was launched by Creative Zone in 2022 with Abu Dhabi Department of Economic Development, other government and private entities.
Economy
US leaders look for support on crucial debt default bill
The key deadline is June 5 -- when, according to Treasury estimates, the government will no longer have the funds...
- The bill, finalized on Sunday by President Joe Biden and House Speaker Kevin McCarthy, faces opposition from the progressive and hard-right wings.
- Biden and McCarthy both say they are confident the bill will pass a House vote scheduled for Wednesday and then move swiftly to the Senate.
US tariffs to kick in Aug 1 barring trade deals: Treasury Secretary
Washington, United States -- US tariffs will kick in on August 1 if trading partners from Taiwan to the European...
Economy
Company News
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Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
Economy
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
Economy
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
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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...
- The bills with a maturity of 182 days are issued by the Central Bank of Bahrain on behalf of Bahrain
- The average price for the issue was 97.077%, with the lowest accepted price being 97.032%
Interview
WEF24: Catalyzing investment, trade transform Africa
Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell...
- Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell TRENDS in an interview.
- Prosper Africa is a national security initiative aimed at providing supportive and positive assistance to the continent, ensuring its efforts are beneficial and not exploitative.
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.