BRICS nations voice ‘serious concerns’ over Trump tariffs
Rio de Janeiro, Brazil -- BRICS leaders meeting in Rio de Janeiro from Sunday are expected to decry US President...
Economy
US Fed chair signals no rush for rate cuts despite Trump pressure
The Fed has a duty to prevent a one-time spike in prices from becoming an "ongoing inflation problem," said Federal...
Economy
Business
UAE-India Business Forum discusses investment opportunities
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has embarked on a landmark trade mission to India,...
- The UAE-India Business Forum brought together key business leaders, government officials and industry experts from both Sharjah and Mumbai.
- The trade mission's first leg commenced with the highly successful UAE-India Business Forum held in Mumbai, India's bustling commercial capital.
Economy
UAE Corporate Tax: All you need to know
The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards...
- The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties
- Four of the GCC's six member states have corporate tax systems, ranging from 10 percent in Qatar to 15 percent in Kuwait and Oman to 20 percent in Saudi Arabia.
Business
Saudi SEZs attract $12bn in investments since launch in April
An additional $31 billion in investments are in progress, the Special Economic Zones Investment Forum in Riyadh was told Tuesday....
- Saudi Arabia's Minister of Investment Khalid Al-Falih said kingdom closed deals worth SAR 285 billion ($76 billion) in 2022 across sectors ranging from agriculture to aerospace.
- The Special Economic Zones Investment Forum in Riyadh was told Tuesday that an additional $31 billion in investments in the SEZs are in progress.
Business
Sharjah’s Waste-to-Energy Project promotes renewable energy
SHARJAH, UAE - The Sharjah Waste-to-Energy Project, the first of its kind in the Middle East, has strengthened its efforts...
- Since its launch one year ago, the plant has increased its waste diversion rate from 76 percent to 90 percent.
- The move aligns with the UAE's goal of achieving climate neutrality by 2050 and diversifying the energy mix.
Business
UAE Banks’ Q1 2023 profit surges by 35% to $5 bn: Alvarez & Marsal
Dubai, UAE - UAE banks experienced a significant surge in profitability during the first quarter of 2023, according to the...
- In Q1'23, customer deposits witnessed a remarkable growth rate of 43.5 percent, surpassing the growth of loans and advances
- Net interest income (NII) witnessed a slight uptick of 0.4 percent QoQ, and the overall net interest margins (NIMs) remained stable at 2.8 percent
Economy
DEWA commissions water reservoir built at cost of US$42.85mn
Dubai, UAE-- In order to increase Dubai's water security and keep pace with the increase in demand, Dubai Electricity and...
- Built at a cost of US$42.85 million, it has a storage capacity of 60 million imperial gallons (MIG) and will take care of any rise in demand for water
- Saeed Mohammed Al Tayer, MD and CEO of DEWA said sound scientific planning has helped DEWA keep pace with the growing demand for water in Dubai
Economy
Iraq and Iran discuss boosting ties in transportation sector
Baghdad, Iraq--Iraq is looking to deepen cooperation with Iran in the transport sector and facilitate the movement of pilgrims between...
- An official in the Iraqi ministry said discussions focused on increasing cooperation in the field of land and air transportation, and ramping up the number flights
- The meeting between the Iranian and Iraqi ministers happened two days after Baghdad announced a plan to turn itself into a regional transportation hub
Economy
UAE Corporate Tax: All you need to know
The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards...
- The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties
- Four of the GCC's six member states have corporate tax systems, ranging from 10 percent in Qatar to 15 percent in Kuwait and Oman to 20 percent in Saudi Arabia
Economy
Qatar’s trade balance surplus touches US$6 billion in April
Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s...
- Qatar's value of imports in April dropped 6.3 percent from the previous year and 9.3 percent from the last month to touch $2.39 billion
- The country's prime minister said this month that non-oil sector has grown 9.9 percent in Q4 of 2022, and oil activities also saw a 4.8 percent rise
Economy
UAE and Czech Republic look to boost trade and investment ties
Prague, Czech Republic-- The UAE and Czech Republic have held discussions on deepening cooperation in wide-ranging vital sectors of common...
- The discussions were held during the visit of Ahmed Ali Al Sayegh, Minister of State of the UAE, to the Czech Republic with the aim of boosting bilateral cooperation
- The UAE minister said that non-oil exchange surpassed US$1 billion in 2022 and that there was marked growth in Czech investment in the UAE
BRICS nations voice ‘serious concerns’ over Trump tariffs
Rio de Janeiro, Brazil -- BRICS leaders meeting in Rio de Janeiro from Sunday are expected to decry US President...
Economy
Company News
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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
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...
Interview
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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.
Videos
WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...
- The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin Touq Al Marri.
- Al Marri emphasizes the critical role of collaboration and visionary leadership in steering through the complexities of today's fast-paced world.