OPEC+ ministers, led by Saudi Arabia and Russia, meet as oil output hike looms despite falling prices
The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and...
Economy
UAE-Morocco consortium sign $14 billion worth of energy, water infrastructure projects
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of...
Economy
Economy
Qatar Chamber chairman calls for ‘unified’ Gulf policy on purchase of food, medicine
Muscat, Oman--Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim Al-Thani has called for a unified policy for purchase of food...
- The chairman was speaking at a meeting between GCC ministers of commerce and heads of unions and chambers of commerce and industry in Muscat
- He said the region has been coping with a number of challenges posed by the Covid-19 pandemic and the ongoing war between Russia and Ukraine
Business
IsDB signs financing agreements worth US$5.4bn with 24 member countries
Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries...
- The 77 agreements look to develop projects in sectors such as health, agriculture, food security, transport, energy, education, and humanitarian relief
- President of the IsDB Group said the discussion with the member states covered a range of development issues and the future of the IsDB Group
Business
Iran’s trade with six Arab countries climbs up to US$35bn in 2022-2023
Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to...
- Iran traded 58.25 million tons of goods worth $35.11 billion with Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia during the fiscal 2022-2023
- The Islamic Republic's top business partner among the Arab countries was the UAE, trading 24.35 million tons of goods worth $24.16 billion
Business
EU’s imports in high-tech products worth $524bn in 2022
BRUSSELS, BELGIUM - The EU imported US$524 billion (€482 billion) worth of high-tech products from extra-EU countries in 2022 (+22...
- In 2022, over half of the EU’s high-tech imports from non-EU countries came from China (US$199 billion) and the United States (US$99 billion).
- The most significant category of high-tech products imported from non-EU countries was electronics-telecommunications (US$219 billion).
Business
EDB review ways to boost SMEs financial inclusion at 2-day event
ABU DHABI, UAE - Emirates Development Bank (EDB) displayed its flexible and customized financing solutions in the Annual Investment Meeting,...
- The Bank offers financing solutions with flexible terms for industrial companies and projects with high developmental impact.
- Financing options include capex financing, advanced technology adoption financing, renewable and energy efficiency financing.
Business
Oman, UAE to boost rail logistics with new Vale deal
ABU DHABI, UAE- Oman and Etihad Rail Company signed an agreement with Vale, one of the world’s largest mining companies,...
- The deal says both parties will work to develop integrated logistics solutions that connect Vale’s industrial complex in Sohar Port and Freezone.
- Ahmed Al Musawa Al Hashemi, CEO of the Oman and Etihad Rail Company, and Rogerio Nogueira, official at Vale signed the deal.
Business
Shoemakers for Nike, Adidas to slash thousands of jobs
One of Vietnam's largest shoe manufacturers for brands such as Nike and Adidas will cut thousands of workers at the...
- PouYuen Vietnam told local authorities it would lay off almost 6,000 workers with permanent contracts from the end of next month.
- "This will be the biggest layoff since PouYuen started its operation in Ho Chi Minh City in 1996," the state media outlet said.
Economy
Jordan’s trade exchanges with ASEAN up by 42% last year
Amman, Jordan - Jordan's trade exchanges with the Association of Southeast Asian Nations (ASEAN) surged by 42% in 2022 compared...
- The kingdom's trade exchanges with ASEAN reached $1.8 billion in 2022, up from $1.3 billion in 2021
- Jordan's national exports to ASEAN countries amounted to $279 million and re-exports were valued at $17,000
Business
UAE presents labor laws to UN Human Rights Council in Geneva
DUBAI, UAE - The UAE presented its legislative ecosystem - which regulates the local labor market, provides social security and...
- Several UAE federal, local government entities and civil society organizations were part of the delegation.
- The new labor legislations include provisions that prohibit discrimination on all grounds as defined in international conventions.
Geostrategy
Saudi Arabia and Iran discuss ‘opportunities to develop and strengthen’ ties
Riyadh, Saudi Arabia-- Saudi Arabia and Iran have discussed ways to strengthen the ties between the two countries in a...
- The Iranian minister described the expansion of the Saudi-Iranian relations as a "win-win" development
- The two ministers met in Jeddah on the sidelines of the Islamic Development Bank Group's conference
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
OPEC+ ministers, led by Saudi Arabia and Russia, meet as oil output hike looms despite falling prices
The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and...
Economy
Company News
Latest News
Tunisia parliament votes to let central bank finance budget
The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited...
Economy
WEF24: GCC poised for growth amid global challenges
The region is on a growth track due to modernization, education, and broad integration with global economies, Joshua Friedman of...
Economy
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...
Business
Most Read
Economy
Saudi Arabia, Swiss Fund unveil billion-euro initiative for zero-emissions investments
Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in...
- A substantial portion of this investment, approximately $1.8 trillion, is expected to be financed through bids aimed at attracting global investors from Switzerland and beyond
- Apart from investments in zero-emissions projects, the collaboration extends to the insurance industry, which is poised for significant growth in the coming years
Economy
OECD predicts rise in global economy amid Middle East ‘risk’
The OECD raised its 2024 world economic growth forecast Monday but warned that the Middle East conflict posed a risk,...
- The OECD now expects a 2.9 percent expansion, up from 2.7 percent in its previous forecast in November, as it sharply lifted the outlook for the US
- While inflation is falling in major economies, "it is too soon to be sure that underlying price pressures are fully contained", the OECD added
Business
Investment in Qatar free zones reaches US$1.3bn, says QFZ chairman
DOHA, QATAR - Minister of State and Chairman of Qatar Free Zones Authority (QFZ) Dr. Ahmad bin Mohammed Al Sayed...
- The QFZ chairman held a meeting with a delegation led by First Vice-Chairman of Qatar Chamber Mohamed bin Ahmed bin Twar Al Kuwari.
- The delegation paid a field tour to the Ras Bufontas Free Zone to explore the investment benefits and business opportunities within the free zones.