China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
Business
US, China to slash tariffs as Trump to speak to Xi
After the first meetings between Washington and Beijing since Trump ratcheted up his trade war, the world's two biggest economies...
Economy
Economy
Abu Dhabi GDP grew by 9.3 percent in 2022, says SCAD in estimates report
ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report...
- Abu Dhabi's impressive growth across its diverse sectors during 2022 is attributed to its robust economic framework.
- As per the estimates, in Q4 2022, Abu Dhabi achieved real GDP growth of 5.9 percent worth US$75 billion.
Science
‘US needs $30bn to seal 14,000 unplugged offshore oil, gas wells’
The cost to secure thousands of inactive oil and gas wells in the US Gulf of Mexico could top $30...
- The authors of the study said both taxpayers and fossil fuel giants would likely be liable for the costs of plugging and abandoning the wells.
- The process includes encasing the opening in concrete to stop oil and the potent greenhouse gas methane from leaking out.
Geostrategy
ADFD finances US$30m sustainable water project in Mauritania
ABU DHABI, UAE - Abu Dhabi Fund for Development (ADFD) has signed an agreement with the government of Mauritania to...
- The total value of the project, financed by several Arab and international financing institutions, is US$320 million.
- The main objective of the project is to provide potable water to around 92 cities and villages in Mauritania.
Economy
UAE Federal Treasury Sukuk Program appoints ADIB as primary dealer
ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary...
- This new program has been launched by the federal government of the UAE, through the Ministry of Finance (MOF).
- The program aims to issue Sukuk through Shariah-compliant structures as approved by the Higher Shari’ah Authority.
Science
Natural capital, conservation should be priority for private sector in region
DUBAI, UAE - The private sector and financial institutions in the Middle East should enhance reporting by including information about how...
- The report indicates that almost half of the Middle East's GDP is either highly or moderately dependent on the environment.
- Middle East faces a number of environmental challenges specific to the region, including scarce water resources and desertification.
Economy
Iran’s annual trade with BRICS rises by 14% to $38.4bn
Tehran, Iran – Iran’s trade with BRICS member states reached 47.99 million tons worth $38.43 billion in fiscal 2022-23. In...
- In fiscal 2022–23, Iran's trade with the BRICS nations—Brazil, Russia, India, China, and South Africa—amounted to 47.99 million tonnes worth $38.43 billion
- China was Iran’s main trade partner among BRICS members with 35.55 million tons (up 8.71 percent) worth $30.32 billion (up 37.41 percent) of exchanges
Economy
Jordan’s food companies to show off products at Canada fair
Amman, Jordan-- With an eye on boosting its exports to North America, a range of companies from Jordan will showcase...
- Jordan Exporters Association in a statement said that the kingdom's enterprises will network with customers from Canada and other countries at the fair
- JEA President Ahmed Khodari said industrial exports play a vital role in advancing the country's economy by boosting output and growing existing investments
Economy
Iran’s exports touch US$50bn, break record: Raisi
Tehran, Iran--The 13th government has been able to export goods worth more than $50 billion since taking office, breaking the...
- The president speaking at the fifth Export Potential Exhibition of the Islamic Republic of Iran applauded the country's achievements in medical and health sectors
- He said that in spite of obstructions created by "enemies" to hinder Iran's military, nuclear, and scientific goals, it had succeeded in building defense and nuclear industries
Economy
Saudi Arabia looks to widen trade and investment ties with Italy
Riyadh, Saudi Arabia--Saudi Arabia is keen to deepen trade and economic ties with Italy from the current volume of trade...
- The Saudi delegation held meetings with Italian officials and government and private agencies to discuss ways to boost the volume of trade and investment
- The visiting investors took part in the Saudi-Italian Business Forum in Milan, attended by 300 business owners and representatives of government agencies
Business
QGIRCO reports Q1 profit drop
The insurance firm's net profit fell to US$12.36 million.
- Its earning per share amounted to QR 0.051 as of March 31, 2023 as against QR 0.068 for the same period in 2022
- The insurance company also reported a profit drop in the third quarter of 2022, compared to the same period in 2021
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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
China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
Business
Company News
Latest News
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
Business
China economic slowdown to continue for the next four years, says IMF
BEIJING, CHINA - China's economic slowdown is likely to persist in the coming years as the Asian giant struggles with sagging...
Economy
Saudi Arabia launches program to boost exports
Riyadh, Saudi Arabia - Saudi Arabia has embarked on a program to equip Saudi exporters with the necessary information on...
Economy
Most Read
Economy
UAE healthcare spending set to reach $30.6bn by 2027
The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a...
- The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a white paper.
- Precision medicine has been identified as a key departure from traditional healthcare approaches, focusing on patient-centered care, the report highlights.
Business
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
- There are currently 1.6 million individuals with investable assets of over US$1 million in the leading emerging economies.
- The UAE’s millionaire population has shot up since 2013, by 77 percent, and is now home to 116,500 millionaires
Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
- In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
- However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.