OPEC lowers 2025 oil demand forecast over impact of US tariffs
 The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels...
Economy
European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
Geostrategy
Economy
UAE, Egypt, Jordan, Bahrain to announce joint industrial projects worth millions of dollars
The third meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development will take place in Jordan's...
- The third meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development will take place in Jordan's capital Amman
- The member states will collaborate to grow their respective industrial sectors by integrating resources and industries and leveraging competitive advantages
Economy
Gulf Common Market moves ahead with new tracks
New tracks have been launched in the Gulf common market to supplement the 10 current tracks. The bloc also seeks...
- New tracks have been launched in the Gulf Common Market to supplement the 10 current tracks. The bloc also seeks collaboration with the private players in the region
- The "third phase" of the statistical survey was also reviewed during the meeting to assess the implementation of the GCC Common Market plans on the ground
Economy
Turkey slashes borrowing rate to press quake recovery
Turkey was already battling runaway inflation and relying on wealthy allies to keep its economy afloat when the massive earthquake...
- A prominent business group has estimated there was some $84 bn in quake damage, but estimates from other experts are more conservative, putting the total closer to $10 bn.
- When the quake hit, Turkey's official annual inflation rate had slowed to 58 percent from a two-decade high of 85 percent last year.
Business
Renewables investments record high in 2022, but need massive increase
A report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), said although global investment in renewable...
- The report emphasizes how lending to developing countries looking to deploy renewables must be r highlights the need for public financing to play a much stronger role.
- Achieving an energy transition in line with the 1.5°C Scenario also requires the redirection of $0.7 trillion per year from fossil fuels to energy-transition related technologies.
WHO using Syria sanctions pause to ship in health supplies
The massive 7.8-magnitude tremor on February 6 has killed more than 42,000 people in Turkey and more than 3,600 in...
- The WHO said it was capitalizing on the suspending of sanctions to carry out some rapid procurement and revitalize Syria's shattered health services
- The UN health agency called on Syria's warring factions to see the earthquake as an opportunity to end the civil war for good
Economy
UAE-Azerbaijan trade advances significantly: Envoy
The bilateral ties between the two countries were further strengthened after the inauguration of the UAE Embassy in the Azeri...
- The UAE and Azerbaijan have deep-rooted ties and are keen to expand their bilateral trade, says envoy Mohammed Murad Al Balushi
- The bilateral ties between the two countries were further strengthened after the inauguration of the UAE Embassy in Baku in 2011, he adds
Dubai housing boom buoys buyers, burdens tenants
Dubai, renowned for its towering skyscrapers and ultra-luxury villas, saw record real estate transactions in 2022, largely due to the...
- Property prices in the prime locations of Dubai have jumped by 44 percent in 2022 compared with the year before, said real estate consultancy Knight Frank
- Russians, fleeing the impact of sanctions after their country's invasion of Ukraine. were the biggest foreign buyers on Dubai's property market last year
Business
Non-oil trade between Saudi Arabia and UAE up 9 percent in 2022
Abu Dhabi, UAE – The non-oil trade between the UAE and Saudi Arabia in 2022 increased by 9 percent, reaching...
- Over the period of 2013-2022, non-oil trade between the two countries increased by 70 percent.
- Raw gold topped the list of the top five commodities exported from the UAE to Saudi Arabia in 2022, valued at AED8.7 billion.
Economy
Asian markets drop as traders contemplate higher-for-longer rates
All three main indexes in New York plunged at least two percent Tuesday, with forecast-beating purchasing managers index data showing...
- Traders are now awaiting the release of minutes from the Fed'slatest policy meeting hoping for an idea about officials' views on how much and how far to lift borrowing costs
- Adding to the dark mood were downbeat 2023 projections from retail titans Walmart and Home Depot, who noted the impact of inflation and higher interest rates on consumer health
Arts & Culture
Centuries-old 77 stolen antiquities to be returned to Yemen
Washington, United States--The United States has returned 77 looted antiquities to Yemen, US authorities said Tuesday, adding the objects would be...
- New York state's justice department has been carrying out a vast campaign for several years to restore antiquities looted around the world
- The Yemeni government and the museum have signed an agreement to preserve the objects for two years, with the option of renewing it at Yemen's request
OPEC lowers 2025 oil demand forecast over impact of US tariffs
 The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels...
Economy
Company News
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Nedaa, Dubai Customs ink MoU
Business
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
Economy
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
Economy
Kuwait’s annual inflation jumps to 3.79% in November
According to the Kuwait Central Statistical Bureau, the upward trend was mainly attributed to rising prices across all major groups...
Economy
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Geostrategy
FTA issues guide to determine natural persons subject to corporate tax
ABU DHABI, UAE - The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural...
- The guide provides a comprehensive and simplified explanation and instructions for natural persons earning in the UAE.
- The FTA emphasized the importance of understanding the comprehensive content and definitions outlined in the guide.
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.
Geostrategy
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
- The project will improve the efficiency of Mauritania's water, irrigation and drainage facilities, while delivering agricultural equipment and potable water to farmers.
- Since 1979, the fund has contributed toward 20 development projects in Mauritania, at a value of over $665 million.