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
Trump’s tariffs shake up MENA economies, hitting allies, adversaries, oil trade and emerging industries: Report
Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according...
Economy
Business
Saudi transport authority signs largest bus transport project
Riyadh, Saudi Arabia---Saudi Arabia's Transport General Authority has signed the largest project for transporting passengers by buses through a network...
- The network, which involved major global alliances, will cover more than 200 cities and governorates.
- The network is expected to serve more than 6 million passengers annually through 76 routes, with a new fleet of buses equipped with the latest technologies.
Business
DEWA,  France’s satellite operator Eutelsat discuss cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer spoke of the...
- DEWA CEO highlighted organization’s key initiatives and projects to promote sustainability, renewable and clean energy, and energy efficiency.
- These include DEWA’s space program (Space D) which supports the National Space Strategy 2030.
Economy
External players give tough race to UAE’s e-commerce
The external e-commerce players, projected to grow by 19.2 percent from 2022 to 2026, are expected to capture a share...
- The external players, projected to grow by 19.2 percent from 2022 to 2026, are expected to capture a share of 34 percent of the total online shopping in the UAE.
- The size of the UAE e-commerce sector will reach US$ 9.2bn by 2026, growing at a compound annual growth rate of 12.6 percent, says Dubai Chamber of Commerce
Business
Centrica 2022 profit US$4bn Â
Firm's profit rose due to gas and crude oil prices spike.
- Britain's government of Prime Minister Rishi Sunak is temporarily subsidizing electricity and gas bills this winter.
- Centrica expanded its stock buyback scheme to hand another $360 million to shareholders.
Economy
Protestors ransack banks in Lebanon as currency hits record low
Lebanon's cash-strapped banks have imposed strict restrictions on withdrawals, barring depositors from accessing their savings, especially those in US dollars.
- The pound is trading at about 80,000 to the greenback on the black market versus 60,000 at the start of the month.
- around 50 protesters smashed the facades of four banks and burned car tires in the central Beirut neighborhood of Badaro.
Business
Investopia, Mubadala ink strategic partnership
DUBAI, UAE - Investopia, the global investment platform launched by the UAE Government, and Mubadala, the sovereign investor, announced a...
- Mubadala and its portfolio companies will expand their participation across the different activities taking place during Investopia.
- The pact will include the participation of Mubadala’s senior leadership in the program, the firm's engagement in the various activities targeting start-ups.
Business
Abu Dhabi Chamber, India’s FICCI explore areas of collaboration
ABU DHABI, UAE - The UAE and India share solid relations, said the Abu Dhabi Chamber of Commerce and Industry...
- The Indian delegation was headed by the Assistant Secretary-General of the Federation of Indian Chambers of Commerce & Industry.
- The delegation included representatives of over 30 private companies across a wide range of industries.
Economy
Abu Dhabi economy grows fastest in MENA region at 10.5%
The emirate has launched a number of initiatives in recent years as it focuses on diversifying its economy away from...
- The emirate has launched a number of initiatives in recent years as it focuses on diversifying its economy away from oil
Economy
Atkins wins delivery partner role in Saudi futuristic city
Riyadh, Saudi Arabia--Atkins has been appointed as a delivery partner organization for what Saudi Arabia terms as "The Line" in...
- A linear development, The Line, once completed, will be 170 km long and only 200 m wide cognitive city run on 100% clean energy
- The development’s infrastructure will be embedded with sustainable smart technology containing essential utilities and transportation services
Economy
Lebanese pound drops to new low against dollar
With Lebanon's political and economic crisis showing no signs of abating, its currency on Wednesday hit a record low against...
- The UN says the depreciation has already translated into a surge in fuel prices in a country where 80 percent of the population lives below the poverty line
- Supermarkets have even stopped putting price labels on food items because of the constantly skyrocketing prices
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
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‘Private sector plays vital role in Gulf integration’
"The GCC has all the potential to become a strong economic alliance capable of asserting itself on the global economic...
Economy
UAE banking sector sees $71.87 billion in savings deposits until October 2023
Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the...
Economy
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Economy
Lebanon economy to plunge into recession due to Gaza war
The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for...
- Lebanon's economy collapsed in late 2019, plunging most of the population into poverty, according to the United Nations.
- Real gross domestic product is expected to decline "to between minus 0.6 percent to minus 0.9 percent depending on the extent of the tourism shock," the World Bank said.
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
- Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.
Economy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
- Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
- GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.