UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
‘Authenticity, experiences, culture, generational and solo travel to lead tourism trends’
Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview.
Business
Economy
India-UAE partnership summit calls for economic partnerships to drive development plans
India’s Minister of Commerce and Industry Piyush Goyal highlighted the various prospects of cooperation including leveraging UAE and India’s startup...
- India’s Minister of Commerce and Industry Piyush Goyal highlighted the various prospects of cooperation including the rupee-dirham trade, and India’s startup ecosystems
- President and CEO of Dubai Chambers Mohammad Ali Rashid Lootah revealed that the number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000
Economy
GCC leads from the front as MENA’s digital economy moves toward $500bn mark on the back of ecommerce
Non-Gulf countries' contributions to the digital economy in the region will increase to more than 35 percent during this time,...
- Non-Gulf countries' contributions to the digital economy in the region will increase to more than 35 percent during this time, says a latest report.
- The region's digital economy will grow from around US$100 billion in 2022 to US$500 billion in 2030, adds the report by RedSeer Strategic Consulting
Business
DEWA is an organizing partner in Dubai International Project Management Forum 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that it is participating in the 8th Dubai International Project...
- On the second day of the DIPMF, Saeed Mohammed Al Tayer, MD and CEO of DEWA, will participate in a panel discussion.
- DEWA will present practices and experiences implemented in Dubai, which has become a global benchmark for best practices.
Business
Twitter sued over ‘unpaid rent’ on London office
Twitter's British landlord said it is taking the social media to court for not paying rent on its London offices....
- Elon Musk, the billionaire CEO of Tesla and SpaceX, bought Twitter for US$44 billion in October 2022.
- Musk sacked half of the staff and reportedly stopped paying rent for office space to try to raise funds after taking on massive debt to buy the firm.
Business
DEWA launches plan for fast approval of electricity connections
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) launched the 'OWNEK' awareness initiative to help its accredited contractors and...
- The OWNEK initiative will save the contractors and consultants time and effort and speed up the workflow.
- The initiative includes a series of awareness sessions and detailed videos in Arabic and English.
Economy
ADAFSA’s Auwn Program wins Global Business Excellence Award
ABU DHABI, UAE - Abu Dhabi Agriculture & Food Safety Authority (ADAFSA) has just been announced as the winner of...
- Auwn Community Program assisted in accomplishing ADAFSA's Corporate Social Responsibility goals by implementing several community initiatives.
- These include blood donation drives, support for people of determination and cancer patients, community and environmental development initiatives.
Business
RAK first in world to achieve 19 ISO 50001 certifications
Ras Al Khaimah, UAE -- The government of Ras Al Khaimah became the first in the world to achieve the...
- The accomplishment was announced at the World Future Energy Summit 2023, held as part of Abu Dhabi Sustainability Week (ADSW).
- A comprehensive retrofit of government buildings was carried out between 2018 and 2022, through energy performance contracting.
Economy
Bahrain exports $2.98bn worth of products during Q4 2022
The value of imports rose by 0.3 percent, reaching $3.75 billion during the quarter compared to $3.72 billion in Q4...
- The value of imports rose by 0.3 percent, reaching $3.75 billion during the quarter compared to $3.72 billion in Q4 2021
- The top 10 countries accounted for 69 percent of the value of imports, while the remaining countries 31 percent
Economy
Gross banks’ assets jump to US$988 billion in November: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased...
- Gross credit increased due to 0.8 percent rise in domestic credit, overriding the 1.7 percent reduction in foreign credit
- Domestic credit grew because of 0.4 percent, 2.0 percent and 0.7 percent climbs in credit to the government sector, public sector (government related entities) and private sector
Economy
S&P Global and Moody’s confirm Qatar’s strong credit rating
Fitch and Capital Intelligence agencies also continued to rate Qatar's sovereign rating at the level of AA with a stable...
- Fitch and Capital Intelligence agencies also continued to rate Qatar's sovereign rating at the level of AA with a stable outlook, which reflects Qatar's strong creditworthiness
- Benjamin Young, a representative of S&P Global, revealed that it uses six basic pillars, each with grades, economic elements, and percentages in its rating of countries
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UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Company News
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Chinese president says Beijing’s economic recovery at ‘critical stage’
Beijing, China - President Xi Jinping said that China's economic recovery is at a "critical stage", state broadcaster CCTV reported Friday,...
Economy
Iran, Oman call for using national currencies in mutual trade
Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national...
Economy
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...
Business
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Economy
Saudi Arabian GDP declines by 4.4 percent in Q3 2023
RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third...
- The Kingdom’s GDP at constant prices reached US$191 billion (SAR 719.09 billion) in the third quarter of 2023,
- The real seasonally adjusted GDP eased 3.2 percent quarter-on-quarter (QoQ) in the three-month period.
Economy
COP28 strong push for climate action in Arab region
"The UNDP has spent approximately $1 billion in the Arab region for integrated development solutions driven by national priorities and...
- Launch of the Loss and Damage Fund at COP28 marks a crucial step in supporting climate action in the Arab region.
- UNDP's significant investment of $1bn in the Arab region focuses on integrated development aligned with national priorities.
COP28 UAE
COP28 chief urges nations to reach climate compromise
Setting the ambitious goal of having a deal in place by Tuesday, the last day of the conference, Sultan Al...
- Last week the event started with the launch of a loss and damage fund for nations devastated by climate change
- Scientists warn that greenhouse gas emissions must fall by 43 percent by 2030 from 2019 levels