World Bank announces record $100 bn support for world’s poorest countries
The World Bank announced Thursday that it had raised close to $24 billion to provide loans and grants for some...
How city governments can foster tech-sector growth without breaking the bank
City governments are usually equipped to promote their cities through websites, newsletters, communications, as well as hosting delegations visiting from...
Geostrategy
Jordan imported 405k barrels of Iraqi crude in October
AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels...
- Jordan had imported roughly three million barrels of Iraqi crude from September 2021 to October 2022.
- The crude oil was transported by 11,565 Jordanian and Iraqi tanker trucks.
Geostrategy
UAE, Russia discuss ways to bolster medical collaboration
DUBAI, UAE - UAE's Ministry of Health and Prevention (MoHAP) discussed with the Russian Ministry of Industry and Trade ways...
- The two sides discussed ways to encourage more Russian companies to transfer some of their production lines to the UAE.
- The two sides discussed exchange of medical expertise and ways to expand partnerships in the pharmaceutical sector between UAE and Russia.
Business
Bayer Q3 profits at US$544m
Strong performance of the firm's agrochemicals division helped.
- Bayer reported US$84.9 million in profit in the third quarter of 2021.
- Sales rose by 5.7 percent, to more than US$11.18 billion.
Geostrategy
UAE-India manpower technical panel discuss collaboration
DUBAI, UAE - The UAE-India joint technical committee for manpower held its first meeting where it explored areas of collaboration...
- Both parties highlighted their keenness to enhance cooperation to ensure a safe, organized and legal transition of Indian laborers.
- The UAE delegation presented key insights on its job market, which is one of the preferred global destinations for work.
Economy
Standard & Poor’s upgrades Qatar’s rating to AA with stable outlook
The agency expects that Qatar would achieve large budget surpluses and sustainably reduce debt servicing costs due to the government's...
- The agency expects that Qatar would achieve large budget surpluses and sustainably reduce debt servicing costs due to the government's successful strategy to pay off debts
- This upgrade by Standard & Poor's comes in conjunction with Moody's amendment of its expectations for Qatar from "stable" to "positive"
Business
Global financial industry leaders set to descend on Abu Dhabi
Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem...
- Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem Ben-Gacem, Co-CEO of Investcorp
- The event now has Abu Dhabi Islamic Bank (ADIB), HSBC Bank, Mubadala and Standard Chartered as official partners, MidChains and OKX as supporting partners
Economy
China sees steady foreign trade growth in first 10 months
The European Union and the United States were China's second-largest and third-largest trading partners during the period, respectively.
- The European Union and the United States were China's second-largest and third-largest trading partners during the period, respectively
- China's trade with countries and regions participating in the Belt and Road Initiative posted robust year-on-year growth
Economy
Food prices declined in October, says Jordan trade minister
AMMAN, JORDAN - Jordan Minister of Industry, Trade and Supply and Minister of Labor Yousef Shamali said Monday that food...
- The minister attributed the decline to falling oil prices and its impact on production and transport costs.
- He said that the fall in the prices of food is also due to measures taken by the government.
Geostrategy
‘UAE President’s speech at COP27 outlined vision for climate action’
SHARM EL SHEIKH, EGYPT - UAE Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber said that...
- UAE Minister of Industry said effective climate action accelerates opportunities for sustainable economic and social development.
- The minister said that the President's speech emphasized that continuity and perseverance are at the core of the UAE’s strategy.
Geostrategy
COP27: Choose climate solidarity or collective suicide, UN chief tells world leaders
Humanity is in "the fight of our lives" as climate change intensifies droughts, floods and heatwaves, UN chief Antonio Guterres...
- The UN chief called for a "historic" deal between rich countries and emerging economies that would aim to reduce emissions.
- The UN chief said the target should be to provide renewable and affordable energy for all.
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World Bank announces record $100 bn support for world’s poorest countries
The World Bank announced Thursday that it had raised close to $24 billion to provide loans and grants for some...
Company News
Latest News
ADIB publishes ‘sustainable finance framework’ establishing criteria for borrowing
Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which...
Economy
Saudi Arabian ministry issues 174 industrial licenses
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September,...
Business
Turkish inflation rate holds near 61 percent
Turkey is suffering the worst bout of inflation of President Recep Tayyip Erdogan's two-decade rule. The official annual inflation rate...
Economy
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Business
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.
- Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
- It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Economy
Jordan becomes UAE’s regional investment hub
“Jordan has become a regional investment hub of choice for the UAE's direct investments, totaling US$4 billion. This represents 14%...
- The UAE has invested $4 billion directly in Jordan, with non-oil trade reaching $4.5 billion in 2022, reflecting their deep-rooted ties and mutual interests.
- In 2022, the UAE, Jordan, Egypt, and Bahrain announced a comprehensive industrial partnership, allocating a $10bn investment fund for collaborative projects.
Economy
Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...
- Federal Reserve's decision to hold interest rates comes amid concerns of persistent inflation
- The CBUAE and QCB's decision underscores the link between global and regional monetary policies