Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
Economy
Economy
RAK non-oil foreign trade sees 14% hike in 2021
Exports accounted for the largest portion of the emirate's total non-oil foreign trade, reaching 57 percent, at AED 9.539 billion.
- Exports accounted for the largest portion of the emirate's total non-oil foreign trade, reaching 57 percent, at AED 9.539 billion
- This is followed by imports, which accounted for 35 percent of the total, amounting to AED 5.97 billion
Geostrategy
Saudi Arabia opens airspace to ‘all carriers’, including Israeli airlines
Saudi Arabia announced Friday it was lifting restrictions on "all carriers" using its airspace, an apparent gesture of openness towards...
- The decision was made "to complement the Kingdom's efforts aimed at consolidating its position as a global hub connecting three continents"
- Israel has been pushing for the overflight rights to shorten links to destinations in Asia.
Business
Reforms make Dubai region’s most open realty market
Revised lending norms, focus on sustainability and improved digital services and data availability help the emirate advance in JLL's Global...
- Lending reforms, focus on sustainability and improved digital services and data availability help the emirate advance in JLL's Global Real Estate Transparency Index
- Despite moving up one spot in the global rankings, Abu Dhabi is still classified as having 'Partial Transparency' in its governmental practices, the JLL index points out
Geostrategy
UAE, Türkiye discuss enhancing relations in various sectors
A UAE delegation led by Minister of Industry and Advanced Technology Dr Sultan bin Ahmed Al Jaber has concluded a...
- A UAE delegation led by Minister of Industry and Advanced Technology was on a two-day visit to Türkiye aimed at enhancing cooperation
- The visit included meetings with senior government and private sectors officials as well as a UAE-Türkiye Investment Workshop
Economy
European stocks fall on fears of aggressive Fed interest rate hike
Europe's main stock markets slid at the open on Thursday, as a fresh spike in US inflation reinforced expectations of...
- In initial deals, London's FTSE 100 index lost 0.3 percent to 7,138.54 points compared with the closing level on Wednesday.
- In the eurozone, Frankfurt's DAX index slid 0.2 percent to 12,733.34 points and the Paris CAC 40 shed 0.4 percent to 5,977.05.
Economy
ADFD, ADEX to give US$92m loan for Bahrain water supply project
Abu Dhabi Fund for Development and the Abu Dhabi Exports Office signed two loan agreements with the Electricity and Water...
- AED will provide US$ 41mn to the Electricity and Water Authority in Bahrain to finance a water supply network project
- ADEX will provide US$ 51 million for the project which aims to enhance the capacity of the water transmission networks
Geostrategy
Libya’s state oil company chief resists move to replace him
Libya's Tripoli-based government has named a new head of the state oil company to replace veteran technocrat Mustafa Sanalla, who...
- Farhat Bengdara and four others will from now on make up the "board of directors of the National Oil Corporation".
- Mustafa Sanallla has led the National Oil Corporation since 2014,. The Corporation has largely managed to remain neutral in the face of political wrangling.
Economy
European Union cuts growth forecasts as war-stoked inflation surges
The EU executive, which tracks the economy of the 27 countries in the European Union, said GDP growth in the...
- The commission said the Russian invasion of Ukraine had put "additional upward pressure" on energy and food prices, which were eroding the purchasing power of housholds.
- Other factors negatively affecting growth include the "faster than expected" tightening of monetary policy by the European Central Bank, which it says is needed to curb inflation.
Geostrategy
Libyans fume at power cuts amid intolerable heat
Mahmud Aguil has a comfortable house in Libya's capital Tripoli, but chronic power outages in the war-battered country and roasting...
- The electricity crisis is just the latest trial for Libyans after a decade of insecurity, fuel shortages, crumbling infrastructure and economic woes
- Supporters of the eastern camp have restricted production at key oil facilities in recent months to pressure Dbeibah to transfer power to Bashagha
Geostrategy
Jordan, Greece discuss cooperation in construction, energy, agriculture
The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025.
- The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025
- They decided to work for increased cooperation in the economy and commerce, as well as higher education, transportation, energy and agriculture
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
Company News
Multiply Group buys stake
Business
Latest News
Belt and Road Initiative countries expect more cooperation ahead of China-Arab expo
YINCHUAN, CHINA - In the run-up to the sixth China-Arab States Expo, guests from countries and regions along the Belt...
Geostrategy
AI and LLMs poised to transform global job landscape
About 23% of global jobs will transform within five years due to LLMs and AI advancements, according to the World...
Economy
Stocks diverge as oil hits 10-month high of above $95 per barrel
Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported...
Economy
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Economy
There’s a link between health and climate change
“As we prepare for the groundbreaking Health Day at COP28, we are resolute in our determination to address the challenges...
- At the heart of the COP28 discussions, the UAE, represented by Dr. Sultan bin Ahmed Al Jaber, emphasizes the undeniable link between climate change and health
- COP28 seeks to spotlight the fragility of global health systems, the financial implications of climate-induced health crises, and the urgent need for transformative changes
Economy
UAE and Serbia hold discussions on signing of CEPA
In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive...
- The bilateral non-oil trade in H1 reached US$57.6 million, surpassing the total recorded for the whole of 2020
- Until now, the UAE has successfully concluded CEPAs with India, Indonesia, Israel, Türkiye, Cambodia and Georgia
Economy
UAE’s $1.5 bn bond issue oversubscribed five times
Dubai, UAE - The UAE's $1.5 billion bond issue saw five times oversubscription, attracting over $7.4 billion in bids, the...
- The 10-year bond, with a yield of 4.917%, will list on the London Stock Exchange and Nasdaq Dubai, maturing in September 2033
- The allocation was geographically diverse, with 61% going to banks, 32% to fund managers, 4% to pension funds and central banks, and 3% to the insurance sector