UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Economy
China-backed bank halts lending to Russia, Belarus
In a statement issued Thursday, the AIIB said that "in the best interests of the bank, management has decided that...
- In a statement issued Thursday, the AIIB said that "in the best interests of the bank, management has decided that all activities relating to Russia and Belarus are on hold
- China, whose bilateral relationship with Russia has strengthened in recent years, has thus far avoided criticizing Moscow over its invasion of Ukraine
Economy
Erdogan replaces agriculture minister of Turkey
Turkish President Recep Tayyip Erdogan appointed Vahit Kirisci as minister of agriculture and forestry after the resignation of Bekir Pakdemirli.
- A rapid succession of floods and wildfires engulfing Turkey killed some 100 people in July and August last year
- Turkey was criticized over the lack of firefighting planes, and accepted help from Azerbaijan, Iran, Russia, and Ukraine
Business
Saudi fintech cashes in on startups, investments
Saudi Arabia witnesses a 37 percent rise in the number of fintech startups and a $181 million increase in venture...
- Saudi Arabia witnesses a 37 percent increase in the number of fintech startups entering the market
- Saudi fintech sector is mostly driven by young entrepreneurs who compete with the country's top financial institutions
Economy
Dubai leads region in innovation, fintech
The emirate, which boasts a thriving community of startup incubators and accelerators, tops the list for foreign direct investment and...
- Dubai is developing an environment that encourages firms from all industries to innovate.
- The city has been able to leverage its strengths as a world-class city to attract global blockchain entrepreneurs.
Economy
Bahrain scores high in gender equality, women’s economic participation
The World Bank has reported that Bahrain’s score improved to 73 percent in women’s economic participation and gender equality from...
- The report, compiled by World Bank Group’s Women, Business and the Law 2022, examines laws and regulations that restrict women’s economic inclusion.
- Bahrain’s overall score improved by 9.4 points to a score of 65 out of 100, attributable to Bahrain gaining the perfect score of 100 in the Pay indicator.
Business
Lufthansa posts net loss of $2.2bn
The German carrier said it cut its losses by two-thirds in 2021.
- German airline Lufthansa said that Ukraine invasion has led to uncertainty in aviation sector
- It said rising price of fuel would also adversely impact the sector and could reduce the profit
Economy
UAE non-oil trade totals AED16.14 trillion in the last 10 years
The non-oil trade of the UAE has totalled AED16.14 trillion in the last ten years as the country's growth returned...
- According to Dr. Thani bin Ahmed Al Zeyoudi the UAE aims to increase the level of investment coming to the country to AED1 trillion within nine years
- "We work according to the plans of the UAE’s leadership to double national exports, foreign trade and economic growth," Al Zeyoudi said
Economy
UAE and Latvia launch economic cooperation program in six sectors
The UAE and Latvia have agreed on a six-track economic cooperation program covering trade and investment, innovation and advanced technology,...
- The program covers investment, innovation and advanced technology, transportation and logistics, agriculture, food, education and science.
- An MoU between the Investment and Development Agency of Latvia (LIAA) and the SMEs Development Department at the UAE Ministry of Economy.
Economy
Dubai to have Traffic Safety Strategy 2022-2026
The strategy’s objective is to make Dubai one of the safest cities in the world and achieve the zero road...
- The strategy’s objective is to make Dubai one of the safest cities in the world and achieve the zero road deaths vision
- The strategy will complement what has been achieved within the objectives of the National Agenda and Dubai Plan 2021
Economy
Dubai approves Savings Scheme for foreign employees in Govt
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, approved on...
- The initiative will also ensure that Dubai remains an attractive career destination that appeals to outstanding talent
- The announcement was made during a meeting of The Executive Council of Dubai held at "Deep Dive Dubai."
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UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
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Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
Business
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.
Business
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Business
Kenya suspends Worldcoin crypto over privacy concerns
Users who registered with the Worldcoin cryptoproject in Kenya were offered 25 free Worldcoin tokens worth about 7,000 shillings ($45),...
- The Worldcoin Foundation said demand for a World ID in Kenya had been "overwhelming" and as a precaution, verification services had been "temporarily paused"
- Kenya has been battling soaring inflation and a jobs crisis, particularly among the young, prompting many people to flock to register with Worldcoin in exchange for cash
Economy
Global trade in goods, services worth US$31trn in 2022: WTO
Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the...
- In 2022, China retained the top position as the top merchandise exporter, but its share fell to 14 percent from 15 percent
- Exports of fuel and mining products recorded a 19 percent increase per year between 2019 and 2022, touching US5,158 billion in 2022
Business
Agthia Group profit vaults 6.6%
The net profit rose to US$39.21m in H1 of 2023.
- The company's revenue jumped 10.3 percent to $600 million, reflecting a strong volume and value performance from dates
- EBITDA growth was ahead of revenue, up 18.3% year-on-year to $87m, reflecting strong growth in profitability across snacking and water