UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
Economy
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
Business
Economy
Middle East Energy Event to address future of energy transition
The Middle East Energy Event (formerly Middle East Electricity) will be held at Dubai World Trade Center from 7th-9th March....
- The event, formerly known as Middle East Electricity, will be held at Dubai World Trade Center from 7th-9th March.
- A study by Goldman Sachs revealed green hydrogen could meet 25 percent of global energy requirements in the next 30 years.
Geostrategy
GACA and Oracle sign MoU to steer digital transformative initiative
Saudi Arabia’s General Authority of Civil Aviation (GACA) has signed an MoU with Oracle to develop and support a roadmap...
- The memorandum was signed on the sidelines of the Global Tech Conference "LEAP" held in Riyadh.
- It also stipulates mutual coordination regarding cloud seminars, training and guidance, facilitating training.
Economy
Green Hydrogen Production among 98 new activities added to Dubai economy
A total of 98 new economic activities have been added to several sectors of Dubai in 2021, bringing the total...
- The total number of economic activities in the Emirate has reached 2,200. In 2020, the DET had added 58 activities.
- Artificial Intelligence Developing Services, Gaming Localization Services and Industrial Consultancies are among other activities added this year.
ADNOC announces vital gas discovery offshore of Abu Dhabi
The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of natural gas resources offshore of the Emirate of...
- This discovery marks the first of Abu Dhabi’s offshore exploration concessions
- Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi
Business
Saudi connectivity takes off with five times faster Wi-Fi-6e
The Communications and Information Technology Commission (CITC), Saudi Arabia’s digital regulator, has announced the launch of WiFi-6e as part of...
- The latest generation of Wi-Fi technology offers data transfer speeds more than five times faster than the current standard
- It provides more capacity for high-bandwidth activities such as 8k gaming, video conferencing and virtual reality applications
Economy
Turkey inflation surges to near highest in 20 years
Independent data collected by Turkish economists suggested that the annual rate of inflation rose to more than 110 percent in...
- Erdogan staunchly opposes raising interest rates, which he believes cause inflation
- This is the exact opposition of conventional economic thinking
Business
Jordan trade chamber, Egyptian envoy talk economic cooperation
The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic...
- The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic relations
- Tawfiq, the president of the Amman Chamber, reiterated that Jordan-Egypt were a model of good relations between Arab states
Business
Saudi Arabia sees $6.4bn tech investment at LEAP
The fresh investments are said to be in line with Vision 2030, which aims to diversify the economy of Saudi...
- Investment deals totaling more than $6.4 billion were announced at LEAP 2022 in Riyadh
- Saudi Aramco Ventures launched a $1-billion investment fund called Prosperity 7 to help revolutionary startups
Business
UAE, Japan bilateral trade hit $30.5 bn in 2021
More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy,...
- More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy, a UAE official said
- A memorandum of understanding was also signed between the Department of Municipalities and Transport (DMT) and Sumitomo Corporation
Arts & Culture
Iraq struggles to transform Saddam Hussein’s crumbling palaces
Iraq is struggling to transform hundreds of palaces built and used by former dictator Saddam Hussain.
- One of the many palaces of the Iraqi dictator in the southern city of Basra has been turned into an antiquities museum
- Iraq has more than 100 residences, villas, and other complexes from the Saddam Hussein-era
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
Economy
Company News
Gulf Air, Emirates sign deal
Business
Latest News
UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion...
Business
Qatar Free Zones Authority, Qatar Development Bank to support foreign investors
Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms...
Economy
More Arab youth prefer entrepreneurship over govt job
Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant...
Economy
Most Read
Economy
IMF upgrades growth projection for 2023 on resilient service sector
The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent...
- The global growth forecast for this year was raised by 0.2 percentage points from the IMF's last forecast in April.
- However, IMF said global growth is expected to slow to three percent this year and then stay there.
Economy
US Federal Reserve meets to consider raising rates to 22-year high
After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest...
- Futures traders assign a probability of close to 99 percent that the Fed will lift its base rate by 25 basis points on Wednesday, according to CME Group.
- The quarter percentage-point hike predicted by analysts and traders would raise the Fed's benchmark lending rate to a range between 5.25-5.50%, its highest level in 22 years.
Economy
Saudi Arabia’s oil exports fell by nearly 38 percent in May
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...
- Non-oil exports (including re-exports) decreased by 8.7 percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
- The value of imports amounted to SAR 67.7 billion in May 2023 compared to SAR 56.0 billion in May 2022.