Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
Economy
Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh
Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...
Business
Economy
Sheikh Mohammed launches largest tourism campaign ‘World’s Coolest Winter’
UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum launched the second season of the World’s Coolest...
- The campaign highlights the diversity of the UAE’s tourism and recreational attractions.
- With an occupancy rate of 64 percent, the UAE outperformed the top 10 tourist destinations in the world.
Economy
Nearly 14,000 Bahraini nationals invested in UAE companies in 2020
A total of 13, 978 Bahraini nationals have invested in UAE public shareholding companies in 2020 and 331 licenses for...
- Trade between the UAE and Bahrain in 2020 was valued at AED20.1 billion and more Bahraini nationals were entering the Emirates real estate market.
- In 2020, the value of real estate deals signed by Bahraini citizens in the UAE reached AED228 million.
Economy
Jordan to engage private sector in enacting investment laws
Jordan’s Investment Minister, Khairy Amro, said the investment law, which the government is currently working on, will cope with the...
- Jordan’s Investment Minister, Khairy Amro, said the investment law, which the government is currently working on, will cope with the most developed international laws in this field
- To facilitate transactions, Amro said, the ministry seeks to be the core reference for investment and the sole authority to follow up on investor issues
Economy
Saudi Arabia among five countries bidding for World Expo 2030
King Mohammad bin Salman bin Abdulaziz recently announced that the kingdom would bid for the expo.
- King Mohammad bin Salman bin Abdulaziz recently announced that the kingdom would bid for the expo
- The other four countries competing to hold the event are South Korea; Italy; Ukraine and Russia
Economy
Iraq economy outlook bleak after droughts and war, says study
The United Nations says about one-third of Iraq's population lives in poverty, despite the country's oil wealth. The effects of...
- Experts have warned that record low rainfall is threatening social and economic disaster in Iraq
- The situation in the war-scarred country is said to have been compounded by climate change
Economy
World Bank unveils $93 billion boost for poorest nations
The package includes $23.5 billion of contributions from 48 high- and middle-income countries as well as financing raised in the...
- The World Bank said the funds will help countries better prepare for future crises, including pandemics, financial shocks and natural disasters
- The funds will support countries globally, resources are increasingly going to Africa, which will receive about 70 percent of the funding
Business
ADQ establishes office in Cairo to boost its investment in Egypt
Abu Dhabi Development Holding Company (ADQ) has established a new office in Egypt to build on its commitment to investing...
- The opening of ADQ’s new office complements the $20 billion strategic investment platform launched in 2019 between ADQ and TSFE.
- The platform aims to help advance Egypt’s economic development through joint strategic investment projects, specialized funds and investment tools.
Economy
Syria approves $5bn budget for 2022 as economic crisis hits finances
Syrian lawmakers have approved a draft budget for 2022 of $5.3 billion, down from $6.8 billion this year, as a...
- A decade of war, Western sanctions and the coronavirus pandemic have devastated the Syrian economy, pushing most of the population into poverty.
- Government spending has been cut by more than 40 percent over the past two years, with cuts threatening a critical social support program.
Economy
UAE taps Harvard lab to help build its economy
The new partnership between Harvard university’s Growth lab and the UAE’s Ministry of Economy is in line with the government’s...
- The UAE signed agreement with Harvard’s Growth Lab, specialized in theoretical and empirical research on determinants of growth
- The two-year program under the agreement will see academic experts conduct evidence-based economic analyses and research
Business
Binance may move to Dubai as part of crypto deal
TRENDS broke this news in October. The agreement will regulate the offering, issuance, listing and trading of encrypted assets of...
- TRENDS broke this news in October. The agreement will regulate the offering, issuance, listing and trading of encrypted assets of the firm that is based in Seychelles.
- Dubai is competing with Singapore, Switzerland, and other countries to become a worldwide hub for digital currency by developing a crypto-currency free-trade zone
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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
Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
Economy
Company News
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UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
Economy
UN says over 165m people fell into poverty in 3 years of crisis
UNITED NATIONS - The COVID-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into...
Geostrategy
China’s trade in goods with Belt and Road countries up 9.8% in H1
Beijing, China - China's trade in goods with nations along the Belt and Road Initiative in the first half of...
Economy
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Economy
Dubai Customs and Japan’s consulate discuss expansion of trade ties
Dubai, UAE-- Officials from Dubai Customs and Japan's consulate have discussed ways to boost trade cooperation between the two countries...
- The officials noted how collaboration with Dubai was enabling Japan's traders and investors to expand their businesses in Dubai
- The consulate officials conveyed their appreciation for Dubai Customs' role in combating drug smuggling across borders
Economy
Qatar hosts over 2m visitors in first half of 2023
Doha, Qatar - Qatar Tourism said on Thursday that the country received more than two million visitors during the first...
- Saudi Arabia remain the top source market for international visitors this year, contributing to nearly a quarter of all arrivals
- May and June registered the highest figure - 567 thousand - ever recorded for these two months in the last ten years
Economy
Abu Dhabi crown prince reviews progress of government projects in emirate
Abu Dhabi, UAE-- The Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council Sheikh Khaled bin...
- The crown prince stressed the need for investing in early education and how it is integral to building a "future-ready generation"
- In the meeting he noted the importance of achieving a fully integrated and sustainable roadmap, involving all stakeholders