Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products...
Economy
Tunisian economic crisis mutes build-up to Ramadan
Tunisians usually prepare for Ramadan -- when daytime fasting is followed by festive but often costly meals with family and...
Economy
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
Geostrategy
GCC Summit issues Riyadh Declaration
The region’s common economic, defense and security integration and unity and coordinating stances were reviewed at the 42nd GCC Summit.
- They Gulf leaders seek to enhance solidarity and stability among GCC member states
- The Supreme Council will hold its 43rd session under Oman’s presidency
Geostrategy
Cooperation, security remain focus of GCC summit
The GCC leaders discuss political issues and security challenges that require intensified efforts to enhance regional solidarity.
- The GCC leaders discuss political issues and security challenges that require intensified efforts to enhance regional solidarity
- The 42nd session of the Supreme Council of the GCC countries, chaired by Saudi Arabia, seeks to strengthen the process of cooperation
Economy
IEA sees ‘more comfortable’ year for oil market in 2022
The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be "more comfortable"...
- The IEA said it had revised downwards its forecast for global oil demand by an average of 100,000 bpd for 2021 and 2022.
- The surge in new Covid-19 cases is expected to temporarily slow, but not upend, the recovery in oil demand.
Economy
Jordan, USAID sign two agreements worth $597m
Jordan Minister of Planning and International Cooperation Nasser Shraideh and USAID Jordan Mission Director Sherry Carlin signed the agreements.
- Jordan Minister of Planning and International Cooperation Nasser Shraideh and USAID Jordan Mission Director Sherry Carlin signed the agreements
- Under one of the agreements, the US government will transfer the second and final installment, of $245 million from its $845 million US cash grant to the Kingdom in 2021
Russia vetoes UN resolution on climate change as global security threat
China abstained, while India voted against, arguing that global warming was chiefly an issue related to economic development, rather than...
- China abstained, while India voted against, arguing that global warming was chiefly an issue related to economic development, rather than international security
- The resolution had called on the UN chief to report within two years "on the security implications" of climate change on issues addressed by the Security Council
Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products...
Economy
Company News
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ADNIC records 17% profit rise
Business
UAE ranks first in Arab region and 29th globally in UN Industrial Performance Index
Abu Dhabi, UAE - The United Arab Emirates (UAE) has secured the top spot in the Arab region and risen...
Economy
Saudi Arabia: An emerging tourism hub
The Kingdom is harnessing the potential of tourism for economic growth, job creation, and cultural exchange. In 2022, Saudi Arabia...
Economy
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Geostrategy
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
- Recognizing net-zero and clean energy ambitions, both sides decided to establish the KSA-Japan Lighthouse Initiative for Clean Energy Cooperation.
- The initiative will serve as a beacon for other countries and regions as they develop their strategies and roadmaps toward their net zero ambitions.
Business
Dubai posts 44 percent growth in business event bid wins in H1 2023
DUBAI, UAE – The city has registered a strong year-on-year growth of 44 percent in business event bid wins in...
- Dubai Business Events worked with partners and stakeholders to win 143 conferences, congresses, meetings and incentives in H1 2023.
- These events are expected to bring over 94,000 additional visitors to the city, including global experts and leaders in their respective fields.
Business
DSCE gets ISO 50001, net-zero certifications for sustainable energy management
DUBAI, UAE - The Dubai Supreme Council of Energy (DSCE) has received the ISO 50001:2018 in energy management systems and...
- This followed a comprehensive assessment conducted by W3 Solutionz - USA through CanaGulf International Standardization.
- The audit process conducted by CanaGulf International Standardization was based on several guiding principles.