Iran and Russia to sign new contracts to develop oil, gas fields
Tehran, Iran-- Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the...
Economy
Qatar and China entrepreneurs explore partnerships, JVs in tech and energy
Doha, Qatar-- Businessmen and entrepreneurs from Qatar and China have discussed opportunities to set up joint ventures and commercial partnerships...
Economy
Business
UAE biggest trading partner of Australia, relations between two growing
The UAE is Australia’s largest trading partner and the second-largest source of investment in the Middle East, said Justin McGowan,...
- Annual trade between the two countries is valued approximately at AU$9.8 billion ($7.1 billion).
- More than 250 Australian companies are based in the UAE, said Justin McGowan, Commissioner General of Australia at Expo 2020 Dubai.
Economy
Qatar and Turkey to extend currency swap deal between their central banks
Qatar and Turkey have announced they agreed to extend a currency swap deal between their central banks, as Ankara’s lira...
- The swap deal came during Turkish President Recep Tayyip Erdogan’s visit to Doha.
- The agreement in 2018 was extended for the first time in May 2020, with the overall limit increased from $5 bn equivalent of Turkish lira and Qatari riyal to $15 bn.
Economy
Dubai’s carbon emissions have fallen by 22 percent in 2019
Dubai's carbon emissions have fallen by 22 percent in 2019, reflecting the efforts made by its strategic partners to support...
- Dubai Supreme Council of Energy discusses a resolution to achieve carbon neutrality by 2050.
- The meeting also discussed the implementation of a resolution to regulate district cooling services in Dubai.
Economy
Three laws introduced in UAE after the biggest-ever amendments
The UAE has introduced three new economic laws, with the government saying these laws underwent the largest legislative amendments of...
- The laws are the Commercial Companies Law, Commercial Registry Law and the Trademarks Law.
- Commercial Companies Law abolishes the maximum and minimum percentage of the founders’ contribution to the company’s capital at the time of the public offering
Economy
Qatar budget outlay to go up 5% for World Cup
A minister said the rise in budget was due to the ‘temporary increase’ in expenses related to the World Cup.
- The emirate's planned expenses for 2022 rose by 4.9 percent from last year to QAR204.3 billion ($55.7 billion)
- Qatar conservatively projects total revenue of QAR196 billion, based on an average oil price of $55 a barrel
Business
KSA and Oman draw closer, sign deals worth $30bn
Saudi Arabia signed deals with Oman valued at $30 billion, state media said Tuesday, as Crown Prince Mohammed bin Salman...
- Saudi and Omani companies "signed 13 memoranda of understanding worth $30 billion", the official Saudi Press Agency reported
- According to SPA, he will also visit the United Arab Emirates, Bahrain, Kuwait, and Qatar
Economy
UAE first to have 4.5-day workweek in the world
Official sources said the country would, from January 1, ‘transition to a four and a half day working week,’ with...
- From January 1, all government entities may have eight working hours a day from Monday to Thursday, from 7:30 am to 3:30 pm
- Fridays will apparently have 4.5 working hours: from 7:30 am to noon, with Friday sermons and prayers held after 1:15 pm
Economy
Libya central banks to reunite after 7-year split
Libya collapsed into years of violence after the 2011 fall and killing of dictator Moamer Gadhafi in a NATO-backed revolt....
- The existence of two central banks has complicated the handling of Libya's vital oil revenues and control over monetary policy
- This has contributed to runaway inflation and a liquidity crisis, despite the country's vast crude reserves
Business
Saudi Arabia, Oman ink 13 business deals
The deals were inked by Oman Investment Authority firms with Saudi counterparts as Saudi Crown Prince Mohammed bin Salman visited.
- OQ signed three MoUs in the fields of petrochemicals, renewable energy and green hydrogen sector
- In the field of dry dock and logistic services, Asyad signed an MoU with a Saudi shipping company
Business
Oman budget deficit down by 62.9 percent as oil prices recover
The deficit had fallen to RO1 billion ($2.6 billion) by October-end from RO2.71 billion ($7.05 billion) during the same period...
- Oman’s total general revenues as at the end of October had increased 28.1 percent and stood at RO8.33 billion ($21.67 billion)
- The revenues stood at RO6.5 billion ($16.91 billion) during the corresponding period in 2020
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Iran and Russia to sign new contracts to develop oil, gas fields
Tehran, Iran-- Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the...
Economy
Company News
QGIRCO reports Q1 profit drop
Business
Latest News
US banks express caution on economy as Fed rate hikes boost earnings
Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy...
Business
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
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Economy
UAE and Mozambique sign MoU to improve ‘work cycle’ for workers
Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the...
- The UAE minister said the MoU establishes an institutional partnership between the two ministries to maximize mutual benefits
- He said the UAE government is keen to build partnerships around the world, which, he feels, builds trust in the country's labor market
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