Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...
‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...
Economy
Economy
Strong ties help UAE-China trade surge
According to the Chinese statistics, there are over 4,000 Chinese-funded enterprises in the UAE. In 2020, the bilateral trade reached...
- The UAE is an important part of China's Belt and Road initiative with the Chinese Foreign Minister Wang Yi referring to the gulf country as a "shining pearl."
- The China-UAE Industrial Capacity Cooperation Demonstration Zone is a major cooperation project to translate the vision of the leaders of the two countries into action
Business
Ras Al Khaimah set for healthy post-pandemic growth: S&P Global
The emirate is expected to see a growth of around 2.5 percent between 2021 and 2024.
- S&P Global estimated RAK's economic growth at 3 percent in 2021, with the first half of the year showing a strong rebound from 2020
- Real-estate transactions, mining volumes, cargo trade, and tourist arrivals are expected to be behind this growth
Economy
War-torn Libya welcomes first group of tourists in a decade
Libya had been mostly off-limits to tourists throughout the four-decade rule of Moamer Kadhafi
- Libya had been mostly off-limits to tourists throughout the four-decade rule of Moamer Kadhafi
- Tourism has been a tiny industry in Libya, whose economy has been dominated by oil and gas since the mid-20th century
Business
UK and Saudi Arabia sign pact to promote direct investment
Saudi Arabia and the United Kingdom signed a Memorandum of Understanding, which is aimed at the promotion of direct investment...
- British and Saudi companies will be established and expanded in both countries.
- Exchange of visits and expertise as well as sharing of rules and regulations in direct investment opportunities part of the MoU
Business
Sharjah-Sao Paulo Business Forum explores economic cooperation
A forum organized by the Sharjah Chamber of Commerce and Industry (SCCI) brought together more than 100 businesspersons from the...
- More than 100 businesspersons from the two countries attended the forum organized by the Sharjah Chamber.
- Sau Paulo state accounts for 30 percent of the entire Brazilian economy and has the largest manufacturers of sugar, juices, coffee, and fruits.
Business
ADNEC launches expansion plans in Abu Dhabi, London
The Abu Dhabi National Exhibitions Company (ADNEC) has announced plans to expand its facilities and infrastructure in Abu Dhabi and...
- Building the largest exhibition hall in the Middle East and North Africa region is part of the expansion plans.
- The company said the expansion plans boost its competitiveness and ability to attract and hold major international events.
Business
UAE and Blue Origin to explore space economy and space tourism opportunities
The UAE will explore investment opportunities in the space economy and space tourism services besides other related ventures with Blue...
- The two sides also discussed expanding the scope of R&D in space to develop emerging space technology in the UAE.
- Space sector provides more than 3,200 jobs, and over 57 space firms are currently operating in the UAE.
Economy
Parliament’s finance committee approves Israel’s 2021-22 budget
The finance ministry lowered its 2021 budget deficit target to 5.5%-5.7% of gross domestic product from 6.8% due to higher-than-expected...
- Snap elections would be triggered if the spending package is not finalized by Nov. 14
- The Israeli economy is expected to grow 7% in 2021 after contracting 2.2% in 2020
Economy
44 MNCs decide to set up regional HQs in Riyadh
Pepsico, Deloite, Siemens, Haliburton, KPMG, PwC, Novartis and OYO are among the companies that will establish their regional headquarters in...
- The licenses were issued at the 5th edition of the Future Investment Initiative under the Regional Headquarters program.
- The direct and indirect benefits from the presence of companies (in Saudi Arabia) will amount up to $45 billion, says minister.
Economy
Jordan discusses projects with World Bank and Ukraine
Jordan’s Minister of Agriculture had a meeting with a World Bank official and a minister of Ukraine.
- Jordan discussed the promotion of exchange of goods and bilateral ties with Ukraine
- With the World Bank, Jordan discussed water strategies and afforestation
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
Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...
Company News
DFM net profit surges 30%
Business
American Q1 profit at $10m
Business
Latest News
FAB posts Q1 net profit of $1bn
Business
Global food prices fall to lowest level in two years in June
Dubai, UAE -- The World Price Index of the Food and Agriculture Organization of the United Nations (FAO) fell last...
Economy
Iraq, GECF discuss role of oil, gas in country’s development
BAGHDAD, IRAQ - Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
Business
Most Read
Geostrategy
Kuwait has third largest millionaire population in world
Dubai, UAE -- Kuwait ranked third and Qatar 22nd on the list -- prepared by the World of Statistics --...
- About 15 percent of Kuwaitis were millionaires, after Hong Kong's 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world.
- According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million.
Economy
Oil and gas firms must invest more in clean energy
“The phase down of fossil fuels is in-evitable. It is in fact essential. But it cannot be irresponsible. We must...
- Dr. Sultan Al Jaber, the COP28 President-Designate, highlights the need for comprehensive decarbonization and an urgent shift towards a new clean energy system
- The COP28 President-Designate also insists on responsible management of the fossil fuel phase-down, emphasizing energy security, accessibility, and affordability
Iran summons UK envoy to protest new sanctions: state media
The new British sanctions regime will expand existing penalties imposed by creating new criteria under which individuals and entities can...
- Foreign Secretary James Cleverly said sanctions against Iran over alleged human rights violations and hostile actions against its opponents on UK soil will expand
- Iran's foreign ministry considered the statements and positions of the British authorities as well as the recent sanctions... as an illegal and interventionist action