EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
Economy
IMF pegs 2021 global growth at 5.9%
The IMF noted that emerging variants of the novel coronavirus have made policy choices more difficult, with limited room to...
- The predicted 5.9 percent growth is 0.1 percentage point less than the IMF’s July prediction
- The IMF said this revision was due to supply disruptions for some and worsening pandemic dynamics for others
Economy
Saudi Arabia issues over 1,600 residential plots in September
The plots are said to have been issued under the country’s Sakani Housing program, which is a part of Saudi...
- The Sakani scheme runs in partnership with the private sector
- It also channels financing options to people who can also construct their own homes
Geostrategy
Arab youth name UAE country of choice for the tenth consecutive year
For the tenth consecutive year, Arab youth have said the UAE is the country they would like to live in...
- A third of the youth polled in a survey cite UAE's growing economy and opportunities it offers as attractions.
- Ninety-nine percent of Emiratis say their country’s economy was heading in the right direction.
Business
DP World and UK’s CDC Group to create Africa investment platform
DP World will contribute its stakes in three existing ports and invest $1 billion over the next few years through...
- DP World will contribute its stakes in three existing ports and invest $1bn over the next few years.
- CDC is committing $320 million initially and a further $400 million over the next several years.
Economy
Lebanon leaders start conclave to plan rescue of economy
Lebanon is currently experiencing possibly the worst economic crisis in the world.
- Members of the Lebanese government started a conclave to develop a vision on a rescue and action plan for the country
- The conclave began at the monastery of Saint John the Citadel in Beit Meri
Business
UAE and Italy’s export credit agencies review progress of joint initiatives
Etihad Credit Insurance (ECI), the UAE Federal export credit company, and SACE, the Italian export credit company (CDP Group), have...
- Etihad Credit Insurance chief says significant gains made in Halal-certified businesses.
- The two sides explored how they can help boost the flow of goods, services and investment capital worldwide.
Economy
Arab region natural gas demand growing at ‘fastest’ pace: OAPEC
Demand for gas in the region eclipses global demand by more than twofold, the second highest in the world in...
- Power generation in the region forms 52 percent of total consumption, with the region's energy transition plans heavily reliant on LNG import projects
- The bloc espoused the merits of LNG output expansion in improving energy efficiency by up to 39 percent as part of efforts to reduce dependence on oil and petroleum products
Expo 2020 DUBAI
Israel’s Expo pavilion mirrors warming ties with UAE
The visits of several Israeli ministers so far show the importance the Jewish state attributes to the event.
- The future of Israel-UAE relations depends on how they are affected by major flareups over Jerusalem or other aspects of the Israeli-Palestinian conflict.
- The UAE has become one of Israel's top twenty trading partners in 2021. Food security, agriculture tech and water management are key areas of partnership.
Economy
IMF reaffirms ‘full confidence’ in head Georgieva
The IMF board said it "considered that the information presented in the course of its review did not conclusively demonstrate...
- An investigation by law firm WilmerHale has concluded that the Bulgarian economist manipulated data in favor of China while in a senior role at the World Bank
- WilmerHale's controversial findings center on the drafting of the 2018 and 2020 editions of the World Bank's report ranking countries according to their ease of doing business
Business
Is Binance moving headquarters to Dubai?
The world’s largest cryptocurrency exchange recently registered three companies in Ireland and is currently setting up several regulatory companies worldwide....
- Binance CEO Changpeng Zhao, according to sources, may move the operations of the world’s largest cryptocurrency exchange from Seychelles to the UAE city.
- The cryptocurrency exchange is banned by several governments, while other countries are open to investigations into allegations such as market manipulation
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
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
Company News
Reliance posts Q1 profit rise
Business
Latest News
Egyptians caught in devastating economic storm
Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into...
Investigation
Egyptians caught in devastating economic storm
Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into...
Economy
Most Read
Business
Bahrain’s EWA invites bids for US$53mn tender to upgrade desalination plant
Manama, Bahrain--The Electricity and Water Authority (EWA) of Bahrain has invited bids for a $53.19 million tender to upgrade the...
- The Electricity and Water Authority said that international companies will need to submit their bids as per the latest international standards
- The upgrade of the Ras Abu Jarjour plant by reverse osmosis from underground wells is expected to extend the life span of the plant by 20 years
Business
Saudi Arabia’s Al-Ettifaq hires former Liverpool star Steven Gerrard as coach
Riyadh, Saudi Arabia--Former Liverpool captain Steven Gerrard is the latest star name to make the move to Saudi Arabia after...
- Gerrard who was sacked by Aston Villa in October had initially rejected an offer to move to the kingdom, but eventually was lured by the riches on offer
- The Saudi Pro League supported by the kingdom's sovereign wealth fund has lured big names from the major European leagues with the promise of huge salaries
Economy
UAE cabinet sets up ministry of investment, approves new strategies
The new ministry will bolster the UAE's business aims and investment policies, apart from promoting its infrastructure as a global...
- The cabinet approved the updated UAE National Energy Strategy, aiming to triple the contribution of the renewable energy over the next 7 years
- It also approved the National Hydrogen Strategy which aims to promote the UAE’s position as a producer and exporter of low-emission hydrogen