Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
Geostrategy
Economy
Dubai 11th popular city for investment visa programs, second for Covid safety
Henley & Partners’ Best Residence-by-Investment Cities for Business Index ranks cities according to lifestyle, tax, education, real estate, healthcare, security,...
- Dubai scored highest overall in the index in the tax category.
- The emirate was second on the index for Covid-19 safety.
Business
UAE’s non-oil trade weathers pandemic to reach $371 billion in 2020
DUBAI: The UAE's non-oil trade rose to AED 1.403 trillion ($371 billion), reflecting the country's robust trade exchanges despite the...
- Imports have hit AED 785 billion, accounting for 56 percent of total merchandise trade.
- China was UAE's main trading partner with the bilateral trade value reaching AED174 bn.
Analysis
The Grand Renaissance Dam: Egypt’s Nile nemesis
Ethiopia's refusal to sign a binding agreement on the dam has dashed hopes of a settlement with Egypt and Sudan.
- Egypt's area under agriculture could lose by up to 72 percent in case of short filing of the dam.
- Ethiopia has said earlier treaties on Nile waters have undermined its rights and the dam will help in the country's development.
Geostrategy
UAE, Israel eye trillion-dollar business
The UAE marks one year since normalising ties with Israel today as the leaders hope the Abraham Accords could reap...
- The economic benefits have come quickly for the UAE and Israel after the US-brokered Abraham Accords
- Both have signed a series of deals ranging from tourism to aviation and financial services
Geostrategy
Abu Dhabi crown prince, Macron discuss bilateral ties
The two leaders discussed bilateral relations, investment opportunities, economy and culture, as well as other vital sectors, to drive sustainable...
- The two leaders review regional developments, which is likely to include Afghanistan
- The UAE has set up an air bridge to deliver tonnes of aid to Afghanistan
Economy
Lebanon to order central bank forensic audit soon
Lebanon's outgoing finance minister Ghazi Wazni has told reporters that auditing firm Alvarez & Marsal would be signed on within...
- Central bank governor Riad Salameh is already under the scanner for his alleged role in Lebanon’s economic crisis
- The former Merryll-Lynch banker is also being investigated by French authorities over money-laundering charges
Economy
Kuwait partners with World Bank for development
The memorandum is said to be in line with Kuwait Vision 2035 and the national development plan 2021-2025.
- For Kuwait, Finance Minister and Minister of State for Economic and Investment Affairs Khalifa Hamadah signed the memorandum
- World Bank’s Regional Director for Saudi Arabia and the Arab Gulf Countries, Esam Abo-Sulaiman was the co-signatory
Business
Shipping industry evades gloom, makes big money
The pandemic might have battered other sectors of the world economy, but the shipping industry has raked in revenues not...
- Jump in earnings has been caused due to a 333% hike in shipping cost
- The hike in cargo charges, however, has raised the specter of inflation around the globe
Business
Saudi insurance sector Q2 results: premiums up, net income down
DUBAI: Saudi Arabian insurance sector showed overall positive developments during Q2 as gross written premiums (GWPs) grew by 8.1 percent...
- Fall of net income by 59 percent attributed to the claims returning to pre-pandemic normal levels.
- Energy and property claims grew by 98 percent and eight percent respectively.
Economy
Oil demand to top pre-pandemic level next year: OPEC
The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering...
- The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering demand
- The OPEC's output rose by 151,000 barrels per day during August to hit 26.76 mbd
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
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Company News
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Remittance flows to Egypt to surge by 3.1% in 2023: World Bank
Cairo, Egypt - The remittances to Egypt, the biggest recipient of such flows in the MENA region, are set to...
Economy
Future of Iran-UAE relations promising: Reza Ameri
Tehran, Iran-- The future of relations between Iran and the United Arab Emirates is promising and in line with the...
Geostrategy
Dubai Customs thwarts 2,600 attempts in last three years to smuggle drugs
Dubai, UAE-- Dubai Customs has scuttled nearly 2,600 attempts during the last three years to smuggle drugs, combating a concerted...
Economy
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Geostrategy
India’s Modi, Egypt’s Sisi pledge to deepen strategic partnership
Indian Prime Minister Narendra Modi met Egypt's President Abdel Fattah al-Sisi in Cairo on a rare visit during which both...
- New Delhi and Cairo have pledged to boost bilateral trade as India is also stepping up investment in Egypt, particularly in renewable energy.
- India is already Egypt's seventh-largest trading partner, according to data from Cairo's central bank, with trade reaching $7 billion last year.
Geostrategy
UAE discusses tourism with India, UK, Indonesia and Japan
NEW DELHI, INDIA - UAE Minister of Economy and Head of the Emirates Tourism Council Abdullah bin Touq Al Marri...
- The UAE is keen on developing tourism ties with countries and building partnerships in fields that supports economic, social growth and prosperity.
- The UAE had adopted a forward-looking vision to develop a distinguished tourism sector at the regional and global levels.
Business
Sharjah real estate transactions in May valued at US$653m
SHARJAH, UAE - The emirate's real estate activity during May 2023 logged a total value of US$653 million (AED 2.4...
- The report issued by Sharjah Real Estate Registration Department revealed that 3,540 transactions were recorded in various regions across the emirate.
- The report indicated that the real estate sector has maintained its leading position as a preferred choice for those wishing to buy or invest in Sharjah.