China maintains basic balance in international payments in 2023
Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2...
Economy
Roadmap out for environmental education, sustainable development at WEEC2024
ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and...
Economy
Airbus joins DAX’s 10 new members
From Sept 20, the index of 30 firms will bring its total membership to 40 firms.
- From September 20, the index of 30 companies will bring its total membership to 40 firms, becoming the DAX 40
- Other additions include Puma, Siemens Healthineers, a subsidiary of the already DAX-listed company Siemens, as well as meal-kit company HelloFresh
Economy
Africa data centre expansion plan to cover Morocco, Tunisia, Egypt
The project will involve building 10 hyperscale data centres, in 10 countries, over the next two years at a cost...
- The project will involve building 10 hyperscale data centres, in 10 countries, over the next two years at a cost of more than US$500m
- It is being funded through new equity and facilities from leading development finance institutions and multilateral organisations
Economy
Saudi Arabia’s PIF, Tadawul Group plan carbon trading platform
Companies and institutions seeking to reduce their emissions will increasingly turn to the platform to trade carbon credits
- Companies and institutions seeking to reduce their emissions will increasingly turn to the platform to trade carbon credits
- Its purpose is to align with regulatory entities to develop methods, business models, and governance practices to reduce climate change effects
Why Golden Residency is not a privilege
Global economic transformation has pushed governments to implement various programs and reform investment rules to make them more flexible to...
- The UAE is the only Middle Eastern country that issues Golden Visas.
- In 2010, the first golden visa program was launched in Latvia.
Analysis
GCC can help shipping industry curb emissions
Saudi Arabia and the UAE are already off the starting mark in their efforts to supply alternative fuels to the...
- Hydrogen requires high-pressure tanks when stored as a gas or temperatures of -253°C when stored as a liquid
- Ammonia can be used as marine fuel as the conversion process is economical and involves little fuss
Economy
Leaders mull Arab Center for Food Security
The 22-member Arab League and its legislative body, the Arab Parliament, are planning to establish a food-security body.
- The organization would be expected to enhance social and economic security in the region
- It would also be expected to achieve sustainable development goals in Arab countries
Economy
UAE sends plane carrying urgent food, medical aid to Afghanistan
The UAE foreign ministry confirmed to AFP that "this is the first (Emirati) aid flight since the recent events in...
- The UAE foreign ministry confirmed to AFP that "this is the first (Emirati) aid flight since the recent events in Afghanistan".
- The UAE is one of a number of Gulf states that have been instrumental staging posts for evacuation flights for foreigners and Afghans, along with Qatar, Kuwait and Bahrain
Business
Israel opens Chinese-operated $1.7bn port in Haifa
The port, to be operated by Shanghai International Port Group, is expected to bring competition to a sector plagued by...
- It is expected to enable larger classes of cargo ships, carrying 18,000 containers or more, to dock in Israel
- About 99 percent of all goods move in and out of Israel over sea, and an upgrade is needed to maintain economic growth
Economy
Egypt gained most from Islamic Development Bank in 2020
IsDB also contributed to Covid-19 relief in 2020, where it approved financing of around $2.3 billion.
- IsDB gave out around $6.8 billion to various nations last year
- Egypt’s share in that, at $1.13 billion, amounted to around 17 percent
Economy
UAE outsmarts competitors in luring foreign investors
The UAE government's recent decision to slash the fee to set up a business by 94% to US$272 is expected...
- The UAE Government has slashed the fees for setting up a business by about 94% to only US$272 (AED 1,000)
- In A T Kearny’s FDI Confidence Index 2021, the UAE gained four places – from 19th rank in 2020 to 15th rank in 2021
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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
China maintains basic balance in international payments in 2023
Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2...
Economy
Company News
Latest News
Dubai Land Department unveils real estate investment trusts
DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts...
Business
Dubai Police and DIB sign agreement to support Bayti initiative with US$5.44mn
Dubai, UAE--The Dubai Police and Dubai Islamic Bank (DIB) have signed an agreement to back the social initiative, "Bayti", with...
Economy
Insurance becomes mandatory for foreign vehicles entering UAE
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign...
Economy
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Business
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY - Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
- Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
- Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
Business
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
- National banks accounted for 86 percent of the total capital and reserves of banks operating in the UAE, which stood at US$102 billion by April-end.
- Share of foreign banks in aggregate capital and reserves of banks operating in the UAE settled at 13.6 percent, reaching US$ 16 billion by April-end.
Business
IsDB, AFD to finance $4bn projects in developing countries
Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...
- The MoU was signed by the president of the Islamic Development Bank, Dr. Mohammed Al-Jasser in Vienna.
- Al-Jasser said last year that one out of every three member states of the Islamic Development Bank (IDB) is living in poverty.