RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...Economy
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...Economy
Harness AI opportunities, assess threats to peace
"AI development is now outpacing Moore's Law and moving at breakneck speed, and governments are unable to keep up. This...AI's rapid development is outpacing Moore's Law, presenting a wake-up call for global governments, says UAE minister Omran Sharaf
The minister advocates for "optimistic realists" who balance between assessing threats and leveraging opportunities presented by AI
Turkey, UAE sign agreements worth over $50bn
Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).SALIC is fully owned by the Public Investment Fund.
Brazilian firm BRF is a global leader in the poultry sector.
Governments should provide incentives for green finance, says Dubai Chambers’ webinar
DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in...The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers.
The webinar provided valuable insights and guidance aimed at helping companies to access green finance, attract green investment projects.
Saudi Arabia tops MENA region in venture capital investment during H1 2023
Riyadh, Saudi Arabia - Saudi Arabia is the top-ranked country in the MENA region in terms of Venture Capital funding...The Kingdom accounted for 42 percent of the total capital deployed in the region during H1 2023, up from 31 percent in 2022.
-commerce and retail were the highest sector in the Kingdom by the amount of funding and by number of deals in H1 2023
Sharjah Chamber, Costa Rica discuss boosting economic ties
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and Costa Rica have discussed ways to advance bilateral economic relations.The...Discussions focused on strengthening commercial and industrial cooperation and investment among the private sector organizations and institutions
The chamber noted the incentives, privileges, and various forms of support and assistance offered by the emirate to foreign companies
Dar Al Arkan issues sukuk of $600m
issuance is the ninth tranche Sukuk program in US dollars.The maturity period is of five years at a profit rate of 8 percent annually.
The issuance order book reached US$1.64 billion (SAR 6.15 billion).
Turkish President Erdogan concludes economy-driven Gulf tour in UAE
The Comprehensive Economic Partnership Agreement (CEPA), signed in March, has further enhanced bilateral economic collaboration. The CEPA sets the stage...The UAE and Turkey have signed numerous strategic agreements and MoUs to boost bilateral cooperation across various sectors
In 2022, non-oil trade between the UAE and Turkey reached nearly US$19 billion, reflecting a substantial increase from previous years
Erdogan’s visit: Qatar and Turkey seek to deepen strategic partnership
Qatar’s emir Sheikh Tamim bin Hamad Al-Thani praised Turkey's efforts to improve the country's financial situation and reduce inflation rates...Erdogan and Sheikh Tamim also discussed important regional and international developments and witnessed the signing of a joint statement
Erdogan recognized Qatar's inherent economic potential and its balanced growth rates, saying it was one of the most robust economies in the region
Bahrain records 2% jump in GDP on back of expansion in Q1 in non-oil sector
Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by...The country's economic recovery plan aims to boost growth, attract investments and create job opportunities
Its real estate, hotels, restaurants and trade all grew between 4.2 percent and 5.3 percent during the quarter
