Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...Economy
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...Business Economy
UAE and Japan discuss boosting economic, trade and industrial ties
Tokyo, Japan-- The UAE and Japan are looking to bolster economic, trade, industrial and investment ties as part of a...The UAE Foreign Minister Sheikh Abdullah bin Zayed met with Japan's foreign and economy ministers to explore broadening of economic and strategic ties
The discussion between the two sides also touched upon bilateral cooperation in energy and climate, and the UAE's preparations for COP28 in Dubai Expo City
Iran-Turkey trade to hit US$15bn on back of private sector cooperation
Tehran, Iran-- Bilateral trade between Iran and Turkey is expected to vault to US$15 billion by 2025 on the back...According to the Iranian Customs Authority, the bilateral annual trade between the two countries touched US$13.58 billion up to late March 2023
During the last financial year, Turkey rose to become the third largest customer of Iranian non-oil exports, with some US$7.45 billon worth of purchases
HFZA inks deal with Infinite Mining & Energy to build oil refinery
Sharjah, UAE--The Hamriyah Free Zone Authority (HFZA) has signed a deal with Infinite Mining and Energy to set up a...UBS set to complete its takeover of Credit Suisse today
The coming months are likely to be "bumpy", warned UBS chief Sergio Ermotti on Friday, adding the integration will come...The merger of Switzerland's two biggest banks will be complex both technically and politically, resulting in a megabank unlike the Swiss have ever seen
"If the takeover by UBS hadn't succeeded, there would have been an international financial crisis", said Thomas Jordan, chairman of the Swiss National Bank
Arab-China Business: Saudi Environment Ministry inks MoU with Beijing Institute of GenomicsÂ
Riyadh, Saudi Arabia – Saudi Arabia’s environment ministry on Monday signed a memorandum of understanding (MoU) with the Beijing Institute...The two parties will discuss the possibility of establishing a national platform for research and development in genetics and biotechnology
The MoU aims to promote the use of advanced genomics technologies, the application of biotechnology solutions in agriculture and big data
SEWA holds talks with US consulate to promote innovation for energy solutions
Sharjah, UAE-- The Sharjah Electricity Water and Gas Authority (SEWA) has held talks with a US consulate-general delegation to explore...The meeting also touched upon SEWA's initiatives to bring down carbon emissions and fight climate change, besides discussing the upcoming COP28 conference
The two sides also explored potential partnerships between SEWA and American companies in innovation and sustainable development
$800bn investments set to bolster Saudi tourism
"The Kingdom will invest more than $800 billion during the next 10 years", added the minister, noting that tourists may...Saudi Arabia's tourism sector, fueling a 4.45% GDP growth, is set for an $800 billion investment boost over the next decade.
Despite the global pandemic, Saudi Arabia welcomed over 93.5 million tourists in 2022, making it the fastest-growing tourism destination
Saudi tourism sector’s GDP share roars to 4.45%: Minister
The Kingdom will invest more than $800 billion over the next ten years, the Saudi Minister of Tourism Ahmed bin...Saudi Arabia’s tourism spending has surged 93 percent in 2022 to reach $49 billion, up from US$25.4 billion in 2021
The number of tourism-related jobs in 2022 reached 880,000, reflecting an increase of 15 percent compared to the previous year
UAE-Turkey partnership has scaled new heights: Al Marri
Abu Dhabi, UAE-- With the signing of the Comprehensive Economic Partnership Agreement (CEPA), the UAE exporters are expected to benefit...The CEPA agreement between the two countries is expected to start a new era of ties, stimulating trade, increasing investment flow, and creating jobs
The non-oil bilateral trade is expected to increase to US$40 billion annually in five years, and at the same time create 25,000 new jobs by 2031
Divided Fed expected to rally around a US interest rate pause
Members of the rate-setting Federal Open Market Committee remain divided going into the meeting on June 13-14, with a minority...Some officials may vote to hold the benchmark lending rate at the next meeting of the Fed's rate-setting committee, while leaving the door open to a hike in July if necessary.
The data points to a mixed economic picture, with slowing growth, a tight labor market, and inflation still well above the Fed's two percent target.
