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
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...Economy
SCA to waive off registration fee for listing of green bonds, sukuk in local market
Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to...The SCA's decision corresponds with the UAE's agenda to achieve the objectives of sustainable development in relation to economic growth
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry, said the world as a whole needs to do more to advance sustainability in the financial space
UAE, Egypt sign US$10bn deal to build Africa’s biggest wind farm
A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a...The wind farm will enable Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030
The project will help Egypt bring down annual carbon emissions by 9 percent, displacing 23.8 million tonnes of carbon dioxide annually
Italian PM says making efforts for Tunisia IMF bailout
Italian Prime Minister Giorgia Meloni said Rome backed efforts to secure an IMF bailout for Tunisia and support to tackle...The IMF has called for legislation to restructure over 100 state-owned firms, which hold monopolies over many parts of the economy.
Tunisia is struggling under crippling inflation and debt estimated at around 80 percent of its gross domestic product.
Bybit partners with Sharjah varsity to boost crypto adoption in UAE
Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership...A Bybit contribution of $2,72,257 marks the first collaboration between American University of Sharjah and the crypto exchange.
Eligible computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall.
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...The World Bank expects global growth to reach 2.4 percent in 2024, compared to 2.7 percent in January 2023.
The possibility of widespread banking disruptions and tighter monetary policy may also lead to weaker global growth.
US SEC sues cryptocurrency platform Coinbase
NEW YORK, US - US securities regulators sued Coinbase on Tuesday, alleging that the cryptocurrency platform's failure to register as a securities..."Since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities," said the SEC.
SEC said Coinbase's failure to register "has deprived investors of significant protections, including inspection, record-keeping requirements."
UAE looks to deepen trade and investment ties with Vietnam
Hanoi, Vietnam-- With an eye on boosting trade and economic ties between the two countries, the UAE has formally begun...Al Zeyoudi's visit also marked the start of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Vietnam
The UAE minister also spoke at the UAE-Vietnam Business Forum, in addition to meeting with representatives of Vietnamese companies
Airline industry’s net profits to shoot up to US$9.8bn in 2023: IATA
Dubai, UAE-- Airline industry is expected to clock net profits in the region of $9.8 billion in 2023, which is...According to IATA, some 4.35 billion people are expected to travel in 2023, which is closing in on the 4.54 billion who flew in 2019 around the globe
The outlook for cargo volumes is upbeat too, expected to touch 57.8 million tonnes, which slipped below the 61.5 million tonnes carried in 2019
Foreign companies to pay Corporate Tax on immovable property income: UAE
Abu Dhabi, UAE - Foreign companies and other non-resident juridical persons will be subject to UAE Corporate Tax on income...The tax applies to both immovable property that is used in a business and the one that is held for investment purposes
Non-resident juridical persons with UAE immovable property will be subject to Corporate Tax on a net-income basis
National Bonds ups stake in Taaleem
With a 22% stake, it is now the biggest stakeholder in the firm.The raising of the stake in Taaleem represents the largest acquisition of its kind since its listing on the Dubai Financial Market in November 2022
National Bonds Company CEO said the upping of the stake highlights the company's commitment to supporting the education sector in the UAE
