Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...Business Economy Energy Global
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...Business Economy Tech & Media
UAE Banks’ Q1 2023 profit surges by 35% to $5 bn: Alvarez & Marsal
Dubai, UAE - UAE banks experienced a significant surge in profitability during the first quarter of 2023, according to the...In Q1'23, customer deposits witnessed a remarkable growth rate of 43.5 percent, surpassing the growth of loans and advances
Net interest income (NII) witnessed a slight uptick of 0.4 percent QoQ, and the overall net interest margins (NIMs) remained stable at 2.8 percent
DEWA commissions water reservoir built at cost of US$42.85mn
Dubai, UAE-- In order to increase Dubai's water security and keep pace with the increase in demand, Dubai Electricity and...Built at a cost of US$42.85 million, it has a storage capacity of 60 million imperial gallons (MIG) and will take care of any rise in demand for water
Saeed Mohammed Al Tayer, MD and CEO of DEWA said sound scientific planning has helped DEWA keep pace with the growing demand for water in Dubai
Iraq and Iran discuss boosting ties in transportation sector
Baghdad, Iraq--Iraq is looking to deepen cooperation with Iran in the transport sector and facilitate the movement of pilgrims between...An official in the Iraqi ministry said discussions focused on increasing cooperation in the field of land and air transportation, and ramping up the number flights
The meeting between the Iranian and Iraqi ministers happened two days after Baghdad announced a plan to turn itself into a regional transportation hub
UAE Corporate Tax: All you need to know
The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards...The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties
Four of the GCC's six member states have corporate tax systems, ranging from 10 percent in Qatar to 15 percent in Kuwait and Oman to 20 percent in Saudi Arabia
Qatar’s trade balance surplus touches US$6 billion in April
Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s...Qatar's value of imports in April dropped 6.3 percent from the previous year and 9.3 percent from the last month to touch $2.39 billion
The country's prime minister said this month that non-oil sector has grown 9.9 percent in Q4 of 2022, and oil activities also saw a 4.8 percent rise
UAE and Czech Republic look to boost trade and investment ties
Prague, Czech Republic-- The UAE and Czech Republic have held discussions on deepening cooperation in wide-ranging vital sectors of common...The discussions were held during the visit of Ahmed Ali Al Sayegh, Minister of State of the UAE, to the Czech Republic with the aim of boosting bilateral cooperation
The UAE minister said that non-oil exchange surpassed US$1 billion in 2022 and that there was marked growth in Czech investment in the UAE
Jordan’s total exports up 6 percent in Q1 of 2023
Amman, Jordan - Jordan's total exports experienced positive growth of 6.3 percent in the first quarter of 2023, reaching a...Imports in the first quarter of the current year totaled $6.34 billion, a 5.6 percent increase from the $6 billion registered in the same period last year
The foreign trade deficit rose by 4.9 percent to $3.37 billion, compared to $3.21 billion recorded in the same period last year
Erdogan stays undefeated, extends two-decade rule in Turkey runoff
Recep Tayyip Erdogan appealed for national unity Monday after winning a historic runoff election that extended two decades of his...Near-complete results show Erdogan beating challenger Kemal Kilicdaroglu by four percentage points
"We will be ruling the country for the coming five years," Recep Tayyip Erdogan tells his supporters
Dubai launches strategy to achieve zero emissions in public transport
This aligns with UAE's preparations for COP28 and the UAE Net Zero by 2050 Strategic Initiative, and is a part...This makes it the first Middle Eastern agency to develop a long-term strategy for migrating towards Net-Zero Emission Public Transport by 2050.
The primary objectives of the strategy include the decarbonization of all taxis, limousines, and public buses and designing buildings.
US debt deal faces tough sell in Congress to avoid default
The agreement announced Saturday by President Joe Biden and Republican leader Kevin McCarthy after weeks of crisis talks offers a...And all the while the clock is still ticking down to the June 5 "X-date" when the Treasury estimates the government will start to run out of cash to pay its bills and debts.
A default would likely have catastrophic consequences, triggering a US recession and risking a global economic meltdown.
