IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
VLCCs carry almost 2 million barrels of crude per voyage.The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023...The remittances are likely to increase by 1.7 percent in 2023 and by 1.8 percent the following year, the World Bank said in its Migration and Development report.
The 3.8 percent drop in the flows in 2022 was driven mainly by a drop in flows to Egypt and downturns in flows to Algeria and Jordan.
Saudi-Iran peace deal will reduce tensions in the region and would solve some of the problems if not all, says...Blinken spoke of his recent visit to the Middle East where he met with the GCC leaders who, according to him, still see the US as the preferred partner
On Taiwan, Blinken said the US has real concerns about the direction it has taken and blamed China for what he called as reckless actions
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global economic activity.
Oman's real GDP rose by 4.3 percent in 2022, basically on an expansion of the hydrocarbon sector.
Indian carrier IndiGo said it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show....Airbus boss Guillaume Faury said the signing was "an enormous milestone, to our knowledge and recollection no-one has ever ordered" so many planes at a stroke.
With an order book now at over 1,300 aircraft, the contract also makes IndiGo Airbus' largest customer for the A320 family.
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
- GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
The agreement, signed by UAE's Ministry of Human Resources and Emiratization, aims to develop the skills and capabilities of inspectors at the ministry.
The pact enables the ministry's officials to carry out inspections proactively and enhance their capacities in line with the best international practices.
