UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...Economy
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...Business Economy Energy Global
Egypt signs transport investment deal with Japan worth US$734mn
Cairo, Egypt--Egypt has signed its biggest investment package with Japan aimed at supporting the North African country's transportation development plan.According...Egypt will use the money to finance expansion of Cairo's metro, a 30-km stretch of land that would link Egypt’s 6th of October city to the Giza plateau
Japan's investments in Egypt have gone up by 99 percent during 2021-2022, touching $73.7 million as against $37.1 million in the previous year
Dubai hosts World Free Zones Organization’s annual AICE event
Dubai, UAE-- The World Free Zones Organisation’s (World FZO) ninth Annual International Conference & Exhibition (AICE) will begun in Dubai...The two-day event will debate challenges facing global trade and the impact of the Covid-19 pandemic on the global economy
Nearly 600 participants specializing in trade, logistics will come from more than 70 countries to take part in the event
SCCA’s revised arbitration rules come into effect in Saudi Arabia
Riyadh, Saudi Arabia-- The Saudi Center for Commercial Arbitration (SCCA) has published the 2023 revised SCCA arbitration rules with effect...With the publication of revised rules, SCCA court will become fully functional and replace the existing SCCA Committee for Administrative Decisions
According to SCCA, the new rules are in line with international standards in the arbitration industry followed by renowned institutions across the world
Saudi Arabia seeks US$26bn of investment in machinery, equipment sectors
Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and...The investment aims to give impetus to the National Industry Strategy that seeks to widen the industrial base, cut imports by up to 50% and push exports
NIDC, according to the minister, has partnered with the Public Investment Fund (PIF) to create a business model for taking advantage of the investment opportunities
Morgan Stanley to cut 3,000 jobs after drop in profit
In the wake of reporting a drop in profit during the first three months of the year, the bank aims...According to media reports, the bank at the end of last year trimmed nearly 2 percent of its staff or some 1,600 positions
Financial institutions have been hit hard by a slump in dealmaking caused by the Fed's fight against inflation and the banking crisis
Kuwait Crown Prince dissolves National Assembly, again
Kuwait City -Â Kuwait's Crown Prince, Shaikh Mishal Al-Ahmad Al-Jaber Al-Sabah, issued a decree on Monday to dissolve the National...Despite being the only Gulf Arab state to have an elected government, the emirate - one of the world's largest producers of crude oil - remains mired in political turmoil
The country suffers from constant stand-offs between elected lawmakers and cabinets installed by the reigning Al-Sabah family, which keeps a firm grip on political life
Tunisia’s main workers union criticizes IMF loan talks
TUNIS, TUNISIA - Tunisia's largest union on Monday attacked the government's handling of negotiations with the International Monetary Fund (IMF) on...Despite an agreement in principle on the loan, talks with the IMF have stalled for months over Tunisian President not committing to restructure public bodies.
The IMF has called for legislation to restructure over 100 state-owned firms, which hold monopolies over many parts of the economy.
Over 3.8m passengers transit through Sharjah Airport in Q1 of 2023
SHARJAH, UAE -Â Over 3.8 million passengers traveled through Sharjah Airport in the first quarter of 2023, recording a 28.01...The aircraft movement in Q1 of 2023 rose by 9.02 per cent, with 23,261 flights compared to 21,336 flights during the same period in 2022.
There have been continued efforts by Sharjah Airport Authority to increase passenger numbers and aircraft movements.
Eshraq to buyback shares
The share buyback is expected to enhance shareholder value.The shareholders recommended Eshraq increase the shareholder distribution via an increased share buyback program.
The buyback will capitalize on the current share price discount compared to the company’s book value.
AD Ports Group purchases bulk carriers, crude oil tankers
ABU DHABI, UAE - AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and...These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives.
The five bulk carriers, to be purchased for AED459 million, form part of the long-term agreement with Saif Powertec, signed in April 2022.
