Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...Economy
Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh
Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...Economy
Qatar’s economy remains strong despite global crises
The year 2022 was crowned with excellent ratings for the Qatari economy, as the S&P's credit rating agency raised the...Powerful ratings, despite the fluctuations and crises witnessed by the global economy in recent years, the solidity of the Qatari economy has been confirmed by rating agencies
Despite global crises, the Qatari economy recorded strong performance rates on most macroeconomic indicators, and looks forward to consolidate its leadership this year
Over 2m riders used public, shared transport during New Year’s Eve in Dubai
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) confirmed that 2,166,821 riders used its public transport, shared mobility means...The figure reflects a 33 percent rise from last year’s number, which was 1,632,552 riders.
The breakdown of ridership for metro and tram were: Metro: 958,161 riders (compared to 640,175 last year), Tram: 49,855 riders (34,672 last year).
Two dead, 200 rescued in Lebanon migrant boat sinking: army
On Twitter, UNIFIL confirmed it was assisting the Lebanese Navy "in search and rescue operation at sea between Beirut &...Men, women and children -- mostly refugees from Syria but also about 50 Lebanese -- were on board the vessel when it got into difficulty
Earlier, the army said a naval patrol had been dispatched to rescue the vessel packed with people attempting to "illegally leave Lebanese waters"
Croatia embraces euro, joins borderless Europe club
Experts say the adoption of the euro will help shield Croatia's economy at a time when inflation is soaring worldwide...At midnight (2300 GMT Saturday) the Balkan nation bid farewell to its kuna currency and become the 20th member of the eurozone
EU chief Ursula von der Leyen will visit Croatia later Sunday to mark the momentous occasion
Saudi Ministry of Industry, Hyundai Motor ink MoU to build cars in Kingdom
RIYADH, SAUDI ARABIA - Saudi Ministry of Industry and Mineral Resources has signed a memorandum of understanding with Hyundai Motor...The agreement aims at enhancing cooperation in a way that realizes the national strategic goals for industry in developing local manufacturing capabilities.
The MoU stipulates building an assembly plant with the CKD system for electric cars and internal combustion engines cars in Saudi Arabia.
Egypt pushes for bigger private sector role in economy
Cairo, Egypt--Egypt’s President Abdel Fattah El-Sisi on Thursday approved a document outlining 62 economic activities the state will withdraw from...The document’s approval was required by the International Monetary Fund, which this month approved a 46-month, $3 billion financial support package for Egypt
The policy aims to give the private sector a greater role in helping to grow the economy, create jobs and increase investment and exports
China’s manufacturing activity drops despite lifted Covid restrictions
For more than two years, China had insisted on a zero-Covid strategy of stamping out outbreaks with strict quarantines, lockdowns...The Purchasing Managers' Index (PMI) -- a key gauge of manufacturing in the world's second-biggest economy -- came in at 47 points, down from November's 48
The index has not been in positive territory since September, and December's figure was lower than the 47.8 reading predicted by Bloomberg analysts
UAE secured 41.5% of Japan’s crude oil needs in November
Japan imported a total of 77.53 million barrels in the month, according to the Japanese Ministry of Economy, Trade and...Japan imported a total of 77.53 million barrels in the month, according to the Japanese Ministry of Economy, Trade and Industry
Over 95%, originated from six Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman, with the Emirates being the Asian nation's top exporter of oil
UAE tops Arab world in exports worth US$142.5bn in 2021
Abu Dhabi--The UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with...The UAE's manufacturing industry exports account for 43.9 percent of overall Arab exports of manufacture, owing to strong growth in the field of re-exports
In Arab countries manufacturing industry exports totaled $325 billion in 2021, up from $244 billion in 2020, a 33.2 percent increase
Gold set for strong quarterly rise after interest rate-driven drop
Gold prices moved up on Friday, as the non-yielding metal is on course to close its best quarter since June...Gold prices moved up on Friday, as the non-yielding metal is on course to close its best quarter since June 2020
Back-to-back rate hikes by the US central bank pushed gold to a more than two-year low in September
