Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...Business Economy
stc 2023 revenues is $19.28bn
Gross profit for 2023 rose 1.1 percent compared to 2022.Company News Business Economy
WB expects UAE’s real GDP to grow by 5.9% in 2022
The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal...The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal revenue
The bank expects the real GDP to moderate to 4.1 percent in 2023 as slower global demand may dampen growth due to tightening financial conditions
Biden threatens tax hit for ‘war profiteering’ oil giants
His comments came days after oil giants ExxonMobil and Chevron reported bumper earnings, reflecting how a surge in crude prices...Biden said companies have a "responsibility to act" beyond the narrow self-interest of executive shareholders
Hefty profits reported earlier by TotalEnergies and Shell have also reignited a European debate on windfall profits taxes
ILO says global crises will lead to a fall in labor market
The war raging in Ukraine and other overlapping crises are taking a toll on labor markets worldwide, the UN said,...In a fresh report, the International Labor Organization cautioned that the outlook for global labor markets has deteriorated in recent months.
It also warned that excessive policy tightening could cause "undue damage to jobs and incomes in both advanced and developing countries."
Saudi Arabia, UAE say global investments required for oil production
Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production, just days before...Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the Gulf countries were both increasing production capacity.
UAE, Kyrgyz Presidents review bilateral relations
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...UAE and Kyrgyzstan affirmed their common interest in enhancing bilateral relations.
The meeting explored various opportunities of the UAE- Kyrgyz friendship and affirmed to further cooperation in economy, trade.
Most non-oil economies in MENA region seeing ‘gradual slowdown’: IMF
Despite soaring inflation and murky economic prospects worldwide, the IMF maintained its projection of 5.0 percent growth for the region...MENA region varies wildly, from low-income states growing at just 0.8 percent to the wealthy Gulf monarchies that are running at 6.5 percent growth.
"Almost two-thirds of the non-oil countries in the region are witnessing a gradual slowdown," he said, presenting the IMF's latest report which includes Iran but not Israel.
DEWA adds 600MW of clean energy production capacity
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer said DEWA had added...Mohammed bin Rashid Al Maktoum Solar Park will have a production capacity of 5,000 megawatts (MW) by 2030.
The fifth phase is currently underway, with a total capacity of 900MW and investments estimated at $560 million.
Nedaa, Nokia ink 5G deal in Dubai
5G network will help Nedaa provide better services.With the introduction of 5G, Nedaa will be able to support enhanced services for public safety and management of vital operations.
The MoU sets a framework for upgrading the existing network capabilities and introducing agile and advanced services.
Europe’s gas storage reserves now at over 90 percent
With prices falling and ports clogged with liquefied natural gas tankers, fears of a winter heating crisis in Europe have...Spanish gas regulator Enagas says the backlog at ports is expected to last at least until this week.
Europe has made efforts to fill its storage facilities to reduce dependence on Russian gas and sought alternative suppliers.
Saudi Arabia’s GDP grows by 8.6 percent in third quarter of 2022
As per estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by...The seasonally adjusted real GDP increased by 2.6 percent in the third quarter 2022 compared to the second quarter this year.
Non-oil activities grew by 5.6 percent and government services activities by 2.4 percent on a year-on-year basis.
