OPEC+ ministers, led by Saudi Arabia and Russia, meet as oil output hike looms despite falling prices
The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and...Economy
UAE-Morocco consortium sign $14 billion worth of energy, water infrastructure projects
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of...Economy
Dubai’s assets in endowment sector reaches US$2.8bn
DUBAI, UAE – Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said that under the guidance of Vice...Dubai witnessed an 18 percent increase in endowment assets compared to the previous year.
The Crown Prince was briefed on key developments in the field of endowment work in Dubai.
Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion.The agreement was signed...Qatar's finance minister said the agreement would contribute to supporting international standards of transparency through the exchange of information
It will enable both countries to come down hard on tax evasion, ensure justice and equality in the treatment of individuals, in addition to enhancing trade cooperation
UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi.Emerge,...The project will be designed, maintained and funded by Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group
Dr Sultan Al Jaber said at the signing of the agreement that the UAE will continue leading by example as it advances its net zero initiative
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...The transfer was "a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities".
The move brings the state's ownership of Aramco shares to 82.19 percent.
Despite oil riches, Libyans hit by plummeting purchasing power
Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95...Libya's dinar currency - which officially trades at 4.8 to the US dollar - has recently dropped on the parallel market from around five dinar to the greenback to 7.5 now
The cost of living crisis and foreign cash crunch come after the Central Bank of Libya announced steps it said were aimed at ensuring greater financial stability
European tourists make a beeline for Sharjah as 400,000 visit in 2023
Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase...Sharjah is showcasing its unique locations at a travel-trade show in Berlin, seeking to entice more Europeans to the emirate
Tourism officials from Sharjah held meetings with investors and business leaders interested in the tourism and trade sectors
Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...The MoU corresponds with the goals of Dubai Global Initiative, aiming to establish offices around the world to attract foreign direct investment
The Dubai Global initiative is led by Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers
Qatar Central Bank head calls for enhanced GCC action to tackle challenges
Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among...Al-Thani exhorted the GCC to boost efforts to fight off financial challenges in relation to growth, sustainable development, financial stability, and interest rate
He applauded the GCC for great achievements registered during the last few years, which contributed to the advancement and prosperity of the region
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone.
The mall's events and promotions in 2023 and the beginning of 2024 were a key driver of its foot traffic.
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.
In January, the index reached its lowest level in two years, indicating a strong but weaker improvement in Saudi non-oil private sector.
