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
Tehran says no objection to US investment in Iran
Iranian Foreign Minister Abbas Araghchi said Thursday that Tehran has no objection to US companies operating in the country, including...Economy
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...According to Pakistani media, the country will expedite the project, which faced significant delays, in two phases
Iran had previously given Pakistan a 180-day deadline until September 2024 to start completion of the pipe-laying work
Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global competitiveness, says a report.
The bloc's shift from oil, through huge investments in logistics infrastructure and a business-friendly environment, positions them as prime locations for foreign investment.
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...The aggregate capital and reserves of UAE-based banks increased 12.3 percent or US$14.4 billion during the first 11 months of 2023
National banks accounted for 86.5 percent of the total capital and reserves of UAE-based banks logging $113 billion by end of November 2023
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...Gas reserves, which are usually drawn down during winter for heating, are at 64.7 percent of storage capacity on average in the European Union.
Gas prices soared in 2022 and into 2023 as Russia's invasion of Ukraine made EU countries limit consumption and diversify their sources of supply.
Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...The two sides look to enhance relations in the fields of labour, research, training, and ways to achieve the common interests
Al Mansori noted the chamber's preparedness to collaborate with the ILO, praising its significant role in labour-related matters
Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...Yasir Al-Rumayyan, speaking at the FII PRIORITY summit in Miami, highlighted the fund's focus on sectors like education, healthcare, artificial intelligence
By investing in technological advancements, the PIF aims to propel the Kingdom towards a more diversified and resilient future
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday.The National Bureau...According to the National Bureau of Statistics, 56 of 70 large and medium-sized cities saw month-on-month drops in new home prices
In Shanghai, Guangzhou and Shenzhen, prices of new homes fell 0.3% in January with the decline narrowing by 0.1 percentage points
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...Al Ghurair said that the recent increase in interest rates would be reversed soon, leading to a decline in lending rates
He said high interest rates, reaching up to 5 or 6 percent, are still lower than in many countries, supporting businesses
UAE’s economy rides on tech and renewable energy
"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering...UAE's economy expected to grow over 5.5% in 2024, says Damian Hitchen, CEO of Saxo Bank in the MENA region.
Its strategic location and diversification from oil to tourism, tech, and renewable energy spur economic growth.
Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...The bills with a maturity of 182 days are issued by the Central Bank of Bahrain on behalf of Bahrain
The average price for the issue was 97.077%, with the lowest accepted price being 97.032%
