Dubai aims to become global creative economy capital
"Dubai transcends economic statistics; it embodies a pursuit of the highest quality of life. Our aspiration is to achieve excellence,...Economy
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...Business Economy Geostrategy Tourism
Iraq exports oil worth $11bn in March, a fifty-year record
Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid...The figures published late Friday are preliminary data but final data "generally does not vary" much
Oil revenues are financially crucial for Iraq's government, with the country mired in a financial crisis
Dubai’s real estate market to ramp up going forward: Report
Over 84 percent of real estate professionals expect competition within Dubai’s real estate market to ramp up going forward, according...More than two-thirds (68 percent) of respondents in Dubai said they had experienced growth over the previous twelve months
In November 2021, Dubai registered the best month of sales on record, with a total of 6,989 transactions worth AED17.95 billion
US allies agree to tap emergency oil reserves again
IAE repeated its warning that the prospect of large-scale disruptions to Russian oil production "is threatening to create a global...A ministerial meeting of IEA chaired by US Energy Secretary decided to tap its emergency oil reserve fifth times since 1991 to calm soaring energy prices
IEA members had already vowed to release 62.7 million barrels of oil encouraged members to support Ukraine in the supply of oil products
Jordan, US discuss ways to enhance strategic partnership
Jordan’s Deputy Prime Minister Ayman Safadi and US Secretary of State Antony Blinken discussed the new MoU for the strategic...A new MoU between the two countries frames the US aid for Jordan, replacing the current memorandum, which expires in September 2022
According to the current MoU, the US has provided Jordan with annual support over the past four years, which amounted to 1.65 billion in 2021
ADPG profit up Dh397m
The company’s revenue rose to AED 3.9 billion.AD Ports Group has evolved into a vertically integrated ecosystem of businesses that include Economic Cities & Free Zones, Ports, Logistics, Maritime, and Digital services
As a strategic gateway to Abu Dhabi, AD Ports Group generated 21 percent of all non-oil related GDP in the Emirate, according to Oxford Economics
Jadwa Investment says Saudi economy to grow 7.7% in 2022
The economy of Saudi Arabia is forecast to grow 7.7 percent this year propelled by the expansion of the kingdom's...The firm sees the oil sector increasing by 15.5 percent, but it also estimates the level of ‘non-oil activities’ to grow by 3.4 percent
It made the forecast as it revealed the Kingdom’s non-oil Purchasing Managers' Index hit its highest level for three months
NEOM subsidiary sets up Hydrogen and Innovation Development Center
ENOWA, the energy, water and hydrogen subsidiary of NEOM, has established the region's first Hydrogen and Innovation Development Center (HIDC)....The Hydrogen and Innovation Development Center will be a testing ground for new technologies in the clean energy industry.
The Center will also be a collaborative learning community for research institutions focused on hydrogen and the circular carbon economy.
Israel and UAE ‘milestone’ free trade deal to boost commercial relations
Israel described as "historic" the deal abolishing customs duties on "95 percent of the products" exchanged between the Jewish state...Talks for a free trade agreement were concluded Friday after four rounds of negotiations, including last month in Egypt between Israeli PM and Abu Dhabi Crown Prince.
The deal was now "ready for signature", the UAE's Minister of State for Foreign Trade Thani al-Zeyoudi said.
Lebanon to pay $16m for power on polling day
Lebanon's electricity company is charging $16 million to supply power on the day of the May 15 parliamentary polls, a sum...The state-owned Electricite du Liban (EDL) presented a quote of $16 million to the government, which is trying to provide just half a day's worth of power to polling stations
"I held several meetings with EDL, which apparently couldn't provide electricity except at a very high cost," Interior Minister Bassam Mawlawi said
World Bank urges support for poor as food prices soar
Developing and import-dependent countries have been heavily impacted by Russia's invasion of Ukraine -- the two countries that account for...Among those affected are Egypt, Lebanon, Tunisia and war-torn Yemen, whose humanitarian crisis is already considered the world's worst.
Net food importers will suffer the most from the effects of the war, according to UNCTAD, which lists 36 countries as highly dependent on wheat imports from Ukraine, Russia.
