Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export credit agency, to enhance import and export activities between the two countries. The activities include the export of environmentally friendly energy sources produced in Saudi Arabia, such as green hydrogen...

Abu Dhabi, WAM---AD Ports Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, to address infrastructure gaps across the continent. The agreement provides the basis for the two organizations to join forces on identifying, financing, developing and investing in much-needed ports,...

Mumbai, India—India's central bank on Wednesday raised its main interest rate for the fifth time this year, but by a smaller margin as inflation eases and other countries look to slow the pace of hikes. The move by the Reserve Bank of India (RBI) comes after US Federal Reserve chairman Jerome...

Cairo, Egypt—Egypt’s non-oil businesses have shown a contraction in November, resulting in output falling at the sharpest rate since the early pandemic as the country continues to face inflationary pressure, according to S&P Global. As a result Egypt’s Purchasing Managers’ Index fell from 47.7 in October to 45.4 in November...

Reiterating Dubai's resolve to work in collaboration with its global partners, Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has affirmed that the city was keen to explore new avenues in order to support global economic growth through the hosting of various exhibitions.

Four Abu Dhabi firms will provide services to ADNOC companies from 2022-27.

The European Union reached an agreement to ban the import of products including coffee, cocoa and soy in cases where they are deemed to contribute to deforestation. The draft law, which aims to ensure "deforestation-free supply chains" for the 27-nation EU, was hailed by environmental groups as "groundbreaking". Illegal production...

The external debt of developing economies has more than doubled from a decade ago to US$9 trillion in 2021, the World Bank said. The pandemic has forced many countries to take on more borrowing and World Bank President David Malpass earlier warned that the world is facing a fifth wave...

TRIPOLI, LIBYA - Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production Tuesday assuring them security had begun to improve dramatically after clashes earlier this year. Rival administrations in east and west have vied for power since March, in a standoff that has...

This represents Bombardier’s first full-service facility in UAE.

Riyadh, Saudi Arabia---  As many as 20 Vietnamese companies that participated in the Saudi-Vietnamese Business Forum on Tuesday evinced interest in investing in the kingdom and benefiting from the opportunities offered by its transformative Vision 2030. More than 20 Saudi companies also attended the forum organized by the Federation of...

LONDON, UK - The UAE Ministry of Energy and Infrastructure (MOEI) and the Transport General Authority (TGA) of the Kingdom of Saudi Arabia signed a Memorandum of Understanding (MoU) for mutual recognition of maritime certificates issued in the two countries. The move is in line with their shared vision to...

The merger creates Abu Dhabi’s largest integrated staff accommodation company.

The Tesla, SpaceX and now Twitter boss -- who is not immune to bouts of online whimsy -- recently commented on an image of the towering Belogradchik Rocks in northwestern Bulgaria under menacing clouds.

Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo.

The bank listed the sustainable sukuk on Nasdaq Dubai.

Geneva, Switzerland— Total global air traffic has shot up 44.6 percent in October as against October 2021, according to the International Air Transport Association (IATA). Total traffic in October 2022 (measured in revenue passenger kilometers or RPKs) rose 44.6 percent compared to October 2021. Globally, traffic is now at 74.2...

Abu Dhabi, UAE— The UAE President Sheikh Mohamed and the King of Malaysia Al-Sultan Abdullah have witnessed the signing of a concession agreement between ADNOC and PETRONAS for Abu Dhabi’s Unconventional Onshore Block 1. The award to Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil...

The Portuguese football star Cristiano Ronaldo is likely to sign a $210 million a season blockbuster deal with Saudi Arabian club Al-Nassr in the wake of his high-profile exit from Manchester United. Ronaldo left United last month and will likely start playing for the new club from January.

Credit Suisse itself has previously said it had $500 million committed from an unnamed investor, and its chairman said last week that it has other firm commitments, the daily reported on Sunday.

DUBAI, UAE - The Dubai Health Authority recently won the 'Best in Future of Operations' category at the International Data Corporation's (IDC) edition of the IDC Future Enterprise Awards. DHA was recognized as an entity that has successfully rethought the ways in which its operations are managed keeping digital transformation...

Al Kaabi is the CEO of Mubadala's UAE Investment platform.

World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force. Brent North Sea crude and WTI advanced over 2.5 percent, also after OPEC and its Russia-led allies decided to...

Payment for settling graft claims against firm in DR Congo.

Doha, Qatar— After fierce criticism of the Qatar World Cup, the head of the UN labour agency on Sunday pressed FIFA's president for a greater role scrutinizing future World Cup hosts. International Labour Organisation director general Gilbert Houngbo told AFP before meeting with Gianni Infantino that Qatar has been a victim...

The proposed bilateral business council, aimed at developing joint projects and exchange expertise, is likely to be formed by the first quarter of 2023.

EU chief Ursula von der Leyen said the bloc must act to address "distortions" created by Washington's $430-billion plan to spur climate-friendly technologies in the United States. The European Union must "take action to rebalance the playing field where the IRA (Inflation Reduction Act) or other measures create distortions", von...

Madrid, Spain---Saudi Arabia has joined the International Olive Council (IOC), a UN affiliated intergovernmental organization aimed at developing and expanding olives and olive oil trade. The Council also encourages the member countries to develop and modernize commercial standards for products and improve their quality, and enhance international technical cooperation in...

Major oil-producing countries led by Saudi Arabia and Russia agreed to maintain their current output levels. Representatives of 13 members of the Organization of the Petroleum Exporting Countries led by Riyadh, and their 10 allies headed by Moscow, decided to stick to a production cut of two million barrels per...

Dubai, UAE---Luberef, a subsidiary of Saudi oil giant Aramco, expects to raise up to SAR 4.95 billion ($1.32 billion) from its Initial Public Offering (IPO), the company said. The company will sell nearly 30 percent of its share capital to individual and institutional investors, which translates into 50.045 million shares,...

Israeli President Isaac Herzog arrived in Bahrain, the first visit by an Israeli head of state to the small Gulf kingdom since the two countries normalized relations in 2020. Herzog, whose role is largely ceremonial, was greeted at the airport by Bahraini Foreign Minister Abdullatif al-Zayani, according to pictures posted...

Dubai, UAE---Dubai’s Roads and Transport Authority (RTA) has awarded contracts for constructing three all-inclusive Truck Rest Stops in partnership with the private sector. The first contract was awarded to Abu Dhabi National Oil Company (ADNOC), and two contracts to Almutakamela Vehicle Testing and Registration. The contracts provide for the construction...

Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including...

BERLIN, GERMANY - The German government aims to put a stop to energy price hikes it sees as unjustified with planned gas and electricity price controls, Deutsche Presse-Agentur (dpa) reported Saturday. Price increases are to be prohibited until the end of 2023 - unless the supplier can prove "that the...

ROME, ITALY - The world's ability to nourish its burgeoning population is under threat and without broader socioeconomic and environmental change, sustainable agrifood systems will be impossible to achieve, according to a new report by the Food and Agriculture Organization of the United Nations (FAO) issued Saturday. The report, "The...

Two affiliates of ABB pleaded guilty to bribery charges.

Doha, Qatar---World Cup fans without tickets can travel to Qatar and watch the rest of the matches after the group stage ends, said Qatar's Supreme Committee for Delivery and Legacy. The Committee said the Early December feature, which allows fans without tickets to apply for a Hayya Card, will be valid...

Guyana, with 800,000 inhabitants, is already the country with the most reserves per capita in the world -- over 10 billion barrels of oil equivalent -- ahead even of Brunei, Kuwait or the United Arab Emirates.

Ukraine welcomed a US$60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would "destroy" Russia's economy. The price cap, previously negotiated on a political level between the G7 group and the European Union, will come into effect with an EU embargo on Russian crude...

PALMDALE, UNITED STATES - The United States on Friday unveiled the B-21 Raider, a high-tech stealth bomber that can carry nuclear and conventional weapons and is designed to be able to fly without a crew on board. The slickly choreographed ceremony at B-21 manufacturer Northrop Grumman's facility in Palmdale, California...

Propelled by First Abu Dhabi Bank, the Abu Dhabi index shot up 1.5 percent, reversing losses of three consecutive days even as Saudi index shed it gains on concerns about decline in crude oil prices.

Washington, United States—The US Commerce Department on Friday accused several solar companies of evading American tariffs on imports of China-made components, findings that could add to tensions between Beijing and Washington. The department has been investigating claims that certain manufacturers of solar cells and modules went around antidumping and countervailing duties...

They will study feasibility of Polish petrochemical sector investment.

PARIS, FRANCE - Russia's invasion of Ukraine has driven countries across the world to boost energy efficiency, creating "huge potential" to tackle high prices, security and climate change, the IEA said on Friday. Governments have scaled up fossil fuel subsidies to cushion the impact of rising energy costs on households...

The UAE's Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan has said that the Gulf country is determined to forge a world where prosperity is commonplace.

A direct flight from Kuwait to Dushanbe will be operated.

Move comes UK imposes windfall tax on energy firms.

LONDON, UNITED KINGDOM - Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session...

Dubai, UAE---A total of 1,600 real estate transactions worth over AED4.8 billion ($1.3 billion) were conducted during the week ending 30 Nov 2022 in Dubai, according to figures released by the Dubai Land Department (DLD). The DLD said that the emirate saw the sale of 176 plots for AED998.19 million,...

West has made a series of anti-Semitic comments recently, as the one-time titan of fashion and music appears to have entered a disturbing spiral. On Thursday, he appeared on Infowars, the show fronted by conspiracy theorist Alex Jones, to rant about sin, pornography and the devil. "I like Hitler," West...