Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a one percent increase compared to the same month last year. According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at...

Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 186%. Subscriptions worth $128.67 million were received for the $69.14 million issue, which carries maturity of 182 days. The expected return on the issue, which...

The decline was in part due to a weak sales market in China.

The two will work to develop AI-based banking capabilities.

Dhahran, Saudi Arabia – Saudi energy giant Aramco Tuesday awarded engineering, procurement and construction (EPC) contracts worth $7.7 billion for a major expansion of its Fadhili Gas Plant in the Eastern Province of Saudi Arabia. The project is expected to increase the plant’s processing capacity from 2.5 to up to 4...

Abu Dhabi, UAE -- The UAE's national carriers have witnessed significant growth in their destination network, reaching approximately 603 destinations worldwide by the end of the first quarter of 2024, compared to 586 at the close of 2023. This 3 percent increase reflects the rebounding aviation sector and caters to...

This will raise its share capital by $163 million to $944 million.

The suit filed in June of 2020 sought US$5bn in damages.

Arcera will aim to improve the quality of "human life."

RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port. This initiative aims to connect the Kingdom of Saudi Arabia to various ports along the North Red Sea. The introduction of these two new...

Formula One owners paid US$4.5 billion for the deal.

BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday. Debt, trade barriers and policy uncertainties...

The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in March 2023.

The company had paid an interim cash dividend of $1.62bn in Dec 2023.

Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday. Debt, trade barriers and policy uncertainties are dulling...

Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector and bolster its role in driving the growth of Sharjah’s economy. Promoting the emirate’s business tourism potential and opening up growth prospects across various sectors, the ECS’s plans are geared...

Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI) rose to 50.8 in March from 49.1 in February, above the 50-mark separating growth from contraction and topping a median forecast of 49.9. Though the pace of growth was modest,...

"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like Mastercard and initiatives like the Trade Bank of Iraq's online banking system, accessibility to financial services has greatly improved," she added.

Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to the Agency for Natural Resources and Energy in Tokyo. The agency, part of the Japanese Ministry of Economy, Trade and Industry, stated that the amount of crude that Japan imported...

Regional market trends, IPOs, geopolitical issues and crude oil prices affected the flow of foreign money in the region, said a report by Kamco Invest.

Abu Dhabi, UAE – Rotana, one of the leading hotel management companies in the region with over 100 properties in the Middle East, Africa, Eastern Europe, and Türkiye (MENAT), announces on Sunday the soft opening of Dar Rayhaan by Rotana, Al Khobar, in Saudi Arabia. The opening is in line...

Net profit grew by 13.1 percent compared to 2022

Riyadh, Saudi Arabia -- ROSHN Group has launched ALMANAR, its fifth integrated mixed-use community and its first venture in Makkah, the group said in a press release.The first phase of ALMANAR, the release said, will provide 4,149 residential units that will house over 17,000 people on a footprint of 2.5...

Dubai, UAE -- The Dubai Land Department (DLD) has embarked on the first phase of a series of strategic partnerships with nine leading developers, aimed at bolstering the "Dubai Real Estate Programme." DLD said the initiative underscores its commitment to cultivating a skilled citizenry proficient in professional ethics and principles,...

AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to the global level, driven by its development, quality and competitiveness, a stakeholder said. This has placed Jordan among the top countries in this strategic industry. Representative of Pharmaceutical Industries and...

ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan the Emirates is at the forefront of leveraging cutting-edge technologies like AI to drive sustainable growth and progress, particularly in the...

It will cost US$100bn and will include an AI supercomputer.

It can essentially duplicate someone's speech.

Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended over security concerns in the conflict-torn country. The airlines's chief executive, Bilal Eksi, attended a ceremony at Mitiga International Airport on Thursday to mark its first flight to Libya since...

WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel prices, according to government data published on Friday, but another gauge stripping out volatile food and energy prices continued to ease. US Federal Reserve chair Jerome Powell told a conference...

RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for Q4 of 2023, which show that the net flow of FDI in the Kingdom amounted to over US$3.4 billion (SAR13 billion), an increase of 16 percent or US$2.9 billion (SAR11...

Baghdad, Iraq -- Iraq said Friday a power line would soon bring electricity from Jordan to the border area as authorities aim to diversify energy sources to ease the country's chronic outages. With its generating capacity ravaged by decades of conflict and underinvestment, Iraq has long relied on imports of both...

The profits more than doubled compared to 2022.

The company's revenue grew by 40 percent year-on-year.

The company's revenue fell by 18 percent in 2023.

Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024. The country recorded a rate of 7.7, a record number in the history of the report. The UAE was recognised as the...

Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion by the end of 2024. According to its director general, Dr. Sidi Ould Tah, the annual financing of the bank is witnessing a steady increase, rising from US$2 billion in...

The sale is expected to be completed by June-end .

New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of the Good Friday holiday. The Dow Jones Industrial Average advanced 0.2 percent to 39,829.51. The broad-based S&P 500 Index was flat at 5,247.74, while the tech-heavy Nasdaq Composite Index retreated...

ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for startups and small and medium-sized enterprises (SMEs) here.   This initiative aims to support and represent the interests of these businesses in the region. The goal is to make Abu...

In 2023, DEWA's revenue exceeded $7.8 billion, its highest ever.

ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they have entered into a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture company owned by Saudi Arabian Oil Company (Saudi Aramco)...

Dubai, UAE -- UAE carrier Emirates defended its title as the fourth most valuable airline brand, with a staggering 30 percent increase in brand value, reaching $6.6 billion, according to Brand Finance, a brand valuation consultancy. With global travel recovering after the peak of the COVID-19 pandemic, airline brands in the Middle East have...

The Swiss government pushed it to buy Credit Suisse last year.

China's EV sector has grown rapidly in recent years.

Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is visibly failing on most fronts. adding that this is "hardly the future picture some have been painting." Fossil fuels accounted for 82% of global consumption last year.

Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council to collaborate in investment and futuristic economic sectors. According to the agreement, the Abu Dhabi Chamber and the Council will exert their best efforts to eliminate any obstacles that may...

Rohit Nanda, the new CFO, will take up his new job next month.

Abu Dhabi, UAE -- Abu Dhabi Islamic Bank (ADIB) has closed a sharia compliant syndicated transaction totaling AED865 million ($235 million) for BGN and Al Seer Marine to finance new and energy-efficient gas carriers. This financing marks the second tranche of a larger syndication amounting to US$370 million, which will...

Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan official indicated it would press ahead with a loose monetary policy, even after this month hiking interest rates for the first time since the global financial crisis. The fall raised...