Aim is to expand Dragon Oil’s investments in Turkmenistan.

Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which 12 percent of world trade usually passes. The Houthis say the strikes are in solidarity with Palestinians in war-ravaged Gaza, which Israel has bombarded relentlessly for three months, in what...

DUBAI, UAE –  The Dubai Center for Family Businesses, which operates under the Dubai Chambers umbrella, has released a ‘Sample Article of Association for Family Businesses’ to outline effective management, governance procedures and corporate best practices. This will help promote growth and continuity among family businesses in Dubai. The Sample...

China is a vital component in US-based Tesla's global layout.

Dubai, UAE -- A total of 1,721 real estate and properties transactions valued at AED 5.8 billion ($1.57 billion) were conducted during the week ending 5th January, according to the Dubai Land Department (DLD). The DLD weekly report said that114 plots were sold for AED 1.36 billion, 1,183 apartments and...

NEW YORK, US - Former US president Donald Trump's businesses received at least $7.8 million from foreign governments including China during his time in the White House, a congressional report claimed. Officials from Saudi Arabia, India, Turkey and Democratic Republic of Congo were among some 20 countries' representatives who paid money...

The sovereign wealth fund acquired 23% stake in the firm.

It produced 1,620,665 metric tonnes of aluminium in 2023.

The aim is to redefine outdoor media advertising in Abu Dhabi.

DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an all-time sales record of US$2.16 billion (AED 7.885 billion) for 2023, representing a 24.39 percent increase over the previous year and 6.4 percent up on pre-pandemic in 2019. December finished...

The bank expects to enhance operations with AI tools.

The layoffs will reduce costs for the Spanish company.

Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate of 36% compared to the 31.4 million passengers recorded in 2022, marking the highest annual passenger statistic in its history, Jeddah Airports said on Wednesday. According to Jeddah Airports' 2023...

Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create more opportunities for cooperation between their business communities and private sectors. The discussions took place between in a meeting between Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for...

Hong Kong, China - Asian markets fell Wednesday in line with a sell-off across most of the world as traders took their cash off the table after a blockbuster end to 2023, with eyes now on the release this week of Federal Reserve minutes and US jobs data. Equities surged in...

Dubai, UAE - The UAE has issued a law establishing ‘Parkin’, a public joint stock company (PJSC) that will oversee operations related to parking spaces in Dubai. The newly established company will have financial, administrative and legal autonomy to fulfil its responsibilities, WAM reported. Also, the company's duration is set...

The agreement was extended by an additional $1.54 billion.

Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during 2023, reflecting the growing number of long-term investors and genuine end users, according to analysis carried out by global property consultant Knight Frank to mark the 14th anniversary of the...

Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace of increases of 2.93 percent was the smallest of the past six months.

Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for 2023 by the globally recognized employer of choice certification program Best Places to Work, the company said in a press release. ROSHN achieved its ranking based on anonymous surveys conducted...

Tesla's stock slipped after the news was announced.

Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an increase in Qatari exports to its clients by over $412 million during 2023. In a statement released today, the agency highlighted its participation in eight international exhibitions over the past...

The Al Wasl field is its first oil discovery in Egypt.

DOHA, QATAR - The Investment Promotion Agency Qatar (Invest Qatar) has partnered with Microsoft to develop Ai.SHA, an innovative AI-powered assistant harnessing GPT capabilities through the azure open AI service. This initiative positions Invest Qatar as one of the first investment promotion agencies (IPA) in the world to adopt advanced...

ABU DHABI, UAE - The International Holding Company (IHC) announced the initiation of the transfer of 2PointZero, a next generation holding company comprising several diverse and dynamic companies, to IHC. Spanning multiple sectors, business combinations of entities under common control, have been combined to form 2PointZero, boasting an impressive asset...

The deal was originally expected to be completed by 2021.

Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import tariff rates lower than the most favored nation rates on 1,010 goods, implementing tariff rates on some commodities under agreements and applying preferential tariff rates to 43 least-developed countries (LDCs)....

RIYADH, SAUDI ARABIA – flynas reported record results for its performance in 2023 compared to the previous year 2022, with a historic increase in the number of passengers to over 11.1 million passengers, growing more than 28 percent. The LCC has taken delivery of 19 new aircraft during 2023, upscaling...

Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points, a decrease of 1.95 percent compared to October 2023. On Y-o-Y basis, PPI of November 2023 showed a decrease of 17.36 percent. The main four industry sectors by weight are...

Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November 2023 from nearly SAR 103.3 billion during the same month a year earlier, according to the Saudi Central Bank's (SAMA) monthly bulletin. Consumer spending includes total cash withdrawals, point-of-sale (POS)...

The projects in 6 industrial cities are valued at $143 million.

Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022. Bitcoin touched a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020. It was last up 2.5% at $45,318 but remains far off the record high of $69,000 it...

Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope of companies subject to Emiratisation targets, where more than 12,000 companies with 20-49 employees, are required to hire at least one UAE citizen in 2024 and another one in 2025....

Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth clients. This personalized proposition is designed to offer a premium range of wealth management services catering to clients with account balances starting from EGP 20 million ($64 million) upwards, or...

The production started at the first well in the Gulf of Suez.

Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase of 12.5% over the previous year, according to data released by the DFM. The growth was driven by a number of factors, including the strong momentum in the market since...

Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU) with Ayan for Commerce & Industry. This extension comes as a result of the ongoing valuation and due diligence processes, which are yet to be completed. The original MoU, signed...

MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk Series 7 issuance on behalf of the government. The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman. The issuance has been...

The takeover was finalized for an undisclosed amount.

The distribution ratio of the NAV stands at 0.10 percent.

Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge Pavilion Marketplace.The Pavilion will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities...

They will manufacture, test, sell and service mtu engines in Saudi.

Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 16.7 billion ($4.58 billion) in Nov 2023, a decrease of about QR 9.5 billion, or 36.3 percent, compared to Nov 2022, and a decrease by nearly QR 2.3 billion or 12.1 percent compared...

Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime minister of the Republic of Azerbaijan. Shahin Mustafayev, who is also the Azeri head of the Iran-Azerbaijan Joint Economic Cooperation Commission, stated that the relations between the two countries are...

Abu Dhabi, UAE--Sheikh Zayed Festival is witnessing a large public turnout from citizens, residents and tourists from all over the world to celebrate New Year's Eve and welcome the new year 2024, which contributes significantly to increasing retail sales for exhibitors and commercial stores at the festival. During the celebration...

ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following fluctuations in the global oil market. This change reflects a continuous trend observed in the fuel prices over the past few months, with September and October witnessing increases and November...

Riyadh, Saudi Arabia -- Nearly 45.8 percent of employees in Saudi Arabia work more than 40 hours per week and 39.6 percent of employees work an average of 40 hours per week, according to the Health and Safety at Work Statistics for 2023 issued by the General Authority for Statistics...

COPENHAGEN, DENMARK - Shipping giant Maersk said on Sunday it was suspending the passage of vessels through a key Red Sea strait for 48 hours, after Yemeni rebels attacked one of its merchant ships. The Maersk Hangzhou, a Singapore-flagged, Denmark-owned and operated container vessel en route from Singapore to Port Suez...

Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.

The corridor was created in August to link Ukraine's ports to the Bosphorus Straits, several weeks after Moscow refused to agree on a new accord to allow cereal exports through the contested Black Sea. The now-defunct accord had allowed Ukraine to export nearly 33 million tons of cereals and other...