In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive Economic Partnership Agreement. Once the deal is signed it will improve bilateral non-oil trade by reducing or eliminating customs duties, removing unnecessary barriers to trade.

Abu Dhabi, UAE - Abu Dhabi Sports Council discussed business developments and plans for developing the sports sector here, local media reports said. This also includes the continuation of supportive initiatives and programs to enhance the success of the sports system at the local and global levels. Mohammed Thani Al...

AJMAN, UAE – Real estate transactions in August achieved a growth of 61.5 percent compared to the same period in 2022, totalling over US$408 million  while trading volume reached US$181 million, Department of Land and Real Estate Regulation in Ajman said. Director-General of the Department of Land and Real Estate...

RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued compensations totaling US$15 million (SAR58 million) to passengers in the period 2021-2022. These compensations, according to GACA, were given primarily to deal with issues such as delays, loss of luggage,...

"President Erdogan called on Tesla to establish its seventh factory in Turkey," the Turkish leader's office said.

Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf Cooperation Council region.

DAE said this is the company's largest ever loan facility.

Move aligns with EIH's aim to diversify sources of investment.

Jerusalem--Israel's restrictions and rising fiscal constraints in the Palestinian territories are severely impacting the economic conditions of Palestinians and hindering their access to timely life-saving healthcare, the World Bank said Monday. In a report titled "Racing Against Time", the World Bank said that overall the Palestinian economy was performing below...

Evergrande, the world's most-indebted property developer with an estimated debt of $328 billion (307 billion euros) at the end of June, has been at the center of China's deepening market crisis, raising fears of a global spillover. Once a star player in an industry key to China's economic growth, Evergrande's...

Muscat, Oman--Annual inflation of Oman has shot up 0.82 percent in August as against 2.4 percent in the same month of last year, according to the country’s National Center for Statistics and Information.  But compared with the previous month, Oman’s inflation rate sunk to its lowest level in 28 months...

Dubai, UAE-- Emirates Health Services will employ AI technology in the application of patient room monitoring system to further enhance the standards of healthcare services that align with the strategic priorities and goals of the government and EHS. In this connection, Dr. Mohammad Salim Al Olama, Chairman of the Board...

Days after thousands of people took to the streets in the Kurdistan region over unpaid civil service salaries which they blamed on Baghdad, the federal government said it would disburse annually to Iraqi Kurdistan two trillion and one hundred billion dinars to be paid in three equal installments of more...

The kingdom’s Minister of Housing, Majid Al-Hogail recently said that Gulf country's residential real estate finance is expected to exceed 1.2 million contracts with a value of SR600 billion ($162 billion) by 2030.

AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection initiatives to enhance the system and advance the energy sector. This move will ultimately help position Jordan as a hub for regional energy exchange in all its forms. According to...

Bahrain FinTech Bay is a fintech ecosystem builder.

Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation between the two countries’ technological companies. In a meeting held in Havana on Friday, Iran’s Vice-President for Science and Technology Ruhollah Dehqani and Cuba’s Minister of Science, Technology and Environment...

Fashion innovator Calvin Wong, who has developed the world's first designer-led AI system, says 'we must treasure the designer's original creativity'.

Tehran, Iran -- Iran’s annual steel production capacity is expected to increase by more than 22 percent within the next two years to reach 55 million metric tons (mt) by 2025, a senior member of the Board of Directors of the Iranian Steel Producers Association (ISPA) said. Bahador Ehramian stated that...

The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a level not seen for 22 years as it tackles inflation still stubbornly above its long-term target of two percent. Goldman Sachs cut their forecast for a recession in the US...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart programs and applications to support its operations. The move is part of DEWA’s efforts to utilise the latest global technologies in all areas and benefit from the capabilities of generative...

Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...

RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic development and implement awareness programs, in line with Saudi Vision 2030 goals. Under the MoU, the two parties will cooperate to promote economic development, activate academic research, implement awareness programs...

The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars in damages and misled the public by minimizing the risks from fossil fuels, according to a court filing. The case was filed in superior court in San Francisco against ExxonMobil,...

SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured employees in accordance with the relevant laws and regulations. This aligns with the law's objectives and the fund's strategies aimed at enhancing the well-being of employees and providing them with...

Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC). The agreement was signed during the eighth Belt and Road Summit, a two-day event themed "Ten Years of Cooperation for Mutual Benefit," which saw participation from...

Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector, and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told a media outlet. The Fund will strongly urge...

Lunate has more than $50bn in Assets Under Management.

London, United Kingdom -- Qatar's Hamad International Airport has been named as the best airport in the Middle East, and the second-best airport in the world at this year's Business Traveller Awards. Chief Operating Officer at Hamad International Airport, Badr Mohammed Al Meer, said, "This recognition reaffirms our commitment to...

DUBAI, UAE - A total of 2,329 real estate transactions worth over US$3.4 billion (AED 12.7 billion) were conducted during the week ending September 15, 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 549 plots were sold for US$1.1 billion (AED 4.25...

Dubai, UAE -- The talks between Turkey and China to build a nuclear power plant in eastern Thrace are progressing and a deal is possible in a few months, Turkish Energy Minister Alparslan Bayraktar said Thursday. Middle East Eye reported that Bayraktar told reporters that senior officials from the Chinese government...

HANOI, VIETNAM  - A delegation of 80 Saudi businessmen, representing over 50 companies, and representatives from national specialized bodies and centers visited Zamil Steel Building Vietnam Co. (ZSBVC) here. The visit aims to explore investment opportunities, enhance trade, investment and industrial cooperation between Saudi Arabia and Vietnam. During the visit,...

TEHRAN, IRAN  – The foreign minister of Qatar said the procedures for the transfer of Iran’s unfrozen foreign assets to Qatari banks will be finalized within the next week. Qatari Foreign Minister Sheikh Mohammed Bin Abdulrahman al-Thani made the comments in a telephonic conversation with his Iranian counterpart Hossein Amirabdollahian...

The daylong retail offering saw 124,900 investors subscribe.

Both the firm and France's digital minister Jean-Noel Barrot insisted on Friday there was no danger to public health from the radiation. On Tuesday, Barrot gave Apple two weeks to issue an update to its phone, which was coming to the end of its career as a front-line Apple product.

Copenhagen, Denmark - Danish shipping giant Maersk on Thursday launched the world's first container ship running on bio-methanol, a key step in its effort to lower its huge carbon footprint. Maersk, which sold its oil division to TotalEnergies in 2017, has set out a target to become carbon neutral by 2040....

The accolade recognizes RSG's commitment to sustainability.

Dubai, UAE - Emirates NBD made an investment in Erguvan, a climate and financial technology venture aimed at providing financial institutions and corporations with digital infrastructure, enabling them to manage the impacts and risks of climate change. The investment was made via Deniz Ventures, an investment fund launched by DenizBank...

The UAE's achievement in internet quality marks a significant improvement from its previous third-place ranking in this category. However, in the overall DQL Index, the UAE stands at 38th globally, reflecting its challenges in other areas, particularly in e-security.

BEIRUT, LEBANON – The secretary general of the Union of Arab Chambers has called for diversified business models to facilitate the growing economic ties between Arab countries and China. In an interview ahead of the sixth China-Arab States Expo, which is scheduled to take place from September 21 to 24...

Vladivostok, Russia -- Russian Post is working on opening a company in the UAE, CEO Mikhail Volkov told TASS in an interview at the Eastern Economic Forum (EEF). "We are currently working on opening of a company in Dubai, the UAE, and are also considering other countries. We as logistical...

TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries will be strong in all areas, including trade, economy and investment. Speaking to IRNA in Tehran, the Saudi envoy expressed satisfaction with the start of a new chapter in his...

The new platform offers bespoke solutions to investors.

According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected to restrain near-term growth prospects for major GCC economies. However, non-oil growth is anticipated to bolster the region's economies, particularly in Saudi Arabia and the UAE.

Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such as advanced biofuels or hydrogen, in the aviation sector. The RefuelEU aviation rules are part of the “Fit for 55 package”, the EU’s plan to reduce greenhouse gas emissions by...

Baghdad, Iraq-- The UAE and Iraq have held discussions to boost economic, investment, educational, cultural, agricultural, food, technological, and energy cooperation. The discussions were held in the tenth session of the UAE-Iraq Joint Committee in the Iraqi capital, Baghdad, co-chaired by Khalifa Shaheen Al Marar, UAE Minister of State, and...

Abu Dhabi, UAE - The Arab Monetary Fund said Wednesday that global credit card fraud losses incurred by financial institutions and individuals reached around US$32.3 billion in 2021. The losses increased substantially by 13.8 percent compared to the previous year, WAM reported. The Fund released a study titled "The Role...

Birkenstock employs around 6,200 workers globally.

Riyadh, Saudi Arabia/Guangdong, China -- Saudi-listed ACWA Power has signed MoUs with two Chinese firms to bolster collaboration in China and globally in green hydrogen and ammonia, global renewable energies and integrated smart energies. The agreements were signed with state-owned China Southern Power Grid International Company and clean energy integrated...

Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end of July 2023, the highest level in history, according to the latest statistics of the UAE Central Bank. The data showed that investments of banks operating in the country increased...