Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according to the Chinese newspaper People's Daily Online. The nation's first domestically-produced large cruise ship has wrapped up its maiden test voyage, with plans for its official naming and delivery by...

Singapore-- Saudi Arabia and Singapore have pledged to enhance economic cooperation between the two countries and also reviewed the challenges facing the global economy. In this connection Saudi Minister of Finance Mohammed Aljadaan met in Singapore with Deputy Prime Minister and Minister of Finance of Singapore, Lawrence Wong. According to...

TEHRAN, IRAN  – Iran’s export of non-oil products to the Economic Cooperation Organization (ECO) member states in the first four months of the current Iranian year exceeded $3.6 billion, an official said. Iran exported $3.615 billion worth of non-oil goods to the ECO member states from March 21 to July...

Wall Street's three main indexes ended a volatile August on a tepid note Thursday after data showed the Fed's preferred gauge of inflation -- the personal consumption expenditures index -- ticked a little higher in July.

Riyadh, Saudi Arabia - The Gulf Federation for Electronic Sports was established Thursday on the sidelines of the Next World Forum, to support, nurture, and develop Gulf talents through annual tournaments hosted by all countries. The launch was attended by the Chairman of the Board of Directors of the Saudi...

The subsidiary was set up in partnership with a Jordanian company.

RIYADH, SAUDI ARABIA -  Agri-Nutrients SABIC, in cooperation with the American companies ADM and BiOWiSH has helped farmers achieve high productivity using sustainable and cost-efficient methods. Through these collaborative efforts SABIC aims to help reduce the carbon footprint in the agricultural supply chain, especially after the company obtained the world's...

Riyadh, Saudi Arabia -- Saudi Arabia achieved a surplus of SAR 22.8 billion ($6.07 billion) in the balance of payments for travel items in the first quarter of 2023, compared to a deficit of SAR 1.6 billion in Q1 2022, the Kingdom's Ministry of Tourism said. The ministry added that...

DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration, including the Comprehensive Economic Partnership Agreement (CEPA) with Damien O'Connor, New Zealand's Minister of Trade and Export Growth here. During the meeting, which came as part of a visit to...

The plant is located in their jointly owned petrochemical firm.

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 2 percent to SAR 104.6 billion ($27.88 billion) in July 2023, from nearly SAR 102.97 billion during the same month last year, according to the Saudi Central Bank's SAMA monthly bulletin. Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce...

The study credited President Joe Biden's Inflation Reduction Act in the United States, which is designed to underpin a vast energy transition and social reform programme. According to Wood Mackenzie, offshore wind power is increasingly playing a role with the first half of the year seeing a 26 percent rise over...

Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi in November, state media said Thursday, accelerating competition in the crowded Gulf market. Terminal A in the oil-rich United Arab Emirates capital, touted as one of the world's biggest, will...

Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted firm faces a crucial vote to avoid defaulting on a bond repayment. The ratings firm said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly...

DUBAI, UAE –   Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market. The UAE, which has an impressive 99% internet penetration rate according to a McKinsey study, welcomes Bitay. This move aligns with the UAE’s growing stature as a global digital hub and its...

ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross domestic product (GDP) to stand at 3.5 percent in 2023, rising to 3.9 percent in 2024. In a statement to the Emirates News Agency (WAM), Bolliger shared the bank's positive...

The cost of the acquisition has not been specified.

ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion (AED 28.5 billion) in the first half of 2023, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank’s figures showed that the...

Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust Compound Annual Growth Rate (CAGR) of 4.4 percent from 2023 to 2028, a report said. The industry set to experience a significant upsurge, presenting lucrative opportunities across residential, non-residential, and...

Abu Dhabi, UAE -- The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined ADGM-registered audit firm, KPMG Lower Gulf Limited (KPMG), $30,000 for ineffective systems and controls leading to non-compliance with audit requirements under RA-administered legislation. ADGM audit regulatory framework requires audit reports to be issued and...

Media rights are a huge earner for the Board of Control for Cricket in India (BCCI), one of the richest governing bodies in global sport owing to the game's immense and fanatical local fanbase. India plays 88 international matches over the rights period, translating to roughly $8.2 million per game...

DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to sharing credit and judicial data and information. The MoU was signed by CEO of Qatar Credit Bureau Sheikha Maryam bint Khalifa Al-Thani and SJC's Enforcement Department director Judge Nabil Abdullah...

Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR 341.6 billion, in the second quarter of 2023, contributing mainly to the decline of 31.8 percent in overall merchandise exports, compared to Q2 2022. The value of exports amounted to...

The interim dividend is equivalent to 7.9 fils per share.

The firm expects growth in primary production and recycling business.

In a bid to address the concerns, Microsoft will unbundle Teams from its Microsoft 365 and Office 365 suites in the European Economic Area and Switzerland from October 1, the company's vice president on European government affairs, Nanna-Louise Linde, said. Customers will now be able to buy the software without...

Doha, Qatar--Planning and Statistics Authority (PSA) of Qatar has released the new monthly Producer Price Index (PPI) of the Industrial sector for July 2023 which is estimated at 108.62 points showing a decrease of 0.22 percent, when compared to the previous months June 2023. On Y-o-Y basis, PPI of July...

According to TASS, quoting a diplomatic source, Turkey's Foreign Minister Hakan Fidan will propose to Russia at the upcoming talks in Moscow to resume the grain deal in its original format. The source said that Turkey is all for restarting the grain corridor in its original "format involving parties to...

Analysts have said UBS's own operating results will surely "take a backseat" to interest in how the integration process is proceeding. Particularly keen attention will be paid to expected cuts at Credit Suisse's investment bank, at the heart of multiple scandals and crises that preceded its demise.

It will be hiked by US$79.6m through a public offering.

Sharjah, UAE--Sharjah Media City (Shams) has signed a memorandum of understanding (MoU) with Munhwa Broadcasting Corporation (MBC), the largest television and radio broadcasting company in South Korea. The partnership aims to strengthen cooperation between Shams and MBC Korea through enhanced media content business development, benefiting from the expertise and exchange...

The global firm will provide investment banking services.

Washington, United States - Economic growth in the United States was weaker than first estimated for the April to June period, the Commerce Department said Wednesday, noting downward revisions in business investment. GDP growth in the world's biggest economy came in at 2.1 percent for the second quarter, down from the...

But the toy giant's market share grew as sales rose slightly.

Combining elements of everything from boxing to judo and Muay Thai, mixed martial arts (MMA) had a limited following in Saudi Arabia just a decade ago, but that started to change when the kingdom hosted the popular regional Desert Force competition in 2014.

Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in future.

The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth compared to the first half of 2022 and 5.4 percent more than H2 2022. Non-oil exports in the first six months of 2023 exceed the exports recorded in the whole...

Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR 5.51 billion in June, according to a recent report by the General Authority for Statistics (GASTAT). UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports,...

The mood was brightened by a report that China's biggest state-backed banks would slash rates on mortgages and deposits as part of a drive to support the country's beleaguered property sector. Wall Street enjoyed one of its best days in months thanks to a surge in big names -- including...

Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October climbed 31 cents, or 0.36%,...

According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite of economic uncertainty. During the second quarter payments by the 1,200 biggest public companies rose more than expected, increasing by 4.9 percent compared to the same April-to-June period last year.

Welcoming back potentially misleading political messages at X came less than a week after former president Donald Trump posted there for the first time since January 2021. Trump posted his police mugshot after his arrest in Georgia, signaling his return to a platform that was his favorite bullhorn during his...

Online celebrities best known for posting about video games are also dropping in unexpected plugs for gasoline stations, fuel rewards and club cards. In India, Mexico, South Africa and the United States many spots were found that promoted major oil firms such as BP, Chevron, ExxonMobil, Shell and TotalEnergies on...

Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024, according to a report on the Government IPO Program by the Cabinet's Information and Decision Support Center (IDSC). The report showed that Egypt plans...

Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to a Cabinet statement on Tuesday. The drilling of 10 wells between July 2022 and June 2023 resulted in the huge discovery in...

TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been inked for exporting 120,000 passenger and commercial vehicles to Russia. Mohammad Teymouri pointed to his visit to Russia’s car market last week and stated that a contract was concluded for...

TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five months of the current Iranian calendar year, the Islamic Republic of Iran Customs Administration (IRICA) announced on Tuesday. Also, 14.4 million tons of non-oil goods, valued at US$24.2 billion, were...

The airline is likely to carry 300m passengers a year by 2034.

Muscat, Oman -- The revenues of 3-5-star hotels in Oman reached RO 122.5 million ($318 million) at the end of July 2023, up by 27.8 percent over the corresponding period in 2022. Statistics issued by the National Centre for Statistics and Information (NCSI) show that the total number of hotel...

Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 19.6 billion ($5.38 billion) in July 2023, a decrease of about QR 15.1 billion or 43.5 percent compared to July 2022, and an increase of nearly QR 2.2...