A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I believe that additional policy rate increases will be necessary to bring inflation down to our target over time," Fed governor Michelle Bowman told a conference in Cleveland, Ohio, according to...

Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform - essentially a direct rival.

Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED 2.5 billion ($680 million) on Thursday, Dubai Land Department said. The transactions included 744 sales worth AED2 billion, in addition to 153 mortgage deals of AED542.55 million, and 27 gift deals amounting to AED31.3 million. The sales...

LONDON, UK -  The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to tackle stubbornly high UK inflation despite such a move worsening a cost-of-living crisis. The higher-than-expected hike to a 15-year high was the 13th increase in a row. "There had been...

The total dividend of $241.63 million will be paid on July 19.

Sharjah, UAE -- The Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have launched Ma'an (Together) initiative to strengthen Emirati and Iraqi private sectors. The two entities aim to achieve this by using Ma'an to encourage private sector businesses to broaden their operations...

Dubai, UAE-- The UAE and France have reiterated their commitment to widening cooperation in important fields and sectors. The resolve was renewed at the 15th session of the UAE-France Strategic Dialogue held in Paris. The two countries discussed the status of the strategic bilateral investment partnerships, which were signed in...

Cairo, Turkey – Suez Canal revenue surged by 35 percent to $9.4 billion in the financial year 2022-23, up $7 billion from the previous year, Suez Canal Authority (SCA) Chairman Osama Rabie said on Wednesday. Addressing a press conference on Wednesday, Rabie attributed the Suez Canal's revenue increase to the...

Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of 11.5 million passengers from the same period in 2022, when about 20.4 million passengers were recorded, according to the Central Bank of the UAE (CBUAE). Indicating that the civil aviation...

Amid continuous divisions plaguing the country, France's new envoy for Lebanon, Jean-Yves Le Drian, landed in Beirut to hold talks with its leaders. The envoy's three-day visit comes a week after Lebanese lawmakers failed for a 12th time to elect a new president, drawing condemnation from the international community.

Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to draft and adopt practical initiatives and projects that will enhance the UAE's readiness for the future. The launch took place during the first meeting of the UAE Future Network, with...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...

Musk, one of the world's richest men, said that Modi was "pushing us to make significant investments in India, which is something that we intend to do, and are trying to figure out the right timing".

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has launched ‘open yards’ as part of its comprehensive facility offerings. Located in the mainland area of Al Ghail Industrial Zone, these units are readily available for businesses seeking expansive and versatile spaces for their operations. With the introduction...

The German group will sell AirPlus to Sweden's SEB Kort Bank.

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications. This comes as part of a series of initiatives to adopt innovative financial technologies and the...

Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the second-largest FDI recipient in the Middle East, and Saudi Arabia is the largest one in the region.

Riyadh, Saudi Arabia -- NEOM and Volocopter have announced a series of successful flight trials of electric vertical vehicles (eVTOL), commonly known as air taxis, marking the first ever testing of an electric and zero-emission urban air mobility (UAM) system in Kingdom's futuristic city. The project, a result of an...

The King of Pop whipped off the hat, with an estimated value of $65,000-$110,000, while breaking into his hit "Billie Jean" during a televised Motown concert in 1983.

The energy company will pay US$462 million for the buyout.

The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to a peaceful place. Dive into an in-depth analysis from TRENDS.

It is expected to propel Qatar as an investment hub.

The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place.

DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released by Dubai's Land Department (DLD) showed. The market also recorded 130 mortgage deals totaling US$732 million (AED2.69 billion), and 21 gift deals amounting to US$59.5 million (AED218.56 million). The sales...

SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030, raising its target from the 1.87 million it set last year as the market for clean-energy vehicles continues to soar. It also announced plans to invest a total of 109.4 trillion...

ABU DHABI, UAE -  The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly basis to reach US$172 billion (AED631.63 billion) at the end of April 2023, marking the largest level ever in its history, the apex bank said in its budget report for...

The first phase works, costing $200m, likely to completed in 30 months.

The agreement, to supply four million tons annually to the China National Petroleum Corporation (CNPC), matches the terms of a November deal with China's Sinopec as the longest ever seen in the industry.

At list prices, the Airbus deal is worth $3.3bn and Boeing's $1bn.

Signs agreement with GE Aerospace and Safran Aircraft.

DUBAI, UAE -  Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada on the region’s international financial exchange, further solidifying Dubai’s position as one of the largest Sukuk listing venues globally, with a total value of US$77 billion. To celebrate the successful...

VLCCs carry almost 2 million barrels of crude per voyage.

Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023 and 2024 after witnessing a nearly 4 percent drop in 2022 to $64 billion, a World Bank report said. The remittances are likely to increase by 1.7 percent in 2023...

The move fits in with its plan to reorganize business operations.

Tehran, Iran-- Looking to give a further boost to the relations between the two countries, Iran's Foreign Minister Hossein Amir-Abdollahian arrived in Doha to discuss bilateral relations, as well as major regional and international developments, with high-ranking Qatari officials. Amir-Abdollahian left Tehran for Qatar’s capital late Monday on an official...

Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the first quarter of 2023, an annual increase of 7.31 percent against about $165 billion in March 2022, according to figures by the Central Bank of the UAE (CBUAE). The apex...

With ongoing mega-projects and economic diversification, Riyadh's strong Expo 2030 candidacy has already garnered support from 90 of 170 member states.

MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday. The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in...

ADIB will facilitate the opening of Shariah-compliant bank accounts.

Indian carrier IndiGo said it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show. With a list price of $55 billion- the actual sale prices are usually lower- the deal is the largest ever civil aviation order and a "historic" step for both firms,...

Lifera is a development and manufacturing company.

RIYADH, SAUDI ARABIA -  The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million (SAR 1.15 billion) in Q1 2023, from US$381 million (SAR 1.43 billion) in the same period last year, the Capital Market Authority (CMA) said in a recent report. Revenues fell...

The partnership involves Tata Power Renewables, Princeton Digital.

Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the end of the year, according to Russia's deputy Prime Minister Alexey Overchuk. "Now, indeed, the EAEU has come very close to concluding such an agreement with Iran. This issue was...

Riyadh, Saudi Arabia-- Saudi Arabia has unveiled its own cruise-line brand called AROYA Cruises to fuel growth in its tourism sector, luring 1.3 million cruise visitors by 2035. According to media reports, AROYA, though a part of Cruise Saudi, will run as an independent business unit. Its name was formed...

Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of economic stimulus to go with two interest rate cuts. Expectations have been high that officials would provide help for the struggling property sector and introduce measures to kickstart consumer activity.

Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement to deepen collaboration. The agreement was signed by Mohammed Abdullah Al-Salami, Chairman, Department of Civil Aviation, in Fujairah, GCAA Deputy Board Chairman, and Juan Carlos Salazar, ICAO Secretary General. This came...

The "agreement in principle" would see the semiconductor firm build the facility in southern city Kiryat Gat that would open by 2027 and operate at least until 2035, Israel's finance ministry said. As part of the deal, Intel's taxes to Israel would rise from five to 7.5%, the finance ministry...

Credit Agricole Egypt is a subsidiary of Credit Agricole Group.

DUBAI, UAE -  Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has inaugurated the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park. This will be the largest single-site solar park in the world with...