Dubai, UAE -- Gold prices climbed on Wednesday after the US Fed toned down its aggressive approach to reining in inflation. Spot gold was up 1.7 percent at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2 percent. US gold futures settled 0.4 percent...

Abu Dhabi, UAE--ADQ has launched a vertical farming project in partnership with ZERO, a technology company based in Italy. Dubbed as the ZERO project, it is the first of several controlled environment agricultural concepts that will be housed in the AgTech Park and will aim to enhance indoor farming locally,...

Tencent is the owner of popular messaging app WeChat.

The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan valued at nearly AED 4.8 billion ($1.3 billion) in 2022.

The venture is an extension of Ares’ credit and secondaries platforms, which respectively had approximately $214 billion and $22 billion of assets under management as of 31 Dec 2022. "By leveraging Ares’ track record and Mubadala’s global footprint, the joint venture will benefit from access to a broader network, differentiated...

Dubai, UAE -- Dubai real estate market recorded real estate deals valued at more than AED2.3 billion ($626 million) on Tuesday, Dubai Land Department said. The deals included a total of 434 sales transactions worth AED1.83 billion, in addition to 86 mortgage deals of AED426.46 million, and 139 gift deals...

At its Annual General Meeting, ADNIC okayed 40% dividend.

Bard, ChatGPT and other similar artificial intelligence apps churn out essays, poems or computing code on command and have taken the world by storm as the biggest new thing in tech since the advent of the iPhone. Google has so far proceeded more carefully in its rollout of generative AI...

There is a need for more regulations in the cryptocurrency industry to prevent immoral and aberrant behavior, says Anthony Scaramucci, former White House Communications head.

If the company raided is guilty of antitrust violations, it risks large fines but can be granted immunity if it cooperates with the commission.

The company had reported a net profit of $182 m for 2022.

Dividend of 13.5 fils per share highest ever in company's history.

Manama, Bahrain – The Central Bank of Bahrain (CBB) has issued treasury bills with a maturity period of 12 months. The issue date of the bills is 23 March 2023 and the maturity date is 21st March 2024. The weighted average rate of interest is 6.17 percent compared to 6.31...

The inaugural $600m sukuk saw orders of over $2.2 billion.

Washington, United States--Syria's economy is expected to contract 2.3% more than it otherwise would have due to the impact of last month's deadly earthquakes, the World Bank said on Monday. The earthquake and its aftershocks killed more than 50,000 people in Turkey and Syria, and displaced millions more. "The recent earthquake...

Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at the donors’ conference convened in Brussels by the European Commission and Swedish Presidency of the European Council. The EUR 500 million support from EIB Global, part of broader European Union...

Haute couture has given way to upcycled outfits, sourced entirely from used clothes, as the models strut, pause and pivot on the runway, a sign of the growing popularity of chic, environmentally friendly vintage wear among young Iraqis. "We don't want overproduction of clothes, we have to reuse them," said...

SRC is looking to expand its refinancing portfolio.

Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its depositors -- along with those of Signature Bank -- would have access to their money. But officials were quick to add: "No losses will be borne by the taxpayer."

The online retail giant axed 18,000 jobs in January.

LONDON, UK- Europe's natural gas price slid Monday below US$43 for the first time in more than a year and a half, dampened by mild weather and high storage levels. In morning London deals, the price of benchmark Dutch TTF gas hit $42.5 per megawatt hour - last seen in July...

Firm said non-monetary factors played a role in earnings.

Dubai, UAE -- Saudi ACWA Power has signed three power purchase agreements and investment agreements valued at $2.5 billion with Uzbekistan to develop solar photovoltaic (PV) and battery energy storage systems (BESS) in several cities of the central Asian nation. The pacts were signed with Uzbekistan’s Joint-Stock Company (JSC) National...

Dubai, UAE -- A total of 24 companies headquartered in Dubai, representing 16 economic sectors, have attended a business forum in Astana, Kazakhstan, under the Dubai International Chambers' New Horizons Mission to Central Asia. Kazakhstan is the second destination in the Mission to Central Asia. The event brought Dubai-based companies...

Amman, Jordan--A government-sponsored program in Jordan has helped place 20,000 people into private sector jobs since its launch in April 2022. According to the Jordan News Agency (Petra), the National Employment Program (Tashgheel) has helped 673 men and 877 women, who are beneficiaries of the National Aid Fund, secure employment...

The Saudi bank said its statement came "in light of the recent market announcement with regards to Credit Suisse", without directly mentioning the UBS buyout. Saudi National Bank spent 5.5 billion riyals ($1.5 billion) on a 9.88 percent share in Credit Suisse in November.

New Delhi, India--Japanese Prime Minister Fumio Kishida arrived in India on Monday for talks expected to focus on deepening trade and technology ties as well as shared concern about China. India and Japan along with the United States and Australia make up the Quad alliance, which positions itself as a bulwark...

The PIF-owned firm looks to deepen investment in recycling.

Riyadh, Saudi Arabia--Saudi Arabia and Turkey have signed three agreements in the industrial sector during the Turkish Export Products Trade Fair in Riyadh. Saudi Minister of Commerce, who is also Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, met here...

Renewing their commitment to "continuing to strengthen bilateral relations", Egyptian President Abdel Fattah al-Sisi met with a senior Russian delegation in Cairo, in spite of calls by Western powers to isolate Russia over its invasion of Ukraine last year. Egypt has maintained relations with Russia in part to mitigate the...

The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real estate, logistical transportation, storage, financial services, insurance activities, manufacturing and information technology.

Dubai boasts a thriving community of startup incubators and accelerators, as well as regulatory sandbox schemes for the development and testing of new tech business models.

The company posted a 23% increase in revenue.

French journalists Jean Rognetta and Maurice de Rambuteau published a newsletter called "Qant" written and illustrated using AI tools. The authors found that they needed to intervene constantly to keep the process on track, so while the programs helped save some time, they were not yet fit to replace real...

Doha, Qatar--In a sign of growing business ties between Qatar and France, trade between the two countries has increased by 165 percent to $4.5 billion in 2022, compared with $1.70 billion in 2021. Qatar Chamber recently participated in the Arab French Economic Summit 2023 which was held in Paris under...

Doha, Qatar-- Qatar’s Communications Regulatory Authority (CRA) released the National Blockchain Blueprint prepared in partnership with Hamad Bin Khalifa University (HBKU) and Qatar University (QU). The objective of the blockchain initiative is to identify and construct an effective legislative basis for blockchain, establishing a strong foundation for the government’s strategy...

Riyadh, Saudi Arabia-- The market capitalization of Tadawul, the Saudi stock exchange, has shot up 477 percent to $2.6 trillion during the last five years. According to Yazid Al-Dumaiji, the Capital Market Authority’s (CMA) Undersecretary for Strategic and International Affairs, the exchange takes the ninth place among the world’s stock...

AMMAN,  JORDAN -  Vice President of the Jordan Chamber of Commerce (JCC) Jamal Rifai discussed with Hungarian Ambassador to Jordan Attila Kali ways to develop joint economic and trade relations and the role of commerce chambers in strengthening them. According to a JCC statement on Saturday, the meeting went over...

New Delhi, India--India has stepped up multi-faceted consultations with GCC states ahead of the Group of Twenty (G20) Summit to be held in New Delhi in September under its presidency. A 12th round of India-Oman Strategic Consultative Group meeting in Muscat “reviewed bilateral ties in different domains and identified new...

Abu Dhabi, UAE – The UAE banks provided AED 83.3 billion ($23 billion)  in financial facilities to small and medium-sized enterprises in 2022, according to the latest data released by the Central Bank of the UAE (CBUAE). Loans to SMEs accounted for 10.4 percent of the total accumulated balance of...

It will dole out cash dividends to the tune of US$601m.

The Swiss National Bank (SNB) and financial markets watchdog FINMA told their US and British counterparts their "plan A" to stop the crisis of confidence facing Credit Suisse was to merge it with UBS, the FT reported Friday, citing unnamed sources. The Swiss central bank "wants the lenders to agree...

Dubai, UAE-- Consumer spending in the UAE has shot up 19 percent in 2022 as against the previous year, according to Majid Al Futtaim's "state of the UAE retail economy" Q4 report. There was a notable 13 percent growth in spending across the retail economy for the full year including,...

TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further enhance partnerships and benefits from investments opportunities. Chairman of Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi and President of Japan Cooperation Center for the Middle East...

The UAE and Georgia signed a joint statement confirming the successful conclusion of negotiations towards the UAE-Georgia Comprehensive Economic Partnership Agreement (CEPA). UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia Levan Davitashvili...

Abu Dhabi, UAE -- The United Arab Emirates capital, Abu Dhabi, will host the world's largest autonomous racing league, with the first race scheduled to take place in the last quarter of 2024. ASPIRE, the Technology Transition Arm of Abu Dhabi’s Advanced Technology Research Council (ATRC), announced the launch of...

The G24 data analytics firm received $496 million in its offering.

Dubai, UAE -- A total of 3,903 real estate transactions worth AED 10 billion ($2.72 billion) were conducted during the week ending 17th Mar 2023, according to figures released by the Dubai Land Department (DLD). The DLD report revealed that 208 plots were sold for AED 1.12 billion, while 2,906...

The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil. The Organization for Economic Co-operation and Development said it now expects the global economy to grow by 2.6 percent this year.

The profit of 6% of paid-up capital will be paid as bonus shares.