Cairo, Egypt--Egypt’s current account deficit fell 77.2 percent to $1.8 billion in the first half of the North African country’s current fiscal year. According to its central bank, the deficit reduction was fueled by Egypt’s current account turning a $1.41 billion surplus in the October to December quarter of 2022...

Abu Dhabi, UAE--The property market in Abu Dhabi has recorded 5,472 property sales and mortgages valued at US$7.62 billion in the first quarter of 2023 as against 3,304 transactions worth $ 3.07 billion during the same period in 2022, according to official data released by the Department of Municipalities and...

Abu Dhabi, UAE--Looking to boost tourism and cultural exchange between the two countries, the Department of Culture and Tourism Abu Dhabi (DCT Abu Dhabi) and the Jordan Tourism Board have signed a Memorandum of Understanding (MoU) on the sidelines of the Arabian Travel Market 2023. The MoU will unlock the...

The company delivered 127 aircraft in Q1 of 2023.

The company's expansion plans include the acquisition of Al Fahid Island.

Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in Baghdad was the only entity authorized to manage exports.

Revenue is due to demand for fixed, mobile services.

Dubai, UAE -- April 2023 was the best month in a decade for Dubai's real estate market, both in terms of the number of transactions and the value of these deals. The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022,...

Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the US Navy said, the second such incident in less than a week. The tanker, Niovi, was sailing from Dubai towards Fujairah, another port in the UAE, when it was stopped by Iran's Islamic Revolutionary Guard Corps Navy.

The group's first quarter loss dipped to $515m from $644m a year ago.

Dubai, UAE-- Seeking to take advantage of the boom in the Middle East's hospitality sector, Radisson Hotel Group will triple its presence in the region by 2030. The hotel group, running 52 hotels and resorts in the Middle East, is planning to have 150 properties in operation and under development...

The company's profits came in at $1.8 billion.

Dubai, UAE - Dubai-based consumer technology holding group Astra Tech has launched the world's first "Ultra app" - Botim 3.0.  The app is a combination of fintech, e-commerce, GPT, and communications in a single user experience, built on top of a communication platform.  Botim GPT is an executional GPT that...

The firm recorded a jump in the net profit to US$3.73mn.

The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey boost energy exports and its goal to achieve energy self-sufficiency. The news comes in the wake of another oil discovery made in December, considered to be one of the ten...

Its consolidated revenues rise to US$3.53bn in Q1 of 2023.

Seoul, South Korea -- Samsung Electronics is banning employees in its mobile and appliances division from using generative AI services such as ChatGPT, the company said on Tuesday, after instances of "misuse" of the technology. Interest in artificial intelligence chatbots has soared since the Microsoft-backed ChatGPT debuted in November. ChatGPT caused...

Manama, Bahrain -- The Central Bank of Bahrain (CBB) announced that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 403 percent. Subscriptions worth BD 104.778 million ($277 million) were received for the BD 26 million issue, which carries a maturity of 182...

Profit fell on declining COVID-19 vaccine revenues.

With the Federal Open Market Committee (FOMC) widely expected to raise its base rate a quarter-point on Wednesday, analysts will be looking for any "revisions to the forward guidance in its statement," Goldman Sachs' chief US economist David Mericle wrote in a recent note to clients.

FRANKFURT, GERMANY -  Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt crisis, while demand for loans fell heavily, according to a European Central Bank survey released Tuesday. The results highlight the impact of aggressive monetary tightening combined with recent banking sector...

The acquisition includes all operating projects and pipeline of Spectrum.

Abu Dhabi, UAE - Passenger traffic through the UAE's airports during the first quarter of 2023 increased by 56.3 percent compared to the same period in 2022, according to Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority (GCAA). Approximately 31.86 million passengers passed through the UAE's airports...

In Q1 2022, BP posted its biggest loss ever at $20.4bn.

Cairo, Egypt--Egypt has signed its biggest investment package with Japan aimed at supporting the North African country's transportation development plan. According to a statement released by Egypt's Cabinet, the agreement, worth 100 billion yen ($734 million), will be used to finance Cairo’s metro expansion, a 30-km stretch of land that...

The scientist warned about the potential spread of misinformation created by AI, telling the media that the average person will "not be able to know what is true anymore." While AI has been used to support human workers, the rapid expansion of chatbots like ChatGPT could put jobs at risk.

Dubai, UAE-- The World Free Zones Organisation’s (World FZO) ninth Annual International Conference & Exhibition (AICE) will begun in Dubai from today. Held under the theme ‘Global Trade 2.0: Zones, An Ecosystem of Trust Driving Prosperity,’ this year’s two-day event reflects the organisation's commitment to facilitating the contribution of free...

Bluesky was created by Twitter's co-founder Jack Dorsey and is now the talk of Silicon Valley, leaving those in the know scrambling to secure an invite to join the app that is still at the testing phase. The platform looks and feels like Twitter as its backers want users from...

Its pre-tax profits touched US$12.9bn in Q1 of 2023.

Riyadh, Saudi Arabia-- The Saudi Center for Commercial Arbitration (SCCA) has published the 2023 revised SCCA arbitration rules with effect from May 1. The final text was endorsed after extensive review by the SCCA’s board of directors. The SCCA, in a statement, said the new rules will apply to all...

Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and equipment sector, according to its Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef. AlKhorayef, who is also Chairman of National Industrial Development Center (NIDC), announced that the industry...

In the wake of reporting a drop in profit during the first three months of the year, the bank aims to cut down its headcount nearly 4 percent after ending March with more than 82,000 employees, according to reports. The bank suffered a 20 percent profit drop amid a slowdown...

SHARJAH, UAE -  Over 3.8 million passengers traveled through Sharjah Airport in the first quarter of 2023, recording a 28.01 per cent increase over the same period in 2022. The airport is expected to achieve even higher growth rates by the end of 2023.   The aircraft movement for the...

Dubai, UAE -- Container service providers in Dubai will now be required to declare their local sea container charges to the Dubai Maritime Authority through the Dubai Trade Single Window Portal. The requirement came into effect after DMA introduced Directive No 1 of 2023 on Transparency of Local Sea Container...

It will be the largest integrated steel plate manufacturing complex in the kingdom to be located in Ras Al Khair Industrial City, one of the four special economic zones recently announced by Crown Prince Mohammed bin Salman, PIF said in a statement.

The share buyback is expected to enhance shareholder value.

Abu Dhabi, UAE - ADNOC Gas announced Monday a three-year supply agreement with the TotalEnergies Gas and Power Limited for exporting liquefied natural gas (LNG). Under the deal, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world. The three-year contract is expected...

Abu Dhabi, UAE - Etihad Cargo added a fourth gateway destination to its Chinese network with the introduction of weekly flights to Wuhan Tianhe International Airport in the Hubei province of China. The inaugural flight arrived in the Hubei Province on 29th April. The airline currently offers five passenger flights...

ABU DHABI, UAE -  AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and three crude oil tankers. These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives to enhance the shipping division under AD Ports...

The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed a decrease by 2.94% when compared with PPI of February 2023.

Trina's market share of 210mm module shipments was more than 50%.

With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank to fall in US history. The FDIC has said that it will enter into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all...

Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments in the North African country shot up 98.7 percent to $73.7 million during the 2021-2022 period. According to the Central Agency for Public Mobilization and Statistics, Egypt exported goods worth...

Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission from May 2023 onwards. The measure is intended to reduce costs on market participants in a way that enhances liquidity, increases competitiveness in the local market and expands domestic investors'...

Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the UAE intends to widen the partnership with the kingdom over the next few years. In this regard, the two countries have agreed to double the volume of trade and investment...

Its net profit soared 33% to US$7.49mn for Q1 of 2023.

Four hundred of the Horten lots will be sold at Christie's Geneva auction house from May 10 to 12. According to a report published in January 2022 by historians commissioned by the Horten Foundation, her husband Helmut Horten, who died in Switzerland in 1987, was a member of the Nazi...

Abu Dhabi, UAE--The emirate of Abu Dhabi is looking to draw some 24 million visitors by the end of 2023, six million more than it succeeded to attract last year. Ahead of Arabian Travel Market 2023, the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has announced...

Rabat, Morocco - The UAE is keen to strengthen economic and trade relations with Morocco, in a way that enhances the establishment of new partnerships that serve their interests in vital sectors and consolidate the strength of bilateral relations, UAE's Minister of Economy Abdullah bin Touq Al Marri has said....

Small modular reactors -- or SMRs -- similar to the ones currently powering submarines, are touted as the future of the nuclear energy industry. SMRs have been promoted as a cheaper option than legacy reactors, with shortened construction time and less fuel needed to power them, which translates into less...