Abu Dhabi, UAE--The UAE government has endorsed 24 national initiatives to double the country’s re-export industry by 100 per cent over the next seven years. The measures were approved during a cabinet meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler...

UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s comprehensive economic partnerships program.

Each will be managed by its own CEO and board of directors.

Berlin, Germany - Germany's anti-cartel watchdog said Tuesday it was examining if it needed to place US giant Microsoft under close watch for any possible abuse. The Federal Cartel Office said it was taking a first step to see if Microsoft is of "paramount significance across markets". If this is found...

The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest potential growth over the medium and long term.

The participation of Emirati firm ADNOC is the latest sign of the quickening normalisation of relations between Israel and the UAE since their opening of diplomatic ties in 2020.

The charge sheet accuses Binance of failing to uphold standards that are required of a company operating as a derivatives market and dealing with major US trading companies. Since July 2019, "Binance's compliance program has been ineffective," the statement said.

Moscow, Russia--Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said Tuesday. Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on...

Abu Dhabi, UAE -- Borouge is supplying sustainable “Made in UAE” polyethylene materials worth AED120 million ($32 million) that are used in several development projects across the Middle East and Africa region. Borouge’s contribution to these mega projects is driven by collaboration with the local manufacturing companies who selected quality...

Doha, Qatar--Qatar's bourse intends to open a new derivatives market that will allow investors to trade options and futures on local stocks and its equity index, the country's financial regulator said on Monday. The Qatar Financial Centre Regulatory Authority (QFCRA) issued a new regulatory framework for listed derivatives after a...

The stock rocketed to AED3.7 from an offer price of AED1.34.

Brussels, Belgium - The 27 EU member states approved Monday a deal between Brussels and Germany that lifted Berlin's block on a planned phaseout of sales of new fossil fuel cars by 2035. A spokesman for Sweden, which holds the EU presidency, said ambassadors backed the agreement. Energy ministers are expected...

The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with top importer China including a recent Beijing-brokered reconciliation with Iran. Aramco said in a statement the deal stipulates the supply of 480,000 barrels per day of Arabian crude "under a...

The sukuk terms will be determined as per market conditions.

It will explore low-carbon ammonia value chain in Germany.

Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday's statement said. Talal Ahmed Al Khereiji has been appointed acting CEO, it said.

Its IPO had been oversubscribed by 136 times.

It will buy "all loans and deposits" from Silicon Valley Bank, whose fall this month set off global fears about the sector. SVB became the biggest US bank to fail since 2008 when regulators seized it after a sudden run on deposits. The bank was a key lender to the...

Amman, Jordan--Standard Chartered has decided to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), according to both the parties. Standard Chartered, the emerging markets-focused lender, plans to exit seven markets in Africa and the Middle East. The bank entered into an agreement with AJIB, subject to central bank...

The company's profit vaulted 157% to US$147m in 2022.

The customs deal is viewed as the concluding phase of a free trade agreement following the normalization of relations between the two countries. Netanyahu describes it as historic.

The email to employees dealt with a new stock compensation program in the San Francisco-based company and the attribution to employees of stock in X Holdings, Twitter's umbrella company since Musk purchased it in late October. "Twitter was trending to lose ~$3B/year," Musk said in a message posted Saturday on...

Beijing, China - Saudi Arabia's Aramco said it wants to be an all-inclusive source of energy and chemicals for China’s long-term energy security and China’s high-quality development. Amin H. Nasser, Aramco President and CEO, told the China Development Forum 2023 that the company is doubling down on China’s energy supply,...

It suffers from constant stand-offs between elected lawmakers and cabinets installed by the ruling Al-Sabah family, despite a parliamentary system in place since 1962.

Abu Dhabi, UAE-- In order to improve commercial connectivity and trade between the UAE and Kuwait, AD Ports Group launched a new direct shipping service dedicated to Ro-Ro between UAE’s Khalifa Port and Kuwait’s Shuwaikh Port. Commenting on the launch of the new shipping service, Captain Ammar Mubarak Al Shaiba,...

The Iraqi oil ministry said that Turkey stopped oil exports from Iraq's autonomous Kurdistan region on Saturday in the wake of arbitration at the International Chamber of Commerce. It said that Baghdad's claims had been accepted in a dispute with Ankara over who had responsiblity for exporting the autonomous region's...

Manchester United have received a second Qatari bid to buy the English football giants, British media reported. The reports said that Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber AI Thani, the chairman of Qatar Islamic Bank, had placed a second round offer. British billionaire Jim Ratcliffe made a revised...

CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group (FWG) meeting within the G20 Finance Track for 2023 held here on March 24 – 25. The meeting was held to discuss the progress made on the 2023 FWG work...

BRUSSELS, BELGIUM - The European Union and Germany on Saturday said they had struck a deal after a dispute over the planned phaseout by 2035 of the sale of cars using fossil fuels. A landmark deal to prohibit new sales of fossil fuel cars from 2035 is key to the bloc's...

The shares fell on the lender's rising cost of default cover.

Doha, Qatar--Qatar's General Tax Authority (GTA) has extended the deadline for submitting the tax return for 2022 for all entities subject to the income tax law for one additional month to end on May 31, 2023. Excluded from this extension are companies operating in the field of petroleum operations and...

Dubai, UAE -- The 27th Dubai World Cup, which begins on Saturday at the Meydan Racecourse, will see a total of 78 international and 51 emirati horses compete for a prize money of $30.5 million. For the worldwide equestrian community, the Dubai World Cup represents the pinnacle of excellence not...

The UAE-based exchange house said the number of ordinary shares has been increased from 37.50 million to 56.25 million. But the total size of the IPO— 750 million shares, equivalent to 10 percent of the Group’s issued share capital—remains unchanged.

Dubai, UAE - ENOC Group on Thursday unveiled its five-pillar long-term growth strategy after having recorded its best performance ever in 2022 in its three-decades-long history of growth.  Under the pillar of ‘Proactive Improvement’, the  Group, which recorded a 60 percent increase in EBITDA last year in comparison to 2021,...

New Delhi, India--India's Patent Office rejected on Thursday US pharmaceutical giant Johnson and Johnson’s application to extend its patent on a key  tuberculosis treatment, allowing local companies to make cheaper generic versions. India accounted for nearly 29 percent of 10.6 million tuberculosis cases worldwide, according to the World Health Organization’s (WHO)...

It will slash 2.5% of workforce as a cost-cutting effort.

Doha, Qatar--Doha port received on Thursday the cruise ship MSC World Europa carrying 5,613 tourists and a crew of 2,121. They will be joined later by 555 tourists from Doha to a new itinerary to a number of tourist stops in the region. The cruise sector in Qatar has contributed...

Earnings per share went up 15% to $2.3 cents.

The deal is designed to enhance Saudi digital transformation.

New York, United States -- Two months after accusing India's Adani Enterprises of fraud, US investment group Hindenburg Research launched a new salvo Thursday, this time against Jack Dorsey's mobile payments firm Block, saying it "widely overstated" its user base. Following publication of the report, Block's stock tumbled up to...

Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum of Understanding (MoU) to establish a general framework for initial public offerings (IPOs). The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's...

MoU will be mutually beneficial to both organizations.

Presight IPO received $496 million. It was oversubscribed 136 times.

The acceptance follows years of turmoil for the company.

Improved refining, petrochemicals margins behind profit rise.

Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International...

Doha, Qatar-- Qatar has recorded $660 million worth real estate trading in sale contracts during the month of February. The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (382) real estate transactions were recorded during the month. Compared to January 2023, the real...

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.