It will make an initial public offering before listing.

Dubai, UAE-- The UAE and Oman have signed an agreement to enhance cooperation in order to preserve environment and encourage sustainable development. In this connection, a UAE delegation, headed by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, paid a visit to Oman to enhance cooperation in...

The UAE has utilized advanced technologies to develop capacities and meet the growing demand in these sectors. Additionally, the country aims to adopt a new and more open development model in line with the leadership's future vision and the UAE Centennial 2071, the minister adds.

Pact is likely to help enhance Kingdom's non-oil exports.

Cairo, Egypt - Egyptian authorities have detained 29 people, including 13 foreigners, accused of running an online cryptocurrency scam that defrauded thousands of investors, state media reported Sunday. The network pocketed about US$620,000 at the expense of its victims in the country now battered by an economic crisis and rapid inflation,...

NEW DELHI, INDIA -  UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications Omar Sultan Al Olama said that his country has succeeded in adopting state-of-the-art, digital, and futuristic solutions as a key pillar for enhancing prosperity. Al Olama made this remark at the Raisina Dialogue...

Abu Dhabi, UAE-- Stating that the global reshuffling of economic gravity is providing an opportunity for the UAE, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the country has positioned itself as a key player in the global value chain. He was speaking at...

Ras al Khaimah, UAE-- Sunreef Yachts Middle East has signed a cooperation agreement with RAK Maritime City for the development of a new facility in Ras Al Khaimah. The signature ceremony was in the presence of sheikhs, dignitaries and industry professionals. This initiative is an opportunity for both parties to...

In spite of divisions over the legislation, Iraq's customs department has given orders to begin enforcing a ban on alcohol imports that became law last month. The specialist retail stores dominating alcohol sales in absence of bars or licensed restaurants however remained open for business, at least in Baghdad.

As the governments and private organizations in the region are taking measures to encourage and support women entrepreneurs in the tech industry, their prospects across the setor are improving, and there is a growing sense of optimism that more women will continue to break through the glass ceiling in this...

TEHRAN, IRAN - Iran has announced the discovery of a large deposit of lithium, a key component of batteries for electric vehicles and electronic devices, state media reported Saturday. "For the first time in Iran, a lithium reserve has been discovered in Hamedan", in the west of the country, state television...

ABU DHABI, UAE -  The United Arab Emirates and Italy on Saturday announced the enhancement of their  bilateral relations to the Strategic Partnership level. The announcement came during a meeting between President Sheikh Mohamed bin Zayed Al Nahyan  and Italy's Prime Minister Giorgia Meloni at Al Shati Palace in Abu...

The company's operating profit rose 13.5% to $696 million.

Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources with direct knowledge of the matter told media. Earlier on Friday, the Wall Street Journal reported that the UAE is having an internal debate about leaving the Organization of the...

It is estimated that 400 million people consume luxury products worldwide and that number will reach 500 million by 2030.

Pushing aside their differences in relations strained by regional disputes, the oil-rich United Arab Emirates and Turkey signed a free trade agreement on Friday. Importantly, the pact comes ahead of Turkey's elections on May 14 as President Recep Tayyip Erdogan carries on with his contested economic policies that have scared...

The net profit exceeded the Group's target of AED10 billion.

The proposed factory will be spread over 300 acres.

Firm booked profit despite supply chain disruptions.

DUBAI, UAE - Dubai Electricity and Water Authority's (DEWA) Research and Development Center has obtained its eighth patent for a cutting-edge device that leverages advanced sensors to locate and survey geographical areas. The device employs real-time kinematic (RTK) processing techniques to process data collected on-site and works with a smart...

The purchase is part of the company’s “rigorous decarbonisation strategy,” the company noted.

The airline reported $839m in profit in 2022.

The ADNOC Gas offering was set at 2.37 dirhams ($0.65) per share, towards the top of its range, implying a market capitalization of about $50 billion. Total demand topped $124 billion, making it more than 50 times oversubscribed, ADNOC said, calling it the biggest demand yet seen for an IPO...

The emirate’s Department of Municipalities and Transport (DMT) said a total of 19,033 transactions were recorded during the year---9,010 sales worth AED23.5 billion and 10,023 mortgage deals worth AED54.1 billion. The year-on-year value of realty transactions rose by 8.5 percent, while the number of transactions jumped by 27.2 percent.

Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit the most from the latest technology, says an expert.

Abu Dhabi, UAE - The United Arab Emirates is the best country for expat lifestyle, according to a survey by the HSBC. A total of 36 percent of the people surveyed said chances of having a better lifestyle is the main reason for relocating to the UAE, significantly higher than...

Doha, Qatar-- Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the American Chamber of Commerce in Qatar (AmCham Qatar) have signed a Memorandum of Understanding (MoU) to enhance bilateral trade and investment relations between the two countries. Under the MoU, both...

Dubai, UAE-- Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline's global products business for $2.65 billion. Under this acquisition, which comes after the two companies signed the share purchase agreement announced on 1 Aug 2022, Aramco hastens its aim to enter the integrated,...

The investment will be spread over the next six years.

Abu Dhabi, UAE--- Emirates Water and Electricity Company (EWEC) has, for the first time, met 80 percent of total power demand in Abu Dhabi using renewable and clean energy from its solar and nuclear energy plants. In the process, EWEC supplied approximately 6.2 gigawatts (GW) of the total 7.7GW system...

Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state increased from 814 in 2021 to 835 last year, in addition to the presence of 430 new industrial licensed facilities, indicating that the volume of industrial investments amounts to $81...

After years of losses, Tesla has hit its stride in terms of financial performance, scoring an impressive string of earnings records as it has added factories and ramped up production. The company has also acted as a major catalyst for a revolution in transportation, with much of the automobile sector's...

The MoU also aims to educate and train 5,000 citizens at the Al Fardan Exchange Training Institute, which was recently established at ACTVET’s Innovation Park in Abu Dhabi.

The new firm will focus on internal combustion.

Nearly 25 percent of respondents believe educational institutions should avoid the use of AI platforms, and many feel creative writers should also ignore them.

Abu Dhabi, UAE--UAE Banks Federation (UBF) organised a virtual workshop on combating trade-and-credit-documents-based money laundering on Wednesday. The workshop comes as part of UBF's ongoing efforts to improve frameworks and procedures necessary to develop and maintain the highest levels of compliance and risk management at member banks. The workshop was...

Investors' appetite for "green debt", used to finance renewable energy projects, low-carbon transport or well-insulated housing, is growing exponentially. But the European Union until now did not have a common standard to certify the sustainability of investments.

Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown, with the first half of 2022 witnessing unprecedented growth of nearly 8.5 percent. The country's...

Dubai, UAE--Saudi Arabian utility developer ACWA Power said Wednesday it has signed financing agreements for a total investment of $8.5 billion with NEOM Green Hydrogen Project (NGHP).  NGHP is a joint venture between ACWA Power, Air Products and NEOM Company, with ACWA Power holding a 33.3 percent equity stake. In...

Dubai, UAE-- Dubai real estate market recorded deals worth AED3.1 billion ($843 million) on Wednesday, according to Dubai Land Department. The deals included 598 sales transactions worth AED1.55 billion, in addition to 68 mortgage deals of AED1.48 billion on Thursday. The sales included 547 villas and apartments worth AED1.13 billion,...

Dubai, UAE—UAE’s renewable energy company Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, Reuters said. "We are committed... to deploy a billion pounds across the United Kingdom to accelerate the battery storage solutions," Jameel Al Ramahi told the International Energy Week conference, according to the...

Profits soared 43 percent to 1.2 billion dirhams ($327 million) despite higher oil prices as the United Arab Emirates carrier bounced back strongly from a Covid-hit 2021. The year ended with a mass airlift of World Cup fans to and from Qatar, with 1,290 flights -- up to 30 a...

Beirut, Lebanon--Lebanon intends to triple the tariffs it charges on imports in local currency, as the state seeks to boost its revenues amid a worsening economic crisis. Caretaker finance minister Youssef Khalil requested to change the rate at which customs fees are calculated from 15,000 pounds per U.S. dollar to...

Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply, according to the International Energy Agency.

Dubai, UAE -Dubai Land Department (DLD), represented by the Real Estate Regulatory Authority (RERA), has signed a memorandum of understanding with Al Ameen Service to boost cooperation. DLD is enhancing its vision by providing an innovative and sustainable global real estate model and an incubating environment for real estate innovation....

Doha, Qatar--Egypt and Qatar have signed an agreement to eliminate double taxation on income and prevent tax evasion and avoidance, according to a statement by the Cabinet on February 27. The agreement comes within the framework of bolstering bilateral economic relations and shoring up cooperation in several fields. It is...

Istanbul, Turkey -Turkey’s economy posted 5.6 percent growth in 2022, growing faster than expected last quarter as the government ramped up spending ahead of elections. Gross domestic product rose 3.5% in the October-December period from a year earlier. Growth for the whole year was 5.6%, state statistics agency TurkStat data...

Egypt is focused on rebuilding the state and infrastructure. The country has dropped unemployment levels from 18 percent to 7.2 percent in the current period as a result of launching of major projects in the past few years, which compensated for the decline in the private sector's contribution to growth...

PARIS, FRANCE - A French court on Tuesday dismissed a landmark case against TotalEnergies for a massive oil project in Uganda and Tanzania after several NGOs filed a suit to suspend the controversial project. The six NGOs argued the development of the East African Crude Oil Pipeline (EACOP) failed to adhere...

The plant is going to be established in Monterrey.