The company recorded a revenue of $433 million for 2022.

Dubai, UAE-- Iraq has imported oil derivatives - gasoline, kerosene and gas oil - worth more than $5 billion in 2022, the state-run Iraqi Oil Marketing Company (SOMO) said Tuesday. The company's data showed that Iraq's imports of kerosene (white oil) amounted to 167,433 metric tons valued at $159.27, according...

The firms said margins will continue to be under pressure in H1.

Dubai, UAE -Edmond de Rothschild Group has announced the opening of an advisory office, Edmond de Rothschild (Middle East), at the Dubai International Financial Centre, as it looks to cater to wealthy clients in the fast-growing region. The Group has obtained an advisory license from the Dubai Financial Services Authority,...

Abu Dhabi, UAE -The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house operating in the UAE and struck off its name from the Register, pursuant to Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank and Organisation...

The company did not offer any explanation for the decision.

The agreement was signed at the Strategic Development Fund (SDF) stand at the Tawazun Council’s chalet, on the sidelines of IDEX and NAVDEX 2023.

Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector.  According to a forecast by Riyad Capital, the output from this part of the economy will rise by 5 percent this year. The growth will be driven by a...

A media report said that company has laid off 10% of its workforce.

There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has seen a stunning growth in the sector.

The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent and 2.3 percent in 2023 and 2024.

Abu Dhabi, UAE---Tawazun Council, the defense and security acquisitions authority for the UAE armed forces and Abu Dhabi police, has established a free zone for military and security sector in Tawazun Industrial Park The 2.8-square-kilometer zone has been established to commence operations related to defense and security industries and associated...

The net profit for the year nearly doubled compared to 2021.

Barcelona, Spain--The big beasts of the telecom industry will gather in Barcelona on Monday for their most important annual get-together, this year under the shadow of a severe slump across the technology sector. Some 80,000 delegates are expected at the four-day Mobile World Congress (MWC), which is back to near...

ADNOC Gas said that ADNOC will now offer 3.83 billion shares, equivalent to approximately 5 percent of ADNOC's total issued share capital. Previously, the offering size was $2 billion or 3.07 billion shares. The final offer price is expected to be announced on March 3.

Riyadh, Saudi Arabia--The Saudi Ports Authority, also known as Mawani, has sanctioned five new shipping services that will link up the Kingdom with 43 international ports.  The five new services are projected to support commercial traffic, strengthen the national imports and exports system, as well as provide alternatives for importers, exporters, and shipping agents. In...

Amman, Jordan--The trade balance between Jordan and the US has recorded a surplus of about 625 million Jordanian dinars ($881 million) in 2022, according to a statement.    The volume of trade exchange between the two countries last year amounted to about 2.75 billion dinars, according to foreign trade data issued...

AMMAN, JORDAN -  Chairman of the Jordan Senate's Committee for Arab, International Affairs and Expatriates Hani Mulki, on Sunday discussed with Vice President of French Senate, Helene Conway, the region's key political and economic developments. The two leaders also discussed political changes in the surrounding countries following Arab Spring. Mulki,...

Jordan, the United Arab Emirates, Egypt and Bahrain announced the signing of 12 agreements and partnerships worth over US$2 billion for nine joint industrial projects. The announcement came following a meeting of the Integrated Industrial Partnership for Sustainable Economic Development. Jordan Prime Minister Bisher Khasawneh oversaw the signing of the...

Dubai, UAE--Dubai has recorded a 35 percent increase in the number of people using public transport like metro, tram, buses, marine transport and taxis in 2022, the emirate’s Roads and Transport Authority said Sunday. In 2021, the public transport ridership was 461 million, which rose to 621.4 million in 2022....

SHARJAH, UAE - The Sharjah Airport International Free Zone (SAIF Zone) has signed a cooperation agreement with Al Ansari Exchange, to introduce a new payment service and enhance customer experience. The newly signed partnership will allow SAIF Zone’s investors and clients to conveniently pay fees at any of Al Ansari...

Doha, Qatar-- Qatar Central Bank (QCB) issued treasury bills worth QR 1 billion ($274 million) for a one-week term in February, due on March 2, at an interest rate of 5.0050 percent. QCB had issued treasury bills worth QR 3 billion for a one-week term in February. The auction is...

Abu Dhabi, UAE--The 15th session of the joint UAE-Algeria Economic Committee has been held in Abu Dhabi under the chairmanship of Abdullah bin Touq Al Marri, Minister of Economy, and Algerian Minister of Industry, Ahmed Zaghdar, in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for...

ABU DHABI, UAE -  Minister of State for Financial Affairs Mohamed Hadi Al Hussaini headed the UAE delegation participating in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in 2023. Held for the first time under the Indian presidency in Bengaluru, the meeting discussed the progress under...

It will also close down several units in Ludwigshafen.

New Delhi, India--German Chancellor Olaf Scholz arrived in India on Saturday seeking to deepen business ties between the world's number four and five economies and push for progress on an EU trade deal despite differences over Ukraine. "We want to further strengthen our bilateral relationship with India and our cooperation on...

Abu Dhabi, UAE--The Emirates Defence Companies Council (EDCC) and the Canadian Business Council (CBC) in Abu Dhabi signed a Memorandum of Understanding (MoU), aimed at accelerating cooperation and identifying business opportunities in defence industries. The MoU was signed today at Tawazun Council Chalet in IDEX and NAVDEX 2023, currently held...

DUBAI,  UAE -  Dubai Chamber of Commerce organized a Corporate Tax Workshop to help participants navigate the new regime, with expert advice from senior members of corporate tax and legal teams at PwC Middle East. After issuing the UAE issued Federal Decree-Law No. 47 of 2022 on Taxation of Corporations...

MTS Bank, approved for its licence last year, was one of more than 200 entities and individuals targeted by the fresh sanctions on the first anniversary of Russia's invasion of Ukraine. The Central Bank of UAE said MTS earned its license because it "fulfilled the criteria for licensing branches of...

Abu Dhabi, United Arab Emirates: Abu Dhabi-based clean energy company Masdar has entered the geothermal energy sector by making an investment in Indonesia's state energy firm Pertamina Geothermal Energy (PGE), one of the world’s largest geothermal players. The investment marks Masdar’s entry into Indonesia, the world's second-largest geothermal market after...

Israel's government approved the 2023-2024 budget against the backdrop of economic uncertainty linked to controversial judicial reforms advanced by the government of Prime Minister Benjamin Netanyahu. The government had been expected to adopt the budget during a cabinet meeting Thursday, but talks ran late into the night and also took...

Most of the layoffs would be implemented in H1 2023.

The UAE has reduced arms imports by more than 40 percent over the past decade, taking it from the third to the ninth largest importer globally, according to the Stockholm International Peace Research Institute. The UAE was the second largest recipient of US arms between 2012 and 2016 but dropped...

ABU DHABI, UAE  -  The Department of Health – Abu Dhabi (DoH), which regulates the healthcare sector in the emirate, has announced the winners of its Healthcare Research and Innovation Grant. The grant, launched in September 2022, received over 70 complete submissions, and the top eight were awarded a monetary...

Abu Dhabi, UAE--The commercial operations of the Unit 3 of Barakah Nuclear Energy Plant in the Al Dhafra Region of Abu Dhabi has commenced, Emirates Nuclear Energy Corporation (ENEC) said. As the third unit to be delivered in three consecutive years, this adds a further 1,400 megawatts (MW) of zero-carbon...

ABU DHABI, UAE -   UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Algerian Minister of Industry Ahmed Zeghdar discussed enhancing cooperation in the economic, industrial and commercial sectors between the two countries.    In a meeting between Sheikh Abdullah and Zeghdar in Abu...

Sales jumped 73 percent to 132.2 billion euros.

Net profit came in at $457m, compared to 2.9bn euros loss in 2021.

The MoU brings together Bayanat’s expertise in remote sensing capabilities and data analytics, and Yahsat’s proven capabilities spanning satellite space technology.

Facing a drop in advertising revenues, parent company Meta is piloting a subscription in Australia and New Zealand before it appears in larger markets. But ahead of the launch, ordinary users seemed less than keen to hand over money to a company that already makes vast sums from their data.

The Chinese-owned platform is under growing Western scrutiny, and Canada's move came just hours after the European Commission banned the app from all employees' work devices to "protect" the institution. The investigation was initiated "in the wake of now-settled class-action lawsuits in the United States and Canada, as well as...

Boeing's difficulties with the 787 have come as the company tried to reset its relationship with the FAA following the 737 MAX calamities. But the latest problem threatens to crimp an aviation industry recovery as more airlines seek new jets to meet pent-up demand for flying.

Abu Dhabi, UAE—A total of 10 deals worth AED2.7 billion ($735 million) were signed on the fourth day of the International Defence Exhibition (IDEX) and the Naval Defence Exhibition (NAVDEX) 2023. Today’s deals bring the cumulative value of the deals signed by Tawazun Council, the UAE government agency that deals...

The ban also means European Commission staff cannot use the Chinese-owned video-sharing app on personal devices including phones that have official apps installed, the spokesperson said, confirming a report by news website Euractiv.

In June 2022, Masdar announced the signing of several agreements with the Ministry of Energy of Azerbaijan to develop clean and renewable energy projects with a total capacity of 4,000 MW, underscoring the commitment of the two countries to climate action.

Dubai, UAE - Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has launched six business groups within the F&B industry for HORECA traders, meat and poultry, bakeries, organic food, groceries as well as hypermarkets and supermarkets sectors. “We are on track to reach our goal...

Turkey was already battling runaway inflation and relying on wealthy allies to keep its economy afloat when the massive earthquake on February 6 killed more than 43,000 people, razed entire cities and left millions needing urgent help.

A report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), said although global investment in renewable energy reached a record high of $0.5 trillion in 2022, this still represents less than 40 percent of the average investment needed each year between 2021 and 2030, according to...

Turnover however soared by more than a fifth to £13.5 bn.

Abu Dhabi, UAE-- The non-oil trade between the UAE and Azerbaijan has risen threefold during the past five years, said Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade. Al Zeyoudi told WAM that the non-oil trade between the two countries totaled more than AED10.2 billion over...