Ajman, UAE-- The value of construction contracts in the emirate has exceeded $1.01 billion during the first half of 2023, in line with its strategic goal to achieve the sustainable development of the construction and contracting sector, according to the Ajman Municipality and Planning Department. Abdul Rahman Mohammed Al Nuaimi,...

Dubai, UAE - Nearly 15 million electric cars, including both battery electric and plug-in hybrid vehicles, are expected to be shipped worldwide in 2023, Gartner, a global research firm says in its latest forecast.  The figure is anticipated to see a 19% increase in 2024, with a total of 17.9...

Ankara, Turkey - Turkish president Recep Tayyip Erdogan has said that India-Middle East trade corridor proposed during the G20 summit in India could not be established without Turkey's involvement. "We say that there is no corridor without Turkey. Turkey is an important production and trade base,” Erdogan said. “The most...

Abu Dhabi, UAE - The financial wealth of United Arab Emirates (UAE) is anticipated to experience a Compound Annual Growth Rate (CAGR) of 5.5%, rising from $1 trillion to $1.3 trillion from 2022 to 2027, according to a new report by Boston Consulting Group (BCG). The BCG report, titled ‘Global...

Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are appearing, the WTO warned on Tuesday, concerned of the effects of the phenomenon on growth and development. The idea of "de-globalization" has gained traction since the war in Ukraine and...

Washington, US - A landmark case pitting the US government against Google over the dominance of the company's world-dominating search engine began in a Washington courtroom on Tuesday. "This case is about the future of the internet and whether Google will ever face meaningful competition in search," said Justice Department lawyer...

STOCKHOLM, SWEDEN - Baghdad has asked Sweden to extradite Iraqi refugee Salwan Momika, who stoked international outrage by desecrating the Quran, he and his lawyer told AFP on Tuesday. "Iraq wants him extradited because he burnt a Quran outside the mosque (in Stockholm) in June," lawyer David Hall told AFP after...

The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of a historic turning point," executive director Fatih Birol wrote in the FT.

Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will achieve strong performance in 2023. In a recent report, the credit rating agency said that UAE banks will benefit from strong non-oil GDP growth, which will mitigate the impact of...

Jeddah, Saudi Arabia -- Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund that specializes in developing the cruise sector in the Kingdom, has announced cooperation with top-notch companies in the sector, MJM Marine and DE Wave, for the new premium owned cruise line AROYA Cruise.This cooperation aims...

GENEVA, SWITZERLAND - The Red Cross appealed on Tuesday for more than $100 million to provide desperately needed assistance in Morocco, days after a powerful earthquake killed nearly 2,900 people. "We are seeking 100 million Swiss francs (US$112 million) to be able to deliver on the most pressing needs at this...

Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the end of the second quarter of 2023, according to the latest data from the Capital Market Authority (CMA). Males accounted for 80 percent of the employees at capital market institutions,...

Dubai, UAE - The UAE government has announced a 2.5 percent payment support to its citizens’ pension contributions through the Nafis program.  The subsidy applies specifically to Emirati employees in the private sector and comes with a condition: both the company's information and the employee's data must be regularly updated...

Doha, Qatar--The Qatari-Chinese Business Forum kicked off with the participation of over 70 local companies and nearly 60 Chinese companies to discuss investment opportunities in the two countries. Chairman of the Qatar Chamber of Commerce and Industry Sheikh Faisal bin Qassim Al-Thani said in a speech that the forum represents...

New Delhi, India - India wants to cooperate with the UAE in smart cities and technologies, President and CEO of the National e-Governance Division (NeGD) at the Ministry of Electronics and Information Technology of India Abhishek Singh said on Monday.  In his statement to the Emirates News Agency (WAM) on the...

TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United States in the first seven months of 2023 registered a 26 percent growth compared to the same period last year. The two countries traded over $31 million worth of non-oil...

Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by 9.8 percent year-on-year (YoY) in July. Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI retreated to 122.03 points in July, according to the base year 2010,...

New Delhi, India - A Saudi Arabian national attempted to gain access to a five-star hotel in Delhi where UAE President Mohamed bin Zayed Al Nahyan was staying, the Indian newspaper, The Indian Express reported on Monday. The individual was promptly intercepted by vigilant security personnel while trying to approach...

Riyadh, Saudi Arabia - Saudi Arabia's leading real estate developer, ROSHN Group, announced on Sunday a series of commercial partnerships totaling $2.4 billion, Saudi Press Agency (SPA) reported. The most significant deal, valued at $2.05 billion, was signed with China Harbor Engineering to develop 6,700 residential units in Riyadh's Sedra...

Kuwait City - Kuwait has announced a comprehensive economic reform plan for 2023-2027 to address various challenges facing the country’s economy, including the need for diversification and improved performance. The Kuwaiti government has presented an ambitious program for the legislative term of 2023-2027, titled "Correcting the Path: A Productive Economy...

NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems, said that the country is looking forward to more meaningful cooperation with the UAE in the field of digital payments. Speaking to the Emirates News Agency (WAM) on the sidelines...

Riyadh, Saudi Arabia -- Saudi Arabia is hosting the extended 45th session of UNESCO's World Heritage Committee from September 10 to 25 in Riyadh. This session anticipates the participation of 3,000 individuals representing 21 member states of the World Heritage Committee, out of the 194 states that have ratified the...

Riyadh, Saudi Arabia -- The Cityscape Global Exhibition, which kicked off Sunday in Riyadh, witnessed the launch of real estate projects worth around SAR 65 billion ($17.32 billion) on the opening day. ROSHN Group will have four strategic partnerships of over SAR 9 billion in the fields of construction and...

New Delhi, India-- Appealing to G20 members to lead by example in delivering on the promise of US$100 billion per year for climate finance, International Monetary Fund (IMF) Managing Director Kristalina Georgieva has underscored the need for cohesive effort to prevent grave risks to economic well-being and macro-financial stability from...

Doha, Qatar--The Qatar Financial Centre Authority (QFCA), Qatar Stock Exchange and Malaysian Rating Corporation Berhad (MARC) have entered into a memorandum of collaboration (MoC) to pursue a range of strategic initiatives aimed at advancing the financial landscape with a specific emphasis on bonds and Sukuk The scope of the collaboration...

ALGIERS, ALGERIA - Algeria will allow aircraft carrying humanitarian aid to quake-hit Morocco to pass through its airspace, the president's office announced on Saturday, suspending a two-year ban on flights to its regional rival. A 6.8-magnitude earthquake struck a mountainous area southwest of the Moroccan tourist hotspot of Marrakesh late Friday,...

Tehran, Iran - Authorities in Iran's southwest have arrested six people accused of "organizing riots" on the first anniversary of Mahsa Amini's death in custody which triggered nationwide protests, state media reported on Saturday. Amini, an Iranian Kurd, died on September 16, 2022, after her arrest in Tehran for alleged breach...

NEW DELHI, INDIA - UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met to discuss the Comprehensive Strategic Partnership and Comprehensive Economic Partnership between the two countries. The two leaders also discussed sustainable development and strengthening ties between the countries and their people. The...

Moscow, Russia - Russian Deputy Foreign Minister Sergey Vershinin has confirmed the commencement of the implementation of the Russian grain supply initiative, which aims to deliver one million metric tons of grain to countries in need, Russian news agency TASS reported on Friday. Vershinin stated that practical steps are now...

Paris, France - A world facing catastrophic climate change is perilously off course in meeting goals for slashing carbon pollution and boosting finance for the developing world, according to the UN's first official progress report out Friday. The 2015 Paris treaty has successfully driven climate action, but "much more is needed...

Doha, Qatar -- Qatar real estate market recorded deals worth QR1.011 billion ($277 million) in the month of August 2023, the emirate's Real Estate Registration Department data showed. The data said that a total of 297 real estate transactions were recorded during the month. Doha, Al Rayyan, and Al Wakrak...

Tehran, Iran -- Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to Iran. The service is available to both individuals and businesses using their Sber accounts, Tasnim reported. “The money transfer service to Iran is new to us and the demand for...

Dubai, UAE - The United Arab Emirates (UAE) has reaffirmed its commitment to advancing the economic integration of the Gulf Cooperation Council (GCC) member states, with the ultimate aim of achieving economic unity by the year 2025 The UAE Minister of Economy Abdulla bin Touq Al Marri, Minister Bin Touq...

Washington, US – The ‘gig economy’ accounts for up to 12 percent of the global labor market—much higher than previously estimated—and holds particular promise for women and youth in developing countries. Demand for online gig work is growing rapidly, however, social protections for workers in this segment are still lacking,...

Paris, France - The United Nations called on Thursday for strict rules on the use of AI tools such as viral chatbot ChatGPT in classrooms, including limiting their use to older children. In new guidance for governments, the UN's education body UNESCO warned that public authorities were not ready to deal...

NEW YORK, US -  Cancun will host the WTA Finals October 29-November 5, the WTA announced on Thursday. The Mexican resort would stage the season ending tournament after reports that Saudi Arabia was front-runner to land the event. The WTA said in a statement that officials "weighed a number of competitive...

London, United Kingdom - Demarai Gray has left Everton for Al-Ettifaq ahead of Thursday's transfer deadline in the Saudi Pro League. The 27-year-old forward is the latest Premier League player to head to the Gulf nation, joining former Liverpool midfielder Jordan Henderson at the club managed by Steven Gerrard. Gray's departure...

Abu Dhabi, UAE -- Abu Dhabi National Energy Company (TAQA's) dual-tranche $1.5 billion bonds were listed on Abu Dhabi Securities Exchange (ADX) Thursday. The five-year $500 million notes, maturing in 2029, were issued as conventional bonds with a 4.3 percent coupon, while the 10-year $1 billion tranche, maturing in 2033,...

New Delhi, India - The non-oil trade between the UAE and G20 countries in 2022 hit $341 billion, which is 55% of the UAE's total non-oil trade, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade told the Emirates News Agency (WAM) in India where he...

Abu Dhabi, UAE--ADNOC Gas today announced an agreement valued between $450 million and $550 million to supply Liquefied Natural Gas (LNG) to PetroChina International Company Limited (PCI), a subsidiary of PetroChina Company Limited, one of the leading oil and gas producers and distributors in China. This agreement underscores ADNOC Gas’...

Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to Q2 of 2022, according to Kingdom's General Authority for Statistics (GASTAT). A GASTAT report showed a 6.1 percent increase in non-oil activities over 2022, a 2.3 percent increase in government...

Abu Dhabi, UAE - A global summit for faith leaders from around the world will take place in Abu Dhabi from November 6 to 7, to highlight the crucial role of faith communities in addressing climate change. The summit will take place ahead of the 28th Conference of the Parties...

"2023 is the year that climate records were not just broken but smashed," said Mark Maslin, a professor of climatology at University College London.

This is aimed at supporting UAE export transactions to Egypt.

Dubai, UAE - Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian investors topped the list of nationalities behind new companies joining the chamber during the first half of 2023. A total of 6,717 new Indian-owned companies signed up...

Tianjin, China - The digital economy in China surged by $4.1 trillion from 2016 to 2022,  which works out as a compound annual growth rate of 14.2 percent, a research report presented at the Global Digital Economy Conference (GDEC) 2023 revealed, reported by Xinhua.  By 2022, the scale of China's...

Doha, Qatar--Qatar's non-energy private sector witnessed strong expansion in August on the back of new orders in the manufacturing and financial services, according to the Qatar Financial Centre (QFC). The expansion rate was the third strongest so far in this year, according to the QFC's latest purchasing managers’ index (PMI)...

Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, led the UAE delegation to Jakarta, Indonesia, the host of ASEAN Business and Investment Summit.

Milan, Italy -- The Saudi-Italian Investment Forum, jointly organized by the Saudi Ministry of Investment and the Italian Ministry of Enterprises and Made in Italy, has witnessed the signing of 21 agreements and memoranda of understanding (MOUs) across various sectors.Hosted in Milan, the Forum was attended by the Saudi Minister...

Riyadh, Saudi Arabia - An Israeli sports delegation arrived in Saudi Arabia on Monday to participate in the World Weightlifting Championships, as reported by Israeli media. This marks a historic moment, as it's the first time Israeli weightlifters are competing in Riyadh, Saudi Arabia, for the championship that began on...