Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications. This comes as part of a series of initiatives to adopt innovative financial technologies and the...

Dubai,  UAE - Dubai International Chamber, one of the three chambers operating under Dubai Chambers on Wednesday marked the official inauguration of its latest international office in Johannesburg, South Africa. The new office further strengthens the UAE’s growing trade links with Africa and will seek to boost the level of...

Riyadh, Saudi Arabia -- NEOM and Volocopter have announced a series of successful flight trials of electric vertical vehicles (eVTOL), commonly known as air taxis, marking the first ever testing of an electric and zero-emission urban air mobility (UAM) system in Kingdom's futuristic city. The project, a result of an...

Dubai, UAE - Pakistan has taken steps to finalize a deal with the United Arab Emirates (UAE) for the handover of the Karachi port terminals, potentially marking the first inter-governmental transaction under a law implemented last year to raise emergency funds.  The decision was made during a meeting chaired by...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 759.3 billion ($206.47 billion) at the end of March 2023 to AED 775.2 billion ($210.68 billion) at the end of April 2023. This was...

Ankara, Turkey - Turkish government has announced a 34 percent increase in the monthly minimum wage, effective from July 1.  The decision was reached by the minimum wage assessment commission, following negotiations between workers and employers, according to Labour Minister Vedat Isikhan. The new minimum wage will amount to a...

QAMISHLI, SYRIA- A Turkish drone strike killed three employees of northeast Syria's semi-autonomous Kurdish administration on Tuesday, a spokesman said, amid a recent uptick in attacks targeting Kurdish-held areas. The strike targeted "a vehicle transporting civilian employees, killing two Kurdish women and a Christian" man, said Farhad Shami, spokesman for the...

SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030, raising its target from the 1.87 million it set last year as the market for clean-energy vehicles continues to soar. It also announced plans to invest a total of 109.4 trillion...

ABU DHABI, UAE -  The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly basis to reach US$172 billion (AED631.63 billion) at the end of April 2023, marking the largest level ever in its history, the apex bank said in its budget report for...

The first phase works, costing $200m, likely to completed in 30 months.

Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030 would be decided in an election in November this year, the Bureau International des Expositions (BIE) said on Tuesday. At the 172nd General Assembly of the BIE on Tuesday, Member...

DUBAI, UAE -  Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada on the region’s international financial exchange, further solidifying Dubai’s position as one of the largest Sukuk listing venues globally, with a total value of US$77 billion. To celebrate the successful...

PARIS, FRANCE -  A major exiled Iranian opposition group on Tuesday expressed fury after Paris police refused to grant permission for a major rally next month, on the grounds it risked creating tensions and being the target of an attack. The National Council of Resistance of Iran (NCRI), a coalition that...

Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023 and 2024 after witnessing a nearly 4 percent drop in 2022 to $64 billion, a World Bank report said. The remittances are likely to increase by 1.7 percent in 2023...

Kuwait City, Kuwait-- Kuwait's Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah urged parliament members to focus on reforms "for the sake of Kuwait" with objective of meeting aspirations of citizens to achieve prosperous future. "We are facing a new phase" during which MPs should focus on reforms, a phase full...

Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the first quarter of 2023, an annual increase of 7.31 percent against about $165 billion in March 2022, according to figures by the Central Bank of the UAE (CBUAE). The apex...

The report by the World Meteorological Organization and the European Union's Copernicus Climate Change Service said the continent was some 2.3 degrees Celsius hotter last year than in pre-industrial times. Crop-withering drought, record sea-surface temperatures and unprecedented glacier melt are among the consequences laid out in the report.

Dubai, UAE -  Saudi Arabia is gearing up to celebrate International Yoga Day on June 21 in Riyadh City, an Indian daily The New Indian Express reported.  The Indian diplomatic mission in Saudi Arabia has been actively promoting and organizing various yoga events as part of their Quality of Life...

Riyadh, Saudi Arabia-- Saudi Arabia has unveiled its own cruise-line brand called AROYA Cruises to fuel growth in its tourism sector, luring 1.3 million cruise visitors by 2035. According to media reports, AROYA, though a part of Cruise Saudi, will run as an independent business unit. Its name was formed...

Kuwait - Kuwait on Sunday formed a new government led by the Prime Minister, Sheikh Ahmad Nawaf Al-Ahmad Al-Jaber Al-Sabah. The Deputy Amir, Sheikh Mishal Al-Ahmad Al-Jaber AlSabah signed a decree approving the new a 15-member government line-up.  The Gulf Arab state also named a new defence minister, Sheikh Ahmad...

Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement to deepen collaboration. The agreement was signed by Mohammed Abdullah Al-Salami, Chairman, Department of Civil Aviation, in Fujairah, GCAA Deputy Board Chairman, and Juan Carlos Salazar, ICAO Secretary General. This came...

Muscat, Oman - The small and medium-sized enterprises (SMEs) are playing a critical role in ushering in Oman's shift towards a low carbon economy, a report released by Tejarah Talks has revealed. The report highlights the significance of eco-innovation, eco-adoption, and eco-entrepreneurship in harnessing the potential of SMEs to contribute...

Paris, France -- President Emmanuel Macron's new special envoy for Lebanon heads to Beirut in the coming week as France seeks a new push to end a political crisis that has left the country without a president for over half a year, a diplomatic source said Sunday. Former foreign minister Jean-Yves...

DUBAI, UAE -  Yemen's government and Iran-backed Houthi rebels are locked in talks in Jordan to set the ground for a possible prisoner exchange, a Red Cross official told AFP on Sunday. Yemen's conflict began in 2014 when the Houthis seized the capital Sanaa, prompting a Saudi-led coalition to intervene the...

DUBAI, UAE  - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has launched its third report on the emirate's digital economy. The Dubai's Venture Capital Ecosystem report provides an overview of the investor landscape backing the start-ups and scale-ups that are transforming Dubai and...

Cairo, Egypt--The Arab League has called for efforts to confront drought and desertification in light of number of Arab countries lacking water resources, which resulted in land degradation and lack of agricultural land. This came on the occasion of the 29th World Day to Combat Desertification and Drought, themed "Her...

St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to ensure a sustainable and prosperous future for generations to come. This was stated by Sheikh Saud bin Saqr Al Qasimi, supreme council member and ruler of Ras Al Khaimah, in...

Doha, Qatar-- In order to remove obstacles facing the gold and jewellery sector in the country, Qatar Chamber has reviewed the results of a survey conducted by the chamber's Gold and Jewellery Committee last month. Qatar Chamber board member and Chairperson of the Gold and Jewellery Committee Naser bin Suleiman...

ABU DHABI, UAE -  Abu Dhabi Department of Economic Development (ADDED) has partnered with Valeo to develop the automotive industry here by establishing a technology hub to manufacture autonomous and electric car components in the emirate. The hub will develop industrial solutions to support local electric car startups in Abu...

Muscat, Oman - India and Oman trade in 2022 reached $9.98 billion reflecting the deepening economic and commercial ties between the two nations.  The nearly 90 percent growth in trade compared to the previous year highlights the strong demand for Indian goods and services in Oman, coupled with growing investment...

Abu Dhabi, UAE-- The number of private joint-stock companies which listed in the UAE's capital markets during 2022 went up to 13, with a total capital of US$2.24 billion, according to the Securities and Commodities Authority (SCA). In a recent report, the SCA said that the companies are divided into...

Baghdad, Iraq - The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ alliance have succeeded in achieving stable oil price that will benefit member states and oil industry, Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud said Friday. The Saudi minister made the statement during a celebration hosted in...

Riyadh, Saudi Arabia – The Saudi astronauts Rayana Bernawi, Ali Al-Qarni, Mariam Fardous, and Ali Al-Ghamdi arrived in Riyadh today after the successful scientific mission they led at the International Space Station (ISS). Upon their arrival at the King Khaled International Airport, the astronauts were received by the Chairman of...

Riyadh, Saudi Arabia-- Saudi Arabia is aiming to establish a slew of business partnerships in healthcare and mining sectors with companies in the UK, Germany, besides discussing humanitarian cooperation in Spain. In this connection, Saudi officials are engaged in productive meetings to strengthen partnerships and explore collaborations.  Saudi minister of...

Ras Al Khaimah, UAE-- Looking to boost economic cooperation and convince businesses across India to invest in the free zone, Ras Al Khaimah Economic Zone (RAKEZ) toured various cities in the country, offering an overview of the potential of expanding their operation in the Middle East through Ras Al Khaimah....

Dubai, UAE -- Abu Dhabi's Department of Economic Development (ADDED) has joined forces with Valeo, a global automotive technology company, to establish a technology hub in Abu Dhabi for the production of autonomous and electric car components. The partnership aims to accelerate the growth of the automotive industry in the...

DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a new international representative office in London, UK. The launch of the new office, which is DIC’s first representative office in Europe and 20th globally, marks a significant step in the...

Saudi Arabia's Capital Market Authority (CMA) has revealed a staggering 4275 percent surge in the value of compensation for individuals affected by errors and violations in securities disputes, reaching 2.2 billion riyals ($586 million) over the last four years. In 2022 alone, the compensation value amounted to 1.75 billion riyals,...

Riyadh, Saudi Arabia -- The King Abdullah Financial District Development and Management Company (KAFD DMC), a company wholly-owned by Public Investment Fund,  has become the Platinum Sponsor of Al Nassr Football Club (FC) for the next three years,  its first foray into the sporting world. The partnership is set to...

Dubai, UAE - Dubai witnessed 604 sales transactions totaling AED2.1 billion ($567.8 million) on Thursday in addition to 106 mortgage deals amounting to AED337.09 million ($91.5 million) and 32 gift deals amounting to AED158.95 million ($43.2 million). The sales transactions consisted of 557 villas and apartments worth AED1.66 billion ($449.6...

COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout kicked in, official figures showed Thursday. The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022, and a decline of 12.4...

London, United Kingdom -- A source close to Sheikh Jassim Bin Hamad Al Thani said Thursday that the Qatari bidders were still awaiting clarity from Manchester United after a report suggested they could be offered exclusivity in the battle to buy the club. United announced in November that the board...

Dubai, UAE -- Saudi Arabia’s inflation increased by 2.8%, compared to May 2022, slightly higher than April 2023 (2.7 percent), the kingdom's General Authority for Statistics (GASTAT) said Thursday. The main driver of Consumer Price Index inflation in May was the higher prices of housing, water, electricity, gas, and other...

Riyadh, Saudi Arabia -- Saudi Arabia's General Authority of Ports, known as Mawani, has joined forces with Albanova International Company, in collaboration with Taraf Al-Aghar Company, to establish an SAR 2 billion ($533 million) integrated center for the storage of petroleum products. This initiative is part of a project aimed...

Riyadh, Saudi Arabia -  Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan Al-Saud, is scheduled to visit Tehran on Saturday, according to Iran's semi-official Tasnim news agency. The visit is seen as a significant step in the ongoing diplomatic efforts between the two countries to mend their strained relations. The...

Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against a 3.9 percent jump in 2021, on the back of high oil prices. The kingdom's economy successfully emerged from the Covid-19 crisis and the policies undertaken by the government accelerated...

Dubai, UAE – Realiste, proptech company in the UAE, has made a list of the most profitable areas for short-term rental and long-term rental and also talked about the most profitable investment strategies in these areas. Here is the list of the best Dubai locations for property investment with a...

Tehran, Iran--Qatar and Iran are looking to boost monetary and banking cooperation that would propel all-round development of trade between the two countries. In this connection, the governors of the central banks of the Islamic Republic of Iran and Qatar held talks in Doha. Iranian central bank governor Mohammad Reza...

Dubai, UAE-- Dubai Airshow 2023 will show off the latest trends in the advanced aerial mobility (AAM) market as disruptive methods of aerial transportation are becoming the future of aviation. Set to take place from 13-17 November 2023 at Dubai World Central, Dubai Airshow Site, the show will give a...

Geneva, UAE - The private sector has increased its contribution to the UAE GDP to more than 70 percent, making the country among the top 10 in 28 of the most important global competitiveness indicators, Member of the UAE Board of Directors of the Ajman Chamber of Commerce and Industry...