Amman, Jordan--Jordan's army announced that a rocket exploded Saturday evening and its debris fell in Jordanian territory near the border with Syria without causing casualties or damage. It came as the Israeli army announced the launch of artillery strikes in Syria in response to rocket fire from there that landed in...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has completed preparations to launch its second nanosatellite for remote sensing applications in April 2023. The 6U nanosatellite is part of DEWA’s Space-D programme. DEWA Sat-2 will be launched by SpaceX Falcon 9 rocket from Vandenberg Air Force Base in California, USA. The...

US officials told that some documents appeared to be manipulated but many were consistent with CIA World Intelligence Review reports that are shared at high levels within the White House, Pentagon and State Department. "We have been in communication with the Department of Defense related to this matter and have...

TEHRAN, IRAN - Dozens of schoolgirls were poisoned Saturday in several schools across Iran, local media reported, in continuation of the mysterious phenomenon that has shaken the country for months. Since late November many schools, mostly for girls, have been affected by sudden poisoning incidents from gases or toxic substances, in...

BAGHDAD, IRAQ - Iraqi President Abdel Latif Rashid condemned Turkey on Saturday for bombarding an area near Sulaimaniyah airport in the autonomous Kurdish region, a flashpoint between the two governments. "Turkish military operations against the Kurdistan region continue to take place, the last being the bombardment (Friday) against Sulaimaniyah civilian airport,"...

Amman, Jordan -- Twenty years after the fall of his regime, the late Iraqi president Saddam Hussein remains admired and popular in Jordan where his image can still be seen across the country. The instantly recognizable face peers out from everything from bumper stickers to mobile phone cases in neighboring Jordan,...

Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the index, released by the International Institute for Management Development (IMD), the Saudi capital city of Riyadh maintained its position as the third smartest Arab city. Makkah entered in the index...

TUNIS, TUNISIA - Tunisia's coastguard said Friday it had intercepted over 14,000 migrants trying to reach Europe from January to March, more than five times the number of those who attempted the trip in the first quarter of 2022. "Coast guard patrols prevent 501 clandestine attempts to cross the maritime border...

Dubai, UAE -- The Saudi Fund for Development (SFD) has signed a US$240 million loan agreement to support Pakistan's Mohmand Multipurpose Dam Project, an 800MW hydropower complex that will contribute to Pakistan’s energy security, increase sustainable water supply for agriculture and human consumption and improve resilience to floods. The agreement...

Dubai, UAE – A plot of land that sold for AED456.25 million ($124.23 million) in Business Bay was the most valuable of the 2,739 real estate deals worth AED10.4 billion ($2.83 billion) conducted during the week ending 7 April 2023. The Dubai Land Department said in its weekly report that...

CAIRO/AMMAN, EGYPT/JORDAN -   Measles and polio vaccination campaign will be launched on Saturday across northwest Syria to protect some 800,000 children under five years from the two potentially deadly but preventable diseases, the World Health Organization (WHO) said in a statement. The vaccination drive, supported by WHO, the Vaccine Alliance...

Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end of 2022, said the country's Minister of Economy Abdullah bin Touq Al Marri. He said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by...

Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22% of the total trade value. The UAE was the 11th largest exporter of commodities in the world and ranked 18th in terms of global merchandise goods trade imports.

The economy committee of the National Council, the lower house of parliament, asked the government for an analysis of the determining factors behind the decline of Credit Suisse.

The IMF was originally expected to approve a bailout deal on December 19, but that was delayed pending a Tunisian budget, which has since passed, and a law to stop banks charging excessive interest.

DUBAI, UAE -  MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed enhancing cooperation with top leadership of Siemens Energy here. Al Tayer met with Anne-Laure de Chammard, Member of the Executive Board of Siemens Energy AG, and Dietmar Siersdorfer, Managing Director of Siemens...

Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of polymer for circulation in the market. The new banknote will be available at banks and exchange houses from 10 April 2023. It will be in circulation alongside the current AED1000...

Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at supporting startups and other small or micro businesses by reducing their corporate tax burden and compliance costs. The Ministry’s decision stipulates that taxable residents of the UAE can claim SBR...

Doha, Qatar - The Qatar Financial Centre (QFC), a leading onshore financial and business center in the region, has partnered with the International Labor Organization (ILO) in Qatar to organize a roundtable on promoting decent labor standards in the supply chain.  The roundtable featured speakers from the ILO and QFC...

Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) announced today it has achieved financial close on three solar photovoltaic (PV) projects it is developing in Uzbekistan. Construction will begin imminently on the plants, which will have a combined capacity of around 900 megawatts – the largest solar development programme in...

Doha, Qatar - QatarEnergy has agreed to hold a 25 percent share in the Gas Growth Integrated Project (GGIP) - a multi-billion-dollar project aimed at monetizing and developing the natural gas resources of Iraq. The GGIP consortium will be composed of Basra Oil Company (30 percent), TotalEnergies (45 percent), and...

Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over US$4.8 billion in 2018 and is expected to reach US$6.8 billion in 2023. This was highlighted in a new report by Boston Consulting Group (BCG) in collaboration with Forward MENA...

Dubai, UAE - National Bonds, the UAE’s Shari’a-compliant savings and investment company, saw another strong year soaring to an investment portfolio of AED 13.7bn ($3.7 billion) in 2022, higher by 15 percent compared to the previous year. Given that National Bonds success is also measured by the competitive earnings rewarded...

DUBAI, UAE -  UAE Ministry of Human Resources and Emiratization (MoHRE) announced that the Unemployment Insurance Scheme has exceeded one million subscribers since its launch in January 2023. The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector, providing low-cost job security net that supports...

Dubai, UAE -- Fitch Ratings has recently upgraded its Saudi Arabia’s rating to 'A+' with a Stable Outlook. The agency indicated in its report that this rating upgrade reflects the kingdom's strong fiscal and external balance sheets with large sovereign net foreign assets compared to ‘AA’ median and debt/GDP half...

TEHRAN, IRAN - Iran on Wednesday welcomed a US call to help end the long-running conflict in Yemen by backing a peace process, one year after a United Nations-brokered truce dramatically reduced fighting. Diplomatic efforts to resolve the conflict have multiplied since the Yemeni government's main foreign backer Saudi Arabia signed a...

Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion Eurobonds in global markets at a fixed coupon rate of 7.5 percent due in January 2029. The Ministry has reduced the coupon rate by 25 basis points from 2022's issue...

Dubai, UAE--Emirates NBD has successfully priced a US$1 billion Senior Unsecured Sustainable Sukuk for Al Rajhi Bank, the world’s largest Islamic bank by assets and market capitalization. The five-year Sukuk which was priced at a reoffer yield of 4.774 percent generated strong demand, attracting orders of over US$3.75 billion. The...

Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in March. The S&P Global Egypt Purchasing Managers' Index edged down to 46.7 in March from 46.9 in February, well below the 50.0 threshold that marks growth in activity. "At 46.7, the...

Abu Dhabi, UAE - The UAE president Sheikh Mohamed bin Zayed Al Nahyan received a phone call from Benjamin Netanyahu, Prime Minister of Israel, during which they discussed bilateral relations. Sheikh Mohamed affirmed the UAE’s ongoing commitment to ties with Israel, describing their cooperation as a strategic approach to peace and...

GENEVA, SWITZERLAND - The Red Cross announced Tuesday that it would cut 1,500 jobs over the next 12 months in a drive to slash costs due to a funding crunch. The International Committee of the Red Cross (ICRC) said an expected drop in humanitarian assistance budgets over the next two years...

Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under the Flexible Credit Line (FCL). Morocco has benefited from four Precautionary and Liquidity Line (PLL) arrangements since 2012, each totaling about $3 billion. The first PLL was approved on August...

TEHRAN, IRAN - Twenty Iranian schoolgirls were hospitalized Tuesday after the latest in a mysterious wave of poisoning attacks that have sickened thousands of pupils, state media reported. The girls were treated after suffering shortness of breath, in Tabriz, capital of the northwestern province of East Azerbaijan, reported the news agency...

DUBAI, UAE -  Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center (DIFC). This milestone reinforces DIFC's position as the leading financial center for WAM companies in the Middle East Africa South Asia (MEASA) region. With an industry size of US$450 billion,...

ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose money has gone up in smoke. Credit Suisse's chiefs fronted up at the bank's annual general meeting, 16 days after its...

GENEVA, SWITZERLAND - The global transition to renewable energy will require greater investment in integrated weather and climate services, the World Meteorological Organization (WMO) said. This investment is critical to ensure that energy infrastructure is resilient to climate-related shocks and to harness the power of energy generated from sources such...

Abu Dhabi, UAE - AD Ports Group on Tuesday announced the signing of a General Corporate Facility agreement with a syndicate of 13 regional and international banks. The multi-currency facility, equivalent to around US$2 billion, includes three tranches amounting to EUR 600 million, US$620 million, and AED2,863 million with a...

Abu Dhabi, UAE - UAE stock markets Monday continued to capitalize on improved investor sentiments, with blue-chip communication stocks leading the gainers in the Capital's bourse, and giant property Emaar driving the Dubai Financial Market's best performance in a month. In Abu Dhabi, Index FADGI closed 0.752 percent higher at...

Manama, Bahrain - Bahrain has announced the launch of a Golden Licence, providing incentives and streamlined services to foreign and local businesses with large-scale investment projects in the country, in an important step in the country's pursuit to incentivise investments and boost job creation under its fiscal and economic reforms,...

ABU DHABI, UAE - Labor disputes in Abu Dhabi plunged by 40 percent in 2022 compared to the same period in 2021, local media reports said. This follows awareness efforts which contributed to strengthening the legal knowledge of workers and companies, and introducing them to their rights guaranteed by the...

A total of 3049 new companies joined DMCC in 2022.

BEIJING, CHINA - Chinese authorities have begun an investigation into leading US memory chipmaker Micron Technology, a decision Beijing's foreign ministry said Monday was intended to "safeguard national security". The probe escalates an already fierce battle between Beijing and Washington for supremacy in the field of semiconductors as broader bilateral relations...

Riyadh, Saudi Arabia --  The Authority for Industrial Cities and Technology Zones (MODON) has signed an agreement with GE whereby the latter's factories spread over 120,000 square metres in the Eastern Region will come under MODON supervision. The agreement was signed between the CEO of the MODON Eng. Majed Al-Argoubi...

Geneva, Switzerland--Swiss federal prosecutors said Sunday that they had opened an inquiry into the UBS takeover of its embattled banking rival Credit Suisse, following pressure from federal authorities and media leaks. In an email to AFP, prosecutors said they issued orders to investigate after "taking stock of the situation with all...

Beijing, China--Investment bank China Renaissance suspended trading in its Hong Kong-listed shares on Monday, saying the disappearance of its chairman meant it was unable to publish its annual results. Bao Fan, the group's billionaire chairman and executive director, went missing in February and was later revealed to be "cooperating" in an official investigation...

Baghdad, Iraq--Iraqi oil ministry has affirmed the federal government's keenness on speeding up the resumption of the Kurdistan region of Iraq's oil exports through the Turkish port of Ceyhan as well as work to bring views closer to serve the public interest. In a statement issued on Sunday, the ministry...

CAIRO, EGYPT - Egyptian President Abdel Fattah al-Sisi met Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud at Ramadan Suhoor-meal table in Jeddah early Monday. The trip came as Egypt seeks financial support to alleviate pressure on its currency and strengthen its struggling economy. During...

DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session of regular digital industry workshops here. Top executives, business leaders, experts and entrepreneurs discussed the challenges and opportunities in the industry, local media reports said. UAE Minister of State for...

Geneva, Switzerland -- The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported on Sunday. The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial...

BRUSSELS, BELGIUM  - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching its lowest level since the start of the time series in 2002. The deficit was due, in particular, to a steep rise in the value of energy imports, which started...