Sheikh Jassim was among the front-runners to buy Manchester United after several rounds of bidding earlier this year, but the process has come to a halt in recent months despite the anger of supporters toward current owners. United announced nearly a year ago that they were exploring "strategic alternatives to...

Abu Dhabi, UAE-- The UAE and US have reviewed ways to accelerate cooperation in priority sectors such as clean energy, sustainable industrial development and advanced technology – areas where the UAE and US already share a successful track record. The discussion on the boosting of ties came up in a...

The company expects Q3 profits to fall nearly 80% to US$1.8bn.

The US firm will pay US$4.8bn to acquire cancer drugmaker.

Nearly US$615m will be paid to build carbon-capture units.

Tehran, Iran-- Iran's foreign trade has registered a 4.84 percent jump to $54.6 billion between March and September this year. According to the head of the Iranian customs office (IRICA) Mohammad Rezvanifar, 68 million tons of non-oil goods, valued at $24.1 billion, were exported overseas from March 21 to September...

The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is based on the government's fiscal objectives to expand strategic spending at the sectoral and regional levels, broaden and diversify the economic base, as well as improve public services, among others.

Riyadh, Saudi Arabia-- The Saudi Fund for Development (SFD) has signed two loan agreements with Seychelles to support the social housing in the country. In this regard, CEO of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad signed two development loan agreements with Seychelles Minister of Finance, National...

Tehran, Iran--Iran has exported 27.7 million tons of goods worth $9.1 billion to BRICS member countries from March 21-August 21, 2023). In the first five months of this year of 1402 in the Iranian calendar nearly 37 million tons of goods worth $25.1 billion were exchanged between Iran and current...

The contracts to install traffic systems are worth US$211m.

It invested the money to be a big supply chain player.

Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of this year, the Iranian customs administration reported on Monday, According to a report released by the Islamic Republic of Iran Customs Administration (IRICA) in the first 5 months of this year...

In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive Economic Partnership Agreement. Once the deal is signed it will improve bilateral non-oil trade by reducing or eliminating customs duties, removing unnecessary barriers to trade.

Days after thousands of people took to the streets in the Kurdistan region over unpaid civil service salaries which they blamed on Baghdad, the federal government said it would disburse annually to Iraqi Kurdistan two trillion and one hundred billion dinars to be paid in three equal installments of more...

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,...

Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according to data from a major international energy data company. The Sunday report by Fars news agency said Iran’s oil exports to China had reached an average of 1.5 million barrels...

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...

The German firm will hold "open-ended" talks with ADNOC.

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’...

The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity of banks to deliver trade financing. But at the same time, rebounding strongly after the COVID-19 pandemic, global goods exports grew in 2021 and 2022 at 26.6% and 11.5%, respectively.

Riyadh, Saudi Arabia-- The gaming industry has witnessed exponential growth in Saudi Arabia with an average revenue per paying user touching $270 as compared to $181 in MENA. With the game live streaming market poised to an annual growth rate (CAGR 2023-2027) of 10.08% in Saudi Arabia, esports is gaining...

Tehran, Iran-- Iran's President Ebrahim Raisi expects cooperation between his country and Turkey to grow during the "new term" of Turkey's President, Recep Tayyip Erdogan. The president made the remarks during a meeting with with the visiting Turkish foreign minister and his accompanying delegation in Tehran on Sunday. Referring to...

It will be hiked by US$79.6m through a public offering.

Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October climbed 31 cents, or 0.36%,...

According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite of economic uncertainty. During the second quarter payments by the 1,200 biggest public companies rose more than expected, increasing by 4.9 percent compared to the same April-to-June period last year.

Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024, according to a report on the Government IPO Program by the Cabinet's Information and Decision Support Center (IDSC). The report showed that Egypt plans...

Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to a Cabinet statement on Tuesday. The drilling of 10 wells between July 2022 and June 2023 resulted in the huge discovery in...

Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in July, according to official data. The Saudi Central Bank, also known as SAMA, said that the aggregate assets of these banks also rose 8.84 percent year on year in July...

Amman, Jordan--Jordan has succeeded in securing US$1.9 billion in foreign aid and negotiations are underway to ramp it to $3.2 billion by the end of the year. Addressing Jordan's financial assistance at a forum convened by the government on the shores of the Dead Sea on Friday, Minister of Planning...

The airline's annual profit climbs up to US$1.1 billion.

The fast-food chain has some 37,000 outlets across the world.

Riyadh, Saudi Arabia--The Saudi Esports Federation will launch the "Next World Forum" on August 30 and 31 in Riyadh, at the conclusion of the activities of the largest event for games and electronic sports in the world, "Gamers8: The Land of Heroes." The forum will discuss promising opportunities in the...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to $161.22 billion at the end of June, from $160.70 billion in May. The UAE's current account balances and deposits with banks abroad amounted to $99 billion by the end of...

Saudi Arabia's football clubs continue to win over global stars with Serbian forward Aleksandar Mitrovic becoming the latest player to join Al Hilal. The club is reported to have negotiated a $64 million deal for the 28-year-old. The Premier League club confirmed the Serbian's departure following Saturday's 3-0 Premier home...

Dubai, UAE--Oil prices jumped about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel,...

Abu Dhabi, UAE-- As the UAE President Sheikh Mohamed bin Zayed visits Ethiopia to strengthen relations with the African country, the non-oil trade between the two nations has expanded to US$1.4 billion in 2022. According to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, the UAE’s...

Its cargo revenue recorded a 42% jump in H1 to US$57.9m.

From Cristiano Ronaldo to Neymar, the kingdom is offering eye-watering salaries to international football stars to bring them over from clubs across Europe.

It posted a jump in net profit in Q2 to US$2.92 million.

Abu Dhabi, UAE-- The banks in the UAE increased their credit facilities for the business and industrial sectors by around $7.73 billion in the first five months of this year. According to the latest statistics from the Central Bank of the UAE, the two sectors witnessed a 4 percent rise...

Its net profit jumped to US$77.19m as against US$37.63m.

Riyadh, Saudi Arabia--The Saudi National Debt Management Center (NDMC) has issued new sukuk worth $9.57 billion under the Local Saudi Sukuk Issuance Program, in addition to an early purchase of more than $9.52 billion. In a statement carried by the Saudi Press Agency (SPA), NDMC outlined that such a step...

Its net profit rose to US$4.14m as against US$3.96m last year.

It posted gains in one week on the back of company results.

Its net profit for H1 of 2023 stood at US$11.70 million.

The Qatari company's net profit for H1 stands at US$211.26m.

The company suffered a net loss of US$0.79 million.

Its net profit jumped 1.1 percent to US$178 million.

Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to official figures. However, foreign trade data issued by the Department of Statistics (DoF) indicated that the national exports to Egypt in the first five months of 2023 dropped to reach...

Riyadh, Saudi Arabia-- Saudi Arabia has signed a $77 million loan agreement with Belize to set up a solar power plant in the Central American country. In this connection, the CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, today signed a loan agreement with the Prime...