Tehran, Iran-- Bilateral trade between Iran and Turkey is expected to vault to US$15 billion by 2025 on the back of deeper cooperation with the private sector. According to a senior official in Iran’s Trade Promotion Organization (TPO) trade with Turkey will easily reach $15 billion in early March 2025...

Abu Dhabi, UAE-- With the signing of the Comprehensive Economic Partnership Agreement (CEPA), the UAE exporters are expected to benefit more as they will gain more access to major sectors in Turkey like construction, metals, and their products, polymers, and other manufactured products. According to Abdulla bin Touq Al Marri,...

Abu Dhabi, UAE-- The UAE and Turkey economic ties have witnessed a great leap in the last decade with non-oil intra-trade between the two countries crossing $103 billion, divided into $56 billion in imports, about $35 billion in exports, and more than $13 billion in re-exports, according to Federal Competitiveness...

Phnom Penh, Cambodia-- The UAE and Cambodia have agreed to boost economic ties, expanding the bilateral non-oil trade from the current US$ 407 million to more than US$1 billion within five years. The resolve to deepen trade ties was expressed during the visit of Dr. Thani bin Ahmed Al Zeyoudi,...

Abu Dhabi, UAE--UAE's bank investments climbed to a record level, touching $149.35 billion by the end of March, the highest level in the country's history, a report by the Central Bank of the United Arab Emirates revealed. The report, issued today, showed a YoY growth of 16 % compared to...

It won US$975mn artificial island construction contract.

Doha, Qatar-- Rich Qataris are pouring millions of dollars into the country's luxury real-estate market, with residential sector and office sector being their main investment target. The conclusion was drawn in a report "Destination Qatar" prepared by leading global property consultancy, Knight Frank. With Qatar boasting the fourth highest GDP...

A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a 10-gigawatt (GW) capacity onshore wind farm in Egypt, costing more than US$10 billion. The 10 GW plant will save Egypt some $5bn in natural gas costs a year.

Hanoi, Vietnam-- With an eye on boosting trade and economic ties between the two countries, the UAE has formally begun negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) with Vietnam. The agreement once it has been completed will push the bilateral non-oil trade between the UAE and Vietnam beyond US$8.7...

Dubai, UAE-- Airline industry is expected to clock net profits in the region of $9.8 billion in 2023, which is more than double the previous forecast of $4.7 billion, according to the International Air Transport Association's (IATA) outlook for 2023. Airline industry operating profits are expected to reach US$22.4 billion...

Sharjah, UAE-- In order to supply water from Al Zubair station to Al Shanouf suburb, Sharjah Electricity Water and Gas Authority (SEWA) has concluded the extension project of a crucial main pipeline with a diameter of 800mm. This significant endeavour, initiated in mid-July 2022, utilised environmentally friendly materials to ensure...

Al Hilal football club officials are in Paris to seal a mega-deal with Lionel Messi, who is leaving Qatar-owned Paris-Saint Germain. The officials will meet Messi's agent, Jorge, with the aim of completing the signing. One source said Saudi delegation has one goal: "to return with Messi official approval to...

Dubai, UAE-- In order to increase Dubai's water security and keep pace with the increase in demand, Dubai Electricity and Water Authority (DEWA) has commissioned a water reservoir in the Lusaily area. The project has a storage capacity of 60 million imperial gallons (MIG) and investments totalling $42.85 million. Saeed...

Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s Planning and Statistics Authority.   The figures, according to the Planning and Statistics Authority, reflect a 3.5 percent increase over March while a 35.6 percent decline on an annual basis....

Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set to eclipse oil production for the first time, according to a report by the International Energy Agency. The report noted that Investment in clean energy technologies is significantly outpacing spending...

Speaking at an event in New Delhi, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said that the partnership between the UAE and India creates trade and investment opportunities for over 3.8 billion people and the solid economic alliance contributes to the vitality of trade and investment flows...

Abu Dhabi, UAE--Abu Dhabi Housing Authority has joined hands with Q Holding to build new housing projects in West Baniyas and Al Samha regions at a cost of more than $1.90 billion. As per the terms of the agreement signed between the two, the company will design and implement both...

After their latest get-together on Monday, the Republican Speaker said: "I felt we had a productive discussion. We don't have an agreement yet, but I did feel the discussion was productive in areas (where) we have differences of opinion." He added that negotiators would "work through the night" to move...

The sacking of the general made no difference to the fighting on the ground in both Khartoum and Darfur even as the UN refugee agency (UNHCR) said that more than one million people have been displaced by the power struggle between Sudan's de facto leader Abdel Fattah al-Burhan and his...

Abu Dhabi, UAE-- Seeking to deepen the UAE's economic and trade relationship with China, First Abu Dhabi Bank hosted more than 60 Chinese entrepreneurs, executives, and government officials on Friday. The bank showcased the UAE's potential as an investment gateway for Chinese companies by hosting a China-Arab Entrepreneurs' Summit in...

Amman, Jordan--The International Monetary Fund (IMF) has applauded Jordan for its tight monetary and financial policies that have ensured macroeconomic stability and access to international capital markets. The IMF made the remarks at the end of their visit to Jordan after conducting the sixth performance review of the government's economic...

Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been oversubscribed by 197%. Subscriptions worth BD 84.706 million were received for the BD 43 million issue, which carries a maturity of 91 days. The expected return on the issue, which...

The government sold a 9.5% stake for US$121.6mn.

Doha, Qatar--Qatar Chamber (QC) has urged Vietnamese companies to benefit from the investment climate in Qatar and the investment incentives and facilities granted by the state to foreign investments in all sectors. Qatar Chamber board member Ali Abdullatif Al Misnad lauded the close relations between Qatar and Vietnam in all...

Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries during its annual meeting in Jeddah. The four-day event hosted dozens of agreements, panels, summits, and business-to-business meetings with the high-level participation of its member countries. The agreements aim to...

Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to the latest data released by the Islamic Republic. According to Iran Customs Administration, the Islamic Republic traded 58.25 million tons of goods (excluding crude oil exports) worth $35.11 billion with...

The profit rose to US$22mn on the back of higher revenue.

Speaking at a CII event in New Delhi, Abdulla Bin Damithan, CEO & Managing Director, DP World UAE & Jafza outlined efforts to push non-oil trade between the two countries toward $100 billion over the next five years. JAFZA has been supporting initiatives to boost manufacturing, investments and exports in...

Its net profit fell 7 percent to US$50 million in Q1 of 2023.

The firm's net profit soared to US$27.14mn in Q1 of 2023.

Muscat, Oman--The Central Bank of Oman (CBO) has raised $36.35 million by way of allotting treasury bills on Tuesday, the bank said in a statement. The statement said the value of the allotted treasury bills amounted to $26 million, for a maturity period of 28 days. The average accepted price...

Kuwait City, Kuwait--The Central Bank of Kuwait (CBK) has announced the latest allocation of issuance of bonds and tawarruq valued at $1.05 billion. In a statement, the CBK said that the value of the first issuance amounted to KD 160 million (about USD 528 million) for three months with a...

Tehran, Iran--The 13th government has been able to export goods worth more than $50 billion since taking office, breaking the record in recent 40 years, the Iranian president said. Addressing the ceremony of the fifth Export Potential Exhibition of the Islamic Republic of Iran (IRAN EXPO 2023), President Raisi hailed...

Riyadh, Saudi Arabia--Saudi Arabia is keen to deepen trade and economic ties with Italy from the current volume of trade estimated to be around US$8 billion. In this connection, the members of the Saudi business sector delegation, represented by the Saudi-Italian Business Council, concluded their visit to Italy, during which...

The insurance firm's net profit fell to US$12.36 million.

The aluminium giant's profit fell 68% to US$126.2mn.

The US$218mn capital infusion will foster bank's growth.

Cairo, Egypt--Egypt’s current account deficit fell 77.2 percent to $1.8 billion in the first half of the North African country’s current fiscal year. According to its central bank, the deficit reduction was fueled by Egypt’s current account turning a $1.41 billion surplus in the October to December quarter of 2022...

The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey boost energy exports and its goal to achieve energy self-sufficiency. The news comes in the wake of another oil discovery made in December, considered to be one of the ten...

Its consolidated revenues rise to US$3.53bn in Q1 of 2023.

Cairo, Egypt--Egypt has signed its biggest investment package with Japan aimed at supporting the North African country's transportation development plan. According to a statement released by Egypt's Cabinet, the agreement, worth 100 billion yen ($734 million), will be used to finance Cairo’s metro expansion, a 30-km stretch of land that...

Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and equipment sector, according to its Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef. AlKhorayef, who is also Chairman of National Industrial Development Center (NIDC), announced that the industry...

With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank to fall in US history. The FDIC has said that it will enter into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all...

Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments in the North African country shot up 98.7 percent to $73.7 million during the 2021-2022 period. According to the Central Agency for Public Mobilization and Statistics, Egypt exported goods worth...

Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the UAE intends to widen the partnership with the kingdom over the next few years. In this regard, the two countries have agreed to double the volume of trade and investment...

Its net profit soared 33% to US$7.49mn for Q1 of 2023.

Akbar al-Baker, head of Qatar's tourism agency and Qatar Airways, said hotel occupancy in the months after a World Cup is "always low". Along with the departed football crowds, thousands of foreign workers left the Gulf state after Lionel Messi lifted the coveted trophy on December 18. Many of those...

Tehran, Iran--Iran and the European Union traded $847 million worth of goods during the first two months of 2023, registering a 9.2% fall compared with the same period of the year before. Data released by Eurostat show Germany was the top trading partner of Iran in the EU region during...

Amman, Jordan--The volume of trade exchange between Jordan and the US shot up in January and February 2023 to $745 million compared to $561 million for the same period in 2022. Foreign trade data issued by the Department of Statistics (DoS) showed that the value of Jordanian exports to the...

Vienna, Austria— Continuing with its initiative to support businesses across the world, the OPEC Fund for International Development (the OPEC Fund) is providing a US$50 million loan to Banco Continental in Paraguay for on-lending to small- and medium-sized enterprises (SMEs) in agricultural and livestock sectors. The investment is part of...