London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the next three decades. This was stated by Abdullah bin Touq Al Marri, Minister of Economy, in his address at the 13th edition of the City Week 2023 Forum, in London,...

It will acquire a portfolio of towers in Europe for US$1.3bn.

Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) accounted for nearly 20 percent of the Arab exchanges' liquidity in last week’s trades. According to a Arab Monetary Fund (AMF) weekly newsletter, Arab exchanges attracted liquidity amounting to nearly US$10.28 billion last week, of which...

Ottawa, Canada--Canadian Prime Minister Justin Trudeau announced Friday up to 13.2 billion Canadian dollars ($9.8 billion) in subsidies over 10 years for Volkswagen's first overseas battery plant, to be built in St. Thomas, Ontario. The production support matches incentives by US President Joe Biden's administration, as Washington's trading partners work to keep...

The bank's net profit vaulted to US$15mn in Q1, up 80%.

The US airline posted a quarterly loss of US$194mn.

Stock markets traded mixed as last week's optimism gave way to worries that central banks may wait longer than expected to end their policy of raising interest rates. After the Paris CAC 40 reached a fresh record-high at 7,552 points, profit-taking set in and the French index was flat in...

The US$11bn deal will drive drug company's growth.

Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY basis to $9.61 billion by the end of last January, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank's figures showed that...

It has sold more than US$7bn of its shares since early 2023.

Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday. The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development...

DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year. According to a report issued by the Dubai Health Authority (DHA), 39% percent of the medical tourists who came to Dubai were from Asian countries, 22% from Europe and the...

Doha, Qatar-- Qatar Central Bank has reported an increase in international reserves and foreign currency liquidity in March to $65 billion, an increase of 11.7 percent, compared to $58 billion in the same month last year. The figures issued by the Qatar Central Bank today showed an increase in its...

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--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...

Paris, France--French energy giant TotalEnergies announced Wednesday an agreement with Iraq on a $10 billion project that had been delayed due to disagreements over the terms of a deal aimed at improving the country's electricity supply. The contract, originally signed in 2021, includes investments in oil, gas and solar production. But...

New York, United States--US pharmaceutical giant Johnson & Johnson on Tuesday proposed an $8.9 billion settlement to resolve years-old lawsuits claiming that its talcum powder products caused cancer. The New Jersey-based company said the proposed settlement, which still needs the approval of a bankruptcy court, "will equitably and efficiently resolve all...

Its revenue for 2022 rose to US$2.8bn, a 78% jump.

Its net profit recorded a drastic drop to US$5.2 billion.

ADNOC sold 5% stake in ADNOC Gas to investors through an IPO.

Riyadh, Saudi Arabia--Alistithmar Capital has joined hands with Safa Investment Co. to set up several real estate funds worth around $292.9 million.    The two companies will combine their strength to enable Saudi Arabia's growth in the real estate sector through funds that target the residential space in main cities with...

The stock rocketed to AED3.7 from an offer price of AED1.34.

Its IPO had been oversubscribed by 136 times.

The company's profit vaulted 157% to US$147m in 2022.

It will slash 2.5% of workforce as a cost-cutting effort.

Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International...

Doha, Qatar-- Qatar has recorded $660 million worth real estate trading in sale contracts during the month of February. The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (382) real estate transactions were recorded during the month. Compared to January 2023, the real...

Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at the donors’ conference convened in Brussels by the European Commission and Swedish Presidency of the European Council. The EUR 500 million support from EIB Global, part of broader European Union...

SRC is looking to expand its refinancing portfolio.

Riyadh, Saudi Arabia--Saudi Arabia and Turkey have signed three agreements in the industrial sector during the Turkish Export Products Trade Fair in Riyadh. Saudi Minister of Commerce, who is also Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, met here...

Doha, Qatar--In a sign of growing business ties between Qatar and France, trade between the two countries has increased by 165 percent to $4.5 billion in 2022, compared with $1.70 billion in 2021. Qatar Chamber recently participated in the Arab French Economic Summit 2023 which was held in Paris under...

Riyadh, Saudi Arabia-- The market capitalization of Tadawul, the Saudi stock exchange, has shot up 477 percent to $2.6 trillion during the last five years. According to Yazid Al-Dumaiji, the Capital Market Authority’s (CMA) Undersecretary for Strategic and International Affairs, the exchange takes the ninth place among the world’s stock...

In order to reinstate full food rations for millions in Yemen, the WFP has said that it requires more than double the money raised for all United Nations agencies in Yemen this year. The UN was able to raise only $1.2 billion for all its agencies in Yemen at a...

Cairo, Egypt--Egypt’s export to China increased by 20.8 percent to $1.7 billion in the first 11 months of 2022, compared to $1.4 billion in the same period in 2021, according to Egypt’s Central Agency for Public Mobilization and Statistics, also known as CAPMAS.  Egypt’s imports from China totaled $13.2 billion...

Dubai, UAE--TAQA Morocco is looking to invest $1.6 billion in renewable energy solutions in Morocco in order to lift up electricity production by 50 percent by 2030.  Owned by Abu Dhabi National Energy Co., the company plans to diversify its activities in clean energy and water desalination as part of...

Washington, United States--President Joe Biden will unveil a proposed budget on Thursday that would reduce the US national deficit by $3 trillion over the next decade, in part by raising taxes, the White House said. The budget plan "will cut the deficit by nearly $3 trillion over the next 10 years,"...

Colombo, Sri Lanka--Sri Lanka's president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to an International Monetary Fund bailout. China's state-owned Exim Bank "sent a letter to the IMF" on Monday night expressing Beijing's willingness to "restructure" credit to Sri...

The company's operating profit rose 13.5% to $696 million.

Pushing aside their differences in relations strained by regional disputes, the oil-rich United Arab Emirates and Turkey signed a free trade agreement on Friday. Importantly, the pact comes ahead of Turkey's elections on May 14 as President Recep Tayyip Erdogan carries on with his contested economic policies that have scared...

Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state increased from 814 in 2021 to 835 last year, in addition to the presence of 430 new industrial licensed facilities, indicating that the volume of industrial investments amounts to $81...

There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has seen a stunning growth in the sector.

Amman, Jordan--The trade balance between Jordan and the US has recorded a surplus of about 625 million Jordanian dinars ($881 million) in 2022, according to a statement.    The volume of trade exchange between the two countries last year amounted to about 2.75 billion dinars, according to foreign trade data issued...

Abu Dhabi, UAE--The 15th session of the joint UAE-Algeria Economic Committee has been held in Abu Dhabi under the chairmanship of Abdullah bin Touq Al Marri, Minister of Economy, and Algerian Minister of Industry, Ahmed Zaghdar, in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for...

It will also close down several units in Ludwigshafen.

Beijing, China--China's international trade in services stood at 459.5 billion yuan, or US$ 67.6 billion, in January, official data showed on Friday, Xinhua News Agency reported. Services exports totalled $25.44 billion last month, and services imports were at $40.50 billion, resulting in a trade deficit of $15.50 billion , according...

Cairo, Egypt--Egypt has set an initial yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday as part of the country’s measures to defuse its foreign exchange crisis. The sukuk will be of benchmark size or in the range of $500 million. Egypt’s finance minister Mohamed...

London, United Kingdom--UK government finances recorded a stronger surplus than expected last month, official data showed Tuesday, news that analysts said could allow finance minister Jeremy Hunt to further ease a cost-of-living crisis. Net borrowing showed a surplus of £5.4 billion ($6.5 billion) in January, compared with the government's own forecast...

The company's net profit in 2022 jumped to $278 million.

United Nations, US--The United Nations launched an appeal for $397 million on Tuesday to help earthquake victims in Syria, where the disaster has killed thousands of people and left millions more in desperate need of aid. Secretary-General Antonio Guterres, announcing the appeal at the UN headquarters in New York, said the...

It made the profit in Q4 last year on revenue of nearly $2bn.