Driven by Saudi Arabia's construction sector, near-term forecast remains positive for the GCC with more than $110bn worth of projects in the tender stage.

Luxembourg--European Investment Bank (EIB) Global, a branch of European Investment Bank, announced on Monday that it will provide $27 million participation in the $150 million Middle East Venture Fund. This is the largest ever venture capital engagement by the EIB in the Middle East. The new venture capital fund launched...

The insurance firm's net profit vaulted to $28 million.

The stock exchange's net profit jumped 13% to $59m in 2022.

The capital will finance PIF's green investments.

The company recorded a full-year revenue of $192m in 2022.

The group's net profit rose to $96 million during 2022.

Its net profit jumped 61.7%, touching $2.69m in 2022.

Its profit rose to $42m during 2022 as against $38m in 2021.

Hours after the earthquake killed at least 1,000 people and caused massive level of destruction in Syria, the UAE has pledged humanitarian assistance worth around $13.6 million to the war-scarred country, according to state media. The quake struck near the Turkish city of Gaziantep on Monday, killing more than 1,651...

After a months-long dispute between Qatar Airways and Airbus, the two announced on Wednesday the end of a $2.5 billion dollar battle over peeling paint on passengers jets before it became an embarrassing court case. Both sides said they were "please to have reached an amicable and mutually agreeable settlement"...

The oil company's profits during Q4 stood at $12.8bn.

The company reported a profit of $67.25m for the last fiscal.

Its operating profits in Q4 fell to $3.4 billion, a 69 percent drop.

It retained lead over the rival Volkswagen for the third year.

Amman, Jordan-- The European Union (EU) has signed two agreements with Jordan to provide it with a $70 million in financing. The first agreement will finance a $43 million program: "EU support to the Rule of Law in Jordan", in support of the Ministry of Justice, Judicial Council, Judicial Institute,...

Continuing with this week's losses to $45 billion after a US investment firm claimed it had committed "brazen" corporate fraud, shares in the business empire of Asia's richest man Gautam Adani fell down on Friday. He began the week as the world's third-richest man but now has dropped down the...

It posted profit of $2.9bn in the final three months of last year.

The boost is seen as key for its long-term growth plans.

Vienna, Austria--The OPEC Fund for International Development (the OPEC Fund) has lent Panama a US$120 million in loan to support the country’s climate action, adaptation, resilience and mitigation policies. The “Panama Support Program for the National Climate Change Policy” aims to mitigate, contain and reverse the effects of climate change,...

The bank's net profit rose to $93 million in 2022.

Looking to develop offshore hydrocarbon sites, Libya's National Oil Corporation has signed an $8-billion deal with Italian energy company ENI. The deal is expected to be inked on Saturday at an official ceremony. The development of the offshore sites is hoped to produce 850 million cubic feet of gas per...

Abu Dhabi, UAE-- Hotels across Abu Dhabi have posted a 24 percent growth in occupancy to 4.1 million visitors during 2022, according to data shared by the Department of Culture and Tourism. Hotel revenues climbed by 23% from the previous year to $1.47 billion in 2022. The statistics showed that...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7 percent, rising from $983 billion at the end of October 2022 to $988 billion at the end of November 2022. According to figures published in CBUAE's November summary...

Dubai, UAE-- Oil prices fell in early trade on Monday, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West...

Abu Dhabi, UAE-- Aldar Properties and Diamond Developers have sold out the first phase of its project dubbed Sustainable City on Yas island within 24 hours of its public launch. Reflecting the resounding success of Aldar’s first partnership on a development, sales at the first phase of the sustainability-centric community...

The firm's profit jumped to $294 million at the end of last year.

A real estate businessman from Saudi Arabia has won a ticket to see Cristiano Ronaldo and Lionel Messi face off in a friendly after bidding $2.6 million at an auction. The game in Riyadh will pit Messi's Paris Saint-Germain against players from Ronaldo's new club Al Nassr and their Saudi...

The formation of the bilateral body to govern the Partnership for Accelerating Clean Energy (PACE) will be composed of private sector and government representatives from both countries. Its goal is to catalyze $100 billion in financing, investment and other support and deploy 100 gigawatts of clean energy by 2035.

Seeking to reduce its dependence on crude, the world's biggest oil exporter, Saudi Arabia, has said that the kingdom intends to use its own uranium resources to develop its civilian nuclear program, according to its energy minister, The project is expected to cost the country some $80 billion.

Riyadh, Saudi Arabia-- Al-Nassr coach Rudi Garcia hopes that Cristiano Ronaldo will "rediscover the pleasure of playing" when he brings a little stardust to the Saudi Arabian league. "The only thing I wish for Ronaldo is that he rediscovers the pleasure of playing and smiles again because in recent months...

Months after the floods left most of the country devastated, Pakistan will seek billions in international support toward its recovery and to help it better resist climate change. It will co-host a conference with the UN in Geneva, urging countries, organizations and businesses to step up with financial and other...

Doha, Qatar--Qatar Central Bank's (QCB) international reserves and foreign currencies liquidity increased last December by 9.6 percent on an annual basis, to reach $59.31, compared to $54 billion in the same period last year. December recorded a monthly growth of 2.7 percent compared to November 2022. The figures issued by...

Beijing, China--China's foreign exchange reserves rose to US$3.1277 trillion at the end of December 2022, up 0.33 percent from a month earlier, data from the State Administration of Foreign Exchange showed Saturday. The foreign exchange regulator attributed the increase in foreign exchange reserves to the combined impact of currency translation...

Cairo, Egypt--The Engineering Export Council (EEC) of Egypt has announced that the sector’s exports increased by 10% to $3.32bn from January-November 2022, compared to $3bn in the same period in 2021. Also read: Egypt economy to grow 5.2% in 2021-22 According to the EEC's monthly report, the most notable industries...

Cristiano Ronaldo may make his Saudi Arabian debut on January 22 after the Portuguese star was successfully registered by new team Al Nassr. The star who was unveiled to fans this week joined the squad list after Al Nassr terminated Vincent Aboubakar to stay within the maximum eight foreign nationals...

Abu Dhabi, UAE--The market cap of Arab stock exchanges has vaulted to $4 trillion by the end of 2022, according to the Arab Monetary Fund (AMF). The AMF said in a statement that the market value of the Abu Dhabi Securities Exchange reached $714.6 billion in the reference year, while...

Abu Dhabi, UAE--The bilateral trade between Pakistan and the United Arab Emirates is expected to double from the US$10.6 billion, according to Pakistan's ambassador to the UAE Faisal Niaz Tirmizi. The last calendar year recorded a US$10.6 billion in trade “the highest volume Pakistan had in the Middle East and...

Washington, United States--Two World Bank entities provided a record $75 billion in financing last year, said a letter by its president, as developing countries faced crises like climate change and Russia's invasion of Ukraine. The aid comes as countries emerging from the Covid-19 pandemic were hit by fallout from war in...

Beijing, China--China Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown on excessive borrowing and rampant speculation in the real estate sector. In an email seen by AFP, chairman Hui Ka Yan told staff that "2023 is a key year for...

Almost a year after the Dubai Financial Services Authority (DFSA) imposed a heavy penalty on Arif Naqvi, the founder of Abraaj, for what it termed as fraud, the Financial Markets Tribunal has now upheld the DFSA decision to slap a penalty to the tune of $135.56 million, the largest-ever fine...

Doha, Qatar-- Qatar Financial Centre (QFC) is managing assets worth $28.3 billion and has more than 1,500 local and global enterprises operating in the financial and non-financial sectors. This was disclosed by Chief Executive Officer of QFC Yousuf Mohamed Al Jaida in an interview to the media. Al Jaida said...

Through Dubai Metaverse Strategy, the emirate looks to create 40,000 virtual jobs and add $4 billion to the economy over the next five years.

Washington, United States--Four cruise lines have been sentenced by a US judge to pay a total of nearly $450 million for having used a Havana port nationalized by the Cuban government in 1960. The ruling Friday by a federal judge in Florida requires the Carnival, MSC SA, Royal Caribbean and Norwegian...

Abu Dhabi--The UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion, according to the Arab Monetary Fund (AMF). According to the AMF's Joint Arab Economic Report, the UAE's manufacturing industry exports account for 43.9 percent...

The Portuguese football star Cristiano Ronaldo has signed for Al Nassr of Saudi Arabia in a deal believed to be worth more than $200 million. The 37-year-old former Manchester United, Real Madrid and Juventus player said that he can't wait to discover a new football league in a different country.

Riyadh, Saudi Arabia--Saudi Arabia has invested some $6.12 billion in more than 6,000 projects in Egypt, according to the Minister of Trade and Industry of Egypt Ahmed Samir.  The trade minister announced the investment figure during his visit to Riyadh on Dec. 25, where he met Saudi ministers and senior...

It will pay an interim dividend of $12.79m to shareholders.

Algiers, Algeria-- Algeria approved the 2023 budget, the largest in the country's history after President Abdelmadjid Tebboune approved the Finance Law on Sunday. The Algerian government allocated the largest budget since its independence - 6 decades ago - at a value of $98.5 billio), an increase of $24.5 billion over...

Riyadh, Saudi Arabia--Saudi Export-Import Bank has announced the signing of a $26 million financing line agreement with Turkyie Finance Katilim Bank to finance Saudi non-oil exports to Turkyie, which is the first direct financing agreement for Saudi non-oil exports to the Republic of Turkyie. It also signed an agreement with...