• China regulator to ban Evergrande chair from securities market for life

    BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds of financial fraud, a subsidiary of the company said on Monday. Heavily indebted Evergrande has become a potent symbol of the years-long crisis in China's property market, a crucial pillar...
  • Dubai approves rise in energy, water efficiency programs

    DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st meeting of DSCE, which was held virtually. The Council reviewed updates of the demand side management strategy for 2030 and 2050, which set well-studied goals to reduce water and electricity...
  • World Bank plans $6 billion in financial assistance for Egypt

    The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including mobilization) – subject to Board approval," it added. Egypt, the Arab world's most populous nation, is in dire need of financial help as it weathers a severe economic crisis marked...
  • Shipping service connecting India, South East Asia with Saudi Arabia comes up

    RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in Dammam, connecting the Kingdom to Southeast Asia and India, Saudi Ports Authority (Mawani) announced. This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime...
  • Bahrain and France sign MoU to boost tourism education

    Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in France to launch a student exchange programme between Bahrain and France aimed at bolstering academic and cultural ties between the two countries. This initiative affirms the joint commitment to strengthen...
  • Iran signs deals worth US$13bn to boost oil production

    The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. The deals have been labelled as Iran's "biggest oil contracts in the past decade" that are aimed to add 350,000 barrels per day to the Islamic republic's daily production.
  • Iran signs big contracts to increase oil production

    Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.
  • US Fed to provide fresh clues on rate cuts after uptick in inflation

    The Fed has raised interest rates to a 23-year high of between 5.25 and 5.50% as it looks to return inflation firmly to its long-term target of 2%. After making significant progress against rising prices last year, 2024 has been more challenging, with the US seeing a small uptick in...
  • Nakheel, Meydan join Dubai Holding

    The Board of Directors of both Nakheel and Meydan will be abolished.
  • US sanctions network smuggling American tech to Iran’s central bank

    US Treasury sanctioned a number of alleged ISC subsidiaries and front companies based in Turkey and the United Arab Emirates, and three individuals allegedly linked to them including Pouria Mirdamadi, a French-Iranian dual national. "The United States will continue to use all available means to disrupt the Iranian regime's illicit...
  • S&P affirms Saudi Arabia’s A/A-1 credit rating

    Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit ratings of Saudi Arabia at 'A/A-1' with stable outlook. The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom's economic and...
  • Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023

    RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of the country's real GDP in 2023 – the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning....
  • Eyes on Bank of Japan as unions announce big wage hikes

    Tokyo, Japan -- Japan's largest trade union said Friday it had secured the highest wage hikes since 1991 in preliminary data that stokes speculation the central bank will finally shift away from its outlier ultra-loose monetary policy. The Rengo union said that in spring wage talks so far, its members had...
  • Vodafone sells Italian unit to Swisscom

    British telecoms giant sold the business for US$8.7 billion.
  • Nissan, Honda in tie-up for EVs

    The alliance will take on China's dominant EV makers.
  • Dubai receives 1.77m international tourists in January this year

    Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in the same period of 2023. According to the Dubai Tourism Performance Report for January issued by the Dubai's Department of Economy and Tourism, Western Europe ranked first in terms of...
  • Saudi inflation rises to 1.8% in February

    RIYADH, SAUDI ARABIA –   Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General Authority for Statistics (GASTAT).  The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.  Inflation...
  • Ajman records real estate transactions worth US$195m in February

    AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said that there were 129 real estate valuation transactions in the emirate in February, valued at around US$195 million (AED718 million). He highlighted the ongoing momentum in Ajman's real estate market,...
  • UAE, Hungary ink pact to enhance trade, investment ties

    ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment between the two nations.   The agreement was signed in the Hungarian capital Budapest by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and...
  • ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi

    Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place on 9-10th December 2024 in the Abu Dhabi National Exhibition Centre (ADNEC Centre Abu Dhabi). Co-organised by Capital Events, the event management arm of ADNEC Group, and BTC Inc., the...
  • Volkswagen profit up

    It delivered some 9.2 million cars to customers in 2023.
  • Thousands of international companies join Dubai Chamber of Commerce in 2023

    Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing...
  • UAE records more than 25% growth in international card spending in 2023

    Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023. J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for...
  • US consumer inflation in Feb up as Federal Reserve mulls rate cut

    The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core" measure stripping out volatile food and energy prices edged down slightly to 3.8 percent.
  • Xiaomi announces release date for EV

    It will be its first foray into the electric vehicle sector.
  • UAE financial system more secure and efficient than before, says CBUAE

    Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking...
  • UAE construction market soars to $94bn in 2023

    Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London. The growth is attributed to the increase in investments...
  • Ford to pay US$365m in US tariff fraud case

    It will settle a civil suit linked to the disguising of imported vans.
  • Chinese leaders seek ways to boost economy in key event

    Beijing, China - China's leaders on Monday wrapped up a week-long key conclave at which they admitted more was needed to revive a sluggish economy battered by an ailing housing market, poor domestic demand and record-high youth unemployment. Top officials have been upfront about the myriad challenges China is facing, admitting...
  • Jafza reports 28% year-on-year growth in 2023 of new Indian companies

    DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There's been a significant increase in Indian businesses setting up there, with 28 percent more new companies in 2023 compared to the previous year. This resulted in over 190...
  • UAE and Greece hold talks to widen economic cooperation

    Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues to deepen the cooperation between the two countries. In this connection, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, held several bilateral meetings...
  • United Arab Bank elects new chairman

    Sheikh Mohammed bin Faisal will now lead the bank.
  • Iran agricultural, food exports hit US$5.5bn in 11 months

    TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products worth US$5.5 billion to over 130 countries during the first eleven months of the year. Rouhollah Latifi, the spokesperson for the Trade Development Commission at the Iranian Ministry of Industry,...
  • GASTAT adopts chain-linking method to calculate Saudi Arabia’s real GDP

    RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that it has adopted the chain-linking methodology to calculate the real GDP in the country. The Q4 2023 results and the annual results for the same year have been reached at...
  • Aramco profit down in 2023

    The oil giant posted a 24.7% fall in net profit to US$121.25bn.
  • A greener globe requires a greener industry, says Chinese industry leader

    Beijing, China-- A greener globe requires a greener energy industry, which could definitely be represented by new quality productive forces such as green hydrogen, according to Baoshen Zhong, Chairman of LONGi Green Energy. China Economic Net quoted Zhong as saying, during the 2024 Two Sessions, that “Renewable energy, mainly photovoltaic...
  • Lufthansa cabin crews to go on strike

    The announcement came after the airline's record profits.
  • Ooredoo partners with Dropbox

    It will enable customers to access Dropbox's tools.
  • Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn

    AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months of 2024, compared to US$1.79 billion (JD1.272 billion) for the same period last year. According to statistical data obtained by Petra, exports of five sectors recorded an increase, while the...
  • High inflation leaves Nigeria struggling ahead of Ramadan

    Lagos, Nigeria - The holy fasting month of Ramadan begins early next week in Nigeria, with the worst economic crisis in a generation leaving many in Africa's most populous Muslim country struggling to buy food. With food inflation at around 35 percent, worshipers taking part in Friday prayers at the central...
  • Tunisian economic crisis mutes build-up to Ramadan

    Tunisians usually prepare for Ramadan -- when daytime fasting is followed by festive but often costly meals with family and friends -- by stocking up on large amounts of food. But this year things are different, with purchasing power greatly diminished because of soaring prices, a recession and rising unemployment.
  • Saudi Arabia to expand customs duty exemption for some industrial products from April 1

    Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of customs duty exemptions for various industrial products and materials starting April 1. Industrial companies holding a valid license from the ministry will benefit from duty exemptions on specific items essential...
  • Qatar and Estonia sign agreement to avoid double taxation

    Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was signed by Minister of Finance Ali bin Ahmed Al Kuwari and Minister of Economy and Information Technology in Estonia Tiit Riisalo. Stressing the importance of the agreement, Al Kuwari said...
  • Binghatti lists sukuk on Nasdaq Dubai

    The debut issue of the company is valued at US$300m.
  • UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi

    Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi. Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group, will provide a full turnkey solution for the projects, including finance, design, procurement, construction, operations, and maintenance for...
  • Despite oil riches, Libyans hit by plummeting purchasing power

    Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95 percent of state revenue. Much of this wealth pays for a bloated public sector that employs almost one third of the population, as well as for state subsidies meant to...
  • Saudi tech show LEAP 2024 to close on ‘record-breaking’ note

    Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing for what organizers are terming as "record-breaking" final day with more announcement of investments expected to be made on the occasion. Abdullah Al-Swaha, Saudi minister of communications and information technology,...
  • European tourists make a beeline for Sharjah as 400,000 visit in 2023

    Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase compared to the previous year, with Europeans constituting 27 percent of the total visitor count. Sharjah Commerce and Tourism Development Authority (SCTDA) made the announcement during its press conference on...
  • Dubai Chambers, DP World partner to lure global investment to the emirate

    Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP World’s global network to establish and host international representative offices at the group’s facilities around the world. The partnership aligns with the goals of the Dubai Global initiative launched by...
  • Toyota to invest US$2.2bn in Brazil

    The automaker will beef up production of hybrid vehicles.
  • Qatar Central Bank head calls for enhanced GCC action to tackle challenges

    Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among the Arab Gulf states, especially in light of the economic and financial challenges that the world is experiencing in relation with growth, sustainable development, financial stability, and interest rate policies,...