Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) has held discussions with the Arab Authority for Agricultural Investment and Development (AAAID) to support business community and foster trade and investment between the two entities.The discussions took place at the chamber's headquarters, where Abdullah Sultan Al Owais, Chairman of the...

Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated to fall to the lowest rate in three decades by 2030, amid ongoing economic and geopolitical shocks. The report released today, offers a re-evaluation of global economic growth, introducing a...

It posted a 7.5% jump in net profit to US$1.18bn last year.

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at the end of November 2023, marking a significant surge in its financial strength. This impressive growth is revealed in the bank's latest balance sheet report.The report highlights a robust 30.4%...

The internet giant will cut jobs from its global ad team.

Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in nearly 200,000 lost jobs, the EU's Intellectual Property Office said Tuesday.The findings, based on data from 2018 to 2021, show that fakes take the biggest toll on the clothing sector,...

Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different areas in Dubai in 2023. The expansion has increased the total length of these cable ducts to 3,998 kilometres, a 10% increase compared to 2022.This initiative aligns with DEWA's commitment...

The tech giant's market value has surged by over $1 trillion.

Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in 2022, marking over 17.4 percent growth, according to Sharjah Airport Authority.The air traffic witnessed an increase of 12 percent with over 98,000 flight movements in 2023 as compared to around...

According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while remaining subdued, operating at subpar growth levels, S&P estimates that UAE GDP expanded at over 3 percent in 2023, including close to 6 percent growth for the non-oil sector”.

"Remember Ukraine?" UN aid chief Martin Griffiths asked as he launched the plan in Geneva. "Please do not forget Ukraine while there are many other places in the world which grab our attention." "As we go into 2024, the competition for funding is going to be more," he acknowledged, citing...

In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break above 35,000 points for the first time since 1990 thanks to a revival of Japanese inflation and a weaker yen that helps exporters.

Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity levels and fuel global growth, the IMF chief told AFP. AI will affect 60 percent of jobs in advanced economies, the International Monetary Fund's managing director, Kristalina Georgieva, said in...

Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent data by the General Authority for Statistics (GASTAT). The cost-of-living index for December rose to 110.15 points, according to the base year 2018, from 108.53 points in the same month a...

A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year. Yet since 2020, nearly five billion people worldwide have grown poorer, Oxfam said.

Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as the global economy continues to grapple with headwinds from tight financial conditions, geopolitical rifts and rapid advances in generative artificial intelligence (AI).More than half of chief economists (56%) expect the...

Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella of commercial concealment or cover-up (tasattur) and clarified the distinctions between such practices and other violations.The program identified cases of tasattur, including scenarios where a Saudi citizen transfers ownership of...

Doha, Qatar--Qatar and Czech Republic are looking to ramp up trade and investment cooperation between the two countries.In this regard, Qatar Chamber Acting General Manager Ali Saeed Bu Sherbak Al Mansouri met here on Sunday with CEO of the Czech Trade Promotion Agency (CzechTrade) Radomil Dolezal.The meeting took place at...

The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP. "We must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present," she said.

It commissioned 1,414 substations of 11kv in Dubai.

DUBAI, UAE - Worldwide PC shipments totaled 63.3 million units in the fourth quarter of 2023, a 0.3 percent increase from the fourth quarter of 2022, according to preliminary results by Gartner, Inc.This marks the first time that quarterly shipments have increased after eight straight quarters of decline, a press...

Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollarThe BRICS bank, known as the New Development Bank (NDB), will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion, IRNA reported on Sunday citing...

The two will acquire 40.5% stake in the Egyptian firm.

RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the World Economic Forum (WEF) annual meeting 2024 in Davos, Switzerland, showcases its vital role in addressing global challenges, particularly in supply chains and capacity building.In remarks to the Saudi Press...

Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company said on Saturday, calling it a "big day for Nigeria".The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel imports.The...

Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive rebel attacks on Red Sea shipping. An analyst at SEB bank said if the US-UK attacks were unsuccessful in destroying Houthi weapons, and oil tankers need to go around Africa,...

Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part of a program to support the cash-strapped South Asian country through an economic crisis.The funds were unlocked after the International Monetary Fund board approved the first review of a nine-month,...

New Delhi, India - Dramatic drone footage showing Indian commandos hunting pirates after an attack in the Arabian Sea illustrates New Delhi's "significant" expansion of a muscular maritime force reflecting global ambitions, analysts say.The commandos, deployed this month from an Indian-built warship after an attempted hijacking of a merchant bulk carrier,...

Manama, Bahrain – Morocco became the fifth country to join the UAE, Jordan, Egypt and Bahrain at the fourth meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development which began on Thursday here. The Executive Committee of the now five country partnership held meetings with officials,...

Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Chamber of Commerce and Industry of Sfax, Tunisia, held a meeting to discuss advancing cooperation and joint efforts to further develop the relations between the two countries' business communities.The meeting touched on exchanging commercial delegations, holding joint events and...

Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday, as commerce with the United States fell for the first time in four years on the back of geopolitical tensions.China-Russia trade reached more than $240 billion, customs figures showed, overshooting...

Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement.In this connection, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar, Minister of Foreign Trade of Costa Rica, have signed a joint statement to confirm the...

Washington, US - Consumer inflation in the United States rose more than anticipated in December, government data showed Thursday, underscoring the bumpy road to cooling price increases as the presidential election looms.The Department of Labor's consumer price index (CPI), a key measure of inflation, was up 3.4 percent from a year...

Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the UAE.The agreement aims to establish an electronic link between the two entities, enabling the Authority to directly access credit reports provided by the Bureau, using them to strengthen compliance with...

The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit fees in the fiscal year 2022/23. Since the Iran-backed Houthis began attacking ships in response to Israel's bombardment of the Gaza Strip, companies have opted for the far longer route...

The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023, touching almost 510 gigawatts, with solar PV accounting for three-quarters of additions worldwide. Nearly 200 nations at the COP28 summit last month agreed to transition away from fossil fuels.

Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion, propelled by strong performances in the UAE and Saudi Arabia.The UAE led the charge, adding $117.5 billion to its market value, reaching $990.6 billion by the end of last year....

The agreements worth US$3bn were signed with Gujarat.

IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And domestic markets have been above their pre-pandemic levels continuously since April." According to Walsh, international travel is moving ever closer to surpassing the 2019 peak year.

Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an unsustainable fiscal path.

These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate, obtain work permits for themselves and family members and access exclusive perks and services provided by the Premium Residency Center in collaboration with government partners.

Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for the expansion of bilateral investment cooperation in the renewable energy, food processing and healthcare sectors.The agreements were signed by the respective Indian ministries, underscoring the UAE’s strong commitment to supporting...

It will introduce a commercial model in the US in 2026.

Baku, Azerbaijan-- The UAE and Azerbaijan have discussed ways to enhance cooperation in renewable energy, environmental protection, culture, education, and other areas that contribute to sustainable development.The discussion on the deepening of ties took place in a meeting between Shaikh Mohamed bin Zayed Al Nahyan, President of the United Arab...

Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding (MoU) with ‘Zand Digital Bank’ identifying Zand as an approved bank authorised by DLD to oversee real estate development escrow accounts and offer associated services.Real estate escrow accounts are specialised...

WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to 3.7 percent in 2024 and to 3.8 percent in 2025.According to the Global Economic Prospects report released on Tuesday, the World Bank forecast the growth in the Gulf Cooperation Council...

Tokyo, Japan - Tokyo stocks closed higher on Tuesday on the back of gains in US tech stocks, pushing the Nikkei index to a 33-year high.The benchmark Nikkei 225 index climbed 1.16 percent, or 385.76 points, to end at 33,763.18, while the broader Topix index added 0.82 percent, or 19.55 points,...

Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage points below the average of the 2010s, the World Bank said in its latest report on the health of the global economy. If the forecast proves accurate, 2024 would mark...

The developer will expand business in Dubai, Abu Dhabi.

Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight percent dive in Boeing shares after an emergency landing on an Alaska Airlines aircraft revived safety worries. "We basically are having a little bit of a bargain hunting today," economist...