Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking to attract a greater amount of foreign direct investment (FDI) from the United Kingdom.DMCC is the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise.The...

It has shrugged off geopolitical tensions to post high profits.

Its net profit fell 10.24% to US$59.07 million in 2023.

Its revenue climbed 36 percent to US$2.53 billion in 2023.

The bank's income rose by 43% YoY to $5.4 billion.

Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023.This set a new record for the highest number of customs transactions handled by Dubai Customs, showcasing a 17.5% growth compared to the 25.8 million transactions in 2022. This success is attributed to...

Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial increase from 12,000 to over 26,000 citizens working in the industry since July 2021.The significant 116% leap comes in the wake of the government's decision to prioritize the localization of...

New Delhi, UAE--India's stock market has edged out Hong Kong to become the world's fourth-largest, a milestone that underscores growing global investor optimism about New Delhi's economic prospects, Bloomberg said Tuesday.The total value of shares listed on Indian exchanges hit $4.3 trillion on Monday, slightly higher than Hong Kong's $4.29...

Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of Abu Dhabi, establishing the Artificial Intelligence and Advanced Technology Council (AIATC) for developing and implementing policies and strategies related to research, infrastructure and investments in artificial intelligence and advanced technology...

It will engage in the import and trading of oil products.

Paris, France -- While the explosion of debt is throwing a shadow over global economic growth, experts warn that sub-Saharan Africa, where several countries are already in default, is experiencing its worst-ever crisis.The rise in interest rates and over-indebtedness is already crimping the ability of countries to finance their development, as...

Kwon, who co-founded Terraform in 2018, was arrested last year in Montenegro and is awaiting extradition to the United States or South Korea. The collapse of the Singapore-based firm's TerraUSD and Luna wiped out around $40bn in investments and caused wider losses in the global crypto market estimated at more...

The Frankfurt institute is tipped to pause for the third meeting in a row following a historic run of hikes to tame runaway prices, leaving the benchmark deposit rate at four percent. ECB president Christine Lagarde said last week rates had likely reached their peak but that it was too...

The Saudi giant will develop the US$6.4bn plant in Fujian.

It pulled out of the US$10bn merger of its Indian operations.

Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food security.The issues were discussed in a meeting with a Korean delegation representing from the Hyundai Research Institute (HRI).The meeting was attended by QC board member and Chair of Food Security...

Abu Dhabi, UAE -- The UAE recorded the second-highest increase in the number of new foreign investment projects around the world after the US in 2023, a report by the United Nations Conference on Trade and Development (UNCTAD) said.The number of these projects increased by 28 percent compared to 2022,...

ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome moved to put the plant under state supervision, the chief executive said in a letter seen by AFP.Aditya Mittal wrote to Italian Prime Minister Giorgia Meloni to press for an...

BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's largest logistics market in terms of demand, China Federation of Logistics and Purchasing said. According to a report from CCTV, He Liming, the chairman of the China Federation of Logistics...

Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy improved with a 2.6 percent increase in education, while electricity, gas, water and waste management activities grew by 2.2 percent.

It will meet growing demand for internet services in the region.

It posted a 31% jump in net profit to US$229.13m in 2023.

Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi Economy and Planning Minister Faisal Al Ibrahim said on Thursday.Speaking at the panel 'Saudi Arabia: The Course Ahead', Faisal Al Ibrahim said the event will focus on global collaborations, growth,...

Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor Resilience Index (GLRI) 2024.As the world confronts the profound challenges of global warming and the urgency of transitioning to a sustainable future, the impact on labor markets looms large, a...

DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall of 1.5 percent compared to the previous month (October 2023).This is a decrease of by 5.8 percent compared to the corresponding month in 2022.Released by the Planning and Statistics Authority,...

Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion.The fund will serve a wide range of investment categories, develop the national economy and attract foreign investments.According to the Oman News Agency (ONA), According to the Oman News Agency (ONA), Future...

Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last year, propelled by the gradual increase in domestic demand and with more stimulus policies in the offing, China Daily reported, citing officials and economists on Wednesday.Economists said the country needs...

The slashing of jobs follows huge third-quarter losses.

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...