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...

The tech giant forecasts profit to fall to US$2.1bn for Q4.

Riyadh, Saudi Arabia - Saudi Arabia achieves first rank across MENA for the first time in terms of the amount of Venture Capital (VC) funding in 2023, according to MAGNiTT, the MENA-based venture data platform. The Kingdom captured the highest share of total VC funding in the year, accounting for...

Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has been oversubscribed by 372%.Subscriptions worth $426 million were received for the $114.36 million issue, which carries maturity of 91 days.The expected return on the issue, which begins on January 10...

Hong Kong, China - Asian markets stumbled out of the gates Monday, extending last week's grim start to the year, after a forecast-busting US jobs report further dampened hopes for an early interest rate cut.The keenly awaited non-farm payrolls data Friday showed the world's number one economy remains resilient despite interest...

PARIS, FRANCE  - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2 in an undersea oilfield off Brazil in an effort to reduce emissions, TotalEnergies said on Monday.The pilot unit will separate oil from CO2-rich natural gas at the bottom of the...

Washington, United States -- An historic private mission to land on the Moon was facing potential failure Monday due to technical problems, in a blow to America's hopes of placing its first robot on the lunar surface in five decades.Fixed to the top of United Launch Alliance's new Vulcan rocket,...

It is part of the company's planned US$2bn investment.

Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data from Qatar Financial Centre (QFC) has revealed.Volumes of output, new business and backlogs of work were all largely stable compared with November levels, while employment growth was maintained, and the...

"We do not see ourselves, as the German federal government, opposing British considerations on other Eurofighter (sales)," Baerbock told journalists on a trip to Israel, in which she highlighted the Saudi role in the Middle East security crisis since the eruption of the Israel-Hamas war on October 7.

It will help the kingdom in the processing of aluminum.

Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home territory.

DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some one billion people out of poverty, an expert has said.Yin Zou, the Executive Vice President of Corporate Development, DHL Group, wrote in the World Economic Forum that the COVID-19 pandemic...

HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions that the UK intends to use. The first plant of the uranium fuel will be in northwest England and is scheduled to be operational by the 2030s, the government said.

Shanghai, China--Shanghai plans to build 200 new smart factories and 20 demonstration sites by end of 2025 after 70 intelligent plants in 2023, officials announced, solidifying its intelligent manufacturing stronghold, according to China Daily report.Covering auto, equipment and IT, this year's batch features life-cycle, process and supply chain enhancements. As...

Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same rate as last year.QNB, in its weekly commentary, said, "There is no doubt that expectations for 2024 were influenced by the experience of investor sentiment from 2023, when negative initial...

Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which 12 percent of world trade usually passes. The Houthis say the strikes are in solidarity with Palestinians in war-ravaged Gaza, which Israel has bombarded relentlessly for three months, in what...

The data supports comments by European Central Bank (ECB) chief Christine Lagarde, who has warned that Europe should remain on guard despite falling inflation.

NEW YORK, US - Former US president Donald Trump's businesses received at least $7.8 million from foreign governments including China during his time in the White House, a congressional report claimed.Officials from Saudi Arabia, India, Turkey and Democratic Republic of Congo were among some 20 countries' representatives who paid money to...

Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of 11.5 million individuals by year-end, a report by the Saudi Council of Health Insurance revealed. The target is to reach 25 million beneficiaries by 2030, aiming for health insurance to...

Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for passengers and cruise lines at the Red Sea ports of Hurghada, Safaga and Sharm El Sheikh.The contract will also commit AD Ports Group to develop yacht and cruise ship tourism...

It produced 1,620,665 metric tonnes of aluminium in 2023.

Battling aftershocks and roads littered with gaping holes and blocked by frequent landslides, thousands of rescuers from all over Japan are trying to reach hundreds of people in stranded communities in the Ishikawa region. Two elderly women were pulled from the rubble, but hopes of finding other survivors are fading...