Sharjah, UAE--The board of directors of the Arab Union for International Exhibitions Conferences (AUIEC), operating under the Council of Arab Economic Unity of the League of Arab States, has approved its budget and the Union's action plan for 2024.The plan, endorsed during the second periodic meeting for 2023 held virtually...

The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce poverty, and promote job creation. Somalia is one of the poorest in the world, struggling to recover from decades of civil war, and with 70% of its population living on...

Tehran, Iran-- Saudi Arabia and Iran's foreign ministers have stressed the need for an immediate ceasefire in Gaza and sending humanitarian aid into the besieged enclave.Iran's Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart Faisal bin Farhan discussed bilateral relations between Iran and Saudi Arabia and the latest developments in...

The agreement will bolster cross-border ETF cooperation.

Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche" content.

Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the exchange's reputation as the preferred choice for sovereign issuances.The Republic of the Philippines has chosen Nasdaq Dubai to list its maiden sukuk worth US$1 billion of Trust Certificates due in...

Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and support groundbreaking startups, particularly those in the technology and sustainability sectors, establishing an incubation and accelerator programme that will nurture innovators and provide mentorship, resources and workspace.The two parties formalised...

DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate action and its environmental costs. Data-driven technologies like the Internet of Things, robotics and artificial intelligence (AI) can enhance climate change monitoring, optimize energy use and production processes, and promote...

DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update, citing factors like ongoing geopolitical tensions, escalating debt and widespread economic fragility.Other elements weighing on trade include lower demand in developed countries, less trade in East Asia, an uptick in...

With bitcoin, Bukele sought to make it easier, and cheaper, for Salvadorans to receive remittances and to provide financial services access to the 70 percent of people with no bank account. But a poll conducted in May by the Central American University found that 71 percent believed the cryptocurrency "has...

Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Abu Dhabi Housing Authority signed a service level agreement to enhance cooperation between the two organizations across different areas, including digital connectivity and data exchange.The primary objective of this collaboration is to elevate service excellence and improve the overall customer...

The agreement will bring AI innovation to food production.

DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law No. (25) of 2023 establishing the Dubai Investment Fund as an independent public entity operating on a commercial basis.The law also endows the Fund with the financial and administrative independence...

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism and ecotourism, according to a PIF press release.The company plans to develop unique tourism projects around cities across Saudi Arabia with attractive natural and farmed landscapes, the release said.It added...

RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a two-state solution is the only way to ensure peace in the region. The two countries issued a joint statement at the conclusion of Russian President Vladimir Putin’s visit to Saudi...

Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion), compared to 11.86 billion riyals for the same period in 2022.The financial performance bulletin issued by the Omani Ministry of Finance today indicated that the net oil revenues until the...

According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one of the transformational projects in supporting the UAE efforts to make it the new economic hub for the next ten years, and regulating the issuance of these green bonds was...

Dubai, UAE-- The International Islamic Trade Finance Corporation (ITFC) is looking to ramp up its sustainable and green financing to nearly 30% of its total financing portfolio.This was stated by Hani Salem Sonbol, CEO of the ITFC, affiliated with the Islamic Development Bank Group.Speaking to the Emirates News Agency (WAM)...

Doha, Qatar-- Oil and gas producers in the Middle East are assessing "challenges and opportunities" available for their economies to grow while depending on hydrocarbon by working to enhance cooperation in the rapid transitions in the European energy field.The eagerness to make a transition toward clean energy and strike an...

Dubai, UAE-- The COP28 Presidency is focused on achieving a balanced package in the negotiations, according to Ambassador Majid Al Suwaidi, COP28 Director-General and Special Representative, noting that they hosted a stocktaking plenary to outline progress made at the technical level and hear feedback on building areas of convergence.During a...

Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production of green hydrogen, according to a joint report by the International Renewable Energy Agency (IRENA) and World Trade Organisation (WTO).The report published on December 9 provides insights into global hydrogen...

Dubai, UAE--The Arab Centre for the Studies of Arid Zones and Dry Lands (ACSAD) will partner with the UAE's Ministry of Climate Change and Environment (MOCCAE) to realise the country's vision of reaching zero neutrality by 2050, according to a senior official of the Damascus-based centre.“As an Arab organisation mandated...

In a country gripped by the most severe financial crisis in its recent history-- inflation has hovered near 40% after the currency lost half its value-- the economy is the crux of Egyptians' concerns. Even before the crisis, about two-thirds of the country's nearly 106m people were living on or...

They will explore to advance the use of nuclear energy.

Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks in Dubai that "targets" fossil fuels instead of emissions, according to a letter seen Friday by AFP.In the letter sent Wednesday, OPEC Secretary General Haitham Al Ghais said he was...

Manama, Bahrain-- Bahrain and Germany have held discussions to boost ties in the health field as the two countries seek to deepen overall ties.In this connection, Lieutenant-General Dr. Shaikh Mohammed bin Abdulla Al Khalifa, Chairman of the Supreme Council for Health (SCH), met, in the presence of Dr. Jaleela bint...

The EU's internal market commissioner, Thierry Breton. called the deal as historic, regulating artificial intelligence models such as ChatGPT. Negotiators in Brussels nailed down curbs on how AI can be used in Europe, which they said would not hurt innovation in the sector nor the prospects for future European AI...

Riyadh, Saudi Arabia--The General Civil Aviation Authority (GCAA) of the UAE signed two memorandums of understanding (MoUs) with Brazil and Switzerland to strengthen cooperation in the field of air transportation with Brazil and Switzerland.The agreements were signed on the sidelines of the UAE delegation's participation in the fifteenth ICAO Air...

DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according to Knight Frank's latest report: Dubai & Abu Dhabi Industrial Markets Review, Q3, 2023.According to Knight Frank, demand is outstripping supply and occupiers are faced with the prospect of leasing...

Beijing, China - President Xi Jinping said that China's economic recovery is at a "critical stage", state broadcaster CCTV reported Friday, as sluggish domestic activity and property sector woes drag on a post-pandemic rebound."At present, the country's economic recovery is still at a critical stage," Xi said at a meeting of...

From Sunday through Tuesday, Egyptians aged 18 and above will be able to cast their ballots for one of four candidates -- former army chief Sisi, in power since he deposed elected Islamist president Mohamed Morsi in 2013, and three other relative unknowns.

Tehran, Iran--Trade between Iran and Russia has climbed 18 percent to US$1.7 billion in the first eight months of 2023.This was stated by the chairman of the Iranian Customs Administration Mohammad Rezvani, noting that the Iran Iran-Russia trade recorded $1.7 billion in the first eight months of this year of...

Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting methane emissions of the petroleum and gas sector in Egypt via the offered technical support.According to the Middle East News Agency (MENA), the agreement is scheduled to be signed by...

Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to establish their regional headquarters within the Kingdom. The Ministry of Investment of Saudi Arabia (MISA), in collaboration with the Ministry of Finance and the Zakat, Tax, and Customs Authority (ZATCA),...

It wants to build a supply chain between UAE and Amsterdam.

Volkswagen has some 675,800 employees worldwide.

The impairment charge sent BAT shares sinking 7.6 percent.

The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy, recorded its first budget surplus in nearly a decade in the wake of Russia's invasion of Ukraine which led to a boom in oil prices.

Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector demand signal for emerging climate technologies. Its members have moved from commitment to action: signing offtake agreements, driving demand for low carbon products to global decarbonization initiatives, and collaborating with...

Sixty-nine million children live in poverty in the world's 40 richest countries, UNICEF said in a report, blasting Britain and France for their particularly bad standings. That's despite a drop in child poverty rates by around 8 percent in the 40 European Union and Organization for Economic Cooperation and Development...

Dubai, UAE--The Arab Coordination Group (ACG), a strategic alliance comprising regional and international development institutions, announced at COP28 an allocation of US$10 billion until 2030. This funding is meant to drive a comprehensive and affordable transition to renewable energy in developing countries. The commitment is an integral part of a...

They will advance solutions in financial decarbonization.

Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI, fell to 57.5 points in November 2023.The index indicated a significant improvement in the Saudi non-oil private sector but attributed the decline in the main index to a lower rate...

Dubai, UAE--The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) announced at COP28 that more than 70% of its funding, equivalent to more than $9 billion, will be spent over the next three years in favour of the countries most affected by climate change, with the aim of...

Abu Dhabi, UAE--ADQ and Qazaqstan Investment Corporation have established a co-investment platform focused on high-growth sectors such as food and agriculture, mobility, healthcare, energy transformation and clean technology, financial services technology, and education technology.The platform aims to explore and leverage investment opportunities in Kazakhstan as well as other countries in...

Istanbul, Turkey - Saudi and Turkish companies, part of the Saudi-Turkish Business Council, signed eight trade agreements to strengthen trade and investment between the two countries.The Federation of Saudi Chambers, Saudi General Authority of Foreign Trade, and Turkish Foreign Economic Relations Board co-organized the meet between the two.It discussed the...

Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year.The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic.Traders have...

The latest batch of data show higher borrowing costs starting to slow down consumption -- a key goal of the central bank. Turkey's gross domestic product rose by just 0.3 percent between July and September. It had risen by 3.3 between April and June.

Dubai, UAE--The Emirates Nuclear Energy Corporation (ENEC) has signed a memorandum of understanding with TerraPower, an American nuclear innovation company, to collaborate in various areas of technological development.The MoU was signed during COP28 by Ahmed Al Mazroui, Nuclear Research and Development Vice President of ENEC, and Chris Levesque, President and...

Chinese Vice Premier Ding Xuexiang said his country has promoted the targets for carbon peak and carbon neutrality, adding that while fulfilling its international obligations, China has made efforts to help other developing countries cope with climate change. He made the comments while addressing the G77 on the sidelines of...