Sheikh Meshal al-Ahmed Al-Sabah, who was sworn in as emir last month, named Sheikh Mohammed Sabah al-Salem Al-Sabah, a popular ex-foreign minister, as the new premier. He replaces Sheikh Ahmed Nawaf al-Ahmed al-Sabah, son of the late emir whose death has raised hopes of a political shift in the country.

DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an all-time sales record of US$2.16 billion (AED 7.885 billion) for 2023, representing a 24.39 percent increase over the previous year and 6.4 percent up on pre-pandemic in 2019.December finished with...

The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the Bank's lending commitments in the most recent financial year were less than $130bn, the only way to get close to this target is by encouraging far greater private sector participation,...

The bank expects to enhance operations with AI tools.

The layoffs will reduce costs for the Spanish company.

Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create more opportunities for cooperation between their business communities and private sectors.The discussions took place between in a meeting between Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign...

Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of the country's GDP.The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023.In December, the government approved the 2024 budget with a deficit...

Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace of increases of 2.93 percent was the smallest of the past six months.

Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for 2023 by the globally recognized employer of choice certification program Best Places to Work, the company said in a press release.ROSHN achieved its ranking based on anonymous surveys conducted by...

Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an increase in Qatari exports to its clients by over $412 million during 2023.In a statement released today, the agency highlighted its participation in eight international exhibitions over the past year,...

The Al Wasl field is its first oil discovery in Egypt.

Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and guidelines, Chairman of the Steering Committee at the Ministry of Finance, Abdul Aziz Al-Furaih said during the inauguration of the Leadership Forum for the Transformation to Accrual Accounting in Riyadh....

Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import tariff rates lower than the most favored nation rates on 1,010 goods, implementing tariff rates on some commodities under agreements and applying preferential tariff rates to 43 least-developed countries (LDCs).‏As...

Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points, a decrease of 1.95 percent compared to October 2023. On Y-o-Y basis, PPI of November 2023 showed a decrease of 17.36 percent.The main four industry sectors by weight are "Mining"...

Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022.Bitcoin touched a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020. It was last up 2.5% at $45,318 but remains far off the record high of $69,000 it touched...

Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope of companies subject to Emiratisation targets, where more than 12,000 companies with 20-49 employees, are required to hire at least one UAE citizen in 2024 and another one in 2025.The...

The production started at the first well in the Gulf of Suez.

Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase of 12.5% over the previous year, according to data released by the DFM.The growth was driven by a number of factors, including the strong momentum in the market since the...

The Israeli military spokesman said the army was currently "planning the management of the forces operating in the field" in the months ahead. He added some of the 300,000 army reservists would get a break from the conflict, with Israel seeking to boost its war-hit economy.

Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime minister of the Republic of Azerbaijan.Shahin Mustafayev, who is also the Azeri head of the Iran-Azerbaijan Joint Economic Cooperation Commission, stated that the relations between the two countries are on...

Abu Dhabi, UAE--Sheikh Zayed Festival is witnessing a large public turnout from citizens, residents and tourists from all over the world to celebrate New Year's Eve and welcome the new year 2024, which contributes significantly to increasing retail sales for exhibitors and commercial stores at the festival.During the celebration of...

ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following fluctuations in the global oil market.This change reflects a continuous trend observed in the fuel prices over the past few months, with September and October witnessing increases and November and...

Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively successful COP28 to space, the country achieved several milestones. Sustainability drive- 28th UN Climate Change Conference's (COP28) culmination in the historic ‘UAE Consensus' on climate change, which was adopted by...

The National Bureau of Statistics (NBS) said, "In December... the level of vitality in the manufacturing sector somewhat declined." In recent months, Beijing has announced a slew of targeted measures as well as a sizeable issuance of sovereign bonds to boost infrastructure spending and rev up economic activity.

Manama, Bahrain-- The GCC Commercial Arbitration Centre has started to harness AI techniques, according to its secretary general, Dr. Kamal bin Abdullah Al Hamad.The initiative aims to enhance international commercial arbitration processes, aligning with the national visions of the Gulf Cooperation Council countries. It is in harmony with the prevailing...

Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism, aviation, and hotel sectors. The roadshow aims to promote Bahrain as a prominent tourist destination in regional and global markets, enhancing the sector's contribution to the gross domestic product in line...

Dubai, UAE--The Arab Strategy Forum will commence in Dubai on January 3rd, 2024 to debate the intricate political and economic landscape of the Arab region.Titled "The Political and Economic State of the Arab World in 2024," the thought-provoking event will bring together prominent global leaders, strategic experts, and leading figures...

The fabrication unit will cost the firm US$5.44m.

Dubai, UAE--The UAE leadership places utmost importance on supporting farmers to enhance the sustainability of the agricultural and food sector, ensure national food security and address climate change, according to Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment. She was speaking at the ninth meeting of the...

Riyadh, Saudi Arabia - Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S. The agreement is likely to help boost trade between the two countries and facilitate the flow of Saudi non-oil exports to the Turkish...

ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has reported a substantial 7.7 percent growth in the real non-oil Gross Domestic Product (GDP) the Emirate during the third quarter of 2023, in comparison to the same period in 2022.This growth is attributed to the success of Abu...

Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the Sharjah government for the fiscal year 2024 during its second meeting, local media reports said.The meeting was held Thursday at its headquarters in Sharjah as part of its first regular...

Moscow, Russia - The aggregate GDP of the BRICS countries after the accession of its new members in 2024 will significantly exceed that of the Group of Seven (G7) countries, Russian Foreign Minister Sergey Lavrov said at a press conference following talks with his Indian counterpart, Subrahmanyam Jaishankar, Russian news...

Maritime Hub Abu Dhabi will boost the marine sector.

Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information (NCSI). The growth revolves around a rapidly evolving landscape, propelled by strategic investments and diversification endeavors.Maritime freight was at the forefront, commanding a significant 54.8 percent share of all inbound...

Manama, Bahrain--National accounts estimates issued by the Information eGovernment Authority of the Kingdom of Bahrain showed that the real GDP of the Kingdom increased by 2.45% at constant prices and by 1.09% at current prices during the third quarter of 2023 compared to the same period in 2022.Bahrain News Agency...

They partnered to lead global expansion of the cooling sector.

The launch comes a decade after the social benefits program was proposed, and as part of an overhaul of social services announced in 2020 by King Mohammed VI. Government aid so far has been indirect, with the state subsidizing some goods but not offering payments to low-income people.

The US$3m-contract is for the laying of GRE pipes in Hatta.

Abu Dhabi, UAE--UAE stocks generated strong cash flows Monday, with market liquidity surpassing $272 million. International Holding Company (IHC) and Dubai Electricity and Water Authority (DEWA) topped the market in terms of number of transactions.The Abu Dhabi Securities Exchange (ADX) gained $241.25 million in liquidity, as compared to the $31.31...

ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy have joined hands to further decarbonize the Emirate’s booming industrial sector.The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the...

Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication Union’s ICT Development Index (IDI) 2023.The Information and Telecommunication Technology index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’...

The insurance firm made a slew of new appointments.

Seoul, South Korea--South Korea's exports of eco-friendly vehicles surged 32.5 percent year-on-year to a record high during the first 11 months of 2023, due to solid global demand for electric vehicles (EVs), Yonhap News Agency reported on Sunday.The export volume of eco-friendly automobiles came to 662,307 units during the January-November...

According to the Kuwait Central Statistical Bureau, the upward trend was mainly attributed to rising prices across all major groups impacting key indices, especially food, education, and clothing. The food and beverages sector experienced the most notable increase, with its index surging by 5.81% in November compared to the same...

Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower credit risk groups according to the Organization for Economic Co-operation and Development (OECD) standards.

Manama, Bahrain--Export Bahrain and Hong Kong Trade Development Council (HKTDC) have signed a strategic partnership agreement to strengthen trade ties and create new avenues of opportunity for small and medium-sized enterprises in the Kingdom of Bahrain.  The strategic partnership agreement seeks to foster mutually beneficial trade and economic cooperation. It...

Doha, Qatar--The General Authority of Customs and the General Tax Authority have announced the launch of the interconnection between their electronic services, as part of the efforts to facilitate procedures for business owners and benefit from the development of the digital infrastructure in Qatar.The interconnection launch announcement comes to achieve...

Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister of Finance.In a press conference on Thursday, the minister said that the inflation witnessed in Qatar in 2023 was temporary and associated with a specific period and reasons, such as...

The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth in non-oil bilateral trade between the UAE and Mauritius, which in H1 2023 stood at US$63.1 million, with opportunities strongest in chemicals, metals and petroleum products sectors.