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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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.

Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a report on Arab Economic Competitiveness Index released by the Arab Monetary Fund (AMF). UAE's sustained progress across crucial sectors, including its economy and investment environment are said to be the...

Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the end of October 2023, showing an annual increase of 7.8 percent, equivalent to about $5.17 billion, compared to approximately $66.59 billion in October 2022. The local currency, the dirham, accounted...

The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for years, the Washington-based bank said in a report. "Prior to October 2023, economic growth was projected -- for the first time since 2018 -- to slightly expand in 2023," by...

The bank stated in a report released today that the overall GDP for the country is expected to grow by 3.1 percent in 2023. The report anticipates a non-oil GDP growth of 5.9 percent in 2023 and 4.7 percent in the following year, while estimating the oil GDP growth at...

A joint statement said the funds amounting to around $164.3 million "aims to support the efforts undertaken by the Tunisian government to promote the recovery of the economy" through "the improvement of the management of public finances". Tunisia, which devotes a good part of its resources to repaying a crippling...

Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price of $60 per barrel for 2024 instead of $65 per barrel in 2023, based on the international institutions estimates for oil prices in 2024, and the conservative estimates for oil...

Prime Minister Anwar Ibrahim in a statement said that ships bound for Israel will also be barred from loading cargo at any port in the largely Muslim Southeast Asian nation with immediate effect. He particularly targeted Israel's biggest shipping firm ZIM. Malaysia's cabinet authorised ZIM to dock its vessels at...

Dubai, UAE--Arabian Travel Market (ATM) has entered into a partnership with the International Congress and Convention Association (ICCA) and the Global Business Travel Association (GBTA) for the upcoming edition of the event, which takes place from 6th to 9th May 2024 at the Dubai World Trade Centre. The global organisations...

It is an antitrust settlement made public recently.

They will supply solar power to 45 properties in the UAE.

Dubai, UAE-- The UAE and South Korea Korea are looking to boost ties in the water sector and in this regard the Ministry of Energy and Infrastructure (MoEI) received a delegation from Korea’s Ministry of Environment to discuss the latest developments and share experiences in the sector. As part of...

Dubai, UAE - A "possible explosion" struck a key shipping lane off Yemen on Monday, two maritime agencies said, the latest incident in the vital waterway threatened by Houthi rebel attacks. The British military’s United Kingdom Maritime Trade Operations issued a warning of a potential explosion striking near a vessel passing through...

It will be used to test a range of EV chargers and software.

Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on December 16, the company said in a statement. "On December 16, China’s application for the supply of Russian gas through the Power of Siberia gas pipeline once again exceeded the...

It would sell China-developed EVs all over the world.

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

Dubai, UAE -- The UAE has ranked first in the Middle East and fourth globally as a leading destination for remote work, according to a new ranking by VisaGuide.World. The VisaGuide.World website specialises in monitoring and evaluating the effectiveness of visa systems. The website also measures countries' progress in providing...

BERLIN, GERMANY -  The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a blow to the already struggling automotive industry. The scheme is one of the casualties of a budget crisis caused by a shock constitutional court ruling in November that upended the...

At their meeting, Sunak and Meloni agreed to fund a project to help repatriations of migrants in Tunisia, the departure country for many migrants trying to reach Europe. They "committed to co-fund a project to promote and assist the voluntary return of migrants from Tunisia to their countries of origin",...

Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October 2023 to 93.1 points, compared to the previous month (September 2023), and decreased by 6.0 percent, when compared to the corresponding month in 2022, according to the Planning and Statistics...

Doha, Qatar--Qatar Airways Group and the Asian Football Confederation (AFC) have signed a global partnership set to transform the fan experience at Asian football competitions in the coming years. In a statement today, Qatar Airways said that the partnership will run from 2023 to 2029 in time for the AFC...