World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with hiking rates and could cut borrowing costs next year as inflation cools. While Wall Street's main indices spent some time in the red, they moved higher as the yields on US...

Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185 percent hike compared to the same period in 2020, an official said.Iran’s direct and indirect exports to the African continent in the administration of President Ebrahim Raeisi have significantly increased...

Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to renew the currency swap between the UAE and China and a memorandum of understanding (MoU) to enhance technical and technological cooperation in the development of central bank digital currencies.The signings...

Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial sectors, expected toward the end of 2024.It was revealed by Bassel Al Khawaja, Advisory Head at Abu Dhabi IPO Fund (ADIPOF) on the sidelines of the 2nd day of the...

Abu Dhabi, UAE - The UAE and Pakistan recently sealed a significant deal, potentially injecting between $20 to $25 billion into Pakistan's struggling economy, according to media reports. The agreements, covering diverse sectors like energy, ports, food security, and finance, were signed after a meeting between caretaker Prime Minister Anwaarul...

Beijing, China - China's central bank and several government agencies unveiled 25 new measures Monday to support private economy.These initiatives aim to diversify financial avenues for private businesses, marking a continued effort to bolster the sector crucial for the country's economic progress.According to Global Times, these measures represent China's steadfast...

Antwerp, Belgium - As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new scrutiny of their industry.In Antwerp's renowned diamond district -- which handles an estimated 86 percent of the world's rough diamonds -- polishing "labs" are turning to blockchain technology to prove...

Low- and middle-income countries have experienced a combined loss in capital and GDP totaling $21 trillion, about half of the total 2023 GDP of the developing world, in the last 30 years, the report said. The authors specify that losses are "conservative estimates" because the analysis does not account for...

RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as chairman of the board of directors.The bank said in a regulatory filing on the Tadawul that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.Al Rajhi Bank is...

ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023 auction for Clean Energy Certificates (CECs) here, with registration now open and the auction closing on December 14 2023.Introduced by the Abu Dhabi Department of Energy (DoE), CECs are currently...

In 9M, the firm's restructuring led to a turnaround.

Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to take part in the three-day long "the Fortune Global Forum" to discuss major challenges faced by the global economy.Organised by the Abu Dhabi Department of Economic Development (ADDED), the Fortune...

Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of renewable energy and cut emissions from the ports and maritime logistics sector.Signed by IRENA Director-General Francesco La Camera and DP World Group Chairman and CEO Sultan Ahmed bin Sulayem, DP...

Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two state-of-the-art vessels designed for the transportation of Kazakhstan's oil across the Caspian Sea.The two oil tankers were named Liwa and Taraz - after ancient cities in the UAE and Kazakhstan,...

Billions of dollars are being invested into ventures to grow food in the GCC to make the arid, hot region self-sufficient, in a sector vulnerable to the vagaries of war, climate and disease.

RIYADH, SAUDI ARABIA  - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor, which showed a 3.5 percent growth in the number of SMEs in the Kingdom in Q3 2023, bringing their total number to 1.27 million.With over 40,000 new businesses created across...

SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million 144A/Reg S senior unsecured sukuk for Abu Dhabi-based Ittihad International Investment LLC, alongside other international and regional banks.In response to the successful closure of this transaction, Mohamed Khadiri, CEO of...

Zhongzhi Enterprise Group managed assets worth more than one trillion yuan ($141 billion), according to investment bank Nomura. But the group has been caught up in China's real estate crisis, leaving it now unable to repay investors.

Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy sector.In this regard a meeting took place in Manama between Dr. Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs and Christophe Varno,...

MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB) plans to invest US$100 billion of its own funds and work with the public and private sector to maximize its climate impact.With the region on the frontline of the growing...

Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, according to a major new special report from the IEA.The report shows how the industry can take a more responsible approach...

RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of investments, Abdulrahman Altawil, the Kingdom’s Deputy Minister, Developmental Housing, Municipal and Rural Affairs and Housing said here.This reflects their confidence in the Egyptian market, he said.In a speech at the...

DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7 billion (QR60.9 billion) Q3 2023, down from US$28 billion (QR102.1 billion) in Q3 2022.According to the press release on Quarterly Foreign Merchandise Trade Statistics, Q3 2023 State of Qatar, published...

RIYADH, SAUDI ARABIA - The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at enhancing trade and investment.The agreements covered trade, investment, information technology, business incubators and accelerators, tourism services, elevators, and spare parts.The agreements were signed on Thursday by the Federation of Saudi...

Japanese auto giant Nissan will invest up to £1.12 billion.

New Delhi, India - With the world's largest biometric ID database, a pioneering digital payment system for daily transactions and a flagship space and satellite programme, India knows the power of connected technology.But when trouble brews with political unrest or sectarian violence, authorities are quick to sever internet service to stem disinformation...

Both main crude contracts slipped more than one percent on news that the much-anticipated gathering of the major producers would be put back by four days to November 30. Reports said the decision was made after Angola and Nigeria pushed back at lower targets urged on them, with Saudi Arabia...

Paris, France--The International Energy Agency on Thursday called on oil and gas companies to devote half of their investments to clean energy by 2030, urging them to face a "moment of truth" at next week's COP28, the largest UN climate change conference ever held.The IEA urged producers to make the "pivotal...

Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop capabilities in the field of digital transformation.The agreement was signed during the visit of Eric Giraud-Telme, the Ambassador of France, who serves to strengthen education and training ties between Bahrain...

Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering project utilising green hydrogen to reduce carbon emissions in the UAE's energy-intensive steel industry.Marking the first of its kind in the Middle East and North Africa region, this innovative project...

Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the emirate between January and September 2023.The chamber has also supported the successful expansion of 33 Dubai-based companies into global markets, either by increasing their exports or helping them to establish...

The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to boost prices has failed to bring about lasting recovery. Some analysts have pointed to possible discord between top crude oil producers Saudi Arabia and Russia.

Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up.Brent crude futures fell 3 cents, or 0.04%, to $82.45...

Tehran, Iran--Iran will begin construction work on joint railway projects with Russia as part of the International North-South Transport Corridor (INSTC)."The preliminary steps and obtaining the necessary permits for the construction of the Rasht-Astara railway have been carried out by the Iranian side, and we hope that with the cooperation...

ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on what their green finance activities achieve. It examined the green finance commitments and activities of Europe's top 20 banks. Banks are widely criticised for slow progress on the transition to...

Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric tonnes per annum (MTPA) of LNG to BP.The agreement strengthens the robust relationship between Oman LNG and BP, with which the company has previously signed SPAs to supply reliable energy...

Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study published on Tuesday showed that tax breaks in high-rate countries are also heavily exploited.Half the profits booked by multinationals benefiting from low tax rates were from countries that have high...

Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could support the decarbonisation journey of customers throughout Asia-Pacific.The SCA also provides companies with the opportunity to work together to advance critical carbon capture and storage (CCS) technologies necessary to accelerate...

Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic projects and initiatives that have made it an ideal partner for the NYSE in exploring new markets, said John Tuttle, Vice Chairman of the New York Stock Exchange (NYSE) and...

Dubai, UAE--The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) have signed a memorandum of understanding (MoU) to further strengthen the ties between the capital markets of Dubai and China. This partnership marks a significant milestone in cross-border collaboration. It will not only facilitate the exchange of...

PARIS, FRANCE -  Countries' greenhouse gas-cutting pledges put Earth on track for warming far beyond key limits, potentially up to a catastrophic 2.9 degrees Celsius this century, the UN said Monday, warning "we are out of road".The UN Environment Program's annual Emissions Gap report is released just ahead of crucial COP28...

DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has achieved significant growth in membership during 2023.A total of 48,616 new member companies registered between January and September this year, representing an impressive year-over-year (YoY) increase of 42.9 percent compared...

Dubai, UAE--In order to reduce food loss and waste by 50 percent, the UAE has launched Ne’ma Food Loss and Waste Reduction Roadmap, looking to achieve the target by 2030.The project was unveiled by Mariam bint Mohammed Almheiri, Minister of Climate Change and the EnvironmentThe roadmap was announced at the...

DUBAI, UAE - Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues in the region and steering investment and financial requirements towards a more environmentally responsible approach.Bashar Al-Natoor, Global Head of Islamic Finance and Managing Director at Fitch Ratings, expressed optimism about...

DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine months of this year. This surge contrasts with the 19 million transactions recorded during the same period last year. The upswing aligns with the targets of Dubai’s economic agenda D33,...

Announced in February 2021, Saudi Arabia's regional headquarters (RHQ) program is widely seen as a bid to compete with Dubai in the neighboring United Arab Emirates, a favorite base for global firms with business in the Middle East. Despite complaints from some executives that there remains a lack of clarity...

Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources, Emirates Development Bank (EDB) underscores its commitment to driving the development and growth of solar power adoption across the emirates.The bank, in line with the UAE Energy Strategy 2050 which...

Manama, Bahrain-- Bahrain and Thailand have held discussions to enhance economic cooperation in a meeting between top officials of the two countries.In this regard, Dr. Shaikh Abdulla bin Ahmed Al Khalifa, Political Affairs Undersecretary at the Ministry of Foreign Affairs, today met Worawoot Pongprapapant, Director-General, Department of South Asian, Middle...

Abu Dhabi, UAE-- The third edition of the Investopia summit will be held in Abu Dhabi in February next year, drawing prominent local and international figures, investors, government officials, decision-makers and entrepreneurs.Al Marri announced the details of the upcoming edition of the Investopia summit to be held under the theme...

A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust non-hydrocarbon activity.