VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of Benin to strengthen the technical and professional competences of the country’s workforce.The Ouidah Djougou Vocational Training Schools Project will support the transformation of the technical high schools in Djougou and...

Dubai, UAE – Dubai government on Thursday approved several initiatives to stimulate the industrial sector in the emirate besides announcing incentives for the agricultural technology sector, and a policy banning single-use plaThe initiatives to boost industrial sector is in line with the goals of the Dubai Economic Agenda D33 and...

The final orderbook of the green sukuk closed at $2.6 billion.

The bump in subscription came amid its cost-cutting campaign.

Manama, Bahrain--Export Bahrain and Alibaba.com have signed a memorandum of understanding (MoU) to boost global trade and economic growth in Bahrain.The MoU signed during the 6th China International Import Exhibition held in Shanghai, will enable Export Bahrain and Alibaba.com to leverage their respective strengths and expertise to facilitate trade, reduce...

Sharjah, UAE-- In a groundbreaking move to strengthen ties with burgeoning markets in Africa, the Sharjah Exports Development Centre (SEDC) is spearheading a trade mission to Uganda and Kenya. This strategic venture aims to bolster economic and investment cooperation, paving the way for a new era of business opportunities.Under the...

Doha, Qatar - The International reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged by 11.73% in October 2023 to reach $67.04 billion, compared to $59.97 billion in October 2022.The figures issued by QCB on Wednesday showed an increase in its official reserves at the end of October...

Global firms looking to hire space for offices and demand from govt, local dwellers have turbocharged the sector, driving property prices and rents to highs not seen in recent years.

It posted a five-percent decline in revenues to US$367m.

Amman, Jordan - Jordan's government has signed two deals with the German KfW Development Bank to secure a financial package totaling $140 million to develop its water sector.The deal was signed between Jordanian Minister of Planning and International Cooperation Zeina Touqan, and the German Minister of Economic Cooperation and Development...

The company recently reported a net loss of US$4.9bn in Q3.

Riyadh, Saudi Arabia-- Foreign direct investment (FDI) into Saudi Arabia amounted to $32.52 billion in 2022, revised upwards from $8 billion figure that had been published previously.According to SPA, the updated figure is a result of a new framework methodology for publishing FDI data in the kingdom which was adopted...

Dubai, UAE-- The UAE is a key market for French businesses due to its strategic location as a hub and gateway to the entire region, said Axel Baroux, the French Trade Invest Commissioner to the UAE and the Regional Director of Business France in the Middle East.Speaking to the media...

The UN called for an overhaul of the global financial system to help the world's poorest countries and their struggle to fill "enormous financial gaps". A report from UNCTAD highlighted how multiple crises, from the Covid pandemic to soaring inflation, and declining foreign direct investment have hit poorer countries particularly...

ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the fifth auction of the Islamic Treasury Sukuks (T-Sukuks).This is part...

Beijing, China - The International Monetary Fund on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and recent policy measures announced by Beijing.After a tough year for the world's number-two economy, there have been flickers of life in recent weeks, with third-quarter expansion coming in more than...

GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an uncertain economic outlook is weighing on further growth, says the World Intellectual Property Organization report.Even as global filings for trademarks and designs dropped, innovators from around the world submitted 3.46...

The oil giant posted a 23% drop in profits for Q3 to US$32.58bn.

Its revenue stood at US$323m in the first nine months of 2023.

Ajman, UAE-- The Department of Economic Development in Ajman (Ajman DED) has reported an 11 percent growth in the total number of economic licenses issued during the third quarter of 2023.According to a report published by Ajman DED, professional licenses came in first place with 51% of the total licenses,...

Crunching data compiled on Chinese financing of almost 21,000 projects across 165 countries, AidData said Beijing had now committed aid and credit "hovering around $80 billion a year" to low and middle-income nations. The United States, in contrast, has provided $60 billion to such countries a year. "Beijing is navigating...

It posted an 11% jump in net revenue to US$890 million.

Dubai, UAE-- Describing the COP28 as a huge moment for the world and the UAE, Andrew Griffith, Economic Secretary to the UK Treasury, said the whole world's eyes "will be here."Speaking to the media in Dubai, he said that sustainable finance will be central to the global event. He hailed...

Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned optimism that the Federal Reserve had reached the end of its interest rate hiking cycle.After a tough year for traders, the bank's decision last week to pause on monetary policy...

Paris, France - The food and agriculture system adds at least $10 trillion in "hidden costs" to the global economy every year due to unhealthy diets, emissions and undernourishment, a UN agency said on Monday.The Food and Agriculture Organization said it conducted an analysis in 154 countries to determine the "true"...

RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9 billion) in September, according to recent data released by the Saudi Central Bank (SAMA).On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million (SAR...

RIYADH, SAUDI ARABIA – The Kingdom’s ministry of investment and ministry of foreign affairs launched the second phase of issuing a "Visiting Investor" business visit e-visa.This service is offered to foreign investors as part of the Kingdom’s efforts to boost investment, consistent with Saudi Vision 2030, which aims to attract...

Its net profit is US$2.4bn in the six months to September end.

Sharjah, UAE-- The emirate of Sharjah is seeking to boost economic and investment cooperation with Uganda and Kenya.In this connection, the Sharjah Chamber of Commerce and Industry (SCCI) will dispatch a trade mission to Uganda and Kenya to enhance ties with the two African nations.Led by the Sharjah Exports Development...

DOHA, QATAR – Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of 2023, according to the latest Purchasing Managers’ Index™ (PMI®) survey data from Qatar Financial Center (QFC).Output, new orders and employment all expanded in October, and the 12-month outlook remained upbeat.Moreover,...

AL-KHOBAR, SAUDI ARABIA - The Federation of Egyptian Chambers of Commerce (FEDCOC) is scheduled to host the first Gulf-Egyptian Business Forum on November 22-23.Held under the theme "Business - Investment - Partnership," the event is organized by the Federation of Gulf Cooperation Council (FGCC) chambers in cooperation with FEDCOC, with...

Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition of the World Bank Reserve Management Survey Report.Central banks identified ESG, volatility and risk, and inflation as their main challenges in 2022, the report said. Central banks are becoming increasingly...

Abu Dhabi, UAE--PureHealth has joined hands with Dell Technologies to utilise generative artificial intelligence (AI) across healthcare services including in early disease detection, medical data analysis and personalised treatment plans, further enhancing the health ecosystem in Abu Dhabi.The collaboration will harness the collective resources and technologies of both companies to...

Dubai, UAE-- A day after Bahrain's parliament announced that its ambassador to Israel is being recalled, the Jewish state said it had not been informed about such a move, adding that relations with the Gulf state were “stable”.According to Israel's Foreign Ministry, the country has not received any “announcement or...

Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which projects are labelled “green”, “social”, or “sustainable”.The framework will determine the eligibility of projects for the bank to finance or refinance, including the issuance of green, social and sustainability sukuks.Emphasis...

RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September, at a total value of US$1.4 billion (SAR 5.3 billion). A total of 82 factories started actual production in September, with total investments of US$506 million (SAR 1.9 billion), the ministry...

DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in a show of support for the Palestinian people.Bahrain’s move comes amid Israel’s actions in the Gaza Strip, the Council of Representatives which is the lower house of parliament of the...

Dubai, UAE-- Dubai Electricity and Water Authority (DEWA) has held discussions with a delegation from Germany on how to boost cooperation in clean and renewable energy.In this regard, Saeed Mohammed Al Tayer, MD and CEO of DEWA), received a high-level delegation from the German region of Lusatia, led by Silke...

Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9 bpd.This was stated by Iranian Oil Minister, Javad Owji, according to whom it is part of the government strategy to boost production. The minister made the remarks on the sidelines of...

The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It is closely tied to the US Federal Reserve's Interest on Reserve Balances (IORB), reflecting the general stance of the CBUAE's monetary policy. Qatar Central Bank too has maintained its current...

Abu Dhabi, UAE--The UAE and Jordan have signed a memorandum of understanding (MoU) to create a framework for investment cooperation in key areas including infrastructure and development projects, while further strengthening the two countries’ enduring strategic partnership.The agreement was signed between the Ministries of Investment of the UAE and Jordan.The...

The Saudi bid comes one year after neighboring Qatar hosted the first World Cup in the Middle East, where the kingdom's national team scored a surprse group stage victory over eventual winners Argentina. It is set to take over from a tri-continental line-up for the 2030 event to be shared...

ABU DHABI, UAE - Trade between the two countries is on an upswing with volumes this year expected to surpass that of last year, Radha Krishna Panday, Ambassador of Canada to the UAE, told the Emirates News Agency (WAM).He said that the UAE has created a value-added platform that offers...

SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in more money or enhanced investments in the area.One such investment is in the mega Saudi-Chinese petrochemical project in Panjin City, Liaoning Province, by Aramco and joint venture partners NORINCO Group...

Its revenue rose to US$4.72bn in the first 9 months of 2023.

Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of 2023, compared to the third quarter of 2022, flash estimates by the General Authority for Statistics (GASTAT) said.GASTAT attributed the fall to a decrease in oil activities by 17.3 percent,...

Its revenue spiked to US$898m in the first 9 months of 2023.

There is a sense of relief on trading floors that the Israel-Hamas conflict has been contained so far, with optimism growing that other regional players including Iran and Saudi Arabia will not get involved. After surging almost three percent Friday on fears of a wider conflagration, both main contracts tumbled...

Muscat, Oman-- Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudawi, has underscored the importance of cooperation in investigations into cross-border corruption cases and prosecution of their perpetrators, given the significant impact corruption has on economic development and growth. He made the remarks at the 9th meeting of...

Its revenues grew 3.7% to US$896 million in the quarter.