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.

ABU DHABI, UAE -  Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale, the conference's chief said on Monday, calling it a chance to "reimagine entire economies".Sultan Al Jaber, the COP28 president and head of state-owned oil giant ADNOC, was speaking at the...

London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as it seeks to quickly boost energy security, but the announcement angered environmentalists.The Conservative government has argued that drilling for new oil and gas is necessary to bolster Britain's energy security...

The Asian giant's share of global manufacturing jobs will rise to 43 percent of the total by that year -- making China one of the only countries to see growth in such jobs during that time, according to a study by the Washington-based Center for Global Development. Major Western economies...

Dubai, UAE--A top Hamas official called on Egypt Sunday to take "decisive" action to expedite aid to Gaza amid criticism over the pace of vital supplies reaching the war-torn Palestinian territory."Egypt should not remain a spectator," Hamas politburo member Musa Abu Marzouk said in a statement."We expect a decisive stance...

Riyadh, Saudi Arabia-- Saudi Arabia and Agility have signed a memorandum of understanding (MoU) to introduce cutting-edge health technology and services to the kingdom's healthcare sector.As per the terms of the agreement, Agility and MISA will explore four areas of collaboration in the healthcare sector. This includes the potential for...

Its pre-tax profit more than doubled to US$7.7bn.

Sharjah, UAE--Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics centre which will enhance delivery services for customers in the Northern Emirates.In line with HFZA's vision to bolster economic growth and innovation in the region, the agreement supports Amazon UAE’s commitment to investing...

Riyadh, Saudi Arabia – The Saudi Exchange on Sunday announced its intention to launch the Single Stock Options (SSOs) contracts, the third derivatives product to be introduced in the Saudi Exchange. SSOs contracts will be available to trade on 27 November 2023, enabling local and international investors to hedge and manage...

Manama, Bahrain--The Supreme Council for the Environment (SCE) signed a cooperation agreement with Foulath Holding Company to boost sustainable development goals in Bahrain.The agreement aimed at planting and preserving mangrove trees in line with the sustainable development goals (SDGs).Amna Hamad Al Rumaihi, Acting Director of the Communication and Environmental Awareness...

SHARJAH, UAE - Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics center which will enhance delivery services for customers in the Northern Emirates.In line with HFZA's vision to bolster economic growth and innovation in the region, the agreement supports Amazon UAE’s commitment...

The Federal Reserve will likely announce it is holding interest rates at a 22-year high on Wednesday, as it looks to tackle inflation without damaging the resilient US economy. Analysts and traders parsing recent Fed speeches overwhelmingly expect the US central bank to hold rates steady for the second meeting...

Doha, Qatar--Qatar National Bank (QNB) said that the global macro trends are starting to present short-term challenges to emerging markets (EM), weighing on capital flows.In its weekly commentary, QNB said, "Late last year and early this year, emerging markets (EM) started to benefit from significant tailwinds, driven by the economic...

TEHRAN, IRAN – The Iranian head of Solyanka Port in Russia said that the International North-South Transport Corridor (INSTC) is a key element of the transportation network in Eurasia.Speaking in a specialized meeting of INSTC- New Concept, which was held in Astrakhan Port of Russia, Dariush Jamali pointed to the three...

The International Organization for Migration said in an update that 28,965 people have been displaced, mainly in the country's south, adding that the figure had risen by 37 percent since October 23. Some have found refuge with family members elsewhere in the country, while those who can afford it have...

RAS AL KHAIMAH -- Durar, a prominent UAE real estate developer, is set to launch MASA Residences, a luxury residential development in Ras Al Khaimah. This $190.58 million project, with interiors by YOO inspired by Starck, marks Durar's entrance into the UAE's Northern Emirates and is poised to elevate Al...

Its earnings fell to US$6.5bn, down from $11.2bn last year.

Abu Dhabi, UAE--Abu Dhabi International Airport has posted a 29.3 percent jump in passenger traffic for the third quarter of 2023 to a healthy figure of 5,951,025.The passenger traffic recorded the increase at Abu Dhabi International Airport between 1st July and 30th September, an increase of 29.3%, compared to the...

RIYADH, SAUDI ARABIA - GFH Capital is considering the offering of its unit in Saudi Arabia on the Tadawul.GFH Group's plans are unchanged with regard to listing in other markets, CEO Razi Al Murbati said.The group is listed on the stock exchanges of Bahrain, Dubai, Abu Dhabi and Kuwait, indicating...

RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting its Vision 2030 targets, a report revealed.Saudi Arabia's non-oil private sector is leading in growth for 2023, having accelerated to 5.8 percent year-on-year (yoy) in Q2 2023 and is standing...

"Early version of video and audio calling on X," Musk wrote in a post that contained a screen capture showing how to turn the feature on in the platform's settings. The screen capture showed options of enabling voice and audio calls to those in a user's address book, all verified...