The carmaker's net profit plunged 7% to US$3.9bn in Q3.

The bank's operating income rose 23% to US$3.32 billion.

Riyadh, Saudi Arabia - The world should be prepared that the interest rates are here to stay for a longer duration, Managing Director of the International Monetary Fund Kristalina Georgieva said at the Future Investment Initiative (FII) conference in Riyadh. “We want to see the normalization of the monetary policy over...

Its net profit for the third quarter dropped to US$1.09bn.

Traders tracked a rally on Wall Street that was helped by a strong set of earnings from big-name firms including Coca-Cola, Verizon and 3M that fuelled optimism for the reporting season. Still, geopolitical crises continue to cast a shadow, with a broader war still possible, and many fearing it could...

The listing of shares on ADX is set for November 17.

Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the two countries have strengthened in recent years.According to Lovemore Mazemo, ambassador of Zimbabwe to the UAE, the trade relations between the two countries are poised to grow further. The UAE...

Beijing, China - China announced on Tuesday a 1 trillion yuan ($137 billion) sovereign bond issuance, state media said, in a move experts say is an attempt to shore up the economy after a sluggish post-Covid recovery.The funds will be distributed to local governments to support national disaster prevention and recovery,...

Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as economic and geopolitical fears still dog sentiment ahead of this week's eurozone interest rate decision. Volatile US Treasury yields had affected stock trading on Monday in the United States.

BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions of 4.4 percent.This demonstrates the continuing momentum of China's economic recovery, spurred by the introduction of various macro-policies since July.According to a Global Times report, Chinese analysts emphasize the strength...

Ajay Banga was speaking at the annual Future Investment Initiative, often referred to as "Davos in the Desert". More than 6,000 delegates are registered for the three-day event that will feature appearances by global banking chiefs and the presidents of South Korea, Kenya and Rwanda, organizers say.

Its revenues for the first nine months stood at US$3bn.

Deforestation last year was over 20 percent higher than it should have been to meet the leaders' pledge, with 6.6 million hectares of forest lost, much of it primary forest in tropical regions. The Forest Declaration Assessment, overseen by more than two dozen environmental groups and research organizations, also warns...

Abu Dhabi, UAE-- The UAE and Canada have reviewed bilateral ties at the first joint committee meeting in Abu Dhabi on Monday.The meeting was co-chaired by Reem Al Hashimy, UAE's Minister of State for International Cooperation, and Mélanie Joly, the Minister of Foreign Affairs of Canada.During the meeting, both sides...

Paris, France - Stock markets slid on Monday, extending last week's sell-off n fears of a regional conflict in the Middle East and worries that US interest rates will remain elevated for longer than initially thought.The concerns about US interest rates have also been affecting bond markets, with the yield on...

ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu Dhabi announced the signing of a land lease agreement with Advanced Petro Services (APS), a leading provider of specialised services in the energy industry.KEZAD’s world-class industrial ecosystem is equipped with...

RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here. The MoUs were signed by both government and private entities. Government agencies signed four MoUs with the private sector in areas such as real estate development, automotive, and water. President...

MoU to enhance digital solutions for efficiency.

ABU DHABI, UAE – Emirati Minister of Economy Abdullah bin Touq Al Marri has announced that the Gulf Cooperation Council (GCC) countries will roll out a unified Gulf tourist visa within the next two years which will grant travelers, access to six countries.Al Marri said the seventh meeting of GCC...

Dubai, UAE-- Hamdan Bin Mohammed Smart University (HBMSU) and Knowledge E have signed a memorandum of understanding to reshape the future of education in the emirates.The MoU was signed by Dr. Fahad Al Saadi, HBMSU Vice Chancellor, Learners Development, and Kamran R. Kardan, Founder and Chief Executive Officer of Knowledge...

Riyadh, Saudi Arabia--The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have signed a joint-venture agreement to establish an automated vehicle manufacturing plant in Saudi Arabia.PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Hyundai will also act as a strategic...

Dubai, UAE--Emirates Health Services (EHS) and Burjeel Hospital for Advanced Surgery have signed a memorandum of understanding (MoU) to bolster the delivery of health services within government schools.These efforts align with sustainable development goals in public health and encompass strategic cooperation in several key areas, such as developing the medical...

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this year, registering 4,981 new companies through the end of the third quarter.With this increase, the Chamber’s main branch and its other branches in Al Dhaid, Khor Fakkan, Dibba Al-Hisn, and...

Majeed Al Abduljabbar will be the CEO from January 1, 2024.

DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since the beginning of this year, with a total value of US$2.3 billion (Dhs8.6 billion).The study based on data from the Dubai Land Department showed that the largest land sale deal...

Its Q3 revenue posted a 24 percent jump to US$96 million.

It's net profit was AED 26.5 million ($7.21m) in Q3 2023.

The aim is to establish multiple logistics zones in the Kingdom.

Abu Dhabi, UAE--Kazakhstan is keen to expand trade ties with the UAE, setting a target of $1 billion in mutual trade.Speaking to a media outlet in Abu Dhabi, Arman Shakkaliyev, Minister of Trade and Integration of the Republic of Kazakhstan, said: ‘’We got some great plans to unlimit our trade...

Riyadh, Saudi Arabia-- UAE President Sheikh Mohamed bin Zayed and Vietnamese Prime Minister Pham Minh Chinh have explored opportunities to further strengthen ties between the two countries in a meeting between the two leaders in Riyadh.The president and prime minister met on the sidelines of the joint summit between the...

Its revenues rose 77% to US$92m in the same period.

The UN has described the situation inside Gaza as "beyond catastrophic" as Israel pounds the enclave from the air in reprisal for a Hamas attack that was the bloodiest in its 75-year history. More than 3,700 Palestinians, mainly civilians, have been killed across the Gaza Strip in relentless Israeli bombardments...

Moody's announced that it was putting a number of the Israeli government's credit ratings on review for a downgrade, including its long-term foreign-currency and local-currency ratings, because of the war. "Israel's credit profile has proven resilient to terrorist attacks and military conflict in the past," it said.

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk).The total amount of the issuance is $3.5 billion, consisting of two tranches - a $2.25 billion, 5 years sukuk maturing in 2028 and a $1.25 billion, 10 years sukuk maturing...

RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing on standardization and the coordination of standards.The signing ceremony occurred during the third session of the Saudi-Singapore Joint Committee on Wednesday.The primary objective of the MoU is to strengthen the...

Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026, while the non-oil sector will likely contribute 3.5 percent on average to the Kingdom’s growth in the same period, Moody’s Investors Service said in a recent report.The National Debt Management Center...

It entered into seven solar, hydrogen agreements in China.

It took the decision after posting a drop in Q3 profits.

With Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of a possible pre-emptive strike and called for an oil embargo against Tel Aviv. President Joe Biden was due to make a television address on the crisis later in the day,...

Manama, Bahrain--Bahrain Economic Development Board (Bahrain EDB) has attracted $295 million in direct investments within the Information and Communications Technology (ICT) sector as part of a total projected direct investment worth $1.4 billion, during the first nine months of 2023. Stemming from 14 local and international projects, the direct investments...

Dubai, UAE-- G42 has announced a partnership with OpenAI to deliver cutting-edge AI solutions to the UAE and regional markets.The partnership between the two will focus on leveraging OpenAI’s generative AI models in domains where G42 already has deep expertise including financial services, energy, healthcare and public services. OpenAI will...

US president said the aid convoy would be allowed to go into Gaza from the Rafah crossing in a first batch of humanitarian aid. According to him, the shipment would likely not cross until Friday as the road at the crossing needed repairs. It became possible only after Egypt's president...

Paris, France-- Achieving all national climate and energy goals will require adding or replacing 80 million kilometres of power lines by 2040 – an amount equal to the entire existing global grid – according to the International Energy Agency.Major changes to how grids operate and are regulated are also essential,...

The airlines' net income stood at US$1.1bn, up 20.7 percent.

Last year, the economy grew three percent, far from the official target of 5.5 percent, and one of the slowest rates in four decades. But Stephen Innes, managing partner at SPI Asset Management, warned that China continued to face significant economic risks. "China's high levels of corporate and local government debt,...

Dubai, UAE--Masdar City and Huawei have signed a memorandum of understanding (MoU) to enable the UAE to power its way to net zero target.The agreement, signed today at GITEX GLOBAL 2023 by key Masdar City and Huawei leaders, will lead to knowledge-sharing and capacity-building in net-zero development, help reduce the...

Dubai, UAE--Moro Hub, the digital arm of DEWA, has signed a memorandum of understanding (MoU) with Digital Dubai Authority (DDA) to deliver state-of-the-art cyber security services to various government entities across Dubai.As part of this agreement, Moro Hub will extend its comprehensive suite of managed cyber security services to safeguard...

ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative foreign direct investment from the United Arab Emirates to Turkey has surged to $5.6 billion (AED 20.6 billion) from 2002 through August 2023.Speaking to the WAM during the eighth edition...

RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant mega bus transport services project aimed at linking 200 cities and provinces.  The project will have a capacity to accommodate six million passengers annually.The project operates through three international alliances...

Qatar's Industrial Production index (IPI) reached 105.2 points in August 2023, a decline by 2.1 percent compared to the previous month (July 2023), and decreased by 0.6 percent, when compared to the corresponding month in 2022.Released by the Planning and Statistics Authority, the IPI is a short-term quantitative index that measures the growth...