Marrakech, Morocco-- The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy.In its latest World Economic Outlook, the IMF left its forecast for global...

The company expects Q3 profits to fall nearly 80% to US$1.8bn.

Dubai, UAE--The UAE will sign six new comprehensive economic partnership agreements (CEPA) with South Korea, Thailand, Chile, Costa Rica, Colombia, and Ukraine over the next few months.This was revealed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, during a press conference to announce the UAE-Georgia...

Benguerir, Morocco - US Treasury Secretary Janet Yellen said on Tuesday she backed efforts to boost the lending firepower of the IMF and World Bank to combat poverty and climate change.Speaking on the sidelines of the IMF-World Bank annual meetings in Morocco, Yellen said the global lending system had already changed...

RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen plant, in the futuristic NEOM megacity, the project's CEO told AFP on Tuesday."This week, we have our first delivery of wind turbines. They actually arrived in the port of NEOM,...

Beijing said Tuesday the value of signed construction contracts with partners now totaled two trillion dollars -- roughly the size of the economy of Russia or Canada.

The IMF kept its 2023 global growth forecast unchanged but warned that the economy is "limping along" as inflation remains high and the outlooks for China and Germany were downgraded. The IMF's updated World Economic Outlook still sees growth of 3.0 percent for this year but it cut its forecast...

Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by 4.4 percent in 2024, driven by, among other things, government initiatives to support economic diversification.Scott Livermore, Chief Economist, Oxford Economics Middle East, and Managing Director, told WAM that the firm...

The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the conflict could draw in the United States and Iran. "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia," said ANZ Group's...

ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and NPCI International Payments Limited (NIPL), have announced a strategic partnership to develop the UAE’s first national Domestic Card Scheme (DCS).The agreement was exchanged between Saif Humaid Al Dhaheri, Assistant Governor...

UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum, who chaired a meeting of the cabinet where the budget was approved, said that during 2024, the development and social benefits sector will receive 42 percent, government affairs 39 percent and the remainder will be channeled to enhance the infrastructure and...

Kashkak, Afghanistan--Afghan villagers and volunteers on Monday helped dig for survivors of a series of earthquakes that killed more than 2,000 people, as aid began trickling into the devastated region.Volunteers in trucks packed with food, tents and blankets flocked to hard-to-reach areas 30 kilometres (19 miles) northwest of Herat city, capital...

The US firm will pay US$4.8bn to acquire cancer drugmaker.

Abu Dhabi, UAE--The UAE Cybersecurity Council will organise the Regional Cybersecurity Week 2023 from October 8-12, under the title "Cybersecurity Innovation and Industry Development."The event will be held in cooperation with the International Telecommunication Union (ITU) and the Arab Regional Cybersecurity Centre (ARCC).More than 100 experts and speakers from 70...

The UN's World Food Programme expressed concern over the mounting challenges civilians, including vulnerable children and families, face in accessing essential food supplies, with food distribution networks disrupted by hostilities. The WFP is concerned about stocks in food shops and the impact of power cuts in the Gaza Strip.

DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate attracting 511 such projects in H1 2023, as per Financial Times ‘fDi Markets’ data - the comprehensive online database on cross-border greenfield investments.Dubai continues to set new benchmarks in global...

PARIS, FRANCE - The Gaza Strip is an impoverished Palestinian enclave that has been under Israeli blockade since 2007.It is ruled by Hamas (the Arabic acronym for Islamic Resistance Movement), now at war with Israel for the fifth time in 15 years.Here is what you need to know about Gaza:  5,000 years of...

Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum pension for social security beneficiaries by 20 percent.Meanwhile, the Citizen Account Program will remain in effect while adding certain factors to enhance support efficiency and ensure that benefits are received...

ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of US$7 billion (AED 26 billion), said Abdullah bin Touq Al Marri, Minister of Economy and Head of the Emirates Tourism Council.The hotels witnessed a growth of up to 24 percent...

Riyadh, Saudi Arabia-- Saudi Arabia and South Korea have pledged to strengthen cooperation in various fields.According to a press statement released by the office of South Korea's President Yoon Suk Yeol, the boosting of ties between the two countries was discussed in a telephone call between the president and Saudi...

Brussels, Belgium - European Parliament has adopted a new voluntary standard for the use of a “European Green Bond” label, the first of its kind in the world.The regulation, adopted by 418 votes in favour, 79 against and 72 abstentions, lays down uniform standards for issuers who wish to use the...

Bishkek, Kyrgyzstan--The UAE and Kyrgyzstan have discussed mechanisms to enhance joint cooperation in various fields, especially renewable energy, transportation, and logistics services in a meeting between Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure and Sadyr Japarov, President of the Kyrgyz Republic.The minister led a high-level UAE delegation...

"This is the largest trilateral energy project" between the three ex-Soviet countries, Putin said, after formally launching the shipment. He was hosting a meeting in Moscow with his Uzbek and Kazakh counterparts, Shavkat Mirziyoyev and Kassym-Jomart Tokayev.

DUBAI, UAE - Dubai Customs recently convened an extensive meeting with the courier and express shipping companies, aimed at bolstering the seamless operation of e-commerce activities.It also aims at solidifying Dubai's position as a global e-commerce epicenter, aligning with the strategic objectives of the Emirate’s economic agenda.The meeting was attended...

ROME, ITALY - The Food and Agriculture Organization of the United Nations (FAO) raised its forecast for global cereal production in 2023 to 2,819 million tonnes, now 0.9 percent higher than the previous year.The higher forecast is almost entirely based on recent and more positive yield estimates for the Russian...

Dubai, UAE-- Terming the circular economy as a critical pathway that builds a sustainable future by preserving natural resources, reducing waste, and promoting the conservation of resources at source, Mariam bint Mohammed Almheiri, Minister of Climate Change & Environment, emphasized that it not only promotes environmental sustainability but also presents...

Abu Dhabi, UAE--UAE President Sheikh Mohamed bin Zayed discussed how to deepen strategic alliance with the US in a meeting with US Senator Joni Ernst of Iowa in Abu Dhabi on Friday. During the meeting at Qasr Al Shati, the two sides exchanged views on a number of regional and...

DUBAI, UAE -  A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during the week ending October 6, 2023, according to figures released by the Dubai Land Department (DLD).The DLD report showed that 248 plots were sold for US$476 million ( AED 1.75...

TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's Vision 2030. Tabuk region annually produces over 28 million flowers, including 17 varieties of roses.These flowers have a market value of over SAR32 million, making the region a leader in...

Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023, down from 7.3 percent in 2022, according to the World Bank.In its recent report, the bank said the Gulf economies combined will grow by 3.6 percent in the year 2024....

RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk carrier IANTHE last month, making it the first ever shipment of the oil byproduct from the Yanbu-based hub.The South Africa bound cargo also marks the resumption of bitumen exports by...

Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and the war in Ukraine pressure economies around the globe, the World Trade Organization said on Thursday.Strains in China's vast property market also prompted the WTO to cut its trade growth...

The Green Climate Fund (GCF) was set up as part of the landmark 2015 Paris Agreement to funnel grants and loans to developing countries for adaptation and mitigation projects in a warming world. The fund plays a part in the promise by rich countries to supply $100bn of climate finance...

Riyadh, Saudi Arabia--The Heritage Commission and the German Max Planck Institute (MPI) of Geoanthropology in the Green Arabia Project revealed one of the most significant sites of the prehistoric period near Jabal Irf in Hail region. The scientific team that participated in the project—including researchers and specialists from the Kingdom,...

Abu Dhabi, UAE-- The Arab Development Establishment (ARDECO) has revealed that it is in talks with several international companies in the oil and gas sector to establish joint ventures boosting Abu Dhabi's industrial base.Yousef Al Nowais, CEO of the Arab Development Establishment (ARDECO), said the joint ventures will help support...

It will join the UAE's FDI program to expand footprint.

The two free zones will collaborate to grow businesses.

Brasilia, Brazil-- The UAE and Brazil have explored opportunities to develop cooperation in trade, energy and climate issues in a meeting between Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs of the UAE, and Mauro Vieira, Minister of Foreign Affairs of Brazil, in the capital, Brasilia.The meeting, which...

Dubai, UAE - Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum has issued decree for the formation of the Board of Directors of the Investment Corporation of Dubai (ICD), chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of...

Amman, Jordan-- Jordan has taken measures to hedge against the impact of international crises on food security and lower its impact on families, local communities and the national economy of the kingdom.This was revealed by the kingdom's Minister of Agriculture Khaled Hneifat while speaking the 6th General Assembly meetings of...

They will conduct a study to build a direct air-capture facility.

Shortly after her dismissal by the internationally recognized government in Tripoli, Amel Jerary, whose detention was ordered by the country's prosecutor general over alleged corruption, was questioned about "administrative and financial abuses" allegedly used to "obtain illicit material advantages by illegally seizing public funds".

Abu Dhabi, UAE-- Kazakhstan's BSG Technology is looking to expand its operations into the Middle East, and begin operations in the UAE next year.According to Serik Baimukhanbetov, Deputy Director for Business Development of BSG Technology, the company expects to launch its operations in the UAE market in 2024 and has...

Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said on Tuesday.The fractures have led to a doubling in new trade restrictions on commodities since...

ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC carbon capture unit at Fertiglobe’s 100 percent owned nitrogen fertilizer plant in the Al Ruwais Industrial Complex here.Fertiglobe was formed as a strategic partnership between ADNOC and OCI Global.The CycloneCC...

Evergrande estimated it had debts of $328 billion at the end of June.

JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure of its inaugural ship, bound for New Orleans, US.This vessel is laden with 37,000 tons of iron steel foundry product (Pig iron), representing the first-ever production of this commodity within...

The aim is to advance insurance services in the Kingdom.

Nearly US$615m will be paid to build carbon-capture units.

The data suggest that Turkey's inflation rate is starting to peak after Erdogan signed off on a series of sharp interest rate hikes that have taken the policy rate to 30 percent from 8.5 percent in four months. "The small (by Turkey's recent standards) rise in inflation to 61.5 percent...