Amman, Jordan - Jordan and Egypt have signed an MoU to foster cooperation in economic and development policy formulation, as well as the valuable exchange of planning expertise.The MoU emphasizes the importance of coordination and the development of bilateral relations in technical cooperation between planning institutions in the two countries.This...

Its net profit rose to US$9.53m in the first nine months of 2023.

It will cut six percent of its staff to build a leaner company.

Cairo, Egypt--Egypt has issued the first sustainable Panda bonds in the Middle East and North Africa worth $500 million with a yield of 3.5% over three years, according to a statement by the Ministry of Finance.The recent bond issuance is guaranteed by international banks including the Asian Infrastructure Investment Bank...

RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has completed the installation of the largest off-grid electric vehicle (EV) charging network in Saudi Arabia.The network includes more than 150 charging stations spread across phase...

ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said that investors from over 170 countries have chosen the UAE to invest, grow and expand over the past decade.He said that this reaffirms the trust of the global investment community...

ABU DHABI, UAE - Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company, has announced the takeover of the very large gas carrier (VLGC) North Gas.This strategic move marks the second VLGC delivery under the US$134 million (AED495 million) deal signed by ABGC DMCC, a joint venture (JV)...

The company's profit swelled to US$327 million in Q3 of 2023.

UN estimates that about one million people have been displaced since Israel began a relentless aerial bombardment of Gaza in retaliation for Hamas's deadly assault on October 7. The UN agency's director of communications, Juliette Touma, told AFP more people are likely to become displaced "as people continue to leave...

DUBAI, UAE: DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has welcomed the Solana Foundation – a non-profit organization– to the DMCC Crypto Center as an ecosystem partner.The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability to...

Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September 2022, down from 2 percent in August 2023. This stability is due to the early economic measures taken by the Kingdom to counter the global rise in inflation rates, the...

DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance was driven by a 3.6 percent growth in real GDP in Q2 2023.Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum hailed the strong performance of the...

It is the first crypto entity to be listed on a Middle East bourse.

Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing for low-income countries. This aligns with the UAE’s unwavering efforts to realize the United Nations’ Sustainable Development Goal 1 (SDG 1) – no poverty – alongside other challenges that the...

Sheikh Jassim was among the front-runners to buy Manchester United after several rounds of bidding earlier this year, but the process has come to a halt in recent months despite the anger of supporters toward current owners. United announced nearly a year ago that they were exploring "strategic alternatives to...

The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973. Spanish Economy Minister Nadia Calvino, who chairs the IMF Financial Committee, said there was an agreement...

Marrakesh, Morocco-- Kuwait Fund for Arab Economic Development (KFAED) and the Central American Bank for Economic Integration (CABEI) have signed a memo of understanding (MoU) to create a joint technical cooperation framework in developing countries' development finance field.The memo was signed by KFAED's Director-General Waleed Al-Bahar and CABEI's Executive Vice...

Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate, according to the OPEC’s Monthly Oil Market Report (MOMR) for October 2023.MOMR noted the UAE’s tourism sector, which accounts for more than 16% of the country’s GDP, continued to rebound...

Tehran, Iran-- Iran said the United States "can not renege" on an agreement to transfer $6 billion in frozen funds through mediator Qatar following Hamas bloody assault on Israel.Tehran, which financially and militarily backs Hamas, has come under intense scrutiny since fighters of the Islamist group stormed across Israel's southern border...

RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues to US$1.35 trillion (SAR 5.07 trillion) in 2022.Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics (GASTAT).The business sector maintained...

PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's Food and Agricultural Organization (FAO) said on Friday.Floods, droughts, insect infestations, storms, disease and war have caused about $123 billion per year in lost food production between 1991 and 2021,...

Nearly 60 percent of households in Gaza were considered food insecure before the start of the new hostilities. As of late Thursday, the number of displaced in Gaza rose by over 84,400 people to reach more than 423,300, according to OCHA figures.

Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with warnings on Thursday that it has darkened the outlook for an already sluggish global economy.The global lenders are holding their gathering, which brings together finance ministers and central bankers from...

The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations. A surprise weekend attack by Hamas on Israel has left thousands dead and rattled oil markets amid fears that other nations might intervene and possibly...

Jerusalem--Israeli Energy Minister Israel Katz vowed Thursday his country would not allow basic resources or humanitarian aid into Gaza until Hamas released the people it abducted during its surprise weekend onslaught."Humanitarian aid to Gaza? No electric switch will be turned on, no water tap will be opened and no fuel...

It will deepen cooperation between the UAE and Turkey.

Marrakesh, Morocco – Africa’s total exports will reach $952 billion by 2035 and the African Continental Free Trade Area (AfCFTA), once fully implemented, has the potential to increase this figure by a further 29 percent, a Standard Chartered report has revealed. This represents an annual growth rate of 3 percent from...

Activists from developing nations belonging to a group called People's Alternative Global Tribunal organized themselves in the Moroccan city as the IMF and World Bank held their annual meetings. Activists testified about how the policies of the international financial institutions impacted their countries, deepening economic inequality.

This is the company's biggest takeover since 1990 acquisition of Mobil.

Washington, United States - US wholesale prices rose more than expected in September, government data showed Thursday, as energy prices continued to climb.The producer price index (PPI) rose by 0.5 percent last month, building on August's 0.7 percent increase, according to data from the Labor Department.This was above the median expectation...

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...