Looking to shore up ties between the two countries, Kuwait and China have signed cooperation agreements across a range of sectors, including renewable energy, infrastructure, low-carbon recycling. The agreements were signed in the Chinese city of Hangzhou and were presided over by Kuwait's crown prince and Chinese president.

ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by 28 percent in 2022, reaching US$37.4 billion (AED 137.51 billion), compared to US$29 billion (AED 107.41 billion) in 2018.The total non-oil trade between the UAE and Saudi Arabia rose to...

Chinese state broadcaster CCTV also announced the launch of an "Economic Working Group" and "Financial Working Group," saying both will hold "regular and irregular meetings to strengthen communication and exchange on relevant issues."

Afghanistan will compete in 15 sports in Hangzhou, the country's first Asian Games since the Taliban seized power in 2021. The Games, the biggest in history and boasting more competitors than the Olympics, open on Saturday after a delay of a year because of China's zero-Covid policy, since abandoned.

Abu Dhabi, UAE--UAE stock markets Thursday continued to capitalize on improved investor sentiments, defying US Fed's decision to keep interest rates steady on Wednesday, while projecting an increase by year-end.Blue-chip real estate, banking, and energy stocks lead the gainers in the Capital's bourse, as giant property Emaar drove DFM to...

China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent of the global capacity -- after having accounted for just 10 percent of the global capacity in 2020. Electrolyzers are devices used for the industrial separation of hydrogen and oxygen...

Only slightly more than 10 percent of Iraq's 13 million women of working age are in the job market, according to a July 2022 report issued by the International Labour Organization. When the war in Mosul ended in the summer of 2017, the United Nations refugee agency UNHCR estimated the...

Cairo, Egypt – The Central Bank of Egypt (CBE) decided to maintain interest rates at current levels during its meeting on Thursday.The CBE’s Monetary Policy Committee (MPC) kept the overnight deposit rate, overnight lending rate and the rate of the main operation at 19.25 percent, 20.25 percent and 19.75 percent,...

AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the emirate grew 19.6 percent during the first half of 2023 (H1 2023).The emirate’s total exports reached US$1.2 billion (AED4.57 billion) in H1 2023, compared to some US$1.1 billion (AED4.3 billion)...

Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation and other central banks warned they were not done either. London stocks bucked that trend, however, after the Bank of England held interest rates steady after 14 hikes.

China becomes one of only a handful of countries outside the Middle East that Assad has visited since the 2011 start of a civil war that has since killed more than half a million people, displaced millions more, and battered Syria's infrastructure and industry. Assad also becomes the latest in...

Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries, including the UAE and Qatar, have opted to follow suit. The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might...

The mercurial Turkish leader performed one of his trademark policy reversals after winning a difficult re-election in May. The vote came during Turkey's worst economic crisis in decades -- one that analysts universally blamed on Erdogan's unorthodox conviction that high interest rates contribute to inflation.

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq Business Forum on September 26- 27, local media reports said.The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities.The Chamber...

Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported by tight supplies and robust demand. "When central banks are starting to see the light at the end of the inflation tunnel, $100-plus oil will be incredibly unwelcome and unhelpful,"...

Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in Riyadh.Saudi Minister of Transport and Logistics Services and Chairman of the Board of Directors of the General Authority of Civil Aviation (GACA), Saleh Al-Jasser, inaugurated the office yesterday.Al-Jasser emphasized that...

Manama, Bahrain--Spire Technologies has obtained licenses from the Central Bank of Bahrain (CBB), authorizing it to operate as a fully regulated open banking ancillary service provider in Bahrain.The approval from the CBB will effectively enable Spire Technologies to expand its offerings, delivering expert financial insights and swift digital solutions to...

In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive Economic Partnership Agreement. Once the deal is signed it will improve bilateral non-oil trade by reducing or eliminating customs duties, removing unnecessary barriers to trade.

Jerusalem--Israel's restrictions and rising fiscal constraints in the Palestinian territories are severely impacting the economic conditions of Palestinians and hindering their access to timely life-saving healthcare, the World Bank said Monday.In a report titled "Racing Against Time", the World Bank said that overall the Palestinian economy was performing below potential,...

Muscat, Oman--Annual inflation of Oman has shot up 0.82 percent in August as against 2.4 percent in the same month of last year, according to the country’s National Center for Statistics and Information. But compared with the previous month, Oman’s inflation rate sunk to its lowest level in 28 months to...

Dubai, UAE-- Emirates Health Services will employ AI technology in the application of patient room monitoring system to further enhance the standards of healthcare services that align with the strategic priorities and goals of the government and EHS.In this connection, Dr. Mohammad Salim Al Olama, Chairman of the Board of...

Days after thousands of people took to the streets in the Kurdistan region over unpaid civil service salaries which they blamed on Baghdad, the federal government said it would disburse annually to Iraqi Kurdistan two trillion and one hundred billion dinars to be paid in three equal installments of more...

Dubai, UAE-- Terming climate action as an opportunity to create a more equitable and sustainable world, Mariam bint Mohammed Almheiri, UAE's Minister of Climate Change and the Environment, believes it is a chance to raise living standards, "create new jobs and vibrant new industries, strengthen our bond with nature, and...

A million people have crossed Sudan's borders since April, fleeing the devastating war between the Sudanese army and the paramilitary Rapid Support Forces, according to the United Nations. That figure would probably be higher, were it not for the fact that many like Omar needed passports renewed or issued from...

Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation between the two countries’ technological companies.In a meeting held in Havana on Friday, Iran’s Vice-President for Science and Technology Ruhollah Dehqani and Cuba’s Minister of Science, Technology and Environment Elba...

The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a level not seen for 22 years as it tackles inflation still stubbornly above its long-term target of two percent. Goldman Sachs cut their forecast for a recession in the US...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart programs and applications to support its operations.The move is part of DEWA’s efforts to utilise the latest global technologies in all areas and benefit from the capabilities of generative AI...

Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...

RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic development and implement awareness programs, in line with Saudi Vision 2030 goals.Under the MoU, the two parties will cooperate to promote economic development, activate academic research, implement awareness programs and...

SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured employees in accordance with the relevant laws and regulations.This aligns with the law's objectives and the fund's strategies aimed at enhancing the well-being of employees and providing them with additional...

Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC). The agreement was signed during the eighth Belt and Road Summit, a two-day event themed "Ten Years of Cooperation for Mutual Benefit," which saw participation from...

Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector, and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told a media outlet.The Fund will strongly urge Beijing...

Moscow, Russia--The UAE and Russia are looking to strengthen the bilateral cooperation in higher education, scientific research, space, and engineering between the two countries.In this regard, Ahmad Belhoul Al Falasi, Minister of Education, and Valery Falkov, Minister of Science and Higher Education of Russia, held discussions in Moscow.Al Falasi, accompanied...

Several aid organizations have warned of the outbreak of disease in the port city of Derna, after Sunday's flood submerged it, washing thousands of people and homes out to sea. The flooding left behind a trail of devastation after two upstream dams burst under the pressure of torrential rains triggered...

New York, US--The UAE has announced the launch of a new digital response platform that will support disaster-affected countries to quickly and efficiently communicate their humanitarian needs to the international community.The UAE made the announcement during a United Nations Security Council open debate titled “Maintenance of international peace and security:...

The International Monetary Fund renewed its criticism of Lebanon for failing to enact reforms demanded by creditors in return for releasing billions of dollars in emergency bailout loans. “Lebanon has not undertaken the urgently needed reforms,” said the IMF's Ernesto Ramirez Rigo in a statement at the end of a...

Egypt is one of the largest recipients of US military aid, dating to its historic normalization of relations with Israel in 1980, the first for an Arab state. The latest package of military aid includes $980 million that was not subject to restrictions.

TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries will be strong in all areas, including trade, economy and investment.Speaking to IRNA in Tehran, the Saudi envoy expressed satisfaction with the start of a new chapter in his country's...

According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected to restrain near-term growth prospects for major GCC economies. However, non-oil growth is anticipated to bolster the region's economies, particularly in Saudi Arabia and the UAE.

Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such as advanced biofuels or hydrogen, in the aviation sector.The RefuelEU aviation rules are part of the “Fit for 55 package”, the EU’s plan to reduce greenhouse gas emissions by at...

Military transport aircraft from Middle Eastern and European nations, along with ships, have been ferrying emergency aid to the North African country already scarred by war. In addition to the missing, tens of thousands of people have been displaced after the huge flash flood slammed into the Mediterranean coastal city...

Baghdad, Iraq-- The UAE and Iraq have held discussions to boost economic, investment, educational, cultural, agricultural, food, technological, and energy cooperation.The discussions were held in the tenth session of the UAE-Iraq Joint Committee in the Iraqi capital, Baghdad, co-chaired by Khalifa Shaheen Al Marar, UAE Minister of State, and Dr....

Washington, United States - Consumer inflation in the United States picked up in August for a second straight month, according to government data released Wednesday, putting the heat on policymakers as they work to lower prices.The consumer price index (CPI), a key inflation gauge, jumped 3.7 percent from a year ago,...

Abu Dhabi, UAE - The Arab Monetary Fund said Wednesday that global credit card fraud losses incurred by financial institutions and individuals reached around US$32.3 billion in 2021.The losses increased substantially by 13.8 percent compared to the previous year, WAM reported.The Fund released a study titled "The Role of Artificial...

The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this year, partly due to resurgent Chinese consumption and jet fuel. But the extension of Saudi and Russian output cuts "will lock in a substantial market deficit" through the last three...

Beijing, China--China on Wednesday denied there was any ban on officials purchasing or using foreign phones, including iPhones, after reports said Beijing was prohibiting civil servants from using Apple handsets."China has not issued any laws, regulations, and policy documents prohibiting the purchase and use of foreign brand smartphones, including iPhone," foreign...

Vienna, Austria--The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the UAE's economy grew by 3.8 percent in the first quarter of 2023.In its September 2023 report, OPEC said it expects the UAE's economic expansion to continue, noting that key sectors of the country's economy have seen significant...

The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of a historic turning point," executive director Fatih Birol wrote in the FT.

Doha, Qatar--The Qatari-Chinese Business Forum kicked off with the participation of over 70 local companies and nearly 60 Chinese companies to discuss investment opportunities in the two countries.Chairman of the Qatar Chamber of Commerce and Industry Sheikh Faisal bin Qassim Al-Thani said in a speech that the forum represents an...

Tehran, Iran-- Iran and Russia are looking to build a research spacecraft within two years and in this connection top universities from Iran and Russia have signed an agreement.In an interview with Tasnim news agency, the president of the University of Tehran said the academic center has recently signed an...