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...

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...

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....

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...

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...

Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister of Energy and Infrastructure, told a global audience of energy leaders at opening of ADIPEC 2023, which convened today under the theme of ‘Decarbonising. Faster. Together.’ Speaking at ADIPEC’s ministerial...

Algeria's president has named Rachid Hachichi as new CEO.

Abu Dhabi, UAE--Abu Dhabi Oil Company (ADOC) is planning more investments and expansions in the UAE, according to a senior company official. Takahiko Shingai, Deputy General Manager and Director of Development Department at ADOC, told the Emirates News Agency (WAM) on the sidelines of the ADIPEC 2023 exhibition and conference...

President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told an oil conference that the fossil fuel industry would play an essential role in addressing the crisis. "This industry has been viewed as part of the problem, that it's not...

Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second quarter and contributed 8.8 percent to the UAE capital's GDP during the quarter.

Tehran, Iran-- Iran's foreign trade has registered a 4.84 percent jump to $54.6 billion between March and September this year. According to the head of the Iranian customs office (IRICA) Mohammad Rezvanifar, 68 million tons of non-oil goods, valued at $24.1 billion, were exported overseas from March 21 to September...

Tehran, Iran--Iraq and Iran have reviewed the implementation of the security agreement in a meeting between the secretary of Iran's Supreme National Security Council (SNSC) and Iraq's national security adviser. Iraq's National security adviser Qasim al-Araji, who arrived in Tehran on Sunday morning, met and held talks with General Ali-Akbar Ahmadian...

Donald Trump intends to be present for the start of the trial on Monday morning as a civil fraud trial against the former president and two of his sons begins in New York, threatening the Republican frontrunner's business empire as he campaigns to retake the White House with four criminal...

The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion) in 2023 but now predicts a deficit of 82 billion Saudi riyals ($21.86 billion), or two percent of GDP, according to the ministry's pre-budget statement. A deficit of 79 billion...

Tripoli, Libya--Libya and Italy have signed an agreement to enhance cooperation to enable air transport companies to operate charter and regular flights between the two countries. In this regard, the Libyan Civil Aviation Authority and the Italian civil aviation authority signed a memorandum of understanding (MoU) at the Ministry of...

RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday to expand bilateral cooperation in communications and information technology by accelerating digital transformation, promoting innovation and developing digital infrastructure. Saudi Arabia’s Minister of Communications and Information Technology Eng. Abdullah Alswaha...

MOSCOW, RUSSIA – A senior Russian official said that they intend to move towards visa-free travel with all countries of Latin America. Director of the Russian Foreign Ministry’s Latin American Department Alexander Shchetinin said that this is an achievable goal. Shchetinin told TASS about the to move towards visa-free travel...

The sports car maker posted gains one year after its IPO.

The government has capped property rent increases at 25 percent for households, and aligned them with the official inflation rate for businesses. But experts say the measures have only heightened tensions, prompting many landlords to use any means -- including illegal ones -- to evict tenants and find new ones...

Bridgetown, Barbados-- The UAE and Barbados have discussed prospects for bolstering bilateral cooperation, particularly in climate action and renewable energy, besides looking to boost economic and trade ties between the two countries. The subject was discussed in a meeting between Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs...

Three hours before the deadline, the Senate voted to keep the lights on through mid-November with a resolution that had advanced earlier from the House of Representatives. The last-ditch "continuing resolution" was pitched by House Speaker Kevin McCarthy as millions of public workers looked set to be sent home unpaid.

Monaco, Monaco--The Old Doha Port has signed several agreements with professional global companies, specialized in yacht during its participation in the global 2023 Monaco Yacht Show, to put the Old Doha Port on the global map. Executive Director of the Old Doha Port, Mohammed Abdullah Al Mulla, pointed out that...

The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is based on the government's fiscal objectives to expand strategic spending at the sectoral and regional levels, broaden and diversify the economic base, as well as improve public services, among others.

Beijing, China - China on Saturday accused the United States of being an "empire of lies", hitting back after a State Department report claimed Beijing spends billions of dollars to spread disinformation globally. The report, released on Thursday by the US State Department's Global Engagement Center, accused China of financing propaganda,...

PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations conference on Saturday as part of a drive to manage damaging chemical exposure. The Global Framework on Chemicals was adopted by governments, companies, and NGOs at the fifth International Conference...

WASHINGTON, US - The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) for Morocco of about US$1.3 billion. The arrangement will support Morocco’s transition to a greener economy and help strengthen its preparedness and resilience against natural disasters, including from climate change, the Washington-based institution...

WASHINGTON, US - The United States is heading toward a government shutdown this weekend with no foreseeable way out of a deadlock in Congress over hardline Republican calls for deep spending cuts. The new US fiscal year begins on October 1, but sharp disagreements in the Republican Party over the scale...

According to the company's liquidator, Su Zhu was detained at Singapore's Changi airport while trying to leave the city-state. He was one of the co-founders of collapsed cryptocurrency hedge fund Three Arrows Capital. The company filed for bankruptcy last year when its fortunes suffered a sharp decline after a massive...

Riyadh, Saudi Arabia--Iran has proposed to Saudi Arabia to set up a working group to look into the idea of cancelling visas between the two countries. In this regard, the Iranian deputy tourism minister traveled to Saudi Arabia to proposed the to Saudi Arabia the idea of visa cancellation. A...

Riyadh, Saudi Arabia-- The Saudi Fund for Development (SFD) has signed two loan agreements with Seychelles to support the social housing in the country. In this regard, CEO of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad signed two development loan agreements with Seychelles Minister of Finance, National...

Tripoli, Libya-- Qatar and Libya have signed a memorandum of understanding (MoU) to boost cooperation in the field of civil aviation. In this connection, Qatar's General Civil Aviation Authority (GCAA) held Thursday bilateral talks with Libyan Civil Aviation Authority. Acting President of GCAA Mohamed Faleh Al Hajri chaired the Qatari...

DIB felt Turkey is a great investment destination.

WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the Gulf of Mexico, triggering a furious reaction from environmental groups who said the move would accelerate climate change. Biden, who faces re-election next year, has repeatedly broken his promise made...

Bad weather over the past week had prevented those fleeing North Africa to venture the risky Mediterranean crossing. The earlier surge pushed the migration issue once more to the top of the European agenda, with Italy's hard-right government demanding more help from Brussels.

Lack of funding for the school system has precipitated repeated teachers' strikes and school closures, resulting in children being increasingly pulled out of the formal learning system, and in some cases being forced to work. Lebanon's public institutions have been crumbling since the economy collapsed in late 2019, pushing most...

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday entered into a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP). The agreement, signed by Khaled Mohamed Balama, Governor of the Central Bank of...

The deal will be Aramco's first international investment in LNG.

ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's trading, according to the Arab Monetary Fund (AMF). The fund, in its weekly bulletin on Arab financial markets, which monitors the performance of 13 exchanges, said that the UAE markets...

Riyadh, Saudi Arabia--Red Sea Global (RSG) will become the exclusive agent for Bear Grylls Survival Academy (BGSA) bringing the world-famous survival and adventure brand to Saudi Arabia. It is the second outdoor tourism project of Grylls’ in the Middle East, who has another outpost in the UAE’s Ras Al Khaimah...

According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden, Osnabrueck and Zwickau. Offices at the Wolfsburg headquarters were also affected, Handelsblatt said.

Tehran, Iran--Iran has exported 27.7 million tons of goods worth $9.1 billion to BRICS member countries from March 21-August 21, 2023). In the first five months of this year of 1402 in the Iranian calendar nearly 37 million tons of goods worth $25.1 billion were exchanged between Iran and current...

Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of 17 ultra-modern LNG carriers. The deal marks the start of the second phase of QatarEnergy's LNG ship acquisition program, which will support its expanding LNG production capacity from the North...

Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful Cirata floating photovoltaic (FPV) power plant in Indonesia by up to 500MW, in a major expansion to Southeast Asia’s largest FPV plant. The signing ceremony was witnessed by UAE Minister...

The Biden administration made the decision after Israel in July promised a series of steps to comply with longstanding US demands to treat all US passport holders equally -- without discriminating against Americans who are of Palestinian or other Arab heritage or who are Muslim. Visa-free travel marks "a critical...

With inflation still sitting well above the central bank's target and the labor market showing few signs of softening, decision-makers have warned that more tightening will be needed to achieve their goal. However, while the US economy remains in reasonable health, there is a growing concern that the Fed could...

Xu Jiayin, who is known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month, according to anonymous sources cited by Bloomberg News. He is being held under "residential surveillance", the report said, which does not mean he has been arrested or charged with a crime.

The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. Banga's comments in New York come shortly before global leaders are due to gather for the...