Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to a Cabinet statement on Tuesday.The drilling of 10 wells between July 2022 and June 2023 resulted in the huge discovery in the...

TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been inked for exporting 120,000 passenger and commercial vehicles to Russia.Mohammad Teymouri pointed to his visit to Russia’s car market last week and stated that a contract was concluded for exporting...

TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five months of the current Iranian calendar year, the Islamic Republic of Iran Customs Administration (IRICA) announced on Tuesday.Also, 14.4 million tons of non-oil goods, valued at US$24.2 billion, were imported...

The partnership aims at enhancing trade infrastructure.

DUBAI, UAE - The global Islamic microfinance industry has surpassed US$60 billion in value within the $3.8 trillion Islamic finance landscape.This achievement highlights the growing recognition of Islamic microfinance as a tool for poverty alleviation. The industry's potential to bridge financial gaps while adhering to Shariah principles positions it as...

Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in July, according to official data.The Saudi Central Bank, also known as SAMA, said that the aggregate assets of these banks also rose 8.84 percent year on year in July to...

Sharjah, UAE--Sharjah will host the first-ever Gulf-Iraq Business Forum on 26th and 27th September to boost economic ties between the GCC and Iraq.The event is an initiative of the Federation of GCC Chambers and is being organized in partnership with the Federation of UAE Chambers of Commerce and Industry (FCCI),...

Manama, Bahrain--Bahrain and the United States have reviewed joint cooperation, partnership and strategic dialogue in the political, economic and security fields.The review came up in a meeting between Foreign Ministry Undersecretary for Political Affairs Dr. Shaikh Abdulla bin Ahmed Al Khalifa and Paul Dean, Principal Deputy Assistant Secretary in the...

The two countries signed a memorandum of understanding (MoU to boost mining cooperation in critical minerals needed in new technologies like electric vehicles and solar panels. The Turkish and Saudi ministers also discussed deepening partnership in areas such as hydrogen, solar and wind energy, besides seeking to widen trade between...

Muscat, Oman--Oman has signed a memorandum of understanding (MoU) with South Korea in the field of green energy transition.The MoU reflects the advanced status of bilateral relations and the two countries’ keenness to consolidate cooperation in green transition.The MoU was signed by Eng. Salim Nasser Al Aufi, Minister of Energy...

Riyadh, Saudi Arabia--Red Sea Global (RSG) has announced the launch of the Red Sea Farms Cooperative (Tamala), established through integrated national partnerships between the government, private and non-profit sectors. Tamala aims to develop a model entity that achieves the kingdom's orientation to enhance the role of cooperatives in the agricultural...

Prime Minister Abdulhamid Dbeibah said that Najla al-Mangoush, the foreign minister, has been temporarily suspended and will be subject to an administrative investigation by a commission chaired by the justice minister. The decision was made after the Israeli foreign minister announced that he had held talks with her last week...

TEHRAN, IRAN - Iran exported $7.2 billion worth of products to West Asian countries in the first four months of the current Persian calendar year (March 21 to July 22), the director general of the Trade Promotion Organization of Iran (TPOI) for West Asia said.The administration of President Ebrahim Raisi...

stc’s subsidiary TAWAL buys assets in eastern Europe.

Manama, Bahrain--Bahrain has indicated its keenness to encourage investments in the kingdom's oil and environmental projects through partnerships with the private sector, especially banks, to achieve sustainable development goals.Dr. Mohammed bin Mubarak bin Daina, Oil and Environment Minister, Special Envoy for Climate Affairs, has affirmed the government’s keenness to encourage...

Johannesburg, South Africa--The 2023 CAF Super Cup match between Al Ahly of Egypt and USM Alger of Algeria will be staged in the Saudi Arabian city of Taif on September 15, the organizers announced on Saturday.Ahly qualified for the annual match by winning the Champions League and USM by capturing the...

Florida, US--NASA and SpaceX's Dragon spacecraft blasted off on Saturday carrying four astronauts to the International Space Station.The Crew-7 mission is commanded by American Jasmin Moghbeli and includes Andreas Mogensen of Denmark, Satoshi Furukawa of Japan and Konstantin Borisov of Russia.The Dragon spacecraft carried by a Falcon 9 rocket lifted...

Riyadh, Saudi Arabia--Saudi Arabia's Heritage Commission has announced significant discoveries made at the Al-Abla site in Asir region during the seventh season of archaeological excavation there.The new discoveries, including architectural features of residential and industrial units with gypsum-coated walls and floors, are an extension of previous discoveries over the past...

The foreign minister said that his country does not see any alternative to the original initiative because in his words they carry risks. He completely dismissed an alternate route reportedly being considered by the US. Last month, Russia pulled out of a landmark deal that enabled Ukraine to export more...

Budapest, Hungary--Senior officials from the UAE and Hungary met in Budapest on 22nd August for the inaugural round of the Political Consultations Committee between the UAE’s Ministry of Foreign Affairs and Hungary’s Ministry of Foreign Affairs and Trade.The UAE delegation was led by Ambassador Lana Zaki Nusseibeh, Assistant Minister of...

It comes as EU rules on tech platforms enter into force.

The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down above-target inflation, chairman Jerome Powell said. "We are prepared to raise rates …. until we are confident that inflation is moving sustainably down toward our objective," he told the Jackson...

The builder has accumulated debts of more than $150bn.

Beirut, Lebanon -- Acting Lebanese Central Bank Governor Wassim Mansouri has said the bank will not be providing government lending to cover Lebanon's 2023 state budget deficit. This applies to both the Lebanese lira and the US dollar."The Central Bank has no plans to address the nation's deficit through government...

ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a significant role in H1 2023, contributing US$209 million (AED767 million) representing 22 percent of the company's propylene sales and 10 percent of our overall turnover.In a statement to the Emirates...

RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly Saudi Arabia and the UAE, have showcased resilience with their currencies holding firm against the US dollar.According to recent data, the Saudi Riyal (SAR) and the UAE Dirham (AED) have...

DUBAI, UAE - Dubai Chambers has contributed to the emirate’s drive for sustainability by saving a total of 72,239 litres of water between June 2022 and June 2023, equivalent to 3,822 five-gallon bottles.The savings were achieved as part of the chambers’ participation in ‘Dubai Can’, a sustainability initiative launched by...

Athens, Greece--Hundreds of firefighters in Greece struggled Thursday to gain the upper hand against major wildfires burning unchecked for a sixth day, leaving 20 dead.A dangerous blaze continued to burn on Mount Parnitha near Athens, in the largest forest adjoining the capital, threatening a national park for a second day.Fire department...

Riyadh, Saudi Arabia--GCC Secretary General Jasem Albudaiwi has emphasized the importance of Gulf-US strategic relations that support joint cooperation and coordination across all fields.In a statement today, he highlighted the outcome of the joint meeting which was held last June between the GCC foreign ministers and the USA.The GCC chief...

Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to the country's statistics agency CAPMAS report on Tuesday.More than two million Egyptians were without a job, including 1.2 million men and 941,000 women, the data revealed, adding that 61.8 percent...

The investment bank bought a 35% stake in Kuwaiti firm.

The airline's annual profit climbs up to US$1.1 billion.

The fast-food chain has some 37,000 outlets across the world.

Cairo, Egypt--Shipping traffic was flowing normally on Egypt's Suez Canal on Wednesday, two shipping sources based in the country said, after two tankers that collided earlier were separated.The two tankers, the Singapore-flagged liquefied natural gas (LNG) carrier BW Lesmes and the Cayman Islands-flagged oil products tanker Burri, briefly collided in...

Riyadh, Saudi Arabia--The Saudi Esports Federation will launch the "Next World Forum" on August 30 and 31 in Riyadh, at the conclusion of the activities of the largest event for games and electronic sports in the world, "Gamers8: The Land of Heroes."The forum will discuss promising opportunities in the fast-growing...

The foreign minister's visit is also intended to pave way for Turkish President's trip to Baghdad for which a date is yet to be finalized. The issue of water and dams on the Tigris and Euphrates rivers, both of which have their sources in Turkey before entering Iraq, is a...

The gains, including a jump in US tech stocks, "looked more like a correction than a reaction to fresh news, as there was no fresh news that went against the slowing China rhetoric" or indication of a possible shift in policy by US monetary policymakers, said Swissquote Bank analyst Ipek...

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding companies since introducing this company structure in 2020.The consistent rise in registrations highlights the growing appeal of this innovative investment vehicle, as the total number of holding companies rose by...

Kuwait City, Kuwait-- Kuwait is looking to strengthen cooperation with the World Health Organization in all health services, according to the oil-rich country's Health Minister Dr. Ahmed Al-Awadhi.According to Kuwait News Agency, the minister met with Dr. Hanan Balkhy, assistant director for antimicrobial resistance at the WHO, to discuss numerous...

Surpassing pre-pandemic levels, more than 40 million passenger visits were recorded at Dubai international airport in the first half of the year, a 50 percent jump. According to its operator, the airport, busiest for international passengers before Covid-19, the passenger traffic went well past the number recorded in the first...

Nairobi, Kenya--African Civil Aviation Commission (AFCAC) and Qatar have signed a partnership agreement to strengthen cooperation in the aviation field.This came during the activities of the 8th Africa and Indian Ocean (AFI) Aviation Week, organized by the AFCAC in cooperation with the International Civil Aviation Organization (ICAO) in Nairobi, Kenya,...

Abu Dhabi, UAE--UAE stocks generated strong cash flows on Monday as the International Holding Company (IHC) maintained robust performance and closed at AED400.6, following more than $59.14 million worth of transactions.Multiply Group gained $43.75 million in liquidity, closing high at AED3.670. Emirates Insurance Company (EIC) was the best performer and...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to $161.22 billion at the end of June, from $160.70 billion in May.The UAE's current account balances and deposits with banks abroad amounted to $99 billion by the end of June,...

Beirut, Lebanon - Hundreds of demonstrators took to the streets again on Monday in Syria's southern city of Sweida, local media and an activist reported, as dire living conditions stoke discontent in regime-held areas.Days of rare protests have erupted in the south after the government lifted fuel subsidies last week, dealing...

It claimed $600,000 prize at Gamers8 - The Land of Heroes.

The liquid enhances efficiency of energy storage systems.

European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris stocks were up by more than one percent, with both Frankfurt and London also pushing higher. Market sentiment has taken a hammering this month by a string of weak data...

ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the Ethiopian Investment Commission (EIC) to foster the robust economic collaboration between the two sides.The MoU also aims to establish a framework for cooperation that advances trade, investment and economic relationships...

Cairo, Egypt-- Arab Parliament on Monday endorsed the call for victims of terrorism in the Arab world to be supported "financially and economically" to overcome tragedies. The parliament said that those affected by the evil claws of terrorism in the Arab world must be supported to overcome their tragedies.The call...

The measures, which run counter to rising interest rates around the world as other major economies work to curb inflation, will indirectly support economic activity as China's growth flags. The long-awaited post-Covid recovery following the lifting of health restrictions at the end of 2022 has run out of steam in...