The contracts to install traffic systems are worth US$211m.

According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait -- have been set aside for green hydrogen and ammonia plants. Morocco is looking to become North Africa's top player in the emerging "green hydrogen" sector, with plans to export the...

Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister of roads and urban development. Mehrdad Bazarpash emphasized that a long-term contract for the operationalization of Chabahar Port project with the Indians will be signed in the near future. He...

It invested the money to be a big supply chain player.

DUBAI, UAE - The Public Debt Management Office (PDMO) of the Government of Dubai's Department of Finance (DOF) announced a reduction of approximately US$7.8 billion (AED29 billion) in Dubai's public debt by the end of this year. The achievement has been realized within a year and a half since the...

It did not give a timetable for the move or how much it hoped to raise.

S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is expected to play a pivotal role in achieving the UAE's ambitious goal of attracting 40 million visitors by 2030, accompanied by plans to expand the number of hotel rooms to...

Washington last week slapped sanctions on "seven individuals and four entities" based in Iran, China, Russia and Turkey it said had facilitated shipments and financial transactions involving Tehran's military hardware program. The United States accuses Iran of supplying Russia with drones, which have become a major feature of Moscow's war...

New York, US-- The UAE Foreign Minister Sheikh Abdullah bin Zayed has held talks with Subrahmanyam Jaishankar, External Affairs Minister of India, and pledged to further develop cooperation as part of the two countries' strategic partnership. The two ministers met on the sidelines of the 78th Session of the United...

Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of this year, the Iranian customs administration reported on Monday, According to a report released by the Islamic Republic of Iran Customs Administration (IRICA) in the first 5 months of this year...

Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) signed an agreement with the Expo Center Sharjah to enhance its services for Sharjah’s investor community, local media reports said. The agreement was signed at Expo Centre Sharjah, with Abdulla Salem Al Nuaimi, CEO of ADX, and Saif Mohammed Al...

ABU DHABI, UAE –  Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman Bin Abdullah Al Humaidi said that Arab countries account for about 60 percent of the global Islamic financial industry, which amounted to US$3 trillion by the end of 2021. Al...

DOHA, QATAR -  The Ministry of Labor (MoL) launched the "Istamer" digital platform, which deals with employing Qatari retirees wishing to work in the private sector. The unveiling of the Istamer platform is a key component of promoting the National Program for Job Localization in the Private Sector. Its purpose...

Evergrande's enormous debt has contributed to the country's deepening property market crisis, raising fears of a global spillover. The property sector, which along with construction accounts for about a quarter of China's gross domestic product, is a key pillar of the country's growth and has experienced a dazzling boom in...

Scholz's government had promised to build 400,000 homes a year to alleviate an endemic housing shortage made worse by burgeoning demand from an inflow of refugees and foreign workers. But building permits have nose-dived 25 percent between January and June compared to a year ago.

Tokyo, Japan-- The UAE and Japan have held discussions to boost partnership in various sectors of the economy even as the first ministerial meeting of the comprehensive strategic partnership took place between the two countries in Tokyo. In this regard, Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced...

Defending his country's enrichment of uranium to 60 percent purity level, noting that it was a response to European states failing to live up to the 2015 nuclear agreement, Iranian President Ebrahim Raisi has categorically rejected the Western states' claim that Tehran intends to build nuclear weapons, in an interview...

New York, US-- Jordan, Iraq, and Egypt have pledged to cement the partnership between themselves in order to boost cooperation in several economic and political fields. In this connection, Jordanian Deputy Prime Minister, Minister of Foreign Affairs, and Expatriates Ayman Safadi participated in a tripartite meeting with his Iraqi and...

The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.

New York, US--Secretary-General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, has stressed the importance of strengthening ties with the United Kingdom, including the Free Trade Agreement (FTA), which is an essential element of the strategic partnership and will contribute to achieving common interests. This came during Albudaiwi’s meeting...

Yinchuan, China--The sixth China-Arab States Expo commenced today in Yinchuan, northwest China's Ningxia Hui Autonomous Region, marking yet another chapter in the ever-expanding economic and trade nexus between China and its Arab counterparts. Spanning a sprawling 40,000 square meters, the Expo boasts an offline exhibition arena with participation from over...

The massive $4.2-billion dam built by Ethiopia has stoked tensions with Egypt and Sudan as they fear the dam will severely reduce their share of Nile water. Both nations have repeatedly asked Addis Ababa to stop filling it until an agreement has been reached. The talks are expected to pave...

Jakarta, Indonesia-- The UAE and Indonesia have discussed mechanisms to expand regional cooperation and opportunities for trade and investment cooperation between the two countries. In this connection the two countries have reviewed a number of economic and investment issues of common interest in the fields of energy, mining, tourism, real...

YEREVAN, ARMENIA  - Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) Abdullah Mohamed Al Mazrouei and the host country’s Minister of Economy Vahan Kerobyan have together inaugurated the UAE-Armenia Business Forum here. The forum saw the signing of four Memorandums of Understanding (MoUs); with three of...

It expects to fulfill growth plan through the partnerships.

Amman, Jordan-- Jordan and the World Bank have held discussions to enhance cooperation in infrastructure projects and the public-private partnerships. In this connection, Jordanian Minister of Investment Kholoud Al Saqqaf met with World Bank Vice President for Infrastructure Affairs Guangzhe Chen in Amman. During the meeting, Al Saqqaf reviewed a...

The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.

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...

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...

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...

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...

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....

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...

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...

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...

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...

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...

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...