Dubai, UAE -- The governments of the UAE and Brazil have launched a partnership to exchange knowledge and expertise in the economic fields, in a first-of-its-kind initiative within the Government Experience Exchange Programme.The Programme focuses on partnerships and enhancing cooperation with governments in sharing knowledge and expertise in the fields...

Miami, United States--Two convictions in the FIFA corruption case have been overturned by a US federal judge citing a recent Supreme Court ruling.Hernan Lopez, a former executive with 21st Century Fox and Argentine sports marketing firm Full Play were found guilty in March of paying bribes and kickbacks to South American...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half of 2023, in line with its ongoing efforts to enhance the reliability and availability of the energy transmission system in the Emirate. The projects included 36 kilometres of 132kV ground...

Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies.A Middle Eastern country is widely expected to extend a voluntary 1 million barrels per day oil production cut into October, prolonging supply curbs engineered by the...

Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq.Mehrdad Bazrpash, Iran's Minister of Roads and Urban Development, made the announcement at the inauguration ceremony of the construction of the Shalamcheh-Basra railway on Saturday. "The construction of the Shalamcheh to Basra...

BEIJING, CHINA - Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default, Bloomberg reported on Saturday.One of China's biggest builders, Country Garden had racked up debts estimated at 1.43 trillion yuan ($196 billion) by the end of...

Iraq's prime minister inaugurated construction work on what is slated to become the first railway line connecting the country to neighboring Iran. The "Basra-Chalamja connection project" will link the major port city of Basra in southern Iraq to Iran's vast railway network through the Chalamja border crossing, a transport ministry...

AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at ACC's headquarters ahead the end of 2023.During his meeting with Chargé d'Affairs at Iraqi Embassy, Munif Ali Hussein, ACC Head, Khalil Haj Tawfiq, said Iraq is a "key" trade partner...

Dubai, UAE-- Yemen and the US have signed an agreement to renews and extend protections for Yemeni cultural property that were put in place in 2020 on an emergency basis.According to the US State Department, the deal was signed by US Assistant Secretary of State for Educational and Cultural Affairs...

Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according to the Chinese newspaper People's Daily Online.The nation's first domestically-produced large cruise ship has wrapped up its maiden test voyage, with plans for its official naming and delivery by year's...

Tehran, Iran - Iran has reported a 15% surge in its gasoline output this year compared to last year. The boost in production has come in response to a growing domestic demand for fuel in the country. Alireza Jafarpour, Chief Executive of the Persian Gulf Star Oil Refinery, announced that the...

Singapore-- Saudi Arabia and Singapore have pledged to enhance economic cooperation between the two countries and also reviewed the challenges facing the global economy.In this connection Saudi Minister of Finance Mohammed Aljadaan met in Singapore with Deputy Prime Minister and Minister of Finance of Singapore, Lawrence Wong.According to Saudi Press...

TEHRAN, IRAN  – Iran’s export of non-oil products to the Economic Cooperation Organization (ECO) member states in the first four months of the current Iranian year exceeded $3.6 billion, an official said.Iran exported $3.615 billion worth of non-oil goods to the ECO member states from March 21 to July 22,...

DOHA, QATAR - The Ministry of Finance announced that the budget of Qatar for the second quarter of the year 2023 recorded a surplus of US$2.7 billion (QR 10 billion).In its briefing on the actual data of Qatar's budget in the second quarter (Q2) of 2023, the ministry said that...

RIYADH, SAUDI ARABIA -  Agri-Nutrients SABIC, in cooperation with the American companies ADM and BiOWiSH has helped farmers achieve high productivity using sustainable and cost-efficient methods.Through these collaborative efforts SABIC aims to help reduce the carbon footprint in the agricultural supply chain, especially after the company obtained the world's first...

Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted firm faces a crucial vote to avoid defaulting on a bond repayment.The ratings firm said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly speculative...

DUBAI, UAE –   Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market.The UAE, which has an impressive 99% internet penetration rate according to a McKinsey study, welcomes Bitay.This move aligns with the UAE’s growing stature as a global digital hub and its emphasis on...

ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross domestic product (GDP) to stand at 3.5 percent in 2023, rising to 3.9 percent in 2024.In a statement to the Emirates News Agency (WAM), Bolliger shared the bank's positive outlook...

Tehran, Iran -- Iranian Foreign Minister Hossein Amirabdollahian said Thursday that discussions with Saudi authorities have resulted in constructive statements regarding assistance for Lebanon's situation."In the discussions we had with Saudi authorities, we heard constructive statements from them regarding assistance to the situation in Lebanon," Amirabdollahian stated, adding that the...

Brussels, Belgium - The annual rate of inflation in the eurozone remained unchanged in August as there was a smaller drop in energy prices, the EU's official statistics agency said Thursday.Consumer prices reached 5.3 percent in August, although there was also a slowdown in the rise of food and drinks costs.A...

Doha, Qatar--Planning and Statistics Authority (PSA) of Qatar has released the new monthly Producer Price Index (PPI) of the Industrial sector for July 2023 which is estimated at 108.62 points showing a decrease of 0.22 percent, when compared to the previous months June 2023. On Y-o-Y basis, PPI of July...

According to TASS, quoting a diplomatic source, Turkey's Foreign Minister Hakan Fidan will propose to Russia at the upcoming talks in Moscow to resume the grain deal in its original format. The source said that Turkey is all for restarting the grain corridor in its original "format involving parties to...

It will be hiked by US$79.6m through a public offering.

Sharjah, UAE--Sharjah Media City (Shams) has signed a memorandum of understanding (MoU) with Munhwa Broadcasting Corporation (MBC), the largest television and radio broadcasting company in South Korea.The partnership aims to strengthen cooperation between Shams and MBC Korea through enhanced media content business development, benefiting from the expertise and exchange of...

The global firm will provide investment banking services.

Washington, United States - Economic growth in the United States was weaker than first estimated for the April to June period, the Commerce Department said Wednesday, noting downward revisions in business investment.GDP growth in the world's biggest economy came in at 2.1 percent for the second quarter, down from the initial...

The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth compared to the first half of 2022 and 5.4 percent more than H2 2022. Non-oil exports in the first six months of 2023 exceed the exports recorded in the whole...

Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge.Brent crude futures for October climbed 31 cents, or 0.36%, to...

According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite of economic uncertainty. During the second quarter payments by the 1,200 biggest public companies rose more than expected, increasing by 4.9 percent compared to the same April-to-June period last year.

Online celebrities best known for posting about video games are also dropping in unexpected plugs for gasoline stations, fuel rewards and club cards. In India, Mexico, South Africa and the United States many spots were found that promoted major oil firms such as BP, Chevron, ExxonMobil, Shell and TotalEnergies on...

Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024, according to a report on the Government IPO Program by the Cabinet's Information and Decision Support Center (IDSC).The report showed that Egypt plans to...

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...