The deal is worth US$266 million (SAR1.27 billion).

DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in green finance initiatives. The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers. Held by the chamber’s Center for Responsible Business as...

Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and Costa Rica have discussed ways to advance bilateral economic relations. The chamber also held fruitful discussions to strengthen commercial and industrial cooperation and investment among the private sector organizations, institutions, and events within the framework of the friendly relations binding...

The Comprehensive Economic Partnership Agreement (CEPA), signed in March, has further enhanced bilateral economic collaboration. The CEPA sets the stage for increased non-oil intra-trade, job creation, and a significant boost in UAE exports to Turkey.

Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by a 3.5 percent jump in the non-oil sector. The average quarterly increase, according to the Bahraini Ministry of Finance and National Economy, of the annual non-oil GDP has touched about...

Avoided by western tourists, Iran is turning to wealthy Arab states and other nearby countries to bolster its sanctions-hit economy. It is also drawing visitors from Russia and China. Owing to the thaw in relations with Saudi Arabia, Iran is now interested in closer ties with the Arab world.

Dubai, UAE-- Seeking to forge partnerships around the world, Dubai Chambers will host a two-day event in November this year called Dubai Business Forum, bringing together key public and private sector stakeholders. The event will be hosted at the city’s Madinat Jumeirah on 1st and 2nd November, 2023, under the...

It will export annually up to 1.2m metric tonnes of LNG.

Regional traders extended Monday's retreat sparked by disappointing second-quarter data out of Beijing that missed forecasts badly and highlighted the tough job officials face in getting the country's post-Covid recovery back on track. And while there is an expectation that fresh stimulus measures are in the pipeline, analysts warned that...

The G20 talks come after Russia on Monday refused to extend a deal allowing critical Ukrainian grain exports through the Black Sea, sparking outrage from the United Nations, which has warned millions of the world's poorest would "pay the price". World Bank president Ajay Banga said he feared a lack...

Doha, Qatar--Small and medium-sized companies in Qatar have signed deals worth $201 million during the first half of 2023, benefiting from the various services of the Qatar's Export Development & Promotion Agency (Tasdeer). In a report, Tasdeer highlighted the momentum witnessed by the participation of small and medium-sized companies in...

New York, US--Saudi Arabia and Bahrain are looking to collaborate in order to speed up the sustainable development goals, aligning them with government programs under the 2030 Agenda. In this connection, discussion took place at a joint meeting between Amna bint Ahmed Al Romaihi, Minister of Housing and Urban Planning, Noor bint Ali Alkhulaif, Minister of...

Putin has been threatening to pull out of the arrangement, arguing that elements of the deal allowing the export of Russian food and fertilizers have not been honored. Russia also accuses rich countries of profiting from the bulk of Ukrainian exports. But Zelensky says that "60% of the volumes" were...

According to state media and the public prosecution, eight people including seven members of one family were killed in Cairo when a residential building collapsed. Civil defense workers pulled out nine people, among them an injured woman, while the eight others were dead, adding that five people got out in...

In a UAE's first, Istikrar will offer long-term, fixed-rate home finance.

Turkish President Recep Tayyip Erdogan has embarked on a three-state Gulf tour, beginning with Saudi Arabia, as he seeks to attract foreign investment in Turkey's ailing economy. The visit comes as Turkey battles currency collapse and soaring inflation. The Saudi-Turkish business forum was aimed at enhancing trade and investment relations.

Firm has committed $2 billion for more such carriers.

DUBAI, UAE – The city has registered a strong year-on-year growth of 44 percent in business event bid wins in the first half of 2023. The outstanding growth in the number of global events being hosted by the city contributes further to its economic growth in line with the goals...

Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the responsibility we have... to steer the global economy towards strong, sustainable, balanced and inclusive growth". Talks will also focus on "critical global issues such as strengthening the multilateral development banks...

It sold the sub-Saharan Africa business to Access Bank.

The net profit shot up to US$538m in H1 of 2023.

As Egypt said more than 250,000 people crossed in from Sudan -- fleeing ceaseless air strikes, street battles, rampant looting and sexual violence -- property owners in Cairo saw an opportunity. Inflation in Egypt hit a record high of 36.8 percent in June, and the pound has lost half its...

Jeddah, Saudi Arabia--Looking to consolidate trade and investment ties, the Gulf Cooperation Council (GCC) and Japan announced their resumption of the Free Trade Agreement (FTA) negotiations. In this regard the two sides signed a joint statement on the sidelines of the meeting held here today between Fumio Kishida, Prime Minister...

Amman, Jordan--Jordan and the World Bank have signed a $250 million financing agreement for a water sector efficiency project in the kingdom. In this connection, Jordanian Minister of Planning and International Cooperation Zina Toukan and World Bank Country Director for the Middle East Department Jean-Christophe Carret signed Sunday the agreement....

The deal between the two countries will include partnership on irregular migration, economic development and renewable energy. Tunisia has been criticized over its treatment of migrants after President Kais Saied accused "hordes" of migrants from sub-Saharan African countries of a "plot" to change the country's demographic makeup.

DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General, Chairman of the Board of Executives Directors of Dubai’s Roads and Transport Authority (RTA). The sector employs around 242,000 jobs by more than 7000 companies, local media reports said. “The...

GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits of the Palestinian enclave's fishing zone, an NGO said on Sunday, following an Israeli court order. Israeli authorities had called for the vessel, belonging to fisherman Mohammad al-Hissi, to be permanently...

As inflation averages 171% in 2022, one of the highest rates worldwide, people prefer to fix old items such as shoes than buy new ones.

They discussed "reinforcing cooperation between the two countries in various sectors... in addition to joint efforts to fight back against terrorism", a statement from Assad's office said.

NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number of additional individuals living on less than $3.65-a-day reaching 165 million by 2023, said a United Nations Development Program (UNDP) in a new policy brief. According to the policy brief...

Morocco has sought to diversify its energy sources particularly since neighbouring Algeria stopped supplying natural gas via the GME in November 2021, after severing ties over the disputed Western Sahara territory. According to ONEE chief Abderrahim El Hafidi, the agreement with Shell will "address part of our needs and ensure...

Bees thrive in temperatures of around 30-35 degrees Celsius, not in searing heat, when the thermometer climbs to 50, said Aliawi, the manager of a private honey producer. The country has been plagued by scorching summers, declining rainfall and frequent sand storms, while upstream dams have reduced the flow of...

Doha, Qatar - The Consumer Price Index (CPI) in Qatar reached 105.71 points, showing a decrease of 0.10 percent when compared to CPI of May 2023, according to the Planning and Statistics Authority.  Similarly, an increase of 2.49 percent was recorded in the general index (CPI) of this month, when...

Dubai, UAE - Six years after imposing a comprehensive blockade on Qatar, Saudi Arabia, the United Arab Emirates (UAE), and Bahrain have nearly restored ties with the country. However, underlying tensions persist, as changing dynamics in the Middle East drive competing foreign policy priorities. These unresolved issues have the potential...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday signed two Memoranda of Understanding (MoUs), which aim to support the rapid growth of trade between the two countries. The CBUAE and RBI will work together to develop a framework...

Talk merger of shareholdings in Borouge, Borealis.

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE)’s Financial Stability Report for 2022 said the FTSE ADX General Index (FADGI.FGI) gained more than 20 percent in 2022. The Abu Dhabi Securities Exchange (ADX) trading value increased by 21.9 percent to AED 451 billion ($122.78bn). In its overview...

The Black Sea grain deal was first signed in July 2022, five months after the Russian invasion of Ukraine, and has already been renewed two times. This time however, Putin has repeatedly threatened not to renew it because of obstacles to Russia's own exports. The deal, which Erdogan helped broker,...

Hundreds of migrants fled or were forced out of Tunisia's second-largest city after racial tensions flared following the July 3 killing of a Tunisian man in an altercation between locals and migrants. The port of Sfax is a departure point for many migrants from impoverished and violence-torn countries seeking a...

Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy as "resilient" but facing risks. JPMorgan Chase, Citi and Wells Fargo all enjoyed the benefits of being able to charge higher rates on loans, while not suffering much from elevated...

Beijing, China - China's trade in goods with nations along the Belt and Road Initiative in the first half of 2023 increased by 9.8 percent year-on-year, exceeding the nation's total trade growth for the same period by 7.7 percentage points, Chinese news agency Xinhua said. According to data released by...

Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the management of the contractual work cycle for Mozambican workers in the UAE. The MoU was signed by Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation (MoHRE), and Margarida...

Dubai, UAE-- Officials from Dubai Customs and Japan's consulate have discussed ways to boost trade cooperation between the two countries in a meeting in Dubai. The officials from the consulate expressed appreciation for Dubai Customs and its role in collaborating with international customs authorities and organizations to combat drug smuggling...

Doha, Qatar -  Qatar Tourism said on Thursday that the country received more than two million visitors during the first half of 2023.  According to a Qatar Tourism statement issued on Thursday, international arrivals in 2023 have so far doubled compared to the levels seen pre-pandemic. The arrivals by air...

Amid reports of a mass grave having been found in the country's Darfur region, the African leaders summit exhorted an end to the fighting in Sudan. The ICC meanwhile said it has begun a new probe into alleged war crimes in the country, adding that the spiraling violence was a...

Abu Dhabi, UAE-- The Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has reviewed progress of the projects undertaken by the government in the emirate. The crown prince in this connection chaired a meeting of the council...

The two countries resolved to finalize a deal over Ethiopia's big dam on the Blue Nile in four months, a breakthrough after years of bickering between the two countries. The huge $4.2 billion dam has been at the heart of a regional dispute since Ethiopia broke ground on the project...

The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts.

Customs spokesman Lyu Daliang also pointed to outside forces having a "direct impact" on Chinese trade, with Beijing engaged in a long-running stand-off with the United States on a number of issues including trade and technology.

Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the UAE Banks Federation (UBF) to foster mutual cooperation in developing the financial sector. The aim is to establish the UAE as a major attraction for asset and wealth management in line with the...