Dr. Sultan bin Ahmed Al Jaber believes that the Caribbean region will have a key role at COP28 in bringing countries together and contributing to a consensus-driven approach across "every climate pillar." He affirmed a just energy transition can be delivered that embraces clean technologies, without sacrificing energy security or...

Abu Dhabi, UAE - The total direct and indirect economic impact is estimated at AED 48 billion ($13 billion) the UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi told  the Emirates News Agency (WAM).  Al Zeyoudi said that the UAE is one of the largest...

Its net profit dropped 21% to US$1.21bn in 2022-2023.

The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008), the UK (1230) and the US (2075), according to the UN Investment Report 2023. UAE's impressive numbers led to an increase of the projects in West Asia by two thirds.

According to the TUIK state statics agency, the rate slowed from 39.6% in May. But a separate study released by independent economists from the ENAG group who question the official data put the June figure at 108.6 percent, up from 105.2% in May. The official rate has been steadily dropping...

Baghdad, Iraq-- Iraqi President Abdul Latif Rashid has emphasized the need for reinforcing partnership with Iran in the fields of trade and energy. The president made the remarks during a meeting with an Iranian delegation headed by deputy foreign minister Bagheri Kani in Baghdad. Rashid accentuated the imperative of reinforcing...

Vienna, Austria-- Egypt plans to drill new gas wells in the Mediterranean Sea and the Nile Delta as part of its ambitious $1.8 billion offshore exploration program. According to Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources, the country is developing several exp fields in the Mediterranean Sea,...

Making a strong push for transition to a green economy by building a clean energy infrastructure, Dubai saw the launch of the first phase of the plant at Warsan. Speaking at the site, the crown prince of Dubai said that the emirate has steadily expanded its capacity to produce energy...

Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into the depths of the crisis.

Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into the depths of the crisis.

Dubai, UAE--The UAE's financial advisory market is expected to reach a market volume of nearly $239 billion by the end of this year. According to Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., the UAE's ultra-high-net-worth individuals (UHNWI) demographic is projected to grow at a compound annual growth...

The Shanghai Cooperation Organization -- which on Tuesday welcomed Iran as its ninth member -- encompasses a vast stretch of the globe from Moscow to Beijing and includes around half the world's population when observer and "dialogue partner" nations are included. Created in 2001 to discuss security and economic matters,...

Manama, Bahrain--The Electricity and Water Authority (EWA) of Bahrain has invited bids for a $53.19 million tender to upgrade the Ras Abu Jarjour reverse osmosis desalination plant. International companies vying for the project will be required to submit their competitive technical and financial bid, within the latest international standards, said...

The focus of the discussion between the two was war refugees and a crackdown on cross-border smuggling, according to Jordan's foreign ministry. The diplomat's visit comes amid an increasing regional engagement with the Assad regime, peaking with Syria's return to the Arab League after years of isolation since Syria's war...

Riyadh, Saudi Arabia--Former Liverpool captain Steven Gerrard is the latest star name to make the move to Saudi Arabia after signing a deal to become head coach of Al-Ettifaq. The 43-year-old has been out of the game since being sacked by Aston Villa in October. Gerrard had previously said he...

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA) signed a Memorandum of Understanding (MoU) aimed at fostering mutual growth and development within the food and agriculture sectors of the UAE and India. The MoU was signed by Group...

KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready to start drilling in a disputed gas field in the resource-rich Gulf. Kuwait insisted it held "exclusive rights" to the maritime field along with Saudi Arabia, after the neighboring countries...

Investcorp buys majority stake in SEC Newgate for $100m.

The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency (SPA) reported, citing an energy ministry source. "The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting...

In Beijing, Yellen will discuss how the United States views its economic relationship with China, a senior Treasury official said Sunday. She will meet with senior Chinese officials and leading US firms, the American spokesperson said without providing specifics.

The shareholders approved to distribute an 8.3% dividend.

The shareholders elected a new board of directors as well.

Beirut, Lebanon--Beirut motorists pull up to a drive-through counter -- not for fast-food, but to exchange empty bottles and cardboard for cash, a novelty in a country long plagued by garbage crises. Festering landfills often overflow in crisis-hit Lebanon, waste is burnt illegally at informal dump sites and rubbish floats off...

While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic growth with the IMF and the World Bank projecting the country's economy to grow by 3.6 percent and 2.8 percent respectively. The economy will continue to benefit from tourism and...

BAGHDAD, IRAQ -   Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a statement. The preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO) revealed that total crude oil exports in June generated revenue of approximately US$7.115 billion. The majority of these...

Riyadh, Saudi Arabia--Saudi Arabia will take part in the 15th Arab Games, "Algeria 2023," which is set to commence next Wednesday. Algeria will host the event until July 15th, with the involvement of all Arab nations. Saudi Arabian athletes will compete in 17 different sports, including 14 Olympic disciplines, such...

France has been rocked by a major wave of violent street protests sparked by the fatal police shooting of a 17-year-old of Algerian origin, identified only as Nahel M., in the Paris suburb of Nanterre on Tuesday. The government has deployed tens of thousands of security forces and made hundreds...

Tehran, Iran-- Iran has earned revenue to the tune of $54 billion last year from the export of oil, according to US Energy Information Administration (EIA) estimate. OPEC members earned about $888 billion in net oil export revenue last year. That’s what the US Energy Information Administration (EIA) estimates in...

Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion at the end of the first quarter of 2023. The GDP at constant price was $21.71 billion in the first quarter of 2022, according to the initial data issued by...

The decision was made "to address extreme levels of data scraping" and "system manipulation" by third-party platforms, Musk said in a tweet Saturday afternoon, as some users quickly hit their limits. The company is limiting verified accounts to reading 10,000 tweets a day and non-verified users are limited to reading...

Citing a military source, Syrian state news agency SANA said that Israel carried out air strikes near the government-held city of Homs. The air strikes hit "some points in the vicinity of the city". Israel, during more than a decade of war in Syria, has launched hundreds of air strikes,...

AMMAN, JORDAN  -  The pharmaceutical and medical supplies sector of Jordan has experienced an impressive 29.7 percent growth in exports during the first five months of this year compared to the corresponding period last year. Fadi Al-Atrash, the sector's representative at the Jordan Chamber of Industry, revealed that exports from...

GABORONE, BOTSWANA -  Botswana has reached an eleventh-hour deal with diamond giant De Beers after months of tense negotiations that saw the continent's top producer threatening to cut ties with the storied company. The Botswana government and Anglo-American, the majority owner of De Beers, have reached an "agreement in principle", the...

New York, US--The Arab Group has welcomed the adoption by the UN General Assembly by consensus of a resolution on continuing intergovernmental negotiations on reforming the UN Security Council  during the next session. The step will allow member states to continue working collectively, in order to formulate a common understanding...

Amman, Jordan-- Trade between Jordan and non-Arab Asian countries has shot up in the first quarter of 2023, with the value of the kingdom's exports to the countries surging to about $1.16 billion, compared to about $1.07 billion for the same period last year, according to foreign trade data issued...

A former assistant of Riad Salameh, the governor of Lebanon's central bank, has been charged with money laundering by France. Last year, France, Germany and Luxembourg seized assets worth $130mn in a move linked to a probe into Salameh's wealth. He is accused of having amassed a fortune during his...

PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision of accelerating the shift to green energy to tackle the growing threats posed by climate change. The two countries are working together on low-carbon energy solutions, he said,  expressing his...

VIENNA, AUSTRIA -  A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected to significantly strengthen energy security in northwest Tanzania. The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid, replacing the current energy...

RAS AL KHAIMAH,  UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies in the second quarter of 2023. This robust growth represents a remarkable 132 percent increase compared to the same period in 2022, further cementing RAKEZ’s role as an accelerator for...

Pakistan's negotiations with the IMF for the last tranche of a $6.5 billion bailout package agreed in 2019 stalled in November, with the government making last-minute changes to the national budget to meet the deal's requirements. That package expires on Friday, and the new agreement builds on the IMF's efforts...

The International Monetary Fund warned in a report that Lebanon's failure to implement reforms could have "irreversible" consequences for the crisis-hit country and risks jeopardizing economic and social stability. Lebanon has been mired since 2019 in an economic collapse that has seen the local currency lose around 98 percent of...

Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department said Thursday, making a significant upward revision to earlier estimates partly on stronger-than-expected consumer spending. While GDP growth in the world's biggest economy has still cooled from 2.6 percent in...

Geneva, Switzerland - United Nations Conference on Trade and Development (UNCTAD) said the COVID-19 pandemic, Ukraine crisis and the climate crises are having a devastating effect on progress towards the SDGs. The UNCTAD released the fifth edition of its annual SDG Pulse, a global reference for tracking progress towards achieving...

In early June, European Union countries reached agreement on a long-stalled revision of the bloc's asylum rules. It aims to share the burden of hosting asylum seekers across EU countries, with those refusing to do so having to pay money to the ones that do. Poland and Hungary, which were...

MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience of developing member countries in Asia and the Pacific, said a Partnership report. The Partnership Report 2022: Driving Growth, Boosting Resilience showcases how ADB and its partners are helping developing...

Baghdad, Iraq-- An advisor to Iraq's Prime Minister said the country has effective price monetary policy tools to manage public funds. Mudher Muhammed Salih, the advisor to the Prime Minister for Financial Affairs, emphasized the effectiveness of quantitative and price monetary policy tools in managing public funds and discussed factors...

The Fed recently paused its aggressive cycle of rate increases after 10 consecutive hikes, to give policymakers more time to weigh the effects of existing moves on inflation. At the same meeting, a majority of members on the Fed's rate-setting committee indicated they see interest rates rising twice more before...

The central bank has hiked rates at the fastest pace ever over the past year in a bid to cool inflation after Russia's war in Ukraine sent energy and food prices surging.

Wall Street popped higher Tuesday after a string of readings soothed concerns about a possible recession, while traders were also cheered by Chinese growth pledges. However, reports that Washington could block the export of artificial intelligence chips to China weighed on sentiment.

Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven by higher oil prices and increased production by GCC countries, a report by Emirates NBD said. The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6...