Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking economic policies, which have helped to attract investment and promote foreign trade. He also noted that the UAE's GDP per capita has grown by an unprecedented rate of 24.7 percent...

Abu Dhabi, UAE-- The emirate of Abu Dhabi has approved the disbursement of housing benefits worth US$844 million to citizens in order to lift up their standard of living.In this connection, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi...

Doha, Qatar--Qatar has been elected to be the chairperson of the International Civil Aviation Organization (ICAO)'s Technical Cooperation Committee (TCC).Representatives of ICAO council member states elected Qatar's candidate and Permanent Representative in the Council Essa Abdullah Al Malki as the chairperson of the ICAO Technical Cooperation Committee, during the ICAO...

Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports from territory under its control. Oussama Hamad blamed the UN-recognized government in Tripoli for wasting energy revenues. He warned that the government is ready to take more steps, including an...

In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge in May to 1.9 million barrels per day. According to its oil minister, the energy diplomacy and its strengthening relations with countries in Asia, Africa, and Latin America have helped...

Abu Dhabi, UAE-- Some 900,000 passengers are expected to pass through Abu Dhabi International Airport on more than 5,000 flights to and from 109 destinations spread over 59 countries.The projected numbers were released by Abu Dhabi Airports in anticipation of an increase in traffic at Abu Dhabi International Airport (AUH),...

BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling both governmental and private securities, according to the Prime Minister's financial advisor Mudhar Muhammad Salih.In an interview with the Iraqi News Agency (INA), Salih emphasized the center's role in Iraq's...

KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May to settle at US$130.6 billion (KD 39.6 billion).Local banks' private sector deposits increased by 0.6 percent to settle at US$119.4 billion (KD 36.2 billion), revealed the CBK's economic research department,...

RIYADH, SAUDI ARABIA - The Minister of Human Resources and Social Development and Chairman of the Board of Directors of the National Center for Non-Profit Sector, Eng. Ahmed bin Sulaiman Al-Rajhi, praised the contributions of the non-profit sector in achieving Saudi Vision 2030.The Saudi Arabian government has outsourced certain type...

DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts (REIT) privileges registry, and announced the opening of registration in it.Following the design and development of the online platform and the training the service centers to receive applications, local and...

Dubai, UAE--The Dubai Police and Dubai Islamic Bank (DIB) have signed an agreement to back the social initiative, "Bayti", with $5.44 million to support people with low-income in home construction and furnishing.The ‘Bayti’ initiative was recently launched by Dubai Police General Command, the Department of Islamic Affairs and Charitable Activities...

With violence escalating between Palestinians and Israelis, Morocco has postponed a meeting of Arab allies of Israel it was due to host this summer. According to the country's Foreign Minister Nasser Bourita a date for the meeting can be worked out when circumstances are more "favorable." The annual meeting was...

Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign vehicles crossing into the UAE by land at Al Ghuwaifat Port Station to be insured, from June 26, 2023.The vehicle owners driving into the country can now buy insurance online...

FRANKFURT, GERMANY -  Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine unit were worse than previously thought.The group scrapped its full-year profit target and said it was setting aside more than US$1.1 billion (1 billion euros) over the coming years to...

ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY) to US$118.5 billion (AED435.3 billion) at the end of April 2023 from US$107 billion (AED395.9 billion) at the end of April 2022, according to the Central Bank of the UAE’s...

A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I believe that additional policy rate increases will be necessary to bring inflation down to our target over time," Fed governor Michelle Bowman told a conference in Cleveland, Ohio, according to...

LONDON, UK -  The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to tackle stubbornly high UK inflation despite such a move worsening a cost-of-living crisis.The higher-than-expected hike to a 15-year high was the 13th increase in a row."There had been significant upside...

Dubai, UAE-- The UAE and France have reiterated their commitment to widening cooperation in important fields and sectors. The resolve was renewed at the 15th session of the UAE-France Strategic Dialogue held in Paris.The two countries discussed the status of the strategic bilateral investment partnerships, which were signed in December...

Cairo, Turkey – Suez Canal revenue surged by 35 percent to $9.4 billion in the financial year 2022-23, up $7 billion from the previous year, Suez Canal Authority (SCA) Chairman Osama Rabie said on Wednesday.Addressing a press conference on Wednesday, Rabie attributed the Suez Canal's revenue increase to the crisis...

Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of 11.5 million passengers from the same period in 2022, when about 20.4 million passengers were recorded, according to the Central Bank of the UAE (CBUAE).Indicating that the civil aviation sector...

The Turkish leader pushed the central bank to start slashing interest rates two years ago as part of a "new economic model" that focuses on job creation and economic growth. The policy badly backfired and nearly cost the veteran Turkish leader last month's general election. The annual inflation rate reached...

Amid continuous divisions plaguing the country, France's new envoy for Lebanon, Jean-Yves Le Drian, landed in Beirut to hold talks with its leaders. The envoy's three-day visit comes a week after Lebanese lawmakers failed for a 12th time to elect a new president, drawing condemnation from the international community.

Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to draft and adopt practical initiatives and projects that will enhance the UAE's readiness for the future.The launch took place during the first meeting of the UAE Future Network, with the...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...

The energy company will pay US$462 million for the buyout.

The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to a peaceful place. Dive into an in-depth analysis from TRENDS.

It is expected to propel Qatar as an investment hub.

After gaining independence from Sudan in 2011, South Sudan descended into a civil war that left nearly 400,000 people dead and millions displaced between 2013 and 2018. A peace agreement signed in 2018 provided a power-sharing agreement between rivals Salva Kiir and Riek Machar in a government of national unity.

The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place.

DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released by Dubai's Land Department (DLD) showed.The market also recorded 130 mortgage deals totaling US$732 million (AED2.69 billion), and 21 gift deals amounting to US$59.5 million (AED218.56 million).The sales included 566...

ABU DHABI, UAE -  The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly basis to reach US$172 billion (AED631.63 billion) at the end of April 2023, marking the largest level ever in its history, the apex bank said in its budget report for...

The first phase works, costing $200m, likely to completed in 30 months.

DUBAI, UAE -  Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada on the region’s international financial exchange, further solidifying Dubai’s position as one of the largest Sukuk listing venues globally, with a total value of US$77 billion.To celebrate the successful listing...

Saudi-Iran peace deal will reduce tensions in the region and would solve some of the problems if not all, says US Secretary Antony J. Blinken in an interview.

Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023 and 2024 after witnessing a nearly 4 percent drop in 2022 to $64 billion, a World Bank report said.The remittances are likely to increase by 1.7 percent in 2023 and...

Tehran, Iran-- Looking to give a further boost to the relations between the two countries, Iran's Foreign Minister Hossein Amir-Abdollahian arrived in Doha to discuss bilateral relations, as well as major regional and international developments, with high-ranking Qatari officials.Amir-Abdollahian left Tehran for Qatar’s capital late Monday on an official invitation...

The financial assistance would allow Tunisia to "acquire the necessary equipment and organize useful training, in particular for Tunisian police and border guards", French Interior Minister Gerald Darmanin said. He defended the "European approach to the migration challenge" and said that alongside African authorities, they would "fight against the networks...

Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the first quarter of 2023, an annual increase of 7.31 percent against about $165 billion in March 2022, according to figures by the Central Bank of the UAE (CBUAE).The apex bank's...

Saudi-Iran peace deal will reduce tensions in the region and would solve some of the problems if not all, says US Secretary Antony J. Blinken in an interview.

MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday.The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global...

Indian carrier IndiGo said it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show. With a list price of $55 billion- the actual sale prices are usually lower- the deal is the largest ever civil aviation order and a "historic" step for both firms,...

RIYADH, SAUDI ARABIA -  The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million (SAR 1.15 billion) in Q1 2023, from US$381 million (SAR 1.43 billion) in the same period last year, the Capital Market Authority (CMA) said in a recent report.Revenues fell 2...

Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the end of the year, according to Russia's deputy Prime Minister Alexey Overchuk."Now, indeed, the EAEU has come very close to concluding such an agreement with Iran. This issue was touched...

Riyadh, Saudi Arabia-- Saudi Arabia has unveiled its own cruise-line brand called AROYA Cruises to fuel growth in its tourism sector, luring 1.3 million cruise visitors by 2035.According to media reports, AROYA, though a part of Cruise Saudi, will run as an independent business unit. Its name was formed by...

Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of economic stimulus to go with two interest rate cuts. Expectations have been high that officials would provide help for the struggling property sector and introduce measures to kickstart consumer activity.

France says the two-day summit, which begins on Thursday and will bring together some 50 heads of state and government, was more of a platform for ideas sharing ahead of a cluster of major economic and climate meetings in the coming months. With fewer leaders from wealthier countries attending, Friederike...

Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement to deepen collaboration.The agreement was signed by Mohammed Abdullah Al-Salami, Chairman, Department of Civil Aviation, in Fujairah, GCAA Deputy Board Chairman, and Juan Carlos Salazar, ICAO Secretary General.This came during Al...

The "agreement in principle" would see the semiconductor firm build the facility in southern city Kiryat Gat that would open by 2027 and operate at least until 2035, Israel's finance ministry said. As part of the deal, Intel's taxes to Israel would rise from five to 7.5%, the finance ministry...

DUBAI, UAE -  Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has inaugurated the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park.This will be the largest single-site solar park in the world with a...

Results were due to a fall in insurance services expenses.