"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance," IEA Executive Director Fatih Birol said in a statement. "Oil producers need to pay careful...

Albany, New York-- The UAE has reiterated its resolve to strengthen economic and cultural ties with New York and the US as both countries seek to advance the transition to clean energy.The renewal of the commitment was made during a visit by Amna Binzaal Almheiri, UAE Consul General in New...

Continuing with its crackdown against drug traffickers in the country, Iraq security forces on Tuesday said they had taken into custody a smuggler and seized some 44,000 captagon tablets meant for sale. Iraq has seen a surge in the consumption of the amphetamine-like drug in recent years as it grapples...

Dubai, UAE-- The UAE has set its sights on regulating the energy providers market as a step toward developing the country's energy infrastructure and enhancing environmental sustainability.The initiative is a vital component of a new policy that aims to ramp up investments in the energy sector, encouraging innovation, and developing...

Riyadh, Saudi Arabia-- Saudi Arabia vaults to the 13th position on the air connectivity index of the International Air Transport Association (IATA) in 2023, up from the 27th position in 2019.In the ranking that includes over 200 countries, the Kingdom achieved a record rise by 14 places. It achieved its...

WASHINGTON, US - Consumer inflation in the United States cooled for an 11th straight month in May, the Labor Department said on Tuesday, in an encouraging sign for policymakers seeking to rein in price increases.The consumer price index (CPI), a key gauge of inflation, jumped 4.0 percent from a year ago,...

A landmark deal in 2015, formally known as the Joint Comprehensive Plan of Action (JCPOA), gave Iran sanctions relief in exchange for curbs on its nuclear program to guarantee that Tehran could not develop a nuclear weapon -- something it has always denied wanting to do.

Aim is to enhance trade between the UAE and Kazakhstan.

Stock markets jumped after data showed US inflation slowed further in May, raising hopes the Federal Reserve will pause its interest rate-hike campaign. Wall Street indices advanced at the open while European markets climbed after official figures showed US consumer prices rose by 4.0 percent year-on-year in May, compared to...

War-torn Libya is regularly criticised for its handling of migrants, with rights groups alleging horrific treatment by smuggling gangs and inside state-run detention centres. Libya is a key launchpad for migrants who are often fleeing conflict and poverty in sub-Saharan Africa. They seek to reach Italian shores just 290 kilometres...

Dubai, UAE-- The UAE'S Ministry of Human Resources and Emiratisation (MoHRE) has extended the deadline for private sector to hire local employees from June 30 to July 7.MoHRE said this decision was taken by taking into consideration the Eid Al Adha holiday, which falls on the fourth week of June,...

Dubai, UAE-- The UAE and South Korea are aiming to foster cooperation to promote entrepreneurship and support growth of small and medium enterprises in the two countries' markets.In this connection, Abdullah bin Touq Al Marri, Minister of Economy, held a bilateral meeting with Lee Young, Minister of SMEs and Startups...

The EU offered a 900-billion-euro aid package -- contingent on Tunisia reaching an IMF deal. But Tunisian President Kais Saied has repeatedly refused "diktats" from the IMF and the US has led accusations that the birthplace of the Arab Spring is falling to authoritarianism after the dissolution of parliament and...

Dubai, UAE--The UAE and Russia have held the second round of negotiations on the double taxation agreement on income and capital. The talks follow the ministry’s efforts to further strengthen cooperation frameworks for tax matters, provide full protection to taxpayers from double taxation and avoid the obstruction of the free...

DUBAI,  UAE -  Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has announced a new initiative to help tech companies set up in Dubai.The initiative will provide a comprehensive package of services designed to support tech and digital startups, SMEs, and multinational corporations planning...

The new bill earmarked 12.7 percent of the budget to the oil-rich autonomous Kurdistan region of northern Iraq. It follows long-standing tensions with Kurdish leaders who had previously denounced amendments relating to oil in the budget, resulting in repeated delays to the vote.

SHARJAH, UAE -  Sabaa Sanabel wheat flour, made from the wheat produced here, has become the first national product to obtain the Made in the UAE mark.Sabaa Sanabel wheat flour has met the highest quality and safety standards in force in the UAE, boosting its competitiveness in the market and...

Tokyo, Japan-- The UAE and Japan are looking to bolster economic, trade, industrial and investment ties as part of a broader strategic partnership between the two countries.In this connection, the UAE's Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met with Yoshimasa Hayashi, Minister for Foreign Affairs of Japan, and...

Tehran, Iran-- Bilateral trade between Iran and Turkey is expected to vault to US$15 billion by 2025 on the back of deeper cooperation with the private sector.According to a senior official in Iran’s Trade Promotion Organization (TPO) trade with Turkey will easily reach $15 billion in early March 2025 to...

Sharjah, UAE--The Hamriyah Free Zone Authority (HFZA) has signed a deal with Infinite Mining and Energy to set up a multifunctional oil refinery with a daily production capacity of 10,000 barrels and an annual refining capability of up to 3.6 million barrels.In this connection, Saud Salim Al Mazrouei, director of...

The coming months are likely to be "bumpy", warned UBS chief Sergio Ermotti on Friday, adding the integration will come with "waves" of difficult decisions, particularly regarding employment. The country's leading bank UBS was forced into a marriage to prevent its rival from going under, but it hasn't waited for...

Sharjah, UAE-- The Sharjah Electricity Water and Gas Authority (SEWA) has held talks with a US consulate-general delegation to explore efforts in promoting innovation in energy and water and developing sustainable solution for energy production using advanced technologies.In this regard, Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA, hosted a...

The Kingdom will invest more than $800 billion over the next ten years, the Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb said adding that tourists may acquire Saudi tourist visas electronically. Already, visitors from 49 countries have been allowed to obtain electronic visas , since the launch of tourism...

Abu Dhabi, UAE-- With the signing of the Comprehensive Economic Partnership Agreement (CEPA), the UAE exporters are expected to benefit more as they will gain more access to major sectors in Turkey like construction, metals, and their products, polymers, and other manufactured products.According to Abdulla bin Touq Al Marri, UAE...

Members of the rate-setting Federal Open Market Committee remain divided going into the meeting on June 13-14, with a minority still pushing for an 11th straight hike to fight inflation, which remains above the Fed's long-term target of two percent. The Fed has raised its benchmark lending rate by five...

HSBC joined the fray on Thursday, suspending certain home loans as it also sought to cope with significant new demand but stressed there was no change for existing customers. Inflation data has set off speculation that the central bank will ramp up its key interest rate even higher to contain...

Recycling, in rebel-controlled Syria, is rather a grim lifeline than environmental impulse for desperate residents searching for work or items they otherwise could not afford.

Riyadh, Saudi Arabia-- In order to ensure compliance with the goals of Saudi Arabia's Vision 2030, the National Industrial Development and Logistics Program (NIDLP) has come out with its annual report for the year 2022, reviewing achievements in the four core sectors of the economy: energy, industry, mining, and logisticsIt...

Doha, Qatar-- Qatar Finance and Business Academy and Morgan International have signed a memorandum of understanding (MoU) to provide training and upskilling solutions to individuals and organizations in Qatar's financial market.The collaboration will offer comprehensive training and upskilling solutions to individuals and organizations within Qatar's market, as well as provide...

London, UK-- Saudi Arabia and the UK have held discussions to boost trade and economic partnership between the two countries.The discussions were held during Saudi Arabia’s Minister of Commerce Dr. Majid Al-Qasabi visit to London, where he held a number of meetings with British ministers and leaders of major companies...

Abu Dhabi, UAE-- The UAE and Turkey economic ties have witnessed a great leap in the last decade with non-oil intra-trade between the two countries crossing $103 billion, divided into $56 billion in imports, about $35 billion in exports, and more than $13 billion in re-exports, according to Federal Competitiveness...

DUBAI, UAE -  Dubai Electricity and Water Authority (DEWA) ’s Research and Development (R&D) Center has developed an advanced, smart facility to simulate various leakage cases of water transmission pipelines.This allows evaluation, development and testing of new leak detection techniques.The center developed the facility using software and hardware, based on...

Dubai, UAE-- Qatar and Iran intend to expand cooperation in the fields of labor, employment, and exchange of skill-training experiences.The issue was discussed during a meeting between the Iranian minister of labor and his Qatari counterpart in Geneva, emphasizing the expansion of cooperation in the fields of labor, employment.The two...

Phnom Penh, Cambodia-- The UAE and Cambodia have agreed to boost economic ties, expanding the bilateral non-oil trade from the current US$ 407 million to more than US$1 billion within five years. The resolve to deepen trade ties was expressed during the visit of Dr. Thani bin Ahmed Al Zeyoudi,...

Although many ceasefires have been broken, yet the twenty-four truce is seen as a chance to give the people of Sudan a brief respite from the ongoing civil war. Saudi and US mediators have warned that failure to observe the ceasefire would force facilitators to consider adjourning talks in Jeddah.

Tokyo, Japan-- The UAE and Japan have discussed ways to strengthen the strategic partnership with a sharp focus on the energy ties between the two countries.The discussion was held in a meeting between the UAE Foreign Minister Sheikh Abdullah bin Zayed and Japan's Prime Minister Fumio Kishida in Tokyo, where...

Abu Dhabi, UAE--UAE's bank investments climbed to a record level, touching $149.35 billion by the end of March, the highest level in the country's history, a report by the Central Bank of the United Arab Emirates revealed.The report, issued today, showed a YoY growth of 16 % compared to about...

ABU DHABI,  UAE -  Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land lease agreement with Spain's Tubacex Group for the development of a state -of-the-art manufacturing facility for OCTG-CRA tubular solutions.This would be the first such manufacturing facility in the Middle East...

WASHINGTON, US -  The world's largest cryptocurrency exchange Binance said it was halting US dollar deposits and encouraged clients to withdraw their dollars by early next week, following charges leveled by the government.The US Securities and Exchange Commission on Monday charged the crypto giant with securities law violations that it said...

The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop to historically-normal levels for a sustained period. The Energy Profits Levy, introduced after Russia's invasion of Ukraine sent oil and gas prices surging, increased tax on profits from North Sea...

Expectations the Fed will stand pat next week -- for the first time since starting its hiking cycle last year -- pushed equities higher for most of the month, helped by the end of the US debt ceiling standoff. Confidence was dealt a blow this week by the Bank of...

Al-Jaber, who runs the Abu Dhabi National Oil Company (Adnoc), defended a COP28 roadmap that includes a "global goal to triple renewable energy, double energy efficiency, and double clean hydrogen, all by 2030." His comments came as numerous participants and observers in the UN climate negotiations have called on al-Jaber...

Hafize Gaye Erkan -- whose appointment was published in the official gazette on Friday -- has taken over the post from Sahap Kavcioglu. Under Kavcioglu's watch, the bank's policy rate was decreased to 8.5 percent. It had been at 19 percent in 2021.

Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission of inquiry will be established to shed light on how the Swiss authorities rapidly stitched together the merger of the wealthy Alpine country's two biggest banks over a weekend in...

DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has launched the International Partners Network, a platform to enhance cross-border dialogue and cooperation between DIC and trade promotion agencies, commercial attaches and business councils.The launch of the network was attended by over 100...

"Discussions will focus on the bilateral relations between the EU and to Tunisia," Commission spokesman Eric Mamer said. "An agreement on cooperation in the areas of the economy, energy and migration will be at the heart of those discussions."

Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote intra-trade.Mohammed Abdullah Al Shamsi, UAE Ambassador to the Republic of Peru, signed the deal on behalf of the UAE and Gervasi Díaz, Minister of Foreign Affairs, representing Peru.Al Shamsi pointed...

ABU DHABI, UAE -  The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit at the Barakah Nuclear Energy Plant in Abu Dhabi, has begun its operational readiness preparations.The operations team at Barakah have now commenced the operational readiness testing required to demonstrate the...

The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second consecutive quarter, figures from the EU's statistic agency showed. Eurostat revised down an earlier forecast that had predicted slight growth, after economic powerhouse Germany said last month it had fallen...

The Gross Domestic Product at current prices amounted to SAR 1 trillion ($267.95 billion) in Q1/2023. Crude petroleum and natural gas activities had the highest contribution to GDP with 26.7 percent, followed by government services activities with 15.3 percent and manufacturing excluding petroleum refining with 9.7 percent.