DUBAI, UAE  - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has launched its third report on the emirate's digital economy.The Dubai's Venture Capital Ecosystem report provides an overview of the investor landscape backing the start-ups and scale-ups that are transforming Dubai and the...

Cairo, Egypt--The Arab League has called for efforts to confront drought and desertification in light of number of Arab countries lacking water resources, which resulted in land degradation and lack of agricultural land.This came on the occasion of the 29th World Day to Combat Desertification and Drought, themed "Her Land....

Foreign currency reserves, representing 94 percent of total assets, fell nearly 2 percent year-on-year in May to SAR 1.56 trillion ($416 billion). The majority of Saudi Arabia's reserve assets are held in US dollars (about 70 percent)

St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to ensure a sustainable and prosperous future for generations to come.This was stated by Sheikh Saud bin Saqr Al Qasimi, supreme council member and ruler of Ras Al Khaimah, in a...

Doha, Qatar-- In order to remove obstacles facing the gold and jewellery sector in the country, Qatar Chamber has reviewed the results of a survey conducted by the chamber's Gold and Jewellery Committee last month.Qatar Chamber board member and Chairperson of the Gold and Jewellery Committee Naser bin Suleiman Al...

According to a report by the FAO, the world food import bill is forecast to touch a new record this year, although it is estimated to grow at a much slower pace compared to last year. This at a time when surging world prices fueled by higher quotations for fruits,...

DOHA, QATAR- The Industrial Production index (IPI) of Qatar for April 2023 reached 106.4 points which is an increase of 2.8 percent compared to the previous month (March 2023), and increased by 2.1 percent, when compared to the corresponding month in 2022.The index of the mining sector showed an increase...

ABU DHABI, UAE -  Abu Dhabi Department of Economic Development (ADDED) has partnered with Valeo to develop the automotive industry here by establishing a technology hub to manufacture autonomous and electric car components in the emirate.The hub will develop industrial solutions to support local electric car startups in Abu Dhabi...

London, UK--Volume of trade exchanges between the UK and Iraq has exceeded one billion dollars and imports and exports between the two nations have been significantly growing, a senior British official said on Friday.Lord Tariq Ahmad, the British Minister of State for the Middle East, North Africa and South Asia,...

Abu Dhabi, UAE-- The number of private joint-stock companies which listed in the UAE's capital markets during 2022 went up to 13, with a total capital of US$2.24 billion, according to the Securities and Commodities Authority (SCA).In a recent report, the SCA said that the companies are divided into 12...

Tehran, Iran-- In spite of the US sanctions against the Islamic Republic, Iran has seen a huge surge in the export of crude oil in 2023 to China, Syria, Venezuela, according to reports.According to media reports, Iranian crude shipments continued to rise in 2023 with higher shipments to China, Syria...

Riyadh, Saudi Arabia-- Saudi Arabia is aiming to establish a slew of business partnerships in healthcare and mining sectors with companies in the UK, Germany, besides discussing humanitarian cooperation in Spain.In this connection, Saudi officials are engaged in productive meetings to strengthen partnerships and explore collaborations. Saudi minister of health discussed...

Ras Al Khaimah, UAE-- Looking to boost economic cooperation and convince businesses across India to invest in the free zone, Ras Al Khaimah Economic Zone (RAKEZ) toured various cities in the country, offering an overview of the potential of expanding their operation in the Middle East through Ras Al Khaimah....

DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted during the week ending June 16, 2023, according to figures released by the Dubai Land Department (DLD).The DLD report showed that 189 plots were sold for US$620 million (AED 2.28...

Bicycle Capital is a growth equity firm focusing on startups.

DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a new international representative office in London, UK.The launch of the new office, which is DIC’s first representative office in Europe and 20th globally, marks a significant step in the chamber’s...

Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's Emiratization Survey 2023, titled "The Retention Riddle: How to keep Emirati talent in the private sector." The survey sheds light on the efforts made by the UAE to enhance Emirati...

Sheikh Tamim bin Hamad Al-Thani was welcomed by Prime Minister Mohamed Shia al-Sudani at the airport, images broadcast on Iraqi media showed. Relations between the two countries saw a long period of tension under ousted dictator Saddam Hussein, before easing up over the past decade.

The Bank of Japan (BoJ) has gone against the grain set by the Fed and ECB, announcing on Friday that it would maintain its long-standing, ultra-loose monetary policy as it looks to boost economic growth. Officials left the bank's negative interest rate in place, pushing down the value of the...

COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout kicked in, official figures showed Thursday.The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022, and a decline of 12.4 percent...

DUBAI, UAE :   In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to the same period in 2022, making it the strongest start to a year since 2015.All Audi sedan and SUV models have experienced significant year-on-year growth; with Audi Approved Plus vehicles...

Insurance services results in Q1 improved by US$55 million.

The hike was the highest since 2001, despite a darkening economic outlook. The ECB increased rates by another 25 basis points, taking the closely watched deposit rate to 3.50 percent -- its highest level since 2001. "Inflation has been coming down but is projected to remain too high for too...

Dubai, UAE -- Saudi Arabia’s inflation increased by 2.8%, compared to May 2022, slightly higher than April 2023 (2.7 percent), the kingdom's General Authority for Statistics (GASTAT) said Thursday.The main driver of Consumer Price Index inflation in May was the higher prices of housing, water, electricity, gas, and other fuels...

JV to develop accommodation project in Abu Dhabi island.

The US central bank, as expected, opted to hold its benchmark lending rate between 5.0 percent and 5.25 percent. But forecasts from policymakers indicated strong support for two more hikes in 2023. Major indices tumbled just after the policy statement was released but recovered somewhat later during Fed Chair Jerome...

In Venezuela, Raisi and Venezuelan leader Nicolas Maduro announced that they signed 25 accords, across sectors ranging from education and health to mining. Nicaraguan President Daniel Ortega said he and Raisi signed a "basic memorandum of these steps that we are going to continue developing" to increase exchange between the...

Exhorting the Security Council to adopt what she called as innovative attempts to address the interplay between climate change, peace and security, Mariam Almheiri, UAE's Minister of Climate Change and Environment, warned that the threat of climate change was not a hypothetical scenario but a "risk multiplier" and many were...

Lebanese authorities say the country hosts around two million Syrians, while more than 800,000 are registered with the UN -- the highest number of refugees per capita in the world. Refugees living in agricultural lands in eastern Lebanon told that no matter how dire their situation, they could not return...

Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against a 3.9 percent jump in 2021, on the back of high oil prices.The kingdom's economy successfully emerged from the Covid-19 crisis and the policies undertaken by the government accelerated the...

Tehran, Iran--Qatar and Iran are looking to boost monetary and banking cooperation that would propel all-round development of trade between the two countries.In this connection, the governors of the central banks of the Islamic Republic of Iran and Qatar held talks in Doha.Iranian central bank governor Mohammad Reza Farzin traveled...

Dubai, UAE-- Dubai Airshow 2023 will show off the latest trends in the advanced aerial mobility (AAM) market as disruptive methods of aerial transportation are becoming the future of aviation.Set to take place from 13-17 November 2023 at Dubai World Central, Dubai Airshow Site, the show will give a peek...

"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...