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.

It won US$975mn artificial island construction contract.

Dubai, UAE-- Aiming to boost trade and economic cooperation with New Zealand, Dubai Customs held a meeting with diplomats and economists from there to explore potential for economic growth.Ahmed Mahboub Musabih, Director-General of Dubai Customs and CEO of Ports, Customs, and Free Zone Corporation, engaged with a delegation of New...

Abu Dhabi, UAE - The balance sheet of the Central Bank of the UAE (CBUAE) surpassed AED594 billion ($161 billion) by the end of March 2023, marking the largest level ever in its history, a CBUAE report has revealed.In its budget report for March 2023, the apex bank said that...

Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet appointing market-friendly politician Mehmet Simsek as finance minister.

The Paris-based organization forecast an economic expansion of 2.7 percent, up from 2.6 percent in its previous report in March, with upgrades for the United States, China and the eurozone. But it is still under the 3.3 percent growth recorded in 2022.

The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil sector growth, says the latest IMF report.

Doha, Qatar-- Rich Qataris are pouring millions of dollars into the country's luxury real-estate market, with residential sector and office sector being their main investment target.The conclusion was drawn in a report "Destination Qatar" prepared by leading global property consultancy, Knight Frank.With Qatar boasting the fourth highest GDP per capita...

Abu Dhabi, UAE-- Abu Dhabi has succeeded in curbing the use of plastic bags by around 95 percent since the banning of the single-use bags in June 2022.The Environment Agency – Abu Dhabi (EAD) claims it has prevented over 172 million bags from entering the environment.In 2020, EAD introduced the...

Tehran, Iran-- With the restoration of diplomatic ties between Iran and Saudi Arabia, the talk in government circles in Tehran is now focused on cooperating with Riyadh on peaceful nuclear technologies.A hint of the potential cooperation between the two former adversaries came in a tweet by a media outlet considered...

Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to list their green or sustainability-linked bonds or sukuk in a local market from registration fees for the year 2023.The decision aims to highlight the actions taken by the UAE in...

A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a 10-gigawatt (GW) capacity onshore wind farm in Egypt, costing more than US$10 billion. The 10 GW plant will save Egypt some $5bn in natural gas costs a year.

Italian Prime Minister Giorgia Meloni said Rome backed efforts to secure an IMF bailout for Tunisia and support to tackle its growing migrant problem. She was speaking after talks in Tunis with President Kais Saied whose country is going through a dire financial crisis, political tensions. Tunisia is also a...

Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership with the American University of Sharjah (AUS) in a move to advance crypto adoption in the UAE. The partnership will see the establishment of a scholarship fund that is likely...

DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from 1.7 percent  (in January 2023), thanks to greater-than-expected flexibility in major economies.In its latest report released in June 2023, the World Bank also expected the global growth to reach 2.4...

NEW YORK, US -  US securities regulators sued Coinbase on Tuesday, alleging that the cryptocurrency platform's failure to register as a securities exchange venue exposed investors to risk.The complaint comes on the heels of Securities and Exchange Commission (SEC) charges filed on Monday against cryptocurrency exchange Binance and founder Changpeng Zhao for...

Hanoi, Vietnam-- With an eye on boosting trade and economic ties between the two countries, the UAE has formally begun negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) with Vietnam.The agreement once it has been completed will push the bilateral non-oil trade between the UAE and Vietnam beyond US$8.7 billion.Leading...

Dubai, UAE-- Airline industry is expected to clock net profits in the region of $9.8 billion in 2023, which is more than double the previous forecast of $4.7 billion, according to the International Air Transport Association's (IATA) outlook for 2023.Airline industry operating profits are expected to reach US$22.4 billion in...

Polls opened on Tuesday in Kuwait's seventh general election in just over a decade, following repeated political crises that have undermined parliament and stalled reforms. More than 793,000 eligible voters will have the chance to determine the make-up of the 50-seat legislature in the Gulf state.