The plan will boost Abu Dhabi's tourism market.

European Central Bank president Christine Lagarde said that a closely watched measure of eurozone inflation does not appear to have peaked yet, fueling expectations of further interest rate hikes. She told a hearing of the European parliament that the latest data suggests "indicators of underlying inflationary pressures remain high.

ISTANBUL, TURKEY -  Airlines will fly 4.35 billion passengers this year, close to the 2019 record as the industry bounces back from the Covid pandemic, an industry group said on Monday.The sector will also be back in the green, with net profits forecast to reach $9.8 billion in 2023, or double...

Tehran, Iran-- Iran has called for expansion of ties between Tehran and Ankara after the victory of the incumbent president of Turkey in the recently held elections in the country.The sentiment was expressed by Iran's foreign minister Hossein Amir-Abdollahian in a phone call with his Turkish counterpart Foreign Minister Hakan...

Consumer prices rose by 39.6 percent on an annual basis and were almost stable, at 0.04 percent, compared to the previous month, according to the country's statistics agency. However, these official figures -- the first since President Recep Tayyip Erdogan was re-elected on May 28 -- are challenged by independent...

Muscat, Oman-- Looking to entice investors to the country's fisheries sector, Fisheries Development Oman (FDO) is taking part in Saudi International Marine Exhibition and Conference (SIMEC) event, Aquafish Second Edition, with a plan to highlight Oman's flourishing fishing industry and lucrative investment opportunities it offers.The event, taking place from June...

On Sunday, lawmaker Mark Daou read a statement on behalf of a group of 32 legislators, endorsing Azour after weeks of negotiations "as a candidate that is not considered provocative by any political factor in the country". The same MPs had previously backed another presidential candidate, parliamentarian Michel Moawad, who...

Sharjah, UAE-- In order to supply water from Al Zubair station to Al Shanouf suburb, Sharjah Electricity Water and Gas Authority (SEWA) has concluded the extension project of a crucial main pipeline with a diameter of 800mm.This significant endeavour, initiated in mid-July 2022, utilised environmentally friendly materials to ensure water...

Al Hilal football club officials are in Paris to seal a mega-deal with Lionel Messi, who is leaving Qatar-owned Paris-Saint Germain. The officials will meet Messi's agent, Jorge, with the aim of completing the signing. One source said Saudi delegation has one goal: "to return with Messi official approval to...

Abu Dhabi, UAE--AD Ports Group has signed a 25-year agreement with the Singapore-based company Crystal Offshore, a recognised one-stop logistics solution provider to the marine & offshore Industry.Under the agreement’s terms, a 20,000 square metre plot of land and an associated quay wall in Khalifa Port will be allocated for...

Abu Dhabi, UAE--The Federal Tax Authority (FTA) has launched what it dubs as a ‘Corporate Tax Virtual Workshops’ awareness platform, designed to provide knowledge and support for taxpayers who are subject to corporate tax.The new feature forms part of the steps the FTA has taken to ensure a smooth implementation...

Analysts had largely expected OPEC+ producers to maintain their current policy, but signs emerged this weekend that the 23 countries may make deeper cuts.

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has successfully concluded its trade mission to India after five days of fruitful meetings and discussions with Indian business and industrial associations in New Delhi and Mumbai.The trade mission, organized by the Sharjah Exports Development Center, visited New Delhi...

The oil-rich country suffers from constant stand-offs between elected lawmakers and cabinets installed by the reigning Al-Sabah family. The opposition is taking part in Tuesday's vote in which 207 candidates, including 13 women, are standing, the lowest number of candidates in a legislative election since 1996.

"Transportation disruptions, market devastation and the absence of financing... will have catastrophic impacts on the food security of the people of Sudan and the surrounding region," said the head of the Khartoum-based Arab Organisation for Agriculture Development, Ibrahim al-Dakhiri. Although some farmers have sown crops like maize, millet or oilseeds...

Doha, Qatar--QatarEnergy, and its joint-venture partners TotalEnergies, Petrobras, and PETRONAS Petroleo Brasil Ltda. (PPBL) has signed the production sharing contract (PSC) for the Agua-Marinha block.The contract was awarded to the consortium on 19 December 2022 in the 1st Cycle Permanent Offer round by Brazil's National Agency of Petroleum, Natural Gas,...

Doha, Qatar-- Qatar Chamber and Turkish officials from the Trabzon Chamber of Commerce and Industry (TCCI) and the Manisa Chamber of Commerce and Industry (MCCI) have discussed ways to boost investment cooperation in a meeting in Doha.QC first vice-chairman Mohamed bin Twar Al Kuwari met at the chamber's premises with...

The UAE energy minister Suhail Mohamed Al Mazrouei said he expected the outcome of meeting to "balance the market and ensure we are ready for any challenges in the future". Analysts expected OPEC+ producers to maintain their current policy, but signs emerged that staying the course might fall short of...

Riyadh, Saudi Arabia--Saudi Arabia has been re-elected to represent the MENA region on the board of the Global Research Council (GRC) during its 11th annual meeting in The Hague, The Netherlands.Dr. Munir Eldesouki, the President of King Abdulaziz City for Science and Technology, will continue to represent Saudi Arabia at...

Abu Dhabi, UAE--Emirates Development Bank (EDB) has signed a memorandum of understanding (MoU) with the Abu Dhabi Department of Economic Development’s Industrial Development Bureau (IDB) to continue its support of the Financial Ecosystem Programme.The MoU signing took place on the first day of the at Make It in the Emirates...

BRUSSELS, BELGIUM -  The EU exported US$1.1 billion (€1.1 billion) worth of bicycles in 2022 (both electric and non-electric, a rise of 22 percent compared with 2021), according to Eurostat, the statistical office of the European Union on the World Bicycle Day.The imports were double the exports, with US$2.6 billion...

Three major chemical manufacturers announced that they will pay nearly $1.2 billion to settle claims that they contaminated water sources across the United States with harmful "forever chemicals" known as PFAS. Chemours, DuPont and Corteva said that they had "reached an agreement in principle to resolve all PFAS-related drinking water...

PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum, higher fossil fuel prices and energy security concerns drive expansion of solar and wind power, the International Energy Agency (IEA) said.The growth is set to continue next year with the...

Abu Dhabi, UAE -- The UAE's economic growth is expected to remain robust, averaging 4.6 percent from 2022 to 2024, driven by higher oil prices and improved business confidence, according to the Arab Monetary Fund (AMF). The AMF's "Arab Economic Outlook Report" forecasts a 4.2 percent growth rate for the...

RAS AL KHAIMAH, UAE -  Ras Al Khaimah Economic Zone (RAKEZ) successfully participated in the second edition of the Ministry of Industry and Advanced Technology's (MoIAT) Make it in the Emirates Forum.The forum brought together industry leaders, government officials and prominent stakeholders to discuss the role of industrial zones in...

Hiring in the United States heated up again in May, according to government data released, with the strong labor market defying expectations of a slowdown amid efforts to cool the world's biggest economy. The jobs market has been surprisingly robust even as regulators have worked to ease demand and tamp...

ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU) to implement the UAE’s Industrial Technology Transformation Index (ITTI) and deploy the index overseas for the first time.The move is part of the UAE's efforts to accelerate decarbonization and digitalization...

Analysts are now divided over whether Saudi Arabia and Russia will keep the group on course with its current output policy, or further curtail production. "The recent inconsistent rhetoric from the two heavyweights certainly threw the spanner in the works and it is hard to predict the outcome," said Tamas...

The acquisition is expected to complete by early 2024.

"In May, 33 vessels departed Ukrainian ports, half of the number compared to April. Only three of those departed from the port of Yuzhny/Pivdennyi, one of the three Ukrainian ports covered in the Initiative," Stephane Dujarric, spokesperson for UN Secretary-General said. He linked the slowdown at port of of Yuzhny/Pivdennyi...

Dubai, UAE - Dubai has scrapped the 10-day grace period for visitors whose tourist visas have expired, Arabian Business reported on Friday. Previously, individuals who overstayed their visas were allowed an additional 10 days in Dubai before facing penalties. However, Dubai has now followed other emirates in removing this grace period.Instead,...

Despite reaching an agreement in principle last October on a bailout package worth nearly $2 billion, talks with the IMF have stalled for months over demands to restructure public bodies and lift subsidies on basic goods. Saied said during a meeting with Prime Minister Najla Bouden that the current subsidy...

SHARJAH, UAE - The fourth edition of the Jewels of Emirates Show, the first Emirati exhibition dedicated to diamond jewelry, gold, silver, pearls, luxury watches, and perfumes commenced here on Thursday.The Expo Center Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI) is hosting the event.Leading...

US senators raced to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case scenario of an economy-cratering default seemingly avoided. The Treasury has warned it could run out of money to pay its bills by Monday, leaving no room for delays in enacting...

DUBAI, UAE -  The UAE is poised to play a pivotal role in global trade with its exports projected to reach around US$544 billion (AED2 trillion) by 2030, showcasing a robust annual growth rate of 5.5 percent. according to a Standard Chartered research study.The report, titled 'Future of Trade: New...

European Central Bank vice president Luis de Guindos on Wednesday previewed the slowing eurozone inflation rate, calling it "positive" but cautioning that "I would not say that the victory is there".

Riyadh, Saudi Arabia -- Saudi Arabia's merchandize exports decreased by 14.6 percent in Q1 2023, compared to Q1 2022, a report by the General Authority for Statistics (GASTAT) said. The value of exports amounted to SAR 313.5 billion ($83.6bn) in Q1 2023, down from SAR 367.1 billion ($97.86bn) in Q1...

ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a Letter of Intent (LoI) with Shahin in a move towards sustainable industrial development and promoting electric mobility.The LoI, signed at the Make it in the Emirates Forum on Wednesday, underlines the country’s commitment to decarbonization...

PARIS, FRANCE -  Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy security concerns fueled the deployment of solar and wind systems, the International Energy Agency said on Thursday.Global additions of renewable energy capacity are expected to rise by 107 gigawatts to...

Riyadh, Saudi Arabia - The number of SMEs in Saudi Arabia increased by 4.8 percent in the first quarter of 2023, reaching a total of 1.2 million, Saudi Arabia's General Authority for Small and Medium Enterprises (Monsha'at) reported on Wednesday. This growth was driven by the launch of 88,858 new SMEs...

Dubai, UAE -- A total of 137 companies operating from the UAE were fined AED65.9 million for failing to comply with the anti-money laundering and combating the financing of terrorism (AML/CFT) legislation.The Ministry of Economy fined these companies, which are operating in the UAE's non-financial business or professions (DNFBP) sector,...

Gita Gopinath said she believes there are grounds to provide subsidies to help stimulate innovation. Gopinath's intervention into the debate on subsidies follows frustration in Europe over US President Joe Biden's major climate plan, which grants generous subsidies to new electric vehicles manufactured in the United States.

Saudi largesse for the arts has boomed under the kingdom's Crown Prince Mohammed bin Salman, with billions pouring into previously taboo areas such as music, fashion and sports.

"With some hardliners in the Republican party coming out against the agreement (in a vote due Wednesday), its passage through Congress could be bumpy," warned AJ Bell investment director Russ Mould. "Weak Chinese data also contributed to a subdued market mood with Asian stocks a little sickly."

Abu Dhabi, UAE - ADNOC signed deals with more than 60 UAE-based and international companies to locally manufacture key non-oil products in its supply chain, local media reports said.The deals were signed at the Make it in the Emirates Forum in Abu Dhabi, and bring ADNOC closer to its target...

Abu Dhabi, UAE--AD Ports Group has signed a memorandum of understanding (MoU) with Abu Dhabi Residents Office (ADRO) to promote the benefits and initiatives which aim to attract and retain top talent in Abu Dhabi.The partnership will develop a joint strategy to inform relevant parties and employees about the benefits...

Tehran, Iran-- Terming the UAE as a reliable trade partner, Iran's Foreign Minister Hossein Amir Abdollahian said bilateral between the two countries are developing in both government and private sectors.He made the remarks during a meeting with Khalifa Shaheen Al Marar, Minister of State of the UAE on Tuesday afternoon....

Abu Dhabi, UAE: The UAE on Tuesday issued three new decisions to further smoothen implementation of the Corporate Tax in the country which is set to come into force on June 1. These include fresh rules on tax grouping, interest capping, and unincorporated partnerships.Younis Haji Al Khouri, Undersecretary of the...

Dubai, UAE-- The UAE government has launched an AI-powered chatbot that allows users to access information about government services in one place in Arabic and English.The “U-Ask” platform, a unified AI-powered chatbot, is now available on the official portal of the UAE government.Using generative AI technology, the platform allows users...

ABU DHABI, UAE  -  The Economic Integration Committee held its second meeting this year and discussed a range of key economic issues, including access to legislation supporting the growth of new economy sectors in the UAE.The meeting was chaired by Abdullah bin Touq Al Marri, Minister of Economy, and attended...