Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a vote in Congress this week. President Joe Biden and House Speaker Kevin McCarthy hammered out an agreement that saw both sides give ground, a week before a June 5 deadline.

DUBAI, UAE -  UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of the Global EV Market, a transformational project as per the performance agreements signed by federal authorities in 2022.The project was signed in the presence of Sheikh Mohammed bin Rashid Al...

Abu Dhabi, UAE -- The UAE pension authority clarified Tuesday that requests related to Shourak scheme, which enables Emiratis to merge end-of-service benefits when switching careers, will only be considered applicable for eligible insured Emiratis who submit their end-of-service employment applications to the General Pension and Social Security Authority (GPSSA)...

Dubai, UAE-- Some 27 million taxi rides were undertaken in Dubai in the first three months of 2023, up one million from the same period last year.According to the Roads and Transport Authority, the latest figures underscored the sector's “remarkable growth” over the past five years.The increase in journeys comes...

Sharjah, UAE--With an aim to bolster the country's capital markets, the Sharjah-based company Dana Gas has revealed that it will raise its foreign ownership limit to 100 percent.The company said that it had obtained the approval of the regulatory authorities to raise the percentage of foreign ownership from 49 percent...

Many residents said they could hear gunfire after dark on Monday, shortly before the ceasefire extension was announced. Earlier, they reported street battles in northern Khartoum, as well as artillery fire in the south of the city, where a plume of grey smoke was visible. The persistent fighting has impeded...

The company will follow it up with a listing on QSE.

Turkey's longest-serving leader surmounted a powerful opposition coalition, an economic crisis and anger following a devastating February earthquake to beat secular challenger Kemal Kilicdaroglu in Sunday's vote. But his four-point victory margin was Erdogan's narrowest of any past election, highlighting the country's sharp polarisation that the Islamic-rooted conservative will contend...

Dubai, UAE-- In order to fulfill demand for working capital in Africa, DP World has partnered with Standard Bank, the largest bank in Africa by assets, to offer trade finance solutions jointly with DP World Trade Finance.African companies looking for trade finance will now be able to seamlessly access working...

ABU DHABI, UAE - Abu Dhabi Quality Conformity Council (QCC) has joined Setup in Abu Dhabi, a comprehensive SME enabling platform, to support SMEs, providing local businesses with guidance and services related to export product standards and compliance.Setup in Abu Dhabi was  launched by Creative Zone in 2022 in collaboration...

The key deadline is June 5 -- when, according to Treasury estimates, the government will no longer have the funds required to pay all its debts and bills.

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has embarked on a landmark trade mission to India, marking a significant step in strengthening economic ties between the two nations.The trade mission's first leg commenced with the highly successful UAE-India Business Forum held in Mumbai, India's bustling commercial...

The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties.

Dubai, UAE-- In order to increase Dubai's water security and keep pace with the increase in demand, Dubai Electricity and Water Authority (DEWA) has commissioned a water reservoir in the Lusaily area. The project has a storage capacity of 60 million imperial gallons (MIG) and investments totalling $42.85 million.Saeed Mohammed...

Baghdad, Iraq--Iraq is looking to deepen cooperation with Iran in the transport sector and facilitate the movement of pilgrims between the two countries. The issue was discussed in a meeting in Baghdad between the Iranian and Iraqi ministers focusing on the ways to expand cooperation between the two countries.The meeting occurred...

The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties.

Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s Planning and Statistics Authority.  The figures, according to the Planning and Statistics Authority, reflect a 3.5 percent increase over March while a 35.6 percent decline on an annual basis.  The...

Prague, Czech Republic-- The UAE and Czech Republic have held discussions on deepening cooperation in wide-ranging vital sectors of common interest and explore opportunities for trade and investment between the two countries.This occurred in the presence of Ahmed Ali Al Sayegh, Minister of State, and Petr Fiala, Prime Minister of...

Ajman, UAE - The Ajman Chamber of Commerce and Industry (ACCI) has discussed expanding the trade and joint investment with Turkiye at the Ajman-Türkiye Business Forum.Organized by ACCI, the forum acted as a platform for exchanging experiences, expanding business networks, developing partnerships, and leveraging the opportunities available in both Ajman...

The agreement announced Saturday by President Joe Biden and Republican leader Kevin McCarthy after weeks of crisis talks offers a path back from the default precipice, but it is far from certain that the compromises it contains can garner the support it requires from both sides of the aisle.

President Joe Biden and Republican leader Kevin McCarthy announced a deal to raise the debt ceiling, dragging the United States back from the precipice of default with only a few days to spare. Congress will vote on the deal to extend the government's borrowing authority on Wednesday, just shy of...

In a country where political agreements are concluded after endless negotiations between political parties, the objection of the Kurds is delaying a parliamentary vote on the budget. The changes in budget text says the Kurdish region must first deliver 400,000 barrels of oil daily to the federal authorities, along with...

Iraq looks to have renewable energies cover a third of its electricity needs by 2030 and has signed several contracts for solar plants. Its huge oil reserves are enough to produce crude at current rates for another century, but as the world works to wean itself off hydrocarbons, the country...

Sharjah, UAE--More than 130 auto and tyre companies from China will take part in the second edition of the "UAE China Tyre & Auto Parts Expo" scheduled to begin next week at the Expo Centre Sharjah.The three-day event, which will begin on 29th May, is a joint endeavour supported by...

Tehran, Iran-- Urging OPEC member countries to preserve cohesion and unity among them, Iran's President Ebrahim Raisi said that several Western countries were seeking to divide OPEC member states.The Iranian president made the remark in a meeting with the Secretary-General of OPEC Haitham al-Ghais in Tehran on Saturday.Considering the constructive interaction...

Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set to eclipse oil production for the first time, according to a report by the International Energy Agency.The report noted that Investment in clean energy technologies is significantly outpacing spending on...

WASHINGTON, US - President Joe Biden said that Democratic and Republican negotiators were on the verge of resolving a debt ceiling standoff, as the deadline for a potentially catastrophic US default was pushed back to June 5."It's very close and I'm optimistic," Biden told reporters at the White House on Friday....

ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during the Electric Vehicle Innovation Summit (EVIS) 2023.It is a part of Masdar City’s efforts to foster the adoption of sustainable urban transportation.The three-day summit is scheduled to take place at...

Iraq presented an ambitious plan to turn itself into a regional transportation hub by developing its road and rail infrastructure, linking Europe with the Gulf and other Middle East countries. Once completed, the US$17 billion project known as the "Route of Development" would stretch 1,200 kilometers from Turkey to the...

BRUSSELS, BELGIUM - The European Investment Bank (EIB) lending to circular economy projects has consistently increased over the years, amounting to US$3.6 billion (€3.4 billion) over the past five years, with a record level of US$1.18 billion alone in 2022.The figures were released ahead of the World Circular Economy Forum...

Ras Al Khaimah, UAE--More than 1,800 new companies have set up their businesses in Ras Al Khaimah Economic Zone (RAKEZ) in the first quarter of 2023, registering a 122 percent jump as against the same period of last year.Ramy Jallad, CEO of Ras Al Khaimah Economic Zone (RAKEZ), said that...

Dubai, UAE-- Seeking to enhance the emirate's position as a global pioneering city in adopting the latest technology in the building sector, Dubai Municipality has launched a new online system for building permits and control services aimed at streamlining procedures for customers in the emirate.The system is aligned with the...

Sharjah, UAE--The Sharjah Publishing City Free Zone (SPC Free Zone) has signed more than 10 partnership agreements with publishers from Sweden, Egypt, and Algeria.The foreign publishers are looking to benefit from SPC Free Zone's comprehensive services and ecosystem that cater to investors in the publishing and creative industries, enabling them...

Speaking at an event in New Delhi, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said that the partnership between the UAE and India creates trade and investment opportunities for over 3.8 billion people and the solid economic alliance contributes to the vitality of trade and investment flows...

RAS AL KHAIMAH, UAE - A top-level delegation from Ras Al Khaimah Economic Zone (RAKEZ) recently concluded its trip to China where it  engaged with numerous business owners across five major cities on the benefits on investing in the emirate.The RAKEZ team interacted with prominent Chinese business owners from a...

DOHA, QATAR- Thousands of cryptocurrency industry developers have left the United States because of its negative stance towards the sector, the head of one of the pioneer exchanges told an international forum on Thursday.Despite a "wild year" of scandal and failure in 2022 when the FTX exchange and a number...

Washington, United States - US economic output increased by more than previously thought in the first quarter of this year, the Commerce Department said Thursday, although it still indicates the economy is weakening.The US economy has cooled this year as the impact of multiple rounds of interest-rate hikes to tackle inflation begins...

Sudanese who cross into Egypt's south must then buy a bus ticket to take them to the nearest major city, Aswan, around 200 kilometres north of the border. They are greeted there by volunteers who offer a hot meal -- the first for many since embarking on the perilous desert...

Tehran, Iran--Iran has displayed a new long-range missile capable of carrying 1,500 kg warhead with the capacity to hit targets 2,000 kms away.Iranian armed forces unveiled their latest model of ballistic missiles dubbed "Khorramshahr-4 long range strategic missile" in a ceremony on Thursday morning in the presence of defense minister.The...

Riyadh, Saudi Arabia--The GCC has called for the strengthening of trade and investment relations with the United Kingdom amid the ongoing negotiations over a GCC-UK free-trade agreement.The call was made by the organization's secretary general Jassem Mohamed Albudaiwi during a meeting with Kemi Badenoch, UK business secretary in Riyadh today.Commenting...

The International Energy Agency (IEA) said that while the increasing investment in solar power is a welcome development. but investment in fossil fuels is rising when it should be falling fast to achieve net zero emissions by 2050. Investment in clean energy and fossil fuels was equal only five years...

Sharjah, UAE-- The emirate of Sharjah has seen a 22 percent growth in population to 1.8 million inhabitants, as against 1.4 million in 2015, according to the results of Sharjah Census 2022.The findings of the census were unveiled by Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, deputy ruler of...

Tehran, Iran-- Iran seeks economic integration and multilateralism in international relations, according to the Islamic Republic's President Ebrahim Raisi.The president made the remarks upon his arrival in Tehran, returning from Indonesia after a two-day visit there."Our relationship with different countries is based on regionalism and neighborhood policy," he said.Raisi said...

Abu Dhabi, UAE--Abu Dhabi Housing Authority has joined hands with Q Holding to build new housing projects in West Baniyas and Al Samha regions at a cost of more than $1.90 billion.As per the terms of the agreement signed between the two, the company will design and implement both projects...

International markets have been unnerved by the battle between US President Joe Biden and opposition Republicans on US borrowing limits with an early June deadline looming. Some Republicans have questioned whether a quick agreement with the US administration is necessary to avert a painful default.

Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic activities to be conducted in certain areas.This amendment comes in line with the economic vision of the government of Sharjah to achieve well-being and prosperity for citizens and residents.This reaffirms...

The Prime Minister Benjamin Netanyahu spent recent weeks cutting deals with his ultra-Orthodox and extreme-right coalition partners, to meet a May 29 deadline to pass the budget or face fresh elections. Earlier this week, he said the state would grant married ultra-Orthodox Jewish men engaged in religious study rather than...

Riga, Latvia--Al Dahra Group has signed a supply agreement with Golden Fields, an Estonian agriculture company specializing in the production of premium quality animal feed grown in the Baltic region.At an event in Riga attended by government officials, farmers, and businesses from Lithuania, Latvia and Estonia, Al Dahra Group and...

Doha, Qatar-- Qatar is keen to obtain rights for oil and gas exploration in Iraq, according to Iraq's oil minister who was speaking at the Qatar Economic Forum.Iraqi Oil Minister Hayan Abdel Ghani confirmed that Qatar is interested in participating in obtaining rights for oil and gas exploration in his...

Some 207mn shares will be on QSE through direct listing.