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...

"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...

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 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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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.

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...