Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to the latest data released by the Islamic Republic.According to Iran Customs Administration, the Islamic Republic traded 58.25 million tons of goods (excluding crude oil exports) worth $35.11 billion with the...

BRUSSELS, BELGIUM -  The EU imported US$524 billion (€482 billion) worth of high-tech products from extra-EU countries in 2022 (+22 percent compared with 2021), according to an estimate published by Eurostat, the statistical office of the European Union .Exports to these countries reached US$485 billion (€446 billion) (+16 percent compared...

ABU DHABI, UAE - Emirates Development Bank (EDB) displayed its flexible and customized financing solutions in the Annual Investment Meeting, held at ADNEC here, local media reports said.The two-day event served as a platform for networking and connecting with experts, investors, companies, and SMEs.EDB's CEO, Ahmed Mohamed Al Naqbi, said:...

DUBAI, UAE - The UAE presented its legislative ecosystem - which regulates the local labor market, provides social security and ensures decent social security to workers - the UN’s Human Rights Council (HRC).Several UAE federal, local government entities and civil society organizations were part of the delegation for the country’s...

Riyadh, Saudi Arabia-- Saudi Arabia and Iran have discussed ways to strengthen the ties between the two countries in a meeting between the kingdom's Finance Minister Mohammed Al-Jadaan and the Islamic Republic's Economy Minister Ehsan Khandouzi.The meeting took place on Friday in Jeddah on the sidelines of the Islamic Development...

Tehran, Iran--Iran will begin to receive the first batch of Russian SU-35 fighter jets next week, according to Mehr News Agency.Tehran and Moscow have embarked on deepening cooperation amid massive Western sanctions. Iran and Russia have signed major deals in recent months to boost economic, trade, energy and military cooperation.The...

The profit rose to US$22mn on the back of higher revenue.

Speaking at a CII event in New Delhi, Abdulla Bin Damithan, CEO & Managing Director, DP World UAE & Jafza outlined efforts to push non-oil trade between the two countries toward $100 billion over the next five years. JAFZA has been supporting initiatives to boost manufacturing, investments and exports in...

Its profit vaulted to US$150 million in Q1 of 2023

DUBAI, UAE - Dubai Chambers has hosted a workshop for commercial attachés of EU Diplomatic Missions to provide them with an overview and key highlights of the UAE's Corporate Tax Law.The workshop, organized  in collaboration with Al Tamimi & Company Law Firm, brought together 13 officials representing the commercial interests...

Firm said the profit was driven by higher prices for policies.

On average, a soldier used to earn about $800 a month before the crisis, but the value of the Lebanese currency, the pound, has since crashed and salaries are now worth around just $100. Since June last year, Qatar and the United States have announced millions to help prop up...

On Thursday the Kurdish authorities said in a statement that "the Kurdistan regional government and the federal authorities have reached a (final) deal on the resumption of oil exports". Hours later, Iraqi Oil Minister Hayan Abdel Ghani said crude exports would resume from Saturday.

ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a major international knowledge project setting out the means to triple global renewable energy capacity by 2030.During the UAE Climate Tech Forum in Abu Dhabi, Mohamed Jameel Al Ramahi, CEO of...

The Bank of England lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation remained stubbornly high but that the economy would now avoid recession this year. The BoE hiked the rate by a quarter-point to 4.5 percent with UK annual inflation stuck above...

As per pact, e& is a cornerstone shareholder of Vodafone.

Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 4.1 percent in March 2023, compared to the same month last year, mainly due to an increase in production in the mining and quarrying activity, manufacturing and electricity and gas supply.The kingdom's General Authority for Statistics (GASTAT) said...

The group declared a dividend of $1.2 billion to its owner.

Dubai, UAE: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International Connections briefing organised by HSBC and the UAE China Business Council, for Chinese businesses and clients based in the UAE.HSBC hosted Chinese ambassador to the UAE Zhang Yiming and a...

Cairo, Egypt--Egypt's annual urban consumer inflation in April dipped to 30.6% from 32.7% in March, data from the state statistics agency CAPMAS showed on WednesdayMonth-on-month, urban inflation slowed to 1.7% from 2.7% in March and 6.5% in February.Inflation had steadily crept up over the last year after a series of...

Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up by economic activity across all sectors.The conclusion was made in an annual report released by the Central Bank of the United Arab Emirates (CBUAE), which said that the UAE's GDP...

Iraqi Kurds are watching with anxiety the tightest electoral battle yet for Recep Tayyip Erdogan, the outcome of which could have major security and economic implications for their region. But no matter what the outcome of the vote, Iraq's Kurdish region will seek to continue with its strategic partnership with...

Its net profit fell 7 percent to US$50 million in Q1 of 2023.

Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might put at risk about 10 million jobs in the GCC.

Dubai, UAE - A delegation of Palestinian business executives including 21 start-up representatives visited Dubai Chamber of Digital Economy.It is the first-ever business meeting between Dubai and Palestine, with the delegation involved in 237 meetings, one of the highest ever.Participants at the event included Hashim Shawa, Chairman of Bank of...

The firm's net profit soared to US$27.14mn in Q1 of 2023.

Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed two agreements on Tuesday for future mobility and roads in the latest move to boost cooperation between the two countries.The memorandums of understanding call for cooperation in the future of mobility and innovation in the transport and logistic services sectors as...

Muscat, Oman--The Central Bank of Oman (CBO) has raised $36.35 million by way of allotting treasury bills on Tuesday, the bank said in a statement.The statement said the value of the allotted treasury bills amounted to $26 million, for a maturity period of 28 days.The average accepted price reached OMR99.645...

Syrian President Bashar al-Assad was politically isolated in the region since the conflict began, but a flurry of diplomatic activity has been underway in past weeks as a decision by Saudi Arabia and Iran, a close ally of Damascus, to resume ties shifted regional relations. Assad hopes normalisation with Gulf...

Seeking to widen its foreign trade and grow national economy, the UAE has signed Comprehensive Economic Partnership Agreement (CEPA) negotiations with Thailand. The UAE has already signed several such agreements with many countries, and signing the deal with Thailand is part of that endeavor. The first round of talks will...

The sides will "exchange views on the normalization of relations between Turkey and Syria, discuss humanitarian issues... and the voluntary, safe and dignified return of asylum seekers," the Turkish foreign ministry said.

MADRID, SPAIN -  The World Tourism Barometer published its second report of the year, which showed that international tourism is making a strong comeback to pre-pandemic levels.During the first quarter of 2023, twice as many people traveled internationally than in the same period of 2022, with a total of 235...

The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped on Chinese data suggesting that recovery in the world's number two economy was still taking time. Focus is now on Wednesday's consumer price index report for April and the following...

The company posted Q1 revenue of US$694 million.

Doha, Qatar— More than ten million passengers traveled through Qatar’s Hamad International Airport in the first quarter of the current year, marking a 44.5 percent jump.The airport, according to Qatar News Agency, received 3.56 million passengers in the month of January, followed by 3.24 million in February, and 3.5 million...

Doha, Qatar-- Uzbekistan has called for establishing a joint forum for businessmen in Doha or Tashkent to review investment opportunities in both the countries.The appeal was made by the visiting Minister of Investment, Industry, and Trade, Laziz Kudratov.During his meeting with Qatar Chamber Chairman, Sheikh Khalifa bin Jassim Al-Thani, the...

The Saudi company posts net profit of $31.9bn, down 19.25 percent from a year earlier.

Riyadh, Saudi Arabia - Saudi Arabia is launching tourism projects worth SAR 1.5 billion ($400 million) in the targeted destinations around the kingdom. The Saudi Ministry of Tourism has sponsored ‘The Collective’ initiative launched by Kerten Hospitality, a hotel investment firm, to establish its projects under one umbrella. The announcement represents an...

Kuwait City, Kuwait--The Central Bank of Kuwait (CBK) has announced the latest allocation of issuance of bonds and tawarruq valued at $1.05 billion.In a statement, the CBK said that the value of the first issuance amounted to KD 160 million (about USD 528 million) for three months with a return...

Doha, Qatar - Fifty companies listed on Qatar Stock Exchange (QSE) have reported a combined net profit of $3.45 billion for the first quarter of 2023. This represents a decrease of 10.04 percent from the same period last year, where the net profit was $3.85 billion.The industries sector saw the...

Sharjah, UAE - Sharjah's GDP has grown by 5.2 percen to AED 136.9 billion ($37.05 billion) compared to AED 130.1 billion ($35.13 billion) in 2021. The non-oil sector has reported a 5.2 percent increase, bringing the total to AED 133.4 billion  (36.08 billion) in 2022 compared to AED 126.8 billion ($34.28...

Abu Dhabi, UAE-- Designed to achieve a common Arab vision for the digital economy, the Arab Federation for Digital Economy and the Union of Arab Chambers signed a cooperation agreement at the Entrepreneurs Investment Summit, held in parallel with the Annual Investment Meeting 2023 (AIM) in Abu Dhabi.The agreement stresses...

ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report for 2022, unveiling a remarkable 9.3 percent  growth by the end of the year, compared to 2021.The new figures position the Emirate as the fastest-growing economy in the Middle East...

ABU DHABI,  UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary dealer for UAE's Federal Treasury Sukuk Program.This new program has been launched by the federal government of the UAE, through the Ministry of Finance (MOF) and aims to issue Sukuk...

DUBAI, UAE -  The private sector and financial institutions in the Middle East should enhance reporting by including information about how they both impact and depend upon nature and natural capital, says a report.   The report titled 'Nurturing Natural Capital: The Middle East Imperative' was released by the World Government Summit,...

Amman, Jordan-- With an eye on boosting its exports to North America, a range of companies from Jordan will showcase their products at the 18th edition of SIAL Canada food fair, which will kick off in Toronto on Tuesday.The three-day event, which is one of the largest international food fairs,...

Riyadh, Saudi Arabia--Saudi Arabia is keen to deepen trade and economic ties with Italy from the current volume of trade estimated to be around US$8 billion.In this connection, the members of the Saudi business sector delegation, represented by the Saudi-Italian Business Council, concluded their visit to Italy, during which they...

The insurance firm's net profit fell to US$12.36 million.

The railway track will connect Iran's southwestern town of Shalamcheh with Basra in Iraq in what will be the first such link between the two countries. In this regard, the two signed an MoU in Basra. It outlines the route for the railway line, location of passenger stations, a timeline...

Riyadh, Saudi Arabia -- The real GDP of Saudi Arabia grew by 3.9 percent in the first quarter of 2023, compared to Q1 of 2022.Flash estimates of GDP for Q1 of 2023, issued in a report by the General Authority for Statistics (GASTAT), showed a 5.8 percent increase in non-oil...