• Lapita sees surge in leisure and wedding bookings in 2023

    Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last year, With its convenient location between Dubai and Abu Dhabi, expansive outdoor spaces, word-class facilities that include seven meeting rooms, and the Tamure Ballroom able to accommodate up to 700...
  • Korea’s H2O sets up base in Abu Dhabi

    It will collaborate with Abu Dhabi Investment Office.
  • Saudi Arabia’s trade surplus remains stable at $26bn

    Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of 2023 sustaining a level comparable to the previous quarter. According to recent data from the General Authority for Statistics (GASTAT), the trade surplus in December 2023 was SR39 billion ($10.4...
  • Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023

    DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and Beverage (F&B) companies joined Dubai Chamber of Commerce in 2023, representing year-over-year growth of 19.4 percent. The total number of F&B companies registered with Dubai Chamber of Commerce – one...
  • ADIB unveils new payment hub

    It will help customers to seamlessly process transfers.
  • Dubai to host the world’s biggest ‘airport industry show’ in May

    Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop into Dubai to participate in the world’s largest annual event dedicated to the airport industry. The 23rd edition of the three-day B2B event at the Dubai World Trade Centre (DWTC),...
  • Oil may rise to $100, gold to hit $3,000 by 2025, says Citi

    ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce within the next 12 to 18 months, subject to three potential catalysts, CNBC reported, citing Citi analysts. Aakash Doshi, Citi’s North America head of commodities research, told CNBC that gold...
  • Saudi National Bank launches US dollar-denominated sukuk

    RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified investors inside and outside Saudi Arabia.  The amount and terms of offer of the sukuk will be determined subject to market conditions, the bank said in a statement to Tadawul.   This announcement...
  • China cuts key mortgage rate to boost economy

    China last year recorded one of its worst annual growth rates since 1990, dampening hopes for a rapid economic recovery following the end of draconian Covid restrictions in late 2022. In January, consumer prices fell at their quickest rate in more than 14 years, piling pressure on the government to...
  • China steps up green transition drive to meet carbon-emission goals

    Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill its goals of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060, according to China Central Television. In June 2023, the Hunan Valin Xiangtan Iron and Steel...
  • BP to pour US$1.5bn into Egypt oil exploration

    It plans to hike investments in the country to US$5 billion.
  • BHP net profit tumbles 86%

    Its sales jumped 6% to US$27.2bn in half-year results.
  • China’s Guangdong province now boasts of 75,000 high-tech companies

    Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said. By the end of 2023, the province's estimated annual research and development (R&D) expenditure topped 460 billion yuan (about 64.8 billion U.S. dollars), boasting 1.35 million R&D personnel and more than...
  • Construction in China-Saudi Arabia ethylene project begins

    FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries Corporation (SABIC), began on Monday in east China's Fujian Province. The project, with a total investment of US$6.3 billion (44.8 billion yuan) from SABIC and Fujian Energy Petrochemical Group Co....
  • Iran-EU trade surpasses US$5bn in 2023, says Eurostat

    TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member states traded over US$5 billion (€4.7 billion) worth of goods in 2023. Trade between Iran and the member states of the European Union recorded a decrease of 9 percent from...
  • Gaza war effect: Israel’s GDP shrinks by 20% in the last quarter of 2023

    Overall, Israel's GDP grew by 2.0 percent in 2023, short of the 2.3 percent projection made by the Bank of Israel after the war's outbreak in October, the Central Bureau of Statistics figures showed.
  • SCC committee discusses issues related to Sharjah’s economy and tourism

    SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss points to be raised on the policy of Sharjah Commerce and Tourism Development Authority (SCTDA), during the next session. A number of key issues related to stimulating economic growth and...
  • Qatar minister urges Gaza ceasefire to end Red Sea insecurity

    The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to Israel, in solidarity with the Palestinians in Gaza. In December the United States announced a maritime security initiative, Operation Prosperity Guardian, to protect shipping in the area.
  • Nintendo shares tumble 8.5%

    Its next-generation console will be delayed until 2025.
  • Qatar real-estate trading volume in January stands at US$521m

    Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice in January amounted to $521 million. The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (362) real estate transactions were recorded...
  • Saudi stock market hits 12,500 points, highest since August 2020

    Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its highest level since August 2020. The increase can be attributed to the positive momentum generated by the disclosure of financial results, the majority of which met anticipated outcomes. The gains...
  • Aamal net profit up 5.7%

    Its gross profit jumped 3.1% to US$137.25m in 2023.
  • Saudi holdings of US Treasuries surge to $131.9b in December 2023

    ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed. The Kingdom maintained 16th place among the largest holders of US treasury securities for the month.  Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth...
  • OpenAI valued at $80bn in new deal

    With this deal, the value of the firm has tripled in 10 months.
  • Saudi Arabia aims to build ties with Canada in scientific and research fields

    Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from Canada. In this connection, the Saudi Minister of Education, Yousef bin Abdullah Al-Benyan, along with the accompanying education delegation, visited several educational institutions and universities in Canada, where he met...
  • Roadmap out for environmental education, sustainable development at WEEC2024

    ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and Education for Sustainable Development (ESD), was revealed on Day Four of the 12th World Environmental Education Congress (WEEC2024) here. A culmination of four days of vibrant discussions, workshops and events...
  • NatWest profit soars 32%

    The British bank's net profit jumped to US$5.5bn in 2023.
  • Iran, Armenia eye $3 billion bilateral trade volume

    Tehran, Iran – Deputy Prime Minister of Armenia Mher Grigoryan on Thursday said that Iran and Armenia have the potential to increase the volume of their bilateral trade to $3 billion. Grigoryan made the remarks during the 18th meeting of the Iran-Armenia Joint Economic Commission where he also described Iran...
  • Tenaris sets up base in Abu Dhabi

    The global pipe maker invested US$60m in the business.
  • Tunisia gets new central bank chief amid economic crisis

    TUNIS, TUNISIA -  President Kais Saied on Thursday appointed a new governor of the central bank of Tunisia, a north African country in the throes of economic hardship. Saied named Fethi Zouhair Nouri, a 69-year-old member of the central bank's board, to succeed Marouane Abassi, 64, whose six-year mandate ends on...
  • Commerzbank net profit $2.4bn

    This is the bank's biggest net profit in 15 years.
  • ATO partners with ISM to boost tourism in the Middle East

    Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve growth and innovation within the tourism sector in Arab countries. The agreement comes as an extension of the ATO’s efforts to develop and enhance the tourism industry in the Arab...
  • WSG has ushered in a new decade of positive impact: Hamid Al Zaabi

    Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies to join the global community in its ongoing journey to shape the future, according to Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing...
  • Saudi Arabia set to establish more smart industrial zones

    Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail revealed at the conclusion of the inaugural Global Smart City Forum 2024 here on Tuesday, highlighting the critical role of smart cities in fostering industrial growth, technological diffusion,...
  • ADNOC L&S profit spikes 138%

    Its revenue jumped 41% to US$748 million in 2023.
  • Cisco to cut thousands of jobs

    Nearly 5% of its workforce will be hit by the cuts.
  • UAE economy posts best growth rates in comparison to others: IMF official

    Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according to Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF). He affirmed the UAE's robust economic performance in recent years, highlighting its...
  • Saudi Arabia extends online services to help foreign firms set up regional hqrs in kingdom

    Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking to establish regional headquarters in the country after securing a license from the Ministry of Investment. The services encompass issuing regional headquarters as a branch or as a new foreign...
  • Boeing expects Q1 hit from MAX troubles

    The airline backs intensified oversight from the FAA.
  • South Korea presses for enhanced ties with UAE in high tech and AI

    Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence (AI) to enable digital government. This was stated by Dr. Koh Jean, Chairman of the Presidential Committee on the Digital Platform Government in the Republic of Korea, on the sidelines...
  • Al Mal Capital REIT to launch rights issue

    The fund has an existing portfolio valued at US$158m.
  • IMF, World Bank say Gaza and Red Sea attacks risk to world economy

    World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red Sea" are among the top challenges to the global economic outlook. "When you add variables to what is turning out to be probably the lowest growth of the last 55...
  • GPSSA issues circular on pensions, gratuity in UAE

    ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and private sector employers, detailing the regulations for pension deductions and end-of-service gratuity in line with Federal Decree Law No. 57 of 2023. The circular included limiting the procedure of deduction...
  • IMF chief forecasts higher economic growth for Arab region in 2024

    Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023. Speaking on the sidelines of the pre-summit day of WGS 2024's Eighth Arab Fiscal Forum, Georgieva emphasized...
  • Barwa Real Estate net profit up

    It posted an 8% jump in net profit to US$337m for last year.
  • SCCI and Oman Chamber aim to boost investment cooperation

    Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways of enhancing cooperation in the investment field and developing mechanisms for promoting the joint efforts aimed at supporting the business community in Sharjah and Oman. The two sides explored promising...
  • Bahrain to host ‘smart cities summit 2024’ in March

    Manama, Bahrain--Bahrain will hold the seventh edition of the "Bahrain Smart Cities Summit 2024" from March 5 to 6 under the theme"achieving progress through artificial intelligence", Wael bin Nasser Al Mubarak, the Minister of Municipalities and Agriculture announced. Al Mubarak affirmed the kingdom's keenness to adopt the best technologies and...
  • In Middle East, ‘manufacturing’ is a new buzzword

    Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But doubts remain whether it can be pulled off.
  • IMF chief says Israel-Hamas war ‘devastating’ Palestinian economy

    "The Palestinian economy's dire outlook is worsening as the conflict persists," managing director Kristalina Georgieva told the World Governments Summit in Dubai. "Only a durable peace and political solution will fundamentally change it".
  • Nissan profit drops to US$195m

    Its sales in China slumped 35% from April to December.
  • Arab countries public expenditure climbs to US$957.5bn in 2022: AMF

    Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to $878.9 billion in 2021, according to the Arab Monetary Fund (AMF). AMF, in its Joint Arab Economic Report, explained that current expenditure in Arab countries increased by about 9.9% to...