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...

Baghdad, Iraq -- Iraq's oil minister Hayan Abdel-Ghani has said the Iraqi government was keen to support the Lebanese people and consider their fuel needs.Abdul-Ghani received the Lebanese Minister of Energy and Water, Walid Fayyad, and his accompanying delegation. During the meeting, they discussed prospects for bilateral relations and cooperation...

The 69-year-old has become one of Turkey's most important and divisive leaders since his Islamic-rooted party ended half a century of secular rule and launched an era of social transformation. Turkey became a strategic player with a vibrant economy and a modern army of drones that shifted battlefields in wars...

The aluminium giant's profit fell 68% to US$126.2mn.

As the economic crisis grinds on, some teachers have quit and many have turned to online classes or teach private lessons on the side to make ends meet.

Fanned by strong winds wildfires flared across Alberta in the Canadian province, forcing 25,000 people to flee their homes as the province declared a state of emergency on Saturday to protect the "safety, health and welfare of Albertans." Thousands more have been told by the authorities to be prepared to...

Tehran, Iran--Iran has reported a large increase in its purchases of domestically-grown wheat in the months of April and May.Saeid Raad, CEO of Government Trading Corporation (GTC) of Iran, said on Saturday that wheat purchases in seven provinces with warm climate in south and southeastern Iran had reached some 1...

Amman, Jordan-- Seeking to widen its economic and trade ties with Jordan, the Iraqi Business Council (IBC) will organize the Jordanian-Iraqi Business and Finance Forum next month in Amman, under the theme: "Building Bridges of Common Prosperity," with “wide” participation from the two countries’ investors, business owners, companies and other...

AMMAN, JORDAN  -  The Amman Chamber of Commerce (ACC)'s export of goods and commodities to Arab and other countries increased during the first three months of 2023 by 58.2 percent compared to the same period last year.According to the chamber's statistical data obtained by Petra, "ACC's exports during the January-March...

Bern, Switzerland-- Seeking to expand its industrial base, Saudi Arabia is keen to widen cooperation with Switzerland in the industrial and mining sectors, besides increasing access to non-oil exports.In this connection, the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, held a meeting with Switzerland's State Secretary...

The US$218mn capital infusion will foster bank's growth.

Sharjah, UAE-- Sharjah showcased its technology-enabled approach to the tourism industry at the Arabian Travel Market (ATM) 2023, highlighting the future of tourism in the region and beyond.Sharjah pavilion at the event demonstrated cutting-edge technologies and groundbreaking concepts, offering a compelling glimpse into the emirate's tourist destinations.Run by Sharjah Commerce...

New York, USA - Omar Sultan AlOlama, UAE's Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, called for the use of digital technologies to build and sustain peace during a United Nations Security Council open debate on “peacebuilding and sustaining peace.”“The emergence of new, powerful technological...

Washington, United States - Improving trade relations between African countries could provide a major boost to economic output (GDP) across the continent and help tackle challenges like climate change, the International Monetary Fund said Friday.The new IMF report found that reforming the "fragmented" trade policy landscape and better implementating existing intra-African...

Baghdad, Iraq - Jordan and Iraq have signed a deal to resume the export of Iraqi crude to Jordan under preferential terms, the Jordan News Agency reportedThe agreement was signed by the Energy and Mineral Resources Minister of Jordan, Saleh Al Kharabsheh, and the Oil Minister of Iraq, Hayan Abdul...

Iran's president hailed his visit to Damascus as a "turning point", after Tehran's support helped Syria retake most of the territory it lost in 12 years of war. Ebrahim Raisi's two-day trip is the first such visit to Tehran's close ally since 2010. "This trip will be a turning point...

Frankfurt, Germany - The European Central Bank delivered a smaller interest rate hike Thursday as higher borrowing costs begin to take their toll, but said it had "more ground to cover" in fighting red-hot inflation.It was the seventh-straight increase in the ECB's unprecedented campaign of monetary tightening that began last year...

Its turnover fell by 36.6 percent to $9.9 in the Ocean division.

The firm says sales declined in Europe and China.