BERN, SWITZERLAND - The UAE discussed bolstering strategic relations and cooperation in various development, economic and financial fields of common interest with Switzerland here. The UAE's Ministry of Finance (MoF) held the fifth financial dialogue with the Swiss Confederation in Bern.Younis Haji Al Khoori, Undersecretary of the Ministry of Finance,...

Abu Dhabi, UAE— AD Ports Group will add drydock services to its portfolio at Khalifa Port in an expansion of its range of port and marine logistics services.With this expansion, from container and cargo handling to vessel repairs and maintenance, Khalifa Port aims to better serve existing clients and attract...

Cairo, Egypt--Egypt’s current account deficit fell 77.2 percent to $1.8 billion in the first half of the North African country’s current fiscal year.According to its central bank, the deficit reduction was fueled by Egypt’s current account turning a $1.41 billion surplus in the October to December quarter of 2022 as...

To prevent a damaging oil spill in the Red Sea, the UN Development Programme in March took the unprecedented step of purchasing its own supertanker to remove more than a million barrels of oil from the beleaguered FSO Safer. The 47-year-old ship has not been serviced since Yemen's civil war...

Abu Dhabi, UAE--The property market in Abu Dhabi has recorded 5,472 property sales and mortgages valued at US$7.62 billion in the first quarter of 2023 as against 3,304 transactions worth $ 3.07 billion during the same period in 2022, according to official data released by the Department of Municipalities and...

Abu Dhabi, UAE--Looking to boost tourism and cultural exchange between the two countries, the Department of Culture and Tourism Abu Dhabi (DCT Abu Dhabi) and the Jordan Tourism Board have signed a Memorandum of Understanding (MoU) on the sidelines of the Arabian Travel Market 2023.The MoU will unlock the tourism...

The company delivered 127 aircraft in Q1 of 2023.

Banga was the sole nominee for the top job. He will begin his new role on June 2. President Joe Biden said in a statement that Banga "will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction...

Revenue is due to demand for fixed, mobile services.

PARIS, FRANCE -  Some 258 million people needed emergency food aid last year because of conflict, economic shocks and climate disasters, a UN report said Wednesday, a sharp rise from 193 million the previous year."More than a quarter of a billion people are now facing acute levels of hunger, and some...

Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the US Navy said, the second such incident in less than a week. The tanker, Niovi, was sailing from Dubai towards Fujairah, another port in the UAE, when it was stopped by Iran's Islamic Revolutionary Guard Corps Navy.

Tiny Lebanon hosts an estimated 250,000 Palestinian refugees, according to UNRWA, the UN agency for Palestinian refugees, while almost double that number are registered for the organisation's services. Lebanon bars Palestinians from working in 39 professions, including as doctors, lawyers and engineers.

Dubai, UAE-- Seeking to take advantage of the boom in the Middle East's hospitality sector, Radisson Hotel Group will triple its presence in the region by 2030.The hotel group, running 52 hotels and resorts in the Middle East, is planning to have 150 properties in operation and under development by...

A country that describes itself as a "start-up nation" now boasts of higher per capita GDP than many European countries. But amid success, there are many glaring inequalities.

The firm recorded a jump in the net profit to US$3.73mn.

The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey boost energy exports and its goal to achieve energy self-sufficiency. The news comes in the wake of another oil discovery made in December, considered to be one of the ten...

Its consolidated revenues rise to US$3.53bn in Q1 of 2023.

With the Federal Open Market Committee (FOMC) widely expected to raise its base rate a quarter-point on Wednesday, analysts will be looking for any "revisions to the forward guidance in its statement," Goldman Sachs' chief US economist David Mericle wrote in a recent note to clients.

Doha, Qatar -- Qatar's private sector exports hit QR 9.1 billion ($2.49 billion) in the first quarter of 2023, representing a 17.5 percent growth year-on-year (YoY) compared to QR 7.73 billion in Q1 of 2022.According to Qatar Chamber's quarterly report issued Tuesday, exports through the General Model amounted to QR...

DUBAI, UAE- DIFC Academy announced a collaboration with PwC’s Academy to offer a globally recognized diploma program aimed at upskilling tax practitioners in the UAE.Under the deal, DIFC Academy will offer the UAE Corporate Tax Diploma Program in collaboration with PwC’s Academy, becoming the first institution alongside PwC’s Academy to...

FRANKFURT, GERMANY -  Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt crisis, while demand for loans fell heavily, according to a European Central Bank survey released Tuesday.The results highlight the impact of aggressive monetary tightening combined with recent banking sector turmoil,...

Consumer prices edged up from 6.9 percent in March, which could further encourage the European Central Bank (ECB) to raise interest rates on Thursday. Analysts for FactSet and Bloomberg had predicted the rate would remain stable. The ECB has hiked rates repeatedly since July last year to rein in inflation.

Former president Michel Aoun's term expired in October, with no successor lined up. Countries including France, the United States and Saudi Arabia hold regular consultations on Lebanon. Their representatives met in February in Paris to discuss the crisis, without achieving any tangible progress.

Cairo, Egypt--Egypt has signed its biggest investment package with Japan aimed at supporting the North African country's transportation development plan.According to a statement released by Egypt's Cabinet, the agreement, worth 100 billion yen ($734 million), will be used to finance Cairo’s metro expansion, a 30-km stretch of land that would...

Dubai, UAE-- The World Free Zones Organisation’s (World FZO) ninth Annual International Conference & Exhibition (AICE) will begun in Dubai from today. Held under the theme ‘Global Trade 2.0: Zones, An Ecosystem of Trust Driving Prosperity,’ this year’s two-day event reflects the organisation's commitment to facilitating the contribution of free...

Riyadh, Saudi Arabia-- The Saudi Center for Commercial Arbitration (SCCA) has published the 2023 revised SCCA arbitration rules with effect from May 1. The final text was endorsed after extensive review by the SCCA’s board of directors.The SCCA, in a statement, said the new rules will apply to all arbitrations...

Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and equipment sector, according to its Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef. AlKhorayef, who is also Chairman of National Industrial Development Center (NIDC), announced that the industry...

In the wake of reporting a drop in profit during the first three months of the year, the bank aims to cut down its headcount nearly 4 percent after ending March with more than 82,000 employees, according to reports. The bank suffered a 20 percent profit drop amid a slowdown...

TUNIS, TUNISIA - Tunisia's largest union on Monday attacked the government's handling of negotiations with the International Monetary Fund (IMF) on a loan to bail out the North African country as it slides deeper into debt.Tunisia is seeking a bailout package worth nearly $2 billion from the IMF, which conditions any...

SHARJAH, UAE -  Over 3.8 million passengers traveled through Sharjah Airport in the first quarter of 2023, recording a 28.01 per cent increase over the same period in 2022.The airport is expected to achieve even higher growth rates by the end of 2023.  The aircraft movement for the same term...

The share buyback is expected to enhance shareholder value.

ABU DHABI, UAE -  AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and three crude oil tankers.These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives to enhance the shipping division under AD Ports Group’s...

The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed a decrease by 2.94% when compared with PPI of February 2023.

With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank to fall in US history. The FDIC has said that it will enter into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all...

Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments in the North African country shot up 98.7 percent to $73.7 million during the 2021-2022 period.According to the Central Agency for Public Mobilization and Statistics, Egypt exported goods worth $260.8...

Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission from May 2023 onwards.The measure is intended to reduce costs on market participants in a way that enhances liquidity, increases competitiveness in the local market and expands domestic investors' base...

Tehran, Iran - Iran and Turkey have traded $1.379 billion worth of goods in the first quarter of 2023, according to data released by the Turkish Statistical Institute. This represents a 14 percent decrease year-on-year, with Turkish exports at $702 million, up 2 percent, and Iranian exports at $677 million, down...

Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the UAE intends to widen the partnership with the kingdom over the next few years.In this regard, the two countries have agreed to double the volume of trade and investment exchange...

Its net profit soared 33% to US$7.49mn for Q1 of 2023.

Dubai, UAE - The UAE government has launched a comprehensive guide for the adoption of generative AI applications in the country. The guide was issued by the Artificial Intelligence, Digital Economy and Remote Work Applications Office “to intensify research and efforts towards promoting the adoption of futuristic technologies in government work...

Abu Dhabi, UAE--The emirate of Abu Dhabi is looking to draw some 24 million visitors by the end of 2023, six million more than it succeeded to attract last year.Ahead of Arabian Travel Market 2023, the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has announced new...

Rabat, Morocco - The UAE is keen to strengthen economic and trade relations with Morocco, in a way that enhances the establishment of new partnerships that serve their interests in vital sectors and consolidate the strength of bilateral relations, UAE's Minister of Economy Abdullah bin Touq Al Marri has said.This...

BRUSSELS, BELGIUM  - In the European Union countries, 75 percent (193.5 million) of people in the 20-64-year- age group were employed, the highest since the start of the time series in 2009, as per the labor force data published by Eurostat.The employment rate dropped to 72 percent in 2020 due...

Iran's parliament voted in an impeachment session to remove the industry minister amid soaring prices as the Islamic republic's economy reels under the pressure of international sanctions. Reza Fatemi Amin failed to garner enough support in a vote of confidence that saw 162 MPs vote in favor of his removal...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) affirmed its commitment to achieve the 'We the UAE 2031' vision to position the Emirates as one of the top 10 countries globally in the 'Human Development Index'.The 'We the UAE 2031' vision was launched by Sheikh Mohammed bin Rashid Al...

The Labor Force Sample Survey for the October-December 2022 period shows the percentage of male and female wage workers reached 82.6 percent and17.4 percent, respectively. The average monthly wage was QR 11,724 ($3,220).

The Frankfurt-based institution has already lifted rates 3.5 percentage points since July last year to tame energy and food costs that surged after Russia invaded Ukraine. But there is debate about whether the ECB will opt for a 50-basis point hike -- as it did at its previous three meetings...

Its economy grew 4.5 percent in the first three months of the year as the country reopened after dropping strict health controls that helped keep the coronavirus in check but battered businesses and supply chains. The country is beset by a series of other crises, from a debt-laden property sector...

A split between Hamas and the PA, which administers the Israeli-occupied West Bank, often leads to disputes over taxation and Hilu said the new fees are harming Gaza's "already ailing economy". The territory has been under a crippling Israeli-led blockade since Hamas -- designated a "terrorist" entity by the United States, the...

Suhail bin Mohammed Mazrouei, Minister of Energy and Infrastructure, said the UAE was keen to widen ties with Uzbekistan in sectors such as transport and infrastructure. He disclosed that companies such as Mubadala, masdar, and Taqa currently operating in the country have plans to increase their investments in the future.