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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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 reported The agreement was signed by the Energy and Mineral Resources Minister of Jordan, Saleh Al Kharabsheh, and the Oil Minister of Iraq, Hayan...

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...

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

The firm says sales declined in Europe and China.

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...

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...

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...

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...

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...

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...

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...

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...

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.