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...

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...

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...

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...

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...

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...

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'...

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,...

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...

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...

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...

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....

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...

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...

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.

Tehran, Iran--Iran and the European Union traded $847 million worth of goods during the first two months of 2023, registering a 9.2% fall compared with the same period of the year before. Data released by Eurostat show Germany was the top trading partner of Iran in the EU region during...

The 69-year-old leader looked fighting fit as he strutted back on stage after a three-day illness and tossed flowers to rapturous crowds at an Istanbul aviation fest on Saturday. It was the perfect venue for reminding Turks of all they had gained since his Islamic-rooted party ended years of secular...

The announcement came as Musk has struggled, amid frequent controversy, to make Twitter profitable. The per-article approach, some Twitter users said, could encourage a flourishing of "click bait." It is feared it might favor big publishers over small ones, and it is unclear that authors -- not just news groups...

Amman, Jordan--Expressing his deep appreciation of the United States for its support to Jordan, King Abdullah has called for strengthening of ties with its longtime strategic partnership in a meeting with a US Congress delegation. The king, according to a royal court statement, received the delegation headed by US House...

DUBAI, UAE - Dubai’s Department of Economy and Tourism (DET) is likely to display the diversity of the Emirate's destination, offering sustainability platforms and highlighting new initiatives designed to boost the tourism industry during the 30th edition of Arabian Travel Market(ATM), local media reports said. This year’s ATM, from May...

Tehran, Iran--Accompanied by a large delegation, Iraq's President Abdul Latif Rashid arrived in Tehran to deepen economic, trade and political ties with the Islamic Republic of Iran. Upon his arrival early on Saturday, the Iraqi chief executive was welcomed by Minister of Economic Affairs and Finance of Iran Ehsan Khandozi at...

Amman, Jordan--The volume of trade exchange between Jordan and the US shot up in January and February 2023 to $745 million compared to $561 million for the same period in 2022. Foreign trade data issued by the Department of Statistics (DoS) showed that the value of Jordanian exports to the...

Abu Dhabi, UAE-- Looking to employ 5,000 UAE national by 2026, and designing a program to groom future banking and financial sector leaders, the UAE Banks Federation (UBF) approved the plans for 2023 presented by the board of directors at its Annual General Meeting (AGM). The AGM was chaired by...

European investigators probing Lebanese central bank chief Riad Salameh's wealth will question officials from two international firms previously tasked with auditing the central bank's accounts, a judicial official said. Salameh is the target of a series of judicial investigations at home and abroad on suspicion of embezzlement and money laundering,...

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a report published into the collapse of Silicon Valley Bank last month. "Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation," Federal Reserve vice chair for supervision Michael Barr...

BERN, SWITZERLAND - Switzerland's central bank said Friday that the country's banking regulations needed toughening up after the implosion of Credit Suisse, while the sector also needed to ensure proper competition for services. "Banking regulation and supervision will have to be reviewed in light of recent events," Swiss National Bank chairman...

ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be held Friday in Rabat, Morocco, to discuss means of overcoming the development challenges faced by the region. Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini will lead...

Germany, the EU's biggest economy, saw growth stagnate at zero percent over the previous quarter. Year-on-year, Germany was the only country in the single-currency zone to record a contraction, of 0.1 percent.

The consolidated revenue rose 13 percent to $24.2 million.

The US is "showing that one cannot engage in this sort of awful behavior of using human beings as pawns, as bargaining chips, without paying consequences," said a senior US official. Both agencies have already been hit with punitive measures by the US State and Treasury Departments in the past.

The company reported record full-year sales of 11.5trn yen.

The crucial semiconductor industry, that powers everything from personal computers, smartphones to fighter jets, suffered a dismal first quarter as demand plummeted for chips. Intel, one of the world's leading semiconductor makers, was also affected by falling demand for chips that power data centers and is struggling to compete with...

Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest rates hikes. The dollar rose against the euro and yen after the data showed US gross domestic product rose at an annual rate of 1.1 percent in the January to...

Tunis, Tunisia -- President Kais Saied has called for the revival of Tunisia's phosphate industry, suggesting he will seek alternative sources of revenue that would allow the country to do without a foreign bailout. "Our gold is underground while the country is facing a difficult financial situation," Saied told a meeting...

Meta reported a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs.

US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a mild recession brews while consumer spending weakens. Consumption provided a boost to the world's biggest economy, giving it a strong start to 2023, but banking sector turmoil and rising interest...

The bank's profit was boosted by rising interest rates.

Inflation pushes the consumer goods giant to hike prices.