Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023, representing 122% growth compared to the same period in 2022, indicating a strong start to the year for the economic zone.RAKEZ Group CEO Ramy Jallad commented on this achievement: "We...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has completed preparations to launch its second nanosatellite for remote sensing applications in April 2023.The 6U nanosatellite is part of DEWA’s Space-D programme. DEWA Sat-2 will be launched by SpaceX Falcon 9 rocket from Vandenberg Air Force Base in California, USA. The nanosatellite...

Swiss Finance Minister said that the government had acted in the country's best interests in swiftly arranging the takeover of Switzerland's second-biggest bank by its larger domestic rival UBS. Amid fears of a global banking crisis last month, investor confidence in Credit Suisse collapsed on March 15, with the government...

Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital for the International Monetary Fund and World Bank's spring meetings in the coming week. A key topic of discussion will be the World Bank's evolution, amid a push for lenders...

Doha, Qatar-- Qatar Central Bank has reported an increase in international reserves and foreign currency liquidity in March to $65 billion, an increase of 11.7 percent, compared to $58 billion in the same month last year.The figures issued by the Qatar Central Bank today showed an increase in its official...

Washington, United States - US Treasury Secretary Janet Yellen expects the world's biggest economy will continue to grow, despite heightened recession concerns following recent turmoil in the banking sector.The dramatic collapse of Silicon Valley Bank (SVB) and Signature Bank last month had rattled the industry, prompting US authorities including the...

Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the index, released by the International Institute for Management Development (IMD), the Saudi capital city of Riyadh maintained its position as the third smartest Arab city.Makkah entered in the index for...

Ajman, UAE – The industrial sector contributes approximately 20 percent to Ajman's GDP and is one of the sectors that the emirate is focused on developing through various partnerships, including strategic collaboration with the Ministry of Industry and Advanced Technology, Director-General of Ajman Department of Economic Development (DED) Abdullah Ahmed...

US job gains eased in March for a second straight month, government data showed, adding to signs that the economy is cooling as policymakers push on in their fight against inflation. The country added 236,000 jobs in March, slightly less than expected, while the unemployment rate inched down to 3.5...

World food prices are still high but have fallen by a fifth compared to a year ago when prices soared to a monthly record high after Russia invaded agricultural powerhouse Ukraine, UN data showed. Prices have fallen 20.5 percent since March 2022 after a 12th straight monthly drop, the Food...

Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end of 2022, said the country's Minister of Economy Abdullah bin Touq Al Marri.He said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the...

Experts say developing nations are struggling to find the funds needed to stop burning planet-heating fossil fuels and prepare for tomorrow's climate disasters, as they grapple with rising costs, soaring debts and extreme weather events. Reform plans are gaining momentum because they fill a "policy vacuum" over funding for the...

Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22% of the total trade value. The UAE was the 11th largest exporter of commodities in the world and ranked 18th in terms of global merchandise goods trade imports.

Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive economic partnership agreement (CEPA).The document was signed by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Nguyen Hong Dien, Minister of Industry and Trade of Vietnam,...

The IMF was originally expected to approve a bailout deal on December 19, but that was delayed pending a Tunisian budget, which has since passed, and a law to stop banks charging excessive interest.

A continued slowdown in almost all the world's advanced economies is expected to drag global growth below three percent this year, the International Monetary Fund's managing director warned. "With rising geopolitical tensions and high inflation, a robust recovery remains elusive," Kristalina Georgieva said in remarks ahead of the IMF and...

Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of polymer for circulation in the market.The new banknote will be available at banks and exchange houses from 10 April 2023. It will be in circulation alongside the current AED1000 note...

London rose but Frankfurt and Paris slipped in muted trade during a holiday-shortened week, while Asian indices slipped lower. "Markets are drifting as investor thoughts start to turn towards the scale of severity, as the likelihood of a recession later in the year in the US increases," said Richard Hunter,...

Paris, France--Earth had its second-warmest March on record with Antarctic sea ice shrinking to its second-lowest extent, the EU's climate monitoring agency said on Thursday."The month was jointly the second warmest March globally," said a report from the Copernicus Climate Change Service.The report is based on computer-generated analyses using billions...

Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) announced today it has achieved financial close on three solar photovoltaic (PV) projects it is developing in Uzbekistan.Construction will begin imminently on the plants, which will have a combined capacity of around 900 megawatts – the largest solar development programme in the...

Beijing, China--French and EU leaders will on Thursday seek to make Europe's case for bringing an end to the conflict in Ukraine in a Beijing meeting with Xi Jinping, a close ally of Vladimir Putin.French President Emmanuel Macron and European Commission chief Ursula von der Leyen will be greeted late afternoon...

Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over US$4.8 billion in 2018 and is expected to reach US$6.8 billion in 2023.This was highlighted in a new report by Boston Consulting Group (BCG) in collaboration with Forward MENA previously...

Dubai, UAE - National Bonds, the UAE’s Shari’a-compliant savings and investment company, saw another strong year soaring to an investment portfolio of AED 13.7bn ($3.7 billion) in 2022, higher by 15 percent compared to the previous year.Given that National Bonds success is also measured by the competitive earnings rewarded to...

DUBAI, UAE -  UAE Ministry of Human Resources and Emiratization (MoHRE) announced that the Unemployment Insurance Scheme has exceeded one million subscribers since its launch in January 2023.The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector, providing low-cost job security net that supports the...

Dubai, UAE -- Fitch Ratings has recently upgraded its Saudi Arabia’s rating to 'A+' with a Stable Outlook.The agency indicated in its report that this rating upgrade reflects the kingdom's strong fiscal and external balance sheets with large sovereign net foreign assets compared to ‘AA’ median and debt/GDP half of...

The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed down by the Ukraine war and stubbornly high inflation. Presenting their annual trade forecast, WTO economists said they expected to see the volume of global merchandise trade slow to 1.7...

Asian indices drifted after losses on Wall Street, as data showing a softening in the US jobs market pointed to a slowdown in the world's biggest economy. Oil dipped, having spiked earlier this week following shock output cuts from OPEC+ crude producers.

LSG Group is to be sold to private equity group Aurelius.

Dubai, UAE--Emirates NBD has successfully priced a US$1 billion Senior Unsecured Sustainable Sukuk for Al Rajhi Bank, the world’s largest Islamic bank by assets and market capitalization.The five-year Sukuk which was priced at a reoffer yield of 4.774 percent generated strong demand, attracting orders of over US$3.75 billion. The robust...

Paris, France--French energy giant TotalEnergies announced Wednesday an agreement with Iraq on a $10 billion project that had been delayed due to disagreements over the terms of a deal aimed at improving the country's electricity supply.The contract, originally signed in 2021, includes investments in oil, gas and solar production.But the two...

Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in March.The S&P Global Egypt Purchasing Managers' Index edged down to 46.7 in March from 46.9 in February, well below the 50.0 threshold that marks growth in activity."At 46.7, the headline PMI...

New York, United States--US pharmaceutical giant Johnson & Johnson on Tuesday proposed an $8.9 billion settlement to resolve years-old lawsuits claiming that its talcum powder products caused cancer.The New Jersey-based company said the proposed settlement, which still needs the approval of a bankruptcy court, "will equitably and efficiently resolve all claims...

GENEVA, SWITZERLAND - The Red Cross announced Tuesday that it would cut 1,500 jobs over the next 12 months in a drive to slash costs due to a funding crunch.The International Committee of the Red Cross (ICRC) said an expected drop in humanitarian assistance budgets over the next two years was...

Virgin Orbit, the satellite launch company founded by Richard Branson, has filed for Chapter 11 bankruptcy and will sell the business, the firm said in a statement. The California-based company said last week it was laying off 85 percent of its employees to reduce expenses due to its inability to...

Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under the Flexible Credit Line (FCL).Morocco has benefited from four Precautionary and Liquidity Line (PLL) arrangements since 2012, each totaling about $3 billion.The first PLL was approved on August 3, 2012,...

DUBAI, UAE -  Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center (DIFC).This milestone reinforces DIFC's position as the leading financial center for WAM companies in the Middle East Africa South Asia (MEASA) region.With an industry size of US$450 billion, DIFC's 300...

ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose money has gone up in smoke.Credit Suisse's chiefs fronted up at the bank's annual general meeting, 16 days after its hastily-arranged...

GENEVA, SWITZERLAND - The global transition to renewable energy will require greater investment in integrated weather and climate services, the World Meteorological Organization (WMO) said.This investment is critical to ensure that energy infrastructure is resilient to climate-related shocks and to harness the power of energy generated from sources such as...

Hong Kong, China--Chinese property developer Evergrande said it has entered into a restructuring agreement with a group of international creditors, in what could be a breakthrough deal toward easing the developer's massive debt.Once China's largest real estate company, Evergrande was found in 2021 to be drowning in more than $300 billion...

The poll discovers people struggling across the Middle East to cope with high cost of living in the holy month of Ramadan, with inflation in some places reaching 100.

ABU DHABI, UAE - Labor disputes in Abu Dhabi plunged by 40 percent in 2022 compared to the same period in 2021, local media reports said.This follows awareness efforts which contributed to strengthening the legal knowledge of workers and companies, and introducing them to their rights guaranteed by the Labor...

The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar are "in the interests" of global markets. The surprise move on Sunday came as oil prices have cooled in recent months after soaring last year following the start of the...

BEIJING, CHINA - Chinese authorities have begun an investigation into leading US memory chipmaker Micron Technology, a decision Beijing's foreign ministry said Monday was intended to "safeguard national security".The probe escalates an already fierce battle between Beijing and Washington for supremacy in the field of semiconductors as broader bilateral relations continue...

Analysts warn that the economy may start heating up as the government rebuilds huge swaths of Turkey's southeast that were hit by a massive earthquake in February in which more than 50,000 people died. Erdogan, who will try to extend his rule into a third decade in the May 14...

Geneva, Switzerland--Swiss federal prosecutors said Sunday that they had opened an inquiry into the UBS takeover of its embattled banking rival Credit Suisse, following pressure from federal authorities and media leaks.In an email to AFP, prosecutors said they issued orders to investigate after "taking stock of the situation with all the...

Beijing, China--Investment bank China Renaissance suspended trading in its Hong Kong-listed shares on Monday, saying the disappearance of its chairman meant it was unable to publish its annual results.Bao Fan, the group's billionaire chairman and executive director, went missing in February and was later revealed to be "cooperating" in an official investigation --...

Tokyo, Japan--Japan's largest manufacturers feel less optimistic about business conditions with confidence falling to its lowest level in more than two years, a key survey showed Monday.The Bank of Japan's closely watched quarterly Tankan survey is considered the broadest indicator of how Japanese businesses are faring.It reports the difference between...

Baghdad, Iraq--Iraqi oil ministry has affirmed the federal government's keenness on speeding up the resumption of the Kurdistan region of Iraq's oil exports through the Turkish port of Ceyhan as well as work to bring views closer to serve the public interest.In a statement issued on Sunday, the ministry noted...

A joint economic city is going to come up on the Iraq-Jordan border and in this regard an international tender has been set up by the two countries. The tender, according to the Jordanian ministry of industry and trade, includes preparing studies, designs, engineering plans, developing, financing, and operating the...

Cuts by the Saudis, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will total more than one million barrels per day -- the biggest reduction since the OPEC+ cut 2 million bpd in Oct. A Saudi official called it a measure "aimed at supporting...