Baghdad, Iraq--Iraqi police arrested overnight almost 200 people in raids on illegal casinos where alcohol was served in defiance of the Muslim fasting month of Ramadan, the interior ministry said Tuesday. The raids targeted four locations in Baghdad where games of blackjack and roulette had been underway, ministry spokesman Saad Maan...

With the cash-strapped country mired in an unprecedented economic meltdown, Lebanon's parliament on Tuesday put off municipal elections scheduled for next month, according to official media. The country has for the second time postponed polls, after they were initially scheduled to take place last year. No new date has been...

Move after GSK demerged its consumer healthcare unit.

Firm announced that it would slash 8,500 jobs worldwide.

Tokyo, Japan--Abu Dhabi National Oil Company has signed two agreements with Japanese partners to strengthen the low-carbon hydrogen value chain between the UAE and Japan. The signing of the deal was witnessed by the UAE’s Minister of Industry and Advanced Technology Sultan Al Jaber and Japan’s Minister of Economy, Trade and Industry NISHIMURA...

Rabat has pledged that prices will soon fall, and announced several initiatives to tackle market speculation, but government spokesman Mustapha Baitas said the measures "have not had the expected results." In an attempt to stem the price rises, Rabat suspended exports of some products in early February, including tomatoes, to...

Dubai, UAE -- The World Bank and Jordan have signed two financing agreements worth $650 million for the programs of inclusive, transparent and climate-responsive investments in the kingdom besides enhancing the efficiency of the electricity sector in the kingdom. The agreements were signed on behalf of the Jordanian government by...

Beijing, China--China's economy grew much better than expected in the first three months of the year as the country reopened after the end of zero-Covid measures, official data showed Tuesday. The figures were the first snapshot since 2019 of the world's second-largest economy unencumbered by the strict health controls that helped...

Riyadh, Saudi Arabia--ACWA Power will construct a 1,000 megawatt solar power plant in Iraq, the first clean energy project in the country.     According to its electricity minister, the joint venture project will be developed in Central Iraq’s Najaf city, around 160 km south of the capital, Baghdad.   “The Saudi firm has agreed...

Net profit reported by the companies jumped to a record high of US$ 273.3 billion in 2022,  compared to US$ 199.0 billion in 2021, according to a new report by Kamco Invest.

Riyadh, Saudi Arabia-- Saudi Arabia and the Netherlands have discussed the possibility of exporting clean hydrogen from the kingdom to Europe. In this regard, Energy Minister Prince Abdulaziz Bin Salman met with the Deputy Prime Minister and Minister of Foreign Affairs of Netherlands Wopke Hoekstra in Jeddah. The meeting also...

The Observatory, which has a wide network of sources on the ground in Syria, said fighters riding motorbikes also attacked a group of shepherds in the eastern province of Deir Ezzor, killing five and seizing their livestock. Two other shepherds were kidnapped, the war monitor said.

Doha, Qatar-- Inflation in Qatar rose by 4.01 percent year-on-year in March, because of a rise of prices across eight categories, according to data released by the Planning and Statistics Authority.   The Consumer Price Index of March 2023, which is a broad measure of inflation, reached 105.55 points, up by...

The US$11bn deal will drive drug company's growth.

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has won the Hydrogen Project of the Year 2023 Award for its green hydrogen project aimed at promoting the transition towards renewable and clean energy at the Hydrogen Future Awards 2023. The Hydrogen Future Awards was organized during the "Connecting Green...

BAGHDAD, IRAQ - Iraqi Prime Minister Muhammed S. Al-Sudani chaired a meeting focused on discussing the provisions of the federal budget bill submitted to the Parliament. The meeting was attended by Parliament Deputy Speaker Muhsin Al-Mandalawi, Parliament Deputy Speaker Shakhwan Abdullah and MPs of the Parliamentary Finance Committee, as well...

Prince Mohammed said the latest transfer will "solidify PIF's strong financial position". Authorities did not give a value for the latest shares, which have been moved from the world's biggest oil exporter to Sanabil Investments, a firm controlled by the Public Investment Fund (PIF) that is led by Crown Prince...

Brussels, Belgium--Depending on which side you're on, tech giant Microsoft is either the hero fighting to bring some of the most popular video games to more people, or the villain on the brink of killing competition in the sector. The Xbox-owner has embarked on a campaign to convince all three EU,...

Abu Dhabi, UAE - The UAE is among the largest international investors in Brazil, with an estimated US$5 billion in Emirati investments in South American country, with the presence of major Emirati companies such as Mubadala, the largest Emirati investor in Brazil, DP World, Emirates Airlines, First Abu Dhabi Bank,...

A statement put out by G7 said the phase-out will be achieved by "promoting sustainable consumption and production of plastics, increasing their circularity in the economy, and environmentally sound management of waste". German Environment Minister Steffi Lemke hailed the bloc's new plastic pollution pledge as an "ambitious goal".

Dubai, United Arab Emirates--A fire in a residential building in Dubai killed 16 people and injured nine others in the wealthy Gulf emirate, local media reported. The fire broke out at midday Saturday on the fourth floor of the building in the Al-Ras neighbourhood in the old part of the city....

Still predicting "moderate GDP growth, US treasury secretary has affirmed that the country's banks may be more cautious in granting loans after recent turmoil in the sector, she said In an interview to be aired on Sunday. The dramatic collapse of Silicon Valley Bank and Signature Bank shook the financial...

ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to strengthen economic and diplomatic ties. The UAE's energy and infrastructure minister, Suhail bin Mohammed al-Mazrouei, welcomed the Brazilian leader at Abu Dhabi airport, local media reported. Lula, who in January...

Sapporo, Japan--G7 allies kicked off two days of "difficult" climate talks in northern Japan on Saturday, facing pressure to show progress on key fossil fuel commitments in an example to other major economies including China. Campaigners have warned climate and environment ministers from the group of developed countries against backsliding on...

Dubai, UAE -  Dubai has issued a law to regulate the operations of autonomous vehicles in the city. The new law aims to accelerate the city's smart mobility transformation, attract investments in the sector and provide a regulatory environment that facilitates the use of artificial intelligence (AI) in transportation. The...

Abu Dhabi, UAE--Presight AI and the Ministry of Communication, Telecommunications and Digital Economy of the Republic of Senegal (MCTEN), have signed a Memorandum of Understanding (MoU) to accelerate digital transformation initiatives and economic benefits for the citizens of Senegal. Under the agreement, Presight will work closely with MCTEN to support...

Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY basis to $9.61 billion by the end of last January, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank's figures showed that...

San Francisco, United States--Elon Musk has formed an X.AI artificial intelligence corporation based in the US state of Nevada, according to business documents that surfaced on Friday. Musk, who is already the boss of Twitter and Tesla, was listed as director of X.AI Corporation founded on March 9, a state business...

In the last 10 years, a motley of supposedly best-run companies in the Middle East have collapsed, disappearing into obscurity. TRENDS examines what went wrong.

The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent base erosion and profit shifting (BEPS) to advance the international taxation agenda.

JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the sector - since the collapse of Silicon Valley Bank and two other banks - showed the industry is benefiting from the Federal Reserve's shift towards higher interest rates and from...

Sky-high inflation driven by sharp increases in the cost of energy prompted the ECB to crank up interest rates at a record pace to try to tame consumer price prices.

The bank will act as a strategic partner during listing of EIH.

The performance was driven by strong sales, especially in Asia.

Finance Minister Ishaq Dar said the UAE had promised a billion dollars to prop up Pakistan's forex reserves -- which at their current level of $4.04 billion can barely pay for four weeks of imports. China on Friday released $300 million to Pakistan -- the last tranche of a $1.3...

The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil on bank lending, a top Federal Reserve official said. "How much further will depend on incoming data on inflation, the real economy and the tightening credit conditions," Federal Reserve governor...

Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong earnings. The dollar hit a year-low against the euro after official data this week showed high inflation slowing in the United States, fanning hopes the Federal Reserve would soon stop...

Riyadh, Saudi Arabia - Saudi Arabia's annual inflation rate dropped to 2.7 percent in March from 3 percent in February, as per government data.  The decrease was mainly driven by a rise in housing rents. Housing, water, electricity, gas, and other fuels rose by 7.4 percent from the previous year,...

Abu Dhabi, UAE - Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, retail, oil and gas, ports, agriculture, hotels, and services. This was revealed by Jamal bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC). Giving further details, Al Jarwan said that the...

Qatar bought a 17-percent stake in German auto group Volkswagen in 2009 and paid a reported $1.7 billion for Harrods in 2010. Volkswagen is recovering from a scandal while the landmark London store was badly hit by the coronavirus pandemic, reporting losses for 2020 and cutting hundreds of jobs.

Rome, Italy -- Tackling gender inequalities in agrifood systems and empowering women reduces hunger, boosts the economy, and reinforces resilience to shocks like climate change and the COVID-19 pandemic, a report by the Food and Agriculture Organization (FAO) of the United Nations said. The status of women in agrifood systems...

Countries must do more to avert the costly consequences of growing global trade fragmentation, and help avert a "second Cold War," the International Monetary Fund's managing director said. "I know what are the consequences of a Cold War: it is loss of talent and contribution to the world," Kristalina Georgieva...

Russia delivered a new warning to the West over a grain deal with Ukraine, saying a number of conditions must be met for Moscow to extend it beyond May 18. Negotiated in July by Turkey and the United Nations, the agreement has given Ukrainian grain shipments a safe corridor in...

Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking economy but the bailout still needs approval by the IMF board, which is pressing for reforms, primarily on the economy. Tunisia is heavily indebted and facing high inflation and unemployment.

ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced on Thursday the deployment of five new-build Very Large Gas Carriers (VLGC). The gas carriers were built at Jiangnan Shipyard in Shanghai, China, and will be owned and operated by AW...

Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final figures showed on Thursday. The data from federal statistics agency Destatis confirm a downward trend since annual inflation peaked at 10.4 percent in Europe's biggest economy in October -- revised...

Even before the roasting summer months, the soil is dry and dusty in the small Mediterranean country, whose water resources are steadily depleting as climate change intensifies. With some Tunisian water reservoirs almost completely dry, authorities imposed emergency measures last month, rationing household supplies and banning water use for washing...

It has sold more than US$7bn of its shares since early 2023.

Doha, Qatar: Chinese oil giant Sinopec on Wednesday became the first Asian firm to get a stake in Qatar's expansion of North Field East, the Gulf country's energy company announced. North Field contains the world's biggest natural gas reserves and extends under the Gulf into Iranian territory. China is already...

Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday. The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development...