The firm's revenue rose 14 percent to nearly US$2.4 billion.

Salameh had been summoned to appear on Wednesday but failed to show up, alleging that "the presence of international judges in Lebanon and the investigation into the financial matters is in conflict with national sovereignty". The judiciary rejected his claim and the session was rescheduled for Thursday.

AMMAN, JORDAN -  The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris. A statement issued by the JCC on Thursday said that the summit , jointly organized by the French-Arab Chamber of Commerce (CCFA), the Union of Arab Chambers, Business France, the...

While many women still believe they are not adequately compensated, men, in contrast, have a different view, with many saying women are paid the same as men.

Abu Dhabi, UAE  – The United Arab Emirates will invest $30 billion in South Korea over the next few years, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade said during the meeting with Minister of Trade of Korea, Dukgeun Ahn in Dubai on Wednesday. The meeting explored joint investment...

In order to reinstate full food rations for millions in Yemen, the WFP has said that it requires more than double the money raised for all United Nations agencies in Yemen this year. The UN was able to raise only $1.2 billion for all its agencies in Yemen at a...

"The country continues to grow in various sectors such as the energy sector, including oil, gas, and renewable energy, which contribute significantly to the growth and prosperity of the economy. Furthermore, significant opportunities will be available in all of the Kingdom's economic sectors," he adds.

Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US authorities to intervene at the weekend to prevent contagion. After a rebound on Tuesday, equities fell again on Wednesday, with European indices tumbling by more than three percent.

New Delhi, India -- India’s Minister for New, Renewable Energy and Power, R K Singh said on Tuesday that India and the UAE have both taken a lead in the development of renewables at low costs. “The two countries are moving towards a strong relationship in the field of renewable energy,”...

The shareholders approved dividend after record growth.

Damascus, Syria--His medical studies in Syria keep Mohammed Shasho busy enough but whenever he can he also pores over German vocabulary and grammar points in hopes of a move to Europe.Like many youngsters in the war-ravaged country, he dreams of joining the almost one million Syrians already in Germany to advance...

Libya has seen more than a decade of stop-start conflict since a 2011 NATO-backed revolt toppled strongman Moamer Kadhafi, with myriad rival militias, foreign powers and multiple governments vying for influence. The country remains split between a supposedly interim government in the western capital, Tripoli, and another in the east...

Markets were rocked earlier this week by the collapse of two US regional lenders, SVB and Signature Bank, which forced authorities to launch measures aimed at preventing contagion across the sector. S&P Global Ratings said the European banks it follows and rates did not have the same economic model or...

Vienna, Austria  – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3 mb/d YoY in 2023 to average at 101.9 mb/d, driven by the ongoing recovery in the travel and transportation sectors.“Following estimated growth of 2.5 mb/d y-oy in 2022, oil demand...

Tokyo, Japan--The UAE and Japan are looking to increase economic, trade and investment cooperation, and explore new economic opportunities of common interest.This came at the Abu Dhabi Business Forum, which was organised by the Abu Dhabi Department of Economic Development following the conclusion of the 9th session of the Abu...

Morocco has joined the bid by Spain and Portugal to host the centenary World Cup in 2030, according to its ruler, King Mohammed VI. The king said in a message delivered as he was named the winner of the African Football Confederation 2022 Award of Excellence in Kigali, where FIFA...

US consumer inflation edged down in February but remains elevated, according to government data, adding pressure to the Federal Reserve as it balances its inflation fight with financial stability concerns. The central bank has been on an aggressive campaign to tame inflation, raising interest rates eight times since early last...

Consultations to prolong Ukrainian grain exports deal are continuing, the UN said, after a Russian proposal for just a 60-day extension cast doubt over its fate. "The United Nations will do everything possible to preserve the integrity of the agreement and ensure its continuity," Jens Laerke, spokesman for the United...

New Delhi, India - The GDP of the UAE went up by 7.6 percent in 2022 and the FDI inflows to the country amounted to US$171.6 billion, the UAE minister of economy Abdullah bin Touq Al Marri revealed in his speech at the CII Partnership Summit 2023, being held in...

DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation and enhance the sustainability of the air cargo industry in the country. The license is aimed at reducing carbon emissions by encouraging the adoption of clean energy and leveraging technology...

Officially pegged at 15,000 to the dollar, the pound was trading at 100,000 against the greenback, dealers said -- a dizzying plunge from 1,507 before the economic crisis hit in 2019. The currency's market value was at around 60,000 to the dollar in late January.

Most of the MEPs who signed are from Green or left-wing parties. They were joined by non-governmental organizations, including Oxfam, supported by a dozen economists and by 20 millionaires. The signatories claimed that in 2018 Tesla owner Elon Musk, "then the second-richest man in the world, did not pay a...

Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.  Analysis by the US-based firm reported the Kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since 2016...

New York, United States - Oil prices fell over 2 percent in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support, Reuters reported.Brent crude futures settled down $2.01, or...

Abu Dhabi, UAE--Commending the UAE for being in the forefront of the drive to improve gender balance in the country, Iva Hamel, the World Bank representative in the UAE, said the UAE is the most progressive country in the Middle East and North Africa in terms of women’s empowerment. She...

Washington, United States--President Joe Biden sought to reassure Americans over the country's financial system Monday as more US banks and leading European lenders were hammered amid contagion worries.Silicon Valley Bank -- a key lender to startups across the United States since the 1980s -- collapsed after a sudden run on deposits,...

Banking experts have been among those alarmed at the rapid collapse of SVB, the country's 16th biggest bank by assets and how its demise became a harbinger of Sunday's failure of another lender, Signature Bank. The failures have "exposed the inadequacy of regulatory reforms that have been made since the...

Istanbul, Turkey - Turkey's current account deficit increased to $9.85 billion in January, the highest monthly deficit since 1984, the first year for which such a record is available, according to figures from the central bank released on Monday. The increase was caused by a rising energy cost and imports...

Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed multiple memorandum of understandings aimed at supporting SMEs, along with enabling entrepreneurs to enter the field with more confidence and emphasis.The two countries also looked at ways to enhance cooperation in the fields of entrepreneurship and innovation, as the Kingdom’s Minister...

Just days ahead of the 20th anniversary of the US-led invasion that resulted in war, chaos, and political instability, Iraq's Prime Minister Mohammed Shia al-Sudani said that his government had prepared a three-year budget for the oil-dependent economy traditionally plagued by budgetary delays. The bill will include financial aid to...

Russia has agreed to extend the Ukraine grain export deal following talks with the United Nations - but only for a further 60 days. Moscow said it wanted to see "tangible progress" on a parallel agreement on Russian exports before the deal comes up for renewal again.

Diplomats from nearly 200 nations and top climate scientists begin a week-long huddle in Switzerland Monday to distill nearly a decade of published science into a 20-odd-page warning about the existential danger of global warming, and what to do about it. Since its creation in 1988, the IPCC - an...

Treasury Secretary Janet Yellen said the government wants to avoid financial "contagion" from the SVB implosion, as it ruled out a bailout. With the bank's future, and its billions in deposits up in the air, officials from the three agencies, The Fed, the Federal Deposit Insurance Corporation (FDIC) and Treasury,...

In a rescue deal, it bought SVB for a nominal price of $1.2.

Beijing, China--China's new premier warned Monday that the country's five-percent growth target for 2023 would not be "easy" to achieve, as its rubber-stamp parliament wrapped up over a week of meetings.The government set the economic growth target of "around five percent" this month, one of the lowest in decades as China emerged...

Cairo, Egypt--Egypt’s export to China increased by 20.8 percent to $1.7 billion in the first 11 months of 2022, compared to $1.4 billion in the same period in 2021, according to Egypt’s Central Agency for Public Mobilization and Statistics, also known as CAPMAS. Egypt’s imports from China totaled $13.2 billion from...

Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued share capital in response to strong interest.

Princess Iman, the eldest daughter of King Abdullah and Queen Rania, has wed a financier of Greek origin at a ceremony at the royal palace west of the capital Amman. The ceremony broadcast on state television showed the princess tying the knot with Jameel Alexander Thermiotis in the presence of...

Global economic challenges have led the UAE to review priorities and investment trends, with a focus on five key sectors: healthcare, transport and logistics, agriculture and food security, technology and green energy.

London, United Kingdom--The BBC's director general Tim Davie said he will not resign after the publicly-funded broadcaster's sport service was decimated on Saturday by a backlash to Gary Lineker's removal as Match of the Day host."Everyone wants to calmly resolve the situation," Davie said in a BBC interview.Lineker was forced to...

It posted $161bn profits last year on high oil prices.

The Chinese government has confirmed Yi Gang as governor of the People's Bank of China, against expectations that retirement-age Yi would step down, besides retaining other important top economic officials. The cabinet faces the task of revitalizing the Chinese economy, which last year expanded just three percent.

The FDIC on Friday took over SVB, a major lender to the tech world, in the second-largest bank failure in US history. The bank is expected to reopen on Monday under a new name.

Iraq has scuttled a big smuggling operation of bringing into the country a large consignment of three million pills of captagon, an amphetamine-type stimulant sweeping the Middle East for year, near the Syrian border. The pills had been hidden in apple crates and discovered at the Al-Qaim crossing near Iraq's...

Dubai, UAE--The Indonesian Investment Forum kicked off in Dubai to lure businesses and investments.The two-day event aimed to explore opportunities to attract foreign direct investment and expand markets for export-oriented products.It was hosted by Bank Indonesia in partnership with KJRI Dubai, the Indonesian Embassy in Abu Dhabi, the Indonesia Investment Promotion...

Tunis, Tunisia--More than 1,000 Africans trying to reach Europe have been rescued in a single night off Tunisia, the coast guard said Friday, after a wave of violence against black migrants.Last month President Kais Saied ordered officials in the North African country to take "urgent measures" to tackle irregular migration, claiming...

The region will benefit from investment in training institutes for nursing and health professionals, Amanat Holding CEO Mohamed Hamade tells TRENDS during an interview.

Cairo, Egypt - Egypt's official annual headline inflation rate rose in February to 31.9 percent, the highest in five and a half years, while core inflation soared to a record 40.26 percent, according to official data reported Thursday by Reuters.The jump in inflation is likely to further squeeze households already...

DOHA, QATAR - Just US$1.4 billion in new loans and grants were promised at a UN summit devoted to the world's poorest nations where UN leader Antonio Guterres had appealed for massive aid, officials said Thursday.A top UN envoy warned at the end of the five-day Least Developed Countries meeting that...

Delay has had no effect on its annual financial statement.