In December, the airline ordered 230 Airbus planes.

Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a one percent increase compared to the same month last year.According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at $919...

Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 186%.Subscriptions worth $128.67 million were received for the $69.14 million issue, which carries maturity of 182 days.The expected return on the issue, which begins on...

The two will work to develop AI-based banking capabilities.

The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output of the West Bank and Gaza in 2022. The report, produced with the United Nations and the European Union, found structural damage affected "every sector of the economy."

In power for the past decade, Sisi is set to remain president until 2030, after winning a December election with 89.6 percent of the vote against three relative unknowns. The six-year term is set to be the 69-year-old's last, unless he again ushers through a constitutional amendment prolonging his tenure.

Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and Saudi Arabia.

Abu Dhabi, UAE -- The Central Bank of the United Arab Emirates (CBUAE) expects the country's Gross Domestic Product (GDP) to grow by 4.2 percent in 2024, rising to 5.2 percent in 2025, while maintaining its estimate for a 3.1 percent growth in 2023.In its quarterly economic review report for...

The non-oil economy contributed more than 53 percent to the total GDP, with significant growth in construction, finance and insurance, transportation and storage activities. Statistics Centre - Abu Dhabi (SCAD) said the results demonstrate the economy's ability to expand thanks to diversification efforts.

BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday.Debt, trade barriers and policy uncertainties are...

Observers called it Erdogan's worst election defeat since his party took power in 2002. Many blamed inflations running at 67 percent and a crashing devaluation of the lira currency over the past year.

Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday.Debt, trade barriers and policy uncertainties are dulling the...

Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector and bolster its role in driving the growth of Sharjah’s economy.Promoting the emirate’s business tourism potential and opening up growth prospects across various sectors, the ECS’s plans are geared towards...

Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March.The official purchasing managers' index (PMI) rose to 50.8 in March from 49.1 in February, above the 50-mark separating growth from contraction and topping a median forecast of 49.9.Though the pace of growth was modest, it was...

"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like Mastercard and initiatives like the Trade Bank of Iraq's online banking system, accessibility to financial services has greatly improved," she added.

Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to the Agency for Natural Resources and Energy in Tokyo.The agency, part of the Japanese Ministry of Economy, Trade and Industry, stated that the amount of crude that Japan imported during...

AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to the global level, driven by its development, quality and competitiveness, a stakeholder said.This has placed Jordan among the top countries in this strategic industry.Representative of Pharmaceutical Industries and Medical Supply...

It will cost US$100bn and will include an AI supercomputer.

The IMF action, repeatedly postponed and eagerly awaited by the Egyptian government, arrives at a time of mounting difficulties for its economy. The IMF said Egypt has achieved all the objectives set out in the first two stages of the aid program, with the exception of the level of its...

Washington, US--The US Treasury Department pushed back on Friday against claims it had eased sanctions against West Bank settlers after pressure from Israel's finance minister.The US recently sanctioned seven Israeli settlers and two farming outposts in the West Bank in response to a surge in violence, freezing their assets and...

Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and technology.In addition to exploring investments in digital infrastructure and artificial intelligence (AI) services in Kenya, the cooperation may include developing data centre projects with a total capacity of up to...

WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel prices, according to government data published on Friday, but another gauge stripping out volatile food and energy prices continued to ease.US Federal Reserve chair Jerome Powell told a conference in...

RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for Q4 of 2023, which show that the net flow of FDI in the Kingdom amounted to over US$3.4 billion (SAR13 billion), an increase of 16 percent or US$2.9 billion (SAR11...

Istanbul, Turkey--Recapturing Istanbul, the "jewel" of Turkey, in Sunday's local elections has become President Recep Tayyip Erdogan's obsession ever since losing the country's economic capital to the opposition in 2019.Erdogan's route to Turkey's presidency was launched in Istanbul, where he was elected mayor in 1994, and his allies held the city...

Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024.The country recorded a rate of 7.7, a record number in the history of the report. The UAE was recognised as the best...

Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion by the end of 2024. According to its director general, Dr. Sidi Ould Tah, the annual financing of the bank is witnessing a steady increase, rising from US$2 billion in...

ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they have entered into a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture company owned by Saudi Arabian Oil Company (Saudi Aramco)...

AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies in the Kingdom are experiencing a significant surge in demand for the Jordanian dinar, surpassing interest in other foreign currencies, the Petra news agency said.Speaking to Petra, Firas Marwan Sultan,...

Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is visibly failing on most fronts. adding that this is "hardly the future picture some have been painting." Fossil fuels accounted for 82% of global consumption last year.

Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council to collaborate in investment and futuristic economic sectors.According to the agreement, the Abu Dhabi Chamber and the Council will exert their best efforts to eliminate any obstacles that may hinder...

Rohit Nanda, the new CFO, will take up his new job next month.

Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last year,With its convenient location between Dubai and Abu Dhabi, expansive outdoor spaces, word-class facilities that include seven meeting rooms, and the Tamure Ballroom able to accommodate up to 700 guests,...

Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve all obstacles facing the sector and align its development with the state's overall progress.This was stated by Chairman of Qatar Tourism Saad bin Ali bin Saad Al Kharji at a...

Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range of technical services to government entities, national airlines, ground handling agents and express service providers.CARDS is the first platform of its kind to provide an analytical view of air cargo...

Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be 22% below its peak pre-pandemic numbers of 155 million tourists in 2019, who spent over $250 billion overseas, according to Oxford EconomicsFull recovery is expected to materialise in 2025, with...

Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according to data released by the Department of Statistics on Tuesday.The figures revealed a decrease in the value of oil imports to the Kingdom, totaling $361 million for January, compared to...

With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically. At the end of 2022 the country's bankings sector also adopted the international financial messaging system known as SWIFT as part of the reforms, to help tackle money laundering and...

It will be a hub for customers to lift up "digital competence."

Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest rate cuts amid stubbornly-high inflation. "Heightened tensions between Ukraine and Russia have brought a halt to the rally in equity markets seen last week," said Russ Mould, investment director at...

AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in his speech on Monday at the China Development Forum in Beijing.Nasser underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners and identified specific areas for...

Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation.In this connection, the SCCI has engaged in high-level discussions with a Thai diplomatic delegation, exploring avenues for enhancing economic cooperation and boosting the trade exchange volume between the two countries.Both sides...

Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of early 2024. Jamal Bin Saif Al Jarwan, chief of the UAE International Investors Council, said that UAE investments abroad are performing well despite global economic fluctuations.The UAE secured the top rank...

BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of pro-market reforms" to boost a sluggish economy beset by a housing market crisis, low domestic demand and persistently high youth unemployment.Chinese policymakers have so far resisted calls to juice the...

Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In the first quarter of 2024 than in 2019, with airlines expected to sustain their operating profitability seen in 2023. Demand this year is forecast to be around 3 percent above...

BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products amounting to a total of 187.9 million tonnes.Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent), according to figures...

Beirut, Lebanon - A UN official on Friday appealed for about $4 billion in humanitarian assistance for Syria, warning funding was almost non-existent and that lack of support would push more Syrians to emigrate.Syria's war, which began 13 years ago with the repression of anti-government protests, has killed more than 507,000...

BRUSSELS, BELGIUM – The EU will put more pressure on the most popular online platforms, like X and TikTok, to tackle the risk of election disinformation or face fines, an EU official said on Friday.The European Commission, the EU's executive arm, is expected to adopt new guidelines, likely on Tuesday, ahead...

MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to stubbornly high inflation and labor shortages.The central bank raised rates to 16 percent in a series of hikes last year to cool the pace of price rises.Analysts are waiting for...

MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the Russian Foreign Intelligence Chief Sergey Naryshkin said.The Russian official made the statement in the documentary "Oil" on the premier online platform.“The ‘hegemon’ has lost a step. It is no longer...

Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with General Atomics (GA), a leading US advanced technology solutions company, to collaborate on using advanced technologies and materials for nuclear energy supply.They will also cooperate on prospects that utilise ENEC's...