Muscat, Oman -Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth $777 million to international investors after securing approvals from the Authority for Public Services Regulation (APSR). According to media reports, the Manah 1 and 2 projects, which will jointly produce a total of...

Colombo, Sri Lanka--Sri Lanka's president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to an International Monetary Fund bailout. China's state-owned Exim Bank "sent a letter to the IMF" on Monday night expressing Beijing's willingness to "restructure" credit to Sri...

Years of war and insurgency have taken a heavy toll on the many Mesopotamian, Islamic and Christian treasures in a country home to six UNESCO World Heritage sites. Iraq is the cradle of civilizations, where writing and the first cities emerged, but decades of unrest have left many priceless cultural...

Emphasizing that the oil and gas industry was vital in the fight against climate change, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said that energy leaders have the knowledge, experience, expertise and the resources needed to address the dual challenge of driving sustainable progress while...

To establish connectivity in the Indian Ocean, the two countries need to look at various other aspects, such as setting up a shipping chamber, holding conferences, and appointing transportation attachés at their diplomatic missions to facilitate shipping ventures between Indian and Indonesian firms, he adds.

Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with Turkish central bank governor Sahap Kavcioglu "to make a significant $5 billion deposit", the Saudi government said in a statement. "This deposit is a testament to the close cooperation and...

Lebanon opened its probe following a request for assistance from Switzerland's public prosecutor probing more than $300 million in fund movements by Riad Salameh and his brother. Last month, Swiss media reported that 12 banks in the European country had received a large part of the money Salameh is alleged...

DUBAI, UAE - The Dubai Land Department (DLD) has launched the Instant Sale feature, which utilizes smart evaluation technology in real estate transactions without the need for audits. This move is in line with DLD's efforts to enhance the use of innovative solutions and achieve the goal of the Dubai...

Norway earned 1.5 trillion kroner ($140 billion) in revenues from oil and gas, according to estimates by Statistics Norway (SSB). It was "by far the highest ever recorded in the statistics" and almost three times the 498 billion kroner earned in 2021, according to SSB.

The city has won a huge following among the people who see it not just as a city for business, but as one where families can co-exist with big money.

It will make an initial public offering before listing.

Dubai, UAE-- The UAE and Oman have signed an agreement to enhance cooperation in order to preserve environment and encourage sustainable development. In this connection, a UAE delegation, headed by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, paid a visit to Oman to enhance cooperation in...

Cairo, Egypt - Egypt’s foreign exchange reserves rose $127.9 million by the end of February to $34.352 billion, compared to $34.224 billion by the end of January, according to the Central Bank of Egypt (CBE). Foreign currencies in Egypt’s foreign reserves include the US dollar, euro, Australian dollar, Japanese yen...

The opening day of general debate at the once-in-a-decade summit saw no major announcement of desperately needed cash - apart from $60 million that host Qatar said it would give to United Nations programmes. Leaders of the world's major economies have been markedly absent from debate, which will last five...

The UAE has utilized advanced technologies to develop capacities and meet the growing demand in these sectors. Additionally, the country aims to adopt a new and more open development model in line with the leadership's future vision and the UAE Centennial 2071, the minister adds.

Pact is likely to help enhance Kingdom's non-oil exports.

UNCTAD’s Secretary-General Rebeca Grynspan and Deputy Secretary-General Pedro Manuel Moreno will lead the organization’s delegation to the fifth UN conference on LDCs (LDC5) taking place in Doha, Qatar from 5 to 9 March.

Cairo, Egypt - Egyptian authorities have detained 29 people, including 13 foreigners, accused of running an online cryptocurrency scam that defrauded thousands of investors, state media reported Sunday. The network pocketed about US$620,000 at the expense of its victims in the country now battered by an economic crisis and rapid inflation,...

Despite being the most educated demographic, women in the region have the lowest employment rates. it is crucial to incorporate women into non-traditional sectors to facilitate the GCC's shift towards a post-oil economy.

Riyadh, Saudi Arabia-- Saudi Arabia ranked first globally on the Global Knowledge Index 2022 in the percentage of students enrolled in post-secondary non-tertiary education (ISCED 4), in technical and vocational programs. The Index is issued by Mohammed bin Rashid Al Maktoum Knowledge Foundation in collaboration with United Nations Development Program...

NEW DELHI, INDIA -  UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications Omar Sultan Al Olama said that his country has succeeded in adopting state-of-the-art, digital, and futuristic solutions as a key pillar for enhancing prosperity. Al Olama made this remark at the Raisina Dialogue...

The deal described by many as historic is seen as key to conserving 30 percent of the world's land and ocean by 2030, as agreed by world governments in a historic accord signed in Montreal in December. Eventually, following two weeks of intense talks, delegates finalized a text that now...

Beijing, China--China on Sunday set an economic growth target of "around 5 percent" for 2023, one of the lowest in decades, as its annual National People's Congress opened in Beijing. The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the...

Abu Dhabi, UAE-- Stating that the global reshuffling of economic gravity is providing an opportunity for the UAE, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the country has positioned itself as a key player in the global value chain. He was speaking at...

Ras al Khaimah, UAE-- Sunreef Yachts Middle East has signed a cooperation agreement with RAK Maritime City for the development of a new facility in Ras Al Khaimah. The signature ceremony was in the presence of sheikhs, dignitaries and industry professionals. This initiative is an opportunity for both parties to...

In spite of divisions over the legislation, Iraq's customs department has given orders to begin enforcing a ban on alcohol imports that became law last month. The specialist retail stores dominating alcohol sales in absence of bars or licensed restaurants however remained open for business, at least in Baghdad.

TEHRAN, IRAN - Iran has announced the discovery of a large deposit of lithium, a key component of batteries for electric vehicles and electronic devices, state media reported Saturday. "For the first time in Iran, a lithium reserve has been discovered in Hamedan", in the west of the country, state television...

ABU DHABI, UAE -  The United Arab Emirates and Italy on Saturday announced the enhancement of their  bilateral relations to the Strategic Partnership level. The announcement came during a meeting between President Sheikh Mohamed bin Zayed Al Nahyan  and Italy's Prime Minister Giorgia Meloni at Al Shati Palace in Abu...

A massive earthquake and aftershocks in February caused an estimated US$5.1 billion in direct physical damage in Syria, said the World Bank. The earthquake that struck on February 6 hit Turkey and Syria, devastating scores of cities and killing over 50,000 people in both countries. Millions need help with accommodation...

Panama City, Panama - Delegates to a global conference on saving the world's oceans pledged US$19 billion, the host country Panama said. The total included a $6 billion commitment from the United States, announced on Thursday by White House climate envoy John Kerry. Panamanian deputy foreign minister Yill del Carmen Otero...

Doha, Qatar - The Producer Price Index (PPI) of Qatar’s industrial sector declined by 1.75 percent in January 2023 when compared with the PPI of January 2022.  The PPI for January 2023 was 129.59 points, down 4.71 percent from December 2022. For mining and quarrying, the January PPI showed a...

The company's operating profit rose 13.5% to $696 million.

Abu Dhabi, UAE - Saving deposits in the UAE banking system, excluding interbank deposits, increased to AED245.867 billion ($67 billion) by the end of December 2022, a YoY growth of AED4.00 billion ($1.08 billion), or 1.7 percent, from about AED241.82 billion ($66 billion)  in November 2021, statistics by the Central...

Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources with direct knowledge of the matter told media. Earlier on Friday, the Wall Street Journal reported that the UAE is having an internal debate about leaving the Organization of the...

Pushing aside their differences in relations strained by regional disputes, the oil-rich United Arab Emirates and Turkey signed a free trade agreement on Friday. Importantly, the pact comes ahead of Turkey's elections on May 14 as President Recep Tayyip Erdogan carries on with his contested economic policies that have scared...

The warrants do not name any of the officials, but according to the official, they are former finance minister Ali Allawi, the director of cabinet Raed Jouhi, personal secretary Ahmed Najati, and adviser Mushrik Abbas. Allawi, a respected politician and academic, resigned in August last year. When the scandal broke...

The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices and strong energy exports in 2022, reports suggest.

Firm booked profit despite supply chain disruptions.

Lebanon is navigating a devastating economic crisis that has plunged more than 80 percent of the population into poverty. Strikes and absenteeism have paralyzed public services, the state is barely able to provide a few hours of mains electricity a day, and the local currency has lost most of its...

DUBAI, UAE - UAE Ministry of Health and Prevention (MoHAP) hosted a regional expert meeting on healthy diet policies in Dubai. The event was hosted by the World Health Organization (WHO) Regional Office for the Eastern Mediterranean. The meeting aimed to discuss recent developments in healthy diet policies, with a...

DUBAI, UAE - Dubai Electricity and Water Authority's (DEWA) Research and Development Center has obtained its eighth patent for a cutting-edge device that leverages advanced sensors to locate and survey geographical areas. The device employs real-time kinematic (RTK) processing techniques to process data collected on-site and works with a smart...

Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit the most from the latest technology, says an expert.

Brussels, Belgium - The eurozone annual inflation rate fell to 8.5 percent in February, the EU's statistics agency said Thursday, but the drop was less than expected as food costs soar. Inflation was down last month from 8.6 percent in January but analysts at financial data firm FactSet had forecast...

The Fifth United Nations Conference on the Least Developed Countries (LDC5) was twice postponed because of coronavirus. A plan of action was agreed at the UN general assembly last year, and no major cash pledges are expected at the Qatar meeting. The presidents will be there - with thousands of...

Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state increased from 814 in 2021 to 835 last year, in addition to the presence of 430 new industrial licensed facilities, indicating that the volume of industrial investments amounts to $81...

In February, Economy Minister Amin Salaam announced that supermarkets would be able to start pricing items in dollars, while customers could pay in dollars or Lebanese pounds at the volatile market rate. Domestically produced fruit and vegetables were still priced in the local currency. Some restaurants and clothing shops had...

The new firm will focus on internal combustion.

Nearly 25 percent of respondents believe educational institutions should avoid the use of AI platforms, and many feel creative writers should also ignore them.

Abu Dhabi, UAE--UAE Banks Federation (UBF) organised a virtual workshop on combating trade-and-credit-documents-based money laundering on Wednesday. The workshop comes as part of UBF's ongoing efforts to improve frameworks and procedures necessary to develop and maintain the highest levels of compliance and risk management at member banks. The workshop was...

Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown, with the first half of 2022 witnessing unprecedented growth of nearly 8.5 percent. The country's...