Bank said it would pay out US$5.6 billion to shareholders.

Net profits at the banking giant rose 23% in Q4 of 2022.

While China's easing of coronavirus restrictions paves the way for a faster-than-expected recovery, the rise in central bank rates to fight inflation and Russia's war in Ukraine continue to weigh on economic activity, the Washington-based crisis lender said in its report. But "adverse risks have moderated" since October's forecast, the...

Production of the fuel reached 3.1 trillion cubic feet for the month of October, according to the most recently available US data, an all-time high and up almost 50 percent from the level a decade ago.

Dubai, UAE--The Ministry of Health and Prevention (MoHAP), the Department of Health-Abu Dhabi (DoH) and the Dubai Health Authority (DHA), will showcase the latest developments on the National Program for Donation and Transplantation of Human Organs and Tissues, "Hayat," at the Arab Health 2023 taking place from January 30 to...

Its operating profits in Q4 fell to $3.4 billion, a 69 percent drop.

Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and Bahrain Bourse (BHB) announced today that Muscat Stock Exchange (MSX) has now joined the "Tabadul" platform, the region’s first digital exchange hub, established on the mutual market access model that provides a trading network between stock exchanges regionally.As a result, MSX’s...

Linking of banking system with Russia is seen as an attempt by both the countries to get around the US economic sanctions.

Dubai, UAE--Dubai International Financial Centre (DIFC) unveiled the “DIFC Metaverse Platform” to attract technology innovators from around the world.The platform is part of a comprehensive strategy being developed by Dubai International Financial Centre, the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, to accelerate...

The world's second-largest economy is roaring back to life after Beijing's decision last month to abruptly drop its strict zero-Covid policy, which mandated strict lockdowns, sparking protests and hammering businesses. The official manufacturing purchasing managers' index (PMI) - a key gauge of Chinese factory output - rose to 50.1 this...

Supply of diesel to Europe from the US and the emerging refinery hub in the Middle East may make up some of the missing barrels from Russia, but a shortfall seems likely, not least considering the prospect for a strong recovery in China leading to lower export quotas, he adds.

Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's energy minister said. Speaking at a forum organized by Saudi oil giant Aramco, Prince Abdulaziz bin Salman said the world's biggest crude exporter was also looking to become a global...

ABU DHABI, UAE - Abu Dhabi Global Market (ADGM) Monday received a French  delegation to strengthen bilateral relations through dialogues on investment opportunities and areas of collaboration in the financial field.The delegation was led by French Minister of Economy, Finance, Industrial and Digital Sovereignty Bruno Le Maire.The event brought together...

ADIB's revenue increased by 23% to US$1.8 billion in 2022.

ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) Monday launched the Industrial Census project, in collaboration with the Federal Competitiveness and Statistics Center (FCSC), members of the Industry Development Council, and the local statistics centers.The project aims to create a comprehensive database of all establishments that...

Dubai, UAE-- Over 2,000 cyclists from the UAE and overseas are expected to participate in the 13th edition of the "Spinneys Dubai 92 Cycle Challenge," which is qualifying for the Gran Fondo World Championship.The 92 km cycling challenge will be organized on 19th February 2023 with the support of the...

It retained lead over the rival Volkswagen for the third year.

Most analysts expect a 50-basis point hike in March but, with inflation starting to ease, there are already signs of a debate among policymakers about when to slow the pace. ECB board member Fabio Panetta, known for his dovish stance, said the bank should not commit to any particular hike...

Amman, Jordan-- The European Union (EU) has signed two agreements with Jordan to provide it with a $70 million in financing.The first agreement will finance a $43 million program: "EU support to the Rule of Law in Jordan", in support of the Ministry of Justice, Judicial Council, Judicial Institute, and...

Dubai, UAE--The UAE has launched several innovative health projects in the 48th edition of Arab Health 2023, which began today at the Dubai World Trade Centre and will conclude on 2nd February, 2023.The Ministry of Health and Prevention (MoHAP), the Department of Health—Abu Dhabi (DoH), and the Dubai Health Authority...

"This very important commitment gives us the opportunity to support Lebanon’s economic development, at this critical juncture. And I want to assure our brothers in Lebanon that Qatar will always be there in support of a better future for Lebanon and its people," he adds.

DUBAI, UAE - The Emirates Health Services (EHS) will showcase its 19 innovative healthcare projects during Arab Health Exhibition 2023, which will be held from January 30 to February 2 at the Dubai World Trade Center.Dr. Youssef Mohamed Al Serkal, Director General of the Emirates Health Services, said that the...

Dubai, UAE - UAE's Federal Tax Authority (FTA) started the ‘Tax Support’ initiative to raise tax awareness among UAE’s business sectors through direct and sustained contact.The step is likely to help the businesses in enhancing compliance with tax laws and regulations, WAM reported.As a result, the first workshop for 2023...

The agreement was signed in the presence of Meloni and her host Abdulhamid Dbeibah, who heads the UN-brokered Government of National Unity which is contested by a rival administration in the east.

Amman, Jordan-- Jordan and the Arab League have discussed ways to deepen coordination on communications. Minister of Government Communication Faisal Shboul and Head of the Media and the Communication Sector of the Arab League, Ahmed Khattabi, Saturday held talks in Amman on enhancing coordination on communications.During the meeting, Shboul noted...

Hunger rates in Syria have escalated to record highs after more than ten years of brutal conflict, according to the World Food Program. The UN agency believes that years of economic crisis and damage to vital infrastructure from war have put some 2.9 million at risk of sliding into hunger.

Abu Dhabi, UAE-- The Chairman of the Abu Dhabi Securities Exchange Hisham Khalid Malak expects an increase in listings on the stock exchange in 2023."We have a healthy pipeline of IPOs and listings with aspirations to surpass 2022. There will always be challenges, but also opportunities," he told media.He affirmed...

BAGHDAD, IRAQ -  First Deputy Speaker of Parliament Mohsen Al-Mandalawi said that the tourism sector in Iraq has all the ingredients for success.Al-Mandalawi made the statement while meeting with the Association of Travel and Tourism Companies in Iraq, a statement issues by the  media office of the First Deputy Speaker...

DUBAI, UAE - Dubai Electricity and Water Authority’s ( ) virtual employee ‘Rammas’, which uses Artificial Intelligence (AI), answered over 6.8 million enquiries since its launch in the first quarter of 2017 until the end of December 2022.Saeed Mohammed Al Tayer, MD and CEO of DEWA, said that DEWA launched...

Riyadh, Saudi Arabia--The Saudi Ministry of Investment has signed two memorandums of understanding with Boehringer Ingelheim Company and Saudi Novo Nordisk Trading Company and King Abdullah University of Science and Technology at Riyadh Global Medical Biotechnology Summit 2023, the Saudi Press Agency reported Friday.The MoUs were signed in the presence...

On a monthly basis, the deposits grew by 0.06 percent.

Shored up by healthcare, financial services, banking sector, and raw material companies, the Saudi equities posted gains throughout the weeks.

The tightening measures are showing effect, with the Fed's preferred inflation gauge, the personal consumption expenditures (PCE) price index rising 5.0 percent last month from a year ago, down from 5.5 percent in November, Commerce Department data showed on Friday. This extends a downward trend since mid-2022, when American households...

Continuing with this week's losses to $45 billion after a US investment firm claimed it had committed "brazen" corporate fraud, shares in the business empire of Asia's richest man Gautam Adani fell down on Friday. He began the week as the world's third-richest man but now has dropped down the...

Abu Dhabi, UAE - As part of the pan-Arab efforts to implement the joint Arab digital economy vision, launched by UAE President Mohamed bin Zayed Al Nahyan, an MoU was signed to establish an Arab Digital Foodstuff Market.Ahmed Abu Al Gheit, Secretary General of the League of Arab States and...

The mission has been launched during what Armenia describes as a "humanitarian crisis" ravaging the breakaway region of Nagorno-Karabakh. Since mid-December, a group of Azerbaijanis have been blocking the only road into Karabakh from Armenia to protest what they claim is illegal mining causing environmental damage, leading the mountainous region...

The two leaders agreed to increase Indian investments in Egypt, which currently stand at "over $3.15 billion" according to their statement, including through a potential "dedicated land area for Indian industries in the Suez Canal Economic Zone". The economic crisis in Egypt, triggered by Russia's invasion of Ukraine last year,...

The rise was driven by strong regional economic growth.

Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year on a stronger note. Shares in Paris, Frankfurt and London were higher in mid-afternoon trading. US gross domestic product rose at an annual rate of 2.9 percent in the fourth...

Household spending and business investment remained positive in the final quarter last year though they slowed, while inventories and net exports helped growth, said Rubeela Farooqi of High Frequency Economics.

DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million contracts with a  value of US$162.01 billion during the year, representing growth of 16 percent and 8.24 percent from 2021, respectively.The DGCX is the largest and most diversified derivatives exchange...

The company's Q4 net profit surged to US$3.4 billion.

ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order to keep pace with future economic trends, a senior official said.The UAE further aims to offer a legislative framework that will enable companies to promote the new economic model, particularly...

The boost is seen as key for its long-term growth plans.

The area of land used for opium poppy cultivation expanded by a third to just over 40,000 hectares in 2021-22 -- the first full growing season since the coup -- according to a United Nations Office on Drugs and Crime (UNODC) report released Thursday.

Vienna, Austria--The OPEC Fund for International Development (the OPEC Fund) has lent Panama a US$120 million in loan to support the country’s climate action, adaptation, resilience and mitigation policies.The “Panama Support Program for the National Climate Change Policy” aims to mitigate, contain and reverse the effects of climate change, helping...

The bank's net profit rose to $93 million in 2022.

"We are all KAN," read placards at the demonstration, referring to the Israeli Public Broadcasting Corporation (KAN), as employees were joined at a Tel Aviv theatre by Lior Raz, star of the hit Israeli Netflix series "Fauda". The proposed cuts would lead to KAN's closure "at a time when it...

Looking to develop offshore hydrocarbon sites, Libya's National Oil Corporation has signed an $8-billion deal with Italian energy company ENI. The deal is expected to be inked on Saturday at an official ceremony. The development of the offshore sites is hoped to produce 850 million cubic feet of gas per...

Firm confirmed its 2023 outlook amid strong aviation demand.