ABU DHABI, UAE - Ruler's Representative in Al Dhafra Region and Chairman of the Board of Directors of the Environment Agency - Abu Dhabi (EAD) Sheikh Hamdan bin Zayed Al Nahyan has emphasized the UAE’s commitment to achieving sustainability and protecting and preserving natural resources for future generations.In a statement...

The United Arab Emirates, France and India have issued a joint statement announcing the establishment of a trilateral cooperation initiative and the roadmap to begin its implementation. In the statement the three countries said the initiative will promote the design and execution of cooperation projects in various fields, including energy...

AMMAN, JORDAN - Chairman of the Jordan Chamber of Commerce (JCC), Khalil Haj Tawfiq said Iraq is an "important" trade partner and gateway for Jordan's economy. Haj Tawfiq said, "Jordan and Iraq have wide, prolific potentials, fields and grounds to build economic integration, in light of the strong brotherly relations,...

ABU DHABI, UAE - The UAE recently participated in the first Sustainable Finance Working Group (SFWG) meeting within the G20 Finance Track for 2023, which was held for the first time under the Indian Presidency.The meeting, which was held at Guwahati, Assam, India, sought to discuss the 2023 SFWG work...

The United States has adopted the Inflation Reduction Act (IRA), which contains $370 billion in sweeping investments, subsidies and tax cuts to reduce greenhouse gas emissions, making it the largest-ever US programme to combat climate change. But some of its provisions have been criticised by European Union officials as discriminatory...

Over the next decade, the Kingdom's tourism industry is projected to develop at an annual rate of 11 percent, making it the region's fastest-growing tourism market.

US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in over five decades, government data showed. The world's biggest economy added 517,000 jobs in January after a five-month slowdown in hiring, as the jobless rate edged down to 3.4 percent, said the Labor Department in...

MUNICH, GERMANY - The heating plant in Munich's southern Sendling neighborhood has been run for more than a century on gas, often imported from far away.But increasingly, it is the hot waters from deep underground the station that provide the energy.Tacked on to the side of the original 19th-century red-brick plant...

Cairo, Egypt---Thousands of Egyptian bibliophiles weave through a labyrinthine display of books, reviving an annual tradition at the Arab world's largest book fair, but this year it comes at a steep cost.The 54th Cairo International Book Fair was overshadowed by a punishing economic crisis that has seen Egypt's currency, the pound,...

After almost three years of stringent health restrictions, Beijing in December abruptly ended the zero-Covid policy that had battered the economy and provoked widespread protests. The Asian giant posted growth of just three percent in 2022, hammered by stringent lockdowns and a deepening crisis in the key property sector.

Suliman Farajat, chairman of the PDTRA, stated that tourism in the red-rose city swiftly rebounded from the Covid pandemic impact in 2022.

Iraq admitted it had differences with France's TotalEnergies over a US$10-billion contract, including over the distribution of investments, but expressed hope they can be resolved through talks. "We have given ourselves time to continue the dialogue and reach a satisfactory solution for the parties involved regarding certain points of contention,"...

Baghdad is currently heavily dependent on neighboring Iran for its electricity and gas and has sought to diversify its energy sources.

DUBAI, UAE - Dubai Health Authority (DHA) has signed a Memorandum of Understanding (MoU) with Dubai Integrated Economic Zones Authority (DIEZ) to enhance investment opportunities in the healthcare sector and support the formation of healthcare start-ups.The MoU will help to promote cooperation and coordination between the two sides and develop...

Merger of its Malaysian subsidiary with a firm helped.

The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April, up from the $10.3 billion predicted for the current fiscal year, the finance ministry said. Kuwait, a major oil producer and member of the OPEC cartel, has the Gulf's only fully...

According to a study, GEA also authorised permits for almost 1,300 entertainment shows until the end of last year.

High-tech workers organised their second protest against the measures on Tuesday in central Tel Aviv.

Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic outlook remains uncertain and the war in Ukraine drags on.The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh and their 10 allies led by...

The pacts were signed on the sidelines of the Saudi-Omani Investment Forum which is held in Riyadh under the theme of "Partnership and Integration".

Hours after the US Federal Reserve upped its target interest rate by a quarter of a percentage point, many central banks in the GCC region followed suit, raising their respective interest rates. Saudi Arabia, the UAE and Bahrain hiked it by 25 basis points while the central bank of Qatar...

After a months-long dispute between Qatar Airways and Airbus, the two announced on Wednesday the end of a $2.5 billion dollar battle over peeling paint on passengers jets before it became an embarrassing court case. Both sides said they were "please to have reached an amicable and mutually agreeable settlement"...

The majority of the EU's response involves repackaging already existing funds, a stop-gap measure that has earned much criticism. German MEP Markus Ferber described the proposals on Wednesday as "old wine in new bottles" and "predictably disappointing".

The features of the new Standard include standardization of the accounting measurement models for insurance and reinsurance companies around the world.

The index shows that Jordan scored 47 points and is ahead of 119 countries in combating corruption, including Malaysia, China, Bahrain, Kuwait, Turkey and Egypt.

The oil company's profits during Q4 stood at $12.8bn.

Dubai, UAE--The Marine Agency for Wooden Dhows has facilitated the entry of more than 10,500 wooden dhows during 2022, reflecting a 12 percent year-on-year growth.According to Sultan Ahmed bin Sulayem, Chairman of the Dubai’s Ports, Customs and Free Zone Corporation (PCFC), the wooden dhows ferried 1.7 million metric tonnes of...

The company reported a profit of $67.25m for the last fiscal.

The Lebanese pound has been officially pegged at 1,507 to the greenback since 1997, but its market value began to slide in late 2019 and hit record lows of more than 60,000 this month. "Starting tomorrow, one dollar will be worth 15,000," a central bank source told AFP Tuesday. "There...

Iraq's Prime Minister Mohammed Shia al-Sudani has said the country's new banking regulations have revealed fraudulent dollar transactions made from his country. In recent months the country has been seeking to make sure that its banking system is in sync with the international electronic transfer system.

Spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and public subsidies.

Results reflect higher production of oil, natural gas.

"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global fund," said deputy chief executive Trond Grande of Norges Bank Investment Management which manages the Norwegian Government Pension Fund.

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.