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...

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,...

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,...

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.

BAGHDAD, IRAQ -  Iraqi Prime Minister Mohammed Shia al-Sudani will travel to France on Thursday for energy and security talks with President Emmanuel Macron, he told AFP. Sudani, in written answers to AFP, said he wants to "activate the agreements" between oil-rich Iraq and France "particularly in the transport, energy and investment...

Lebanese protesters blocked roads and burnt tires near the central bank in Beirut as the local currency plummeted to a new low against the dollar. Since 2019, Lebanon has been in an economic crisis dubbed by the World Bank as one of the worst in recent global history, pushing much...

DUBAI, UAE - Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), received Christian Klein, CEO and member of the Executive Board of SAP SE. The meeting was attended by Marwan bin Haidar, Executive Vice President of Innovation and The Future at DEWA, and Mohammad...

The profit in year 2022 is 4.4 percent lower than in 2021.

Dubai, UAE-- On the second day of the MENA IPO Summit Dubai 2023, many experts called for the creation of a a dynamic and advanced regulatory structure for capital markets and educating market participants on the best practices. During the summit’s workshops and discussions, securities companies and experts talked about...

Non-Gulf countries' contributions to the digital economy in the region will increase to more than 35 percent during this time, says a latest report.

Abu Dhabi, UAE-- Hotels across Abu Dhabi have posted a 24 percent growth in occupancy to 4.1 million visitors during 2022, according to data shared by the Department of Culture and Tourism. Hotel revenues climbed by 23% from the previous year to $1.47 billion in 2022. The statistics showed that...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that it is participating in the 8th Dubai International Project Management Forum (DIPMF) as the organizing partner. DIPMF is being organized by the Roads and Transport Authority in Dubai (RTA) in cooperation with the Project Management Institute (PMI), DP World,...

Twitter's British landlord said it is taking the social media to court for not paying rent on its London offices. The Crown Estate, a firm that manages land and property belonging to the British monarchy, said it has launched legal action at the High Court for rental arrears on an...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) launched the 'OWNEK' awareness initiative to help its accredited contractors and consultants receive approval on the first instance when requesting electricity connections. This initiative will save the contractors and consultants time and effort and speed up the workflow. The initiative includes...

ABU DHABI, UAE - Abu Dhabi Agriculture & Food Safety Authority (ADAFSA) has just been announced as the winner of the Outstanding Community Initiative category at the 2022 Global Business Excellence Awards, thanks to its 'Auwn Community Program'. The program assisted in accomplishing ADAFSA's Corporate Social Responsibility (CSR) goals by...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7 percent, rising from $983 billion at the end of October 2022 to $988 billion at the end of November 2022. According to figures published in CBUAE's November summary...

Fitch and Capital Intelligence agencies also continued to rate Qatar's sovereign rating at the level of AA with a stable outlook, which reflects Qatar's strong creditworthiness.

The two ministers to explore cooperation in the fields of science and technology, agriculture, and education.

Algiers, Algeria--Italian Prime Minister Giorgia Meloni agreed Monday to strengthen energy cooperation with Africa's top gas exporter Algeria, the latest European country seeking supply deals to help reduce reliance on Russia. "Facing the great energy crisis that Europe in particular is experiencing, Algeria could become a leader in production, certainly African...

Morocco's Parliament "decided to reconsider its relations with the European Parliament and submit them for an overall evaluation," said Rachid Talbi Alami, speaker of the House of Representatives. He gave no further details. Under a 1996 agreement, Morocco and the European Union have been linked in tight economic and commercial...

Microsoft has extended its partnership with OpenAI.

Iraq's prime minister said the country's central bank governor had been relieved of his duties as the local currency continues to fall against the dollar. "The central bank governor's request for discharge was approved, as was the request for retirement by the president of the Trade Bank of Iraq," Prime...

Egypt's Planning Minister Hala al-Saeed said at a signing ceremony that the financing cooperation portfolio between Egypt and the corporation had reached $14.5 billion.

Abu Dhabi, UAE-- The hosting of events like the Abu Dhabi Sustainability Week and the upcoming COP28 demonstrate the UAE's "great leadership in this process." This was stated by Grant Shapps, UK’s Secretary of State for Business, Energy, and Industrial Strategy. “I think it is an amazing year for the...

Islamabad, Pakistan--A massive power breakdown in Pakistan on Monday affected most of the country's more than 220 million people, including in the mega cities of Karachi and Lahore. Pakistan's electricity distribution system is a complex and delicate web, and a problem in one section of the grid can lead to cascading...

Abu Dhabi, UAE-- Aldar Properties and Diamond Developers have sold out the first phase of its project dubbed Sustainable City on Yas island within 24 hours of its public launch. Reflecting the resounding success of Aldar’s first partnership on a development, sales at the first phase of the sustainability-centric community...

Doha, Qatar-- Qatar and European Union have discussed means to enhance economic and commercial relations in a meeting between Qatar Chamber First Vice-Chairman Mohamed bin Twar Al Kuwari and Thomas Jurgensen, Minister Counselor and the new head of Trade and Economic Affairs Section at the European Union During their meeting...

The Kuwait Central Statistical Bureau said that inflation rate rose 0.17 percent in December on a monthly basis.

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Egyptian Banking Institute (EBI) which is under the Central Bank of Egypt, discussed ways to promote cooperation in the field of training and building human capital capabilities relevant to the financial sector. This came during a meeting...

AMMAN, JORDAN - Investments in industrial estates in 2022 hit US$4.2 billion (JD3 billion), an increase of 19 percent compared with 2021, supported by 174 new investments worth US$811 million (JD575 million), the Jordan Industrial Estates Company (JIEC) said on Sunday. In a statement, JIEC noted that 27 of the...

Al Dhafra, UAE--The 16th Al Dhafra Festival has kicked off as part of the Emirate of Abu Dhabi’s camel beauty contest season. The event will continue until February 2 at Madinat Zayed in Al Dhafra. Organised by Abu Dhabi Cultural Programs and Heritage Festivals Committee and ADNOC, the festival aims...

It will target Qatar-based small and medium enterprises.

Baghdad, Iraq--Iraq saw the Gulf Cup as a chance to rehabilitate its image after a years-long football hosting ban, but a deadly stampede and organizing gaffes have dampened the cheer despite its home victory. Thursday's stampede outside a football stadium ahead of the cup final in the southern city of Basra...

The Gulf country expects the average amount of oil production to increase to 2,701,000 barrels this year, the latest Institute of International Finance report points out.

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has implemented the SAP Audit Management System (TAWKEED), becoming the first integrated utility in the Middle East and Africa (MEA) region to implement this best-in class solution. TAWKEED is used for risk-based audit planning, planning individual audit engagement, communicating results to...

On Friday the California Energy Commission said 18.8 percent of new cars sold in the state in 2022 were EVs, PHEVs or fuel cell electric vehicles, all of which California includes in its zero-emission category. Ten years ago, that figure was two percent. "California continues to lead the zero-emission vehicle...

Prosecutors from Germany, France and Luxembourg have been in Beirut as part of the money laundering investigation. 

Abu Dhabi, UAE--Masdar has signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined capacity of up to 5 gigawatts (GW). The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led initiative that aims to raise public- and private-sector funds...

The country will also focus on environmental sustainability and showcasing the UAE’s commitment towards fostering a global collaboration for innovative environmental solutions.

The WEF president concluded the first major international gathering of the year on a positive note saying progress has been made to tackle world's grave issues. This despite many economists forecasting recessionary risks in 2023 and geopolitical tensions continuing to shape the global economy.

Continuing with their probe into Lebanon's money laundering and embezzlement, investigators from Europe will question Lebanon's central bank chief Riad Salameh next month as part of a probe into his and his brother's affairs, according to a judicial official. Both Salameh and his brother Raja deny any wrongdoing.

Profit is 15 percent lower than in the same period last year

Google's parent company Alphabet announced about 12,000 job cuts globally citing a changing "economic reality", becoming the latest US tech giant to enact large-scale restructuring. The layoffs come a day after Microsoft said it would reduce staff numbers by 10,000 in the coming months, following similar cuts by Facebook owner...