The US economy grew more than initially reported in the third quarter this year, with government data released Wednesday reflecting upward revisions to retail spending and some forms of investment. GDP growth in the July to September period came in at 2.9 percent, annualized, better than the 2.6 percent figure...

Saudi Arabia's Zakat, Tax and Customs Authority has extended the period of Cancellation of Fines and Exemption of Penalties Initiative for taxpayers

Boosted by soaring energy and food bills triggered by Russia's war in Ukraine, the rate of price increases had hit a new historic record every month since November 21. The November figure will decrease pressure on the European Central Bank to further increase interest rates, although its president has expressed...

Britain's Trade Secretary Kemi Badenoch and Ukrainian Economy Minister Yulia Svyrydenko will meet in London to unveil the deal, the government said in a statement. "Trading digitally is particularly important in the current conflict, where damage to Ukrainian infrastructure and warfare makes it much harder to trade physically," the statement...

Non-oil trade exchange between the UAE and Cameroon grew by 33.5 percent between 2012 and 2021, reaching $522 million by the end of last year

The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine.

More than 400 migrant workers died in labor accidents in Qatar in the build up to the World Cup, according to the head of country's delivery and legacy organizing committee. The official revealed this during a British television interview when asked how many workers had died doing work for the...

The bloc's exports of halal products equaled US$275 billion, while their imports totaled US$338 billion last year, says the 2022 Annual OIC Halal Economy Report.

The EU announced the discovery of a sophisticated US$2.3-billion VAT tax fraud that triggered raids in 14 countries, including France, Germany, Greece and Spain. Over 600 people participated in the scheme, "believed to be the biggest VAT carousel fraud ever investigated in the EU," according to the European Public Prosecutor's...

LONDON, UK - Britain on Tuesday ousted China's nuclear firm CGN from construction of its new Sizewell C nuclear power station, which will now be built with remaining French partner EDF. The announcement came one day after Prime Minister Rishi Sunak warned that the "golden era" of UK-China relations was...

BERLIN, GERMANY - Russian missile strikes on energy infrastructure in Ukraine constituted a "war crime", German Justice Minister Marco Buschmann said Tuesday after hosting talks with his G7 counterparts. A Russian campaign of missile strikes has severely damaged Ukraine's energy infrastructure and plunged millions into darkness as the country endures...

Bank will use funds for core business, give cash to investors.

Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies to expand further than previously expected.

QatarEnergy's partner, US firm ConocoPhillips, will supply the gas from Qatar's North Field East and South projects from 2026 to the Brunsbuttel LNG terminal being developed in northern Germany, said Saad Sherida al-Kaabi, Qatar's energy minister and CEO of QatarEnergy.

During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022.

Abu Dhabi, UAE— Aldar Properties has partnered with Nobu Hospitality to launch a new luxury hotel, branded residences, and a fine dining experience to anchor Aldar’s extremely desirable destination, Mamsha Al Saadiyat. The agreement will see Aldar develop the 5-star hotel featuring 165 luxurious guest rooms and suites, including the...

At the 38th Ministerial Session of COMCEC, leaders of Islamic countries discuss ways to enhance bilateral and trade relations to help region and the world evade recession.

Saudi Arabia announced plans for a new airport in Riyadh while advancing the kingdom's ambitious aviation goals. The airport, set to accommodate 120 million travelers by 2030 and 185 million travelers by 2050, will be named after 86-year-old King Salman and was announced by Crown Prince Mohammed bin Salman.

DUBAI, UAE - UAE's Ministry of Health and Prevention (MoHAP) has launched the National Nutrition Strategy 2022-2030 to establish sustainable nutritional systems, provide safe and supportive nutritional environments at all ages and strengthen food governance. The Ministry has also launched the strategy’s operational plan. This comes as part of MoHAP’s...

ALMATY, KAZAKHSTAN - Kazakhstan warned Monday it could nationalize struggling energy companies in the oil-rich Central Asian country after the latest blackout there left thousands without electricity in freezing temperatures. The vast ex-Soviet country is a net exporter of energy, but high gas prices this year fueled historic and bloody...

ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB) announced that its retail customers were able to conveniently participate in the subscription of initial public offerings (IPOs) that were issued this year through its mobile app. ADIB said that 80 percent of clients subscribed IPOs that were issued in 2022...

ABU DHABI, UAE - Abu Dhabi Airports Monday said that in Q3 2022 passenger traffic totaled 4.7 million passengers, a rise of 250 percent compared to the 1.3 million passengers in Q3 2021. Abu Dhabi Airports, the operator of the five airports in the Emirate of Abu Dhabi, in its...

Doha, Qatar---Qatar's merchandise trade balance recorded a surplus of QR 25.1 billion ($6.8 billion) in October this year, an increase of 18.5 percent year-on-year. The trade balance, which is the difference between total exports and imports, however, decreased by 6 billion riyals, or 19.2 percent, compared to September 2022. The Planning...

The Hague, Netherlands—Police have dismantled a huge drugs "super-cartel" that controlled a third of Europe's cocaine trade, arresting 49 people in various countries including six top suspects in Dubai, Europol said Monday. The huge international operation seized 30 tonnes of the drug and also involved arrests in France, Spain, Belgium and...

Amman, Jordan— Jordan has seized a big haul of drugs being smuggled into the kingdom from Syria in two different attempts. According to Jordan News Agency the country's security forces have foiled two attempts to smuggle large quantities of drugs from Syria in two days. Border guards at the Jaber...

Riyadh, Saudi Arabia—The Arab Monetary Fund has signed a $1 billion agreement with the Yemeni government to shore up the war-scarred country's economic reform program. Sponsored by the Kingdom of Saudi Arabia, the program seeks to contribute to backing efforts made to implement reforms to strengthen the financial status of...

Appealing to guilty parties to hand themselves in and return all the money, the prime minister of Iraq has revealed that the country has recovered part of $2.5 billion in public funds fraudulently withdrawn from a government account. A wealthy businessman implicated in the theft had given back $125 million.

Ninety percent of Egyptian LNG exports will be destined for European Union countries, El Molla said.

It is logical for the FRB to halt the wave of escalation of interest rates on the dollar, which was projected to witness a final round next December at a rate of 0.25 percent, due to the approaching winter season and the intensification of the cold wave in western Europea,...

MENA startups had begun the year with a deluge of funding from investors, but toward the year end a dark cloud hovers over new businesses as global crises dip the enthusiasm.

Abu Dhabi, UAE -- NEXT50 today launched PLATFORM50, a one-stop-shop solution for organizations to maximize business value and address tomorrow’s challenges. The announcement was made at NEXT50’s inaugural Executive Day – which spotlighted the latest in state-of-the-art technologies including artificial intelligence (AI) and real-world applications accelerating a data-driven future in...

The United States will provide Jordan with over US$845 million in annual financial support, officials in Amman said as the country remains heavily dependent on foreign aid. Prime Minister Bisher al-Khasawneh was present at the signing ceremony for the allocation of annual financial support of $845.1 million, a Jordanian government...

DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has approved the Dubai Countryside and Rural Areas Development Master Plan, spanning an area of 2,216 square kilometers. The Plan seeks to preserve the nature of areas including Lehbab, Margham, Al Marmoom, Al...

Dubai, UAE---Dubai Chambers unveils plans to establish new country-specific business councils operating in the emirate and expand their roles to support efforts aimed at boosting Dubai’s non-oil foreign trade and create new channels of economic cooperation with promising markets around the world. The announcement was made by Abdul Aziz Al...

RIYADH, SAUDI ARABIA - Saudi Minister of Environment, Water and Agriculture, Engineer Abdul Rahman bin Abdul Mohsen Al-Fadhli inaugurated Sunday the Aquatic Animal Diseases Network in the Middle East in the Kingdom. The inauguration took place in the presence of the Director General of the World Organization for Animal Health...

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) discussed business and investment opportunities in the UAE and Russia with the Moscow Chamber of Commerce and Industry. The meeting that took place at Expo Center Sharjah (ECS) brought together Abdallah Sultan Al-Owais, SCCI's Chairman, and Vladimir Platonov, Chairman...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned a new 132/11kV substations in Al Awir First with a transmission capacity of 150 MVA, at a total cost of US$49 million (AED180 million). DEWA also inaugurated a new transmission 400/132kV substation in Jebel Ali First and overhead cables...

The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 which hit 11.7 percent compared to the same quarter last year, according to Statistics Centre-Abu Dhabi (SCAD).

Amman, Jordan— The Kingdom of Jordan intends to foster a "robust partnership" with the private sector of the country that plays a key role in propping up the economy and generate jobs. According to Minister of Industry, Trade and Supply and Minister of Labor Yousef Shamali, the government is serious...

In a rare display of anger against the Chinese government, scores of protestors took to the streets of Shanghai early Sunday calling for an end to lockdowns. China has been facing wide criticism over its zero-Covid policy. A fire spurred an outpouring of anger in Xinjiang region as many blamed...

It is essential to adopt sustainable water management practices to build resilience, sustain peace and improve the well-being of local populations. Coordinated action is needed urgently to tackle the water crisis in the MENA region, which has reached unprecedented levels, he adds.

DOHA, QATAR - Robert Lewandowski scored the first World Cup goal of his prolific career on Saturday when he netted in Poland's 2-0 win over Saudi Arabia, bursting their bubble following the team's giant-killing act against Argentina. Barcelona forward Lewandowski was almost overcome with emotion after making sure Poland took...

COPENHAGEN, DENMARK - Denmark's autonomous Faroe Islands have renewed a fishing quota deal with Russia for one year despite Moscow's invasion of Ukraine, a local minister said on Saturday. "The Faroe Islands are totally right to extend their existing fishing agreement with Russia," the North Atlantic archipelago's minister of fisheries...

TEHRAN, IRAN - Iran's supreme leader Ayatollah Ali Khamenei said Saturday that negotiating with the United States would not put an end to the "troubles" that have rocked the Islamic republic over the past two months. Iran has seen weeks of demonstrations sparked by the September 16 death in custody...

AL AIN, UAE - The College of Agriculture and Veterinary Medicine at the United Arab Emirates University launched an awareness campaign entitled "Food Waste Audit". The campaign was launched in cooperation with the Office of the Associate Provost for Research and participation of the Abu Dhabi Waste Management Center (Tadweer)...

US authorities announced a ban on the import or sale of communications equipment deemed "an unacceptable risk to national security" - including gear from Chinese giants Huawei Technologies and ZTE. Both firms have been on a roster of companies listed as a threat by the Federal Communications Commission (FCC).

Turkish and Qatari official are in the final stages of talks to work out the modalities of extending the funding.

Marrakesh, Morocco—The UN World Tourism Organization (UNWTO) convened its 117th Executive Council in Marrakesh, Morocco, as the sector’s recovery continues to gather pace. According to UNWTO data released this week, international arrivals are on track to reach 65% of pre-pandemic levels by the end of the year. However, building on...

The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022.

Abu Dhabi, UAE— The Abu Dhabi Department of Economic Development (ADDED) has partnered with Prototype Interactive to support inventors in developing their ideas into innovative digital and technological applications that will contribute to a sustainable economy. The Memorandum of Understanding (MoU), signed between COAD and Prototype Interactive, allows inventors to...