Its gross profit jumped 3.1% to US$137.25m in 2023.

ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed.The Kingdom maintained 16th place among the largest holders of US treasury securities for the month. Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $107.7 billion.These...

With this deal, the value of the firm has tripled in 10 months.

Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from Canada.In this connection, the Saudi Minister of Education, Yousef bin Abdullah Al-Benyan, along with the accompanying education delegation, visited several educational institutions and universities in Canada, where he met with...

ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and Education for Sustainable Development (ESD), was revealed on Day Four of the 12th World Environmental Education Congress (WEEC2024) here.A culmination of four days of vibrant discussions, workshops and events at...

The British bank's net profit jumped to US$5.5bn in 2023.

Tehran, Iran – Deputy Prime Minister of Armenia Mher Grigoryan on Thursday said that Iran and Armenia have the potential to increase the volume of their bilateral trade to $3 billion.Grigoryan made the remarks during the 18th meeting of the Iran-Armenia Joint Economic Commission where he also described Iran as...

The global pipe maker invested US$60m in the business.

TUNIS, TUNISIA -  President Kais Saied on Thursday appointed a new governor of the central bank of Tunisia, a north African country in the throes of economic hardship.Saied named Fethi Zouhair Nouri, a 69-year-old member of the central bank's board, to succeed Marouane Abassi, 64, whose six-year mandate ends on Saturday,...

This is the bank's biggest net profit in 15 years.

Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve growth and innovation within the tourism sector in Arab countries. The agreement comes as an extension of the ATO’s efforts to develop and enhance the tourism industry in the Arab...

Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies to join the global community in its ongoing journey to shape the future, according to Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing...

Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail revealed at the conclusion of the inaugural Global Smart City Forum 2024 here on Tuesday, highlighting the critical role of smart cities in fostering industrial growth, technological diffusion,...

Its revenue jumped 41% to US$748 million in 2023.

Nearly 5% of its workforce will be hit by the cuts.

Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according to Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF).He affirmed the UAE's robust economic performance in recent years, highlighting its exceptional...

Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking to establish regional headquarters in the country after securing a license from the Ministry of Investment.The services encompass issuing regional headquarters as a branch or as a new foreign company,...

The airline backs intensified oversight from the FAA.

Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence (AI) to enable digital government.This was stated by Dr. Koh Jean, Chairman of the Presidential Committee on the Digital Platform Government in the Republic of Korea, on the sidelines of...

The fund has an existing portfolio valued at US$158m.

World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red Sea" are among the top challenges to the global economic outlook. "When you add variables to what is turning out to be probably the lowest growth of the last 55...

ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and private sector employers, detailing the regulations for pension deductions and end-of-service gratuity in line with Federal Decree Law No. 57 of 2023.The circular included limiting the procedure of deduction from...

Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023.Speaking on the sidelines of the pre-summit day of WGS 2024's Eighth Arab Fiscal Forum, Georgieva emphasized the...

It posted an 8% jump in net profit to US$337m for last year.

Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways of enhancing cooperation in the investment field and developing mechanisms for promoting the joint efforts aimed at supporting the business community in Sharjah and Oman.The two sides explored promising opportunities...

Manama, Bahrain--Bahrain will hold the seventh edition of the "Bahrain Smart Cities Summit 2024" from March 5 to 6 under the theme"achieving progress through artificial intelligence", Wael bin Nasser Al Mubarak, the Minister of Municipalities and Agriculture announced.Al Mubarak affirmed the kingdom's keenness to adopt the best technologies and modern...

Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But doubts remain whether it can be pulled off.

"The Palestinian economy's dire outlook is worsening as the conflict persists," managing director Kristalina Georgieva told the World Governments Summit in Dubai. "Only a durable peace and political solution will fundamentally change it".

Its sales in China slumped 35% from April to December.

Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to $878.9 billion in 2021, according to the Arab Monetary Fund (AMF).AMF, in its Joint Arab Economic Report, explained that current expenditure in Arab countries increased by about 9.9% to reach...

AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian companies to forge stronger partnerships and enhancing their countries commercial, industrial and investment relations.During a meeting with Tunisian Ambassador to Jordan Mufida Zaribi, Haj Tawfiq emphasized the necessity of boosting...

The luxury giant posted a profit of US$4.6bn in 2023.

Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a key transportation link in Uganda.The rehabilitation of the Katine-Ochero road will provide better, faster and safer transport connections in the central-east region of the country. The project is co-financed by...

The company's profit surged to US$6.8bn last year.

Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according to S&P Global Ratings, the world's leading credit rating agency.The credit rating agency in a new report said that UAE banks reported exceptional profits for the full year 2023 due...

Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Wednesday said he will make efforts to achieve the unity of the Gulf Cooperation Council (GCC) countries as well as the stability and prosperity of their people.Mohammed bin Salman, who is also the prime minister of Saudi Arabia said this...

Republicans in the House of Representatives scheduled the vote after the Democratic-led Senate released a bipartisan bill Sunday pairing billions of dollars for Israel and Ukraine with some of the strictest immigration curbs in decades. But support for that $118bn package has dwindled, with Donald Trump pressuring Republicans to avoid handing President Joe...

Its earnings were US$36.2bn, half of what is was in 2022.

Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways to encourage investors from Qatar to widen their investment in Egypt.In this regard, Qatar Chamber First Vice-Chairman Mohamed bin Ahmed bin Twar Al Kuwari's met with Vice President of the...

Common beliefs associated with gemstones are largely what motivates people to buy them, said Hassan Samimi, a lapidary at the market near the shrine of Shah Abdolazim. Iran subsequently declared the ring "cultural heritage" and a "national asset", Samimi says demand for gemstones has remained relatively steady despite Iran's severe...

The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited the central bank from financing the public treasury. The new measure allows the central bank to lend the state US$2.2 billion to be repaid without interest in 10 years after...

The company aims to reach 142 operational rigs this year.

TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion during the first 10 months of the current Iranian year (March 21, 2023 – January 20, 2024), an Iranian economic official said.Rouhollah Latifi, the spokesman of the Iranian House of...

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has announced a series of significant achievements of the year 2023, underscoring its multifaceted endeavors in bolstering the business community.In 2023, the Chamber saw a notable increase in its total registered memberships, reaching 72,187, with 7,160 new members joining—a...

The acquisition of 44% stake is valued at US$211.20 million.

Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of Elena Sorlini as its Managing Director and Chief Executive Officer. Sorlini transitions into the role permanently after serving in an interim capacity since June 2023.Since joining Abu Dhabi Airports, Sorlini...

The company's revenue for the year 2023 stood at US$16.33bn.

Amman, Jordan-- The UAE and Jordan have explored opportunities for collaboration in the fields of economy, investment, food security, renewable energy and sustainability in a meeting between the UAE President Sheikh Mohamed bin Zayed and Jordan's King Abdullah in Amman.The meeting between the two leaders, which took place at Basman...

The OECD raised its 2024 world economic growth forecast Monday but warned that the Middle East conflict posed a risk, with disruptions in Red Sea shipping threatening to increase consumer prices. Global growth "proved unexpectedly resilient" in 2023, reaching 3.1 percent as inflation declined faster than anticipated..

DOHA, QATAR - Minister of State and Chairman of Qatar Free Zones Authority (QFZ) Dr. Ahmad bin Mohammed Al Sayed revealed that QFZ has attracted nearly 500 companies spanning diverse sectors with estimated investments at about US$1.3 billion (QR5 billion).The QFZ Chairman held a meeting with a delegation from Qatar...