Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing...
EIB to invest US$27m into UAE-based venture capital firm
Luxembourg--European Investment Bank (EIB) Global, a branch of European Investment Bank, announced on Monday that it will provide $27 million participation in the $150 million Middle East Venture Fund. This is the largest ever venture capital engagement by the EIB in the Middle East. The new venture capital fund launched...
UAE President postpones visit to Pakistan due to ‘weather’
During the visit, UAE President and Pakistan's Prime Minister were due to discuss areas of mutual cooperation between the UAE and Pakistan.
Sheikh Mohamed, Pakistan PM call for boosting bilateral ties
Rahim Yar Khan, Pakistan---UAE President Sheikh Mohamed bin Zayed Al Nahyan and Pakistan Prime Minister Shehbaz Sharif reviewed the ties between the two countries and discussed ways to enhance cooperation. Mohamed bin Zayed arrived in the Pakistani city of Rahim Yar Khan during his visit to country that was ravaged...
India, Pakistan came close to nuclear war in 2019: Mike Pompeo
Nearly four years after India and Pakistan used fighter planes to bomb targets in divided Kashmir, former US secretary of state Mike Pompeo has revealed in his memoir "Never Give an Inch" that the two rivals came close to nuclear war in 2019 and that US intervention prevented escalation.
Power outage across Pakistan brings life to a halt
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...UAE, Saudi Arabia provide Pakistan $4bn lifeline to tide over its economic woes
The UAE pledged to roll over $2 billion in debt due over the next two months, with an additional $1 billion pledged during Prime Minister Shehbaz Sharif's ongoing visit to the emirates.
UAE to roll over $2 billion Pakistan’s debt, loan $1 billion more
The agreement comes as Pakistan grapples with a major foreign exchange crisis, holding enough reserves to pay for just three weeks of imports.
2022 fifth warmest year on record, EU climate report says
The last eight years were the warmest. Average temperatures across 2022 -- which saw a cascade of unprecedented natural disasters made more likely and deadly by climate change -- make it the fifth warmest year since records began in the 19th century, according to the Copernicus Climate Change Service.
Saudi Arabia mulling $10bn more investment in Pakistan
In December last year, the kingdom had extended the term of a $3 billion deposit to boost Pakistan's foreign currency reserves.
Pakistan to seek billions in Geneva conference for flood recovery
Months after the floods left most of the country devastated, Pakistan will seek billions in international support toward its recovery and to help it better resist climate change. It will co-host a conference with the UN in Geneva, urging countries, organizations and businesses to step up with financial and other...
UAE, Pakistan advancing parliamentary cooperation
A delegation of the UAE Federal National Council's Parliamentary Division, led by Dr. Nidal Mohamed Al-Tunaiji met with Nuzhat Sadiq, Member of the Senate of Pakistan.
Pakistan expects a boost in trade with UAE in 2023
Abu Dhabi, UAE--The bilateral trade between Pakistan and the United Arab Emirates is expected to double from the US$10.6 billion, according to Pakistan's ambassador to the UAE Faisal Niaz Tirmizi. The last calendar year recorded a US$10.6 billion in trade “the highest volume Pakistan had in the Middle East and...
Ajman Chamber keen to strengthen trade, economic ties with Pakistan
Ajman, UAE--Abdullah Al Muwaiji, Chairman of the Board of Directors of Ajman Chamber of Commerce and Industry (ACCI), has affirmed the Chamber's keenness to consolidate its external relations and build strong partnerships to achieve sustainable future growth for the economy of the Emirate of Ajman. This came during his meeting,...
Qatar Charity organizes events for its sponsored orphans around the world
The events aim to focus on the rights of the child and the duties of states and societies in order to protect and care for them.
AD Ports Group and Transmar launch new Pakistan Service
The new container shipping service links Karachi with the region’s major ports within UAE, KSA, Egypt, Jordan, Sudan and Djibouti.
UN COP27 approves “loss and damage” fund
Nations hit by the impact of global warming can now be compensated from the "loss and damage" fund created by the UN's COP27 climate summit. The fund was approved by consensus following two weeks of contentious negotiations over demands by developing nations for rich polluters to compensate them.
COP27 climate talks inch toward ‘loss and damage’ showdown
The G77+China block of more than 130 developing nations called in a position paper for a special fund "for assisting developing countries in meeting their costs of addressing non-economic and economic loss and damage" caused by extreme weather disasters and rising sea levels.
Paris Agreement key to achieve sustainable development goals: Middle East Green Summit
The summit reviews ways to enhance integration of the optimal energy mix for electricity production to achieving climate change targets through MoUs and agreements.
COP27 summit opens as world races against climate clock
Just in the past few months, climate-induced catastrophes have killed thousands, displaced millions and cost billions in damages across the world. Massive floods devastated swaths of Pakistan and Nigeria, droughts worsened in Africa and the western United States, and cyclones whipped the Caribbean.
Climate-fueled hunger more than doubles in worst-hit countries: report
The analysis, "Hunger in a heating world," found that acute hunger had risen 123 percent over six years in the ten most-affected nations, defined by the most number of UN weather appeals. "The effects of severe weather events are already being felt," Lia Lindsey, Oxfam America's senior humanitarian policy advisory...
Russia portrays Samarkand summit as alternative to West
Showcasing its growing rift with the Western world, Vladimir Putin will meet China's Xi Jinping and other Asian leaders in a regional summit in Samarkand. The Shanghai Cooperation Organization was set up in 2001 as a political, economic and security organization to rival Western institutions.
Planet-warming emissions higher than before pandemic: UN
The UN's World Meteorological Organization and its Environment Programme warned that the catastrophes such as Pakistan's monumental floods and China's crop-withering heatwave this year will become commonplace should the world economy fail to decarbonize.
UN head appeals to world to end reliance on fossil fuels
Calling on the world to put an end to the war with nature by investing in renewable energy now, UN head Antonio Guterres said Pakistan and other developing countries are paying a horrific price for the intransigence of big emitters that continue to bet on fossil fuels.
UAE operates air bridge to provide relief to flood victims in Pakistan
The relief aid includes shelter materials, humanitarian needs, food and medical parcels for those affected by torrential rains and floods‘Third’ of Pakistan under water as flood aid efforts gather pace
The rains that began in June have unleashed the worst flooding in more than a decade, washing away swathes of vital crops and damaging or destroying more than a million homes. Authorities and charities are struggling to accelerate aid delivery to more than 33 million people affected, a challenging task...
Qatar to invest $3bn in beleaguered Pakistan economy
The United Arab Emirates this month said it would invest $1 billion in Pakistan and, according to reports, Saudi Arabia is considering extending an emergency $2 billion loan made last year. The latest boost came in talks between Qatar's emir Sheikh Tamim bin Hamad Al Thani and Pakistan's Prime Minister...
UAE presents Order of the Union to Pakistan Army chief
Sheikh Mohamed received General Bajwaat Qasr Al Bahr Majlis and discussed with him bilateral cooperation and joint action in areas of defence.
Agthia 2021 acquisitions worth $630m
The Group is planning a new acquisition in Egypt.
Crown Prince of Saudi Arabia meets with Pakistan army chief
Saudi Arabia and Pakistan reviewed bilateral relations in a meeting between Crown Prince Mohammed bin Salman and Pakistan army chief Qamar Javed Bajwa.
Pakistan unveils $47bn budget, 40% of it to service debt
Pakistan's new government, grappling with soaring inflation and political unrest, unveiled a 9.5 trillion rupee ($47 billion) budget Friday, earmarking more than 40 percent to service the country's massive foreign and domestic debt.
GCC, Pakistan launch 3rd round of free trade negotiations
The Chairman of the GCC Negotiating Team, Abdulrahman bin Ahmed Al-Harbi, stressed the importance of pursuing negotiations with Pakistan.
Abu Dhabi’s global tech ecosystem Hub71 accepts 16 startups
Hub71, Abu Dhabi’s global tech ecosystem, has accepted 16 startups to join its community. By launching operations in Abu Dhabi, the new startup cohort, which has already raised more than AED 231 million in funding, will have the opportunity to develop advanced technologies and gain access to the market, investment,...
Pakistan and Saudi Arabia to discuss extending term of $3 bn loan
The latest sign of support follows a visit to Saudi Arabia by new Prime Minister Shahbaz Sharif, who has inherited a crippling national debt, galloping inflation and a feeble rupee.
High demand for G6 currencies leads DGCX trading volumes
The Dubai Gold & Commodities Exchange (DGCX) recorded a monthly Average Open Interest (AOI) of 134,154 contracts during the month of March, and registered trading volume with a total value of $15.74 billion. In response to further inflation, policy decisions and continued geo-political conflict around the globe, there was a...
Sweet smell of Ramadan in South Asia
The region is home to around a third of Islam's adherents. Festive Iftar meals traditionally bring families together and there is intense social activity.
Imran Khan outwits rivals, gets national assembly dissolved
Pakistan will go to the polls to elect a new government within three months after Prime Minister Imran Khan foiled an attempt to boot him from office Sunday by getting the president to dissolve the national assembly. The presidency -- a largely ceremonial office -- acceded hours later.
Ramadan starts on Sunday for Shiite Muslims in Iraq, Iran, Lebanon
Traditionally, many Muslim-majority countries have followed dates set by Saudi religious authorities, but in recent years many have used their own astronomic calculations.
Dubai turns Expo into 6-month diplomatic gala
Amid a global pandemic, Dubai strategically turned a business and culture event into a public diplomacy spectacle unmatched in history.
OPEC Fund approves $233 million for development projects
The grants were approved at the 179th session of OFID’s Governing Board in Vienna.
Iran seeks barter trade with Pakistan to strengthen ties
The option of barter trade was available to cement the mutual relationship between Iran and Pakistan, an Iranian envoy has said.
SFD postpones Pakistan debts for development projects
The projects that the SFD contributes to financing through loans and grants in Pakistan amount to around SAR5 billion ($1.33 billion).
Pakistan’s Fatima Group inks $1billion deals at Expo with Chinese, Saudi firms
Fatima Group, a Pakistani industrial conglomerate, has signed two MoUs of over $1 billion with two key global agriculture stakeholders – China Machinery Engineering Company (CMEC) from China and Sarh Attaqnia Co. (SAC) from Saudi Arabia at Expo 2020. A formal signing of the business partnership was held at the...
Dubai International Airport world’s busiest for eighth consecutive year
Dubai International Airport (DXB) continues to be the world’s busiest airport by international passenger numbers for the eighth consecutive year after clocking 29.1 million in annual traffic in 2021. The airport’s annual traffic exceeded forecasts for the year by more than half a million passengers, on the back of a...
Saudi Arabia, Pakistan sign MoU for cooperation on environment
The MoU was co-signed by the Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadhli and Pakistan Minister for Climate Change Malik Amin Aslam.
Sharjah Publishing City Free Zone registers 2,000 new companies in 2021
A total of 2,000 new companies from 106 countries registered with the Sharjah Publishing City Free Zone (SPC Free Zone) in 2021. The Free Zone said in a statement that most of these companies were from the UK, India, Pakistan, the Philippines, and Lebanon. Stakeholders in the education and publishing...
Palestinian Wafa agency relaunches Hebrew service
The aim of relaunching the Hebrew coverage is to convey the Palestinian point of view to Israeli society in an objective manner, said Wafa editor-in-chief Khuloud Assaf.
Barter best payment method in Iran-Pakistan trade: Official
The Secretary-General of Iran-Pakistan Joint Chamber of Commerce Fahimeh Damroudi said that barter is the best choice of exchange as the proper way of financial exchange does not exist. Reportedly, Iranian President Ebrahim Raisi has repeatedly underlined the importance of trade development with neighbors. As the president stressed, boost in...
World powers pledge to halt spread of nuclear arms
The statement was issued after the latest review of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) — which first came into force in 1970 — was postponed from its scheduled date of January 4 to later in the year due to the Covid-19 pandemic.
Pakistan’s national carrier to start flights from Karachi to Mashad in Iran
Chief Executive of Pakistan International Airlines (PIA) Air Marshal Arshad Malik announced that the PIA will start direct flights from Karachi to Mashad in Iran from 1 Jan 2022. Iranian local media reports said that Arshad Malik was speaking in a meeting with Ambassador of Iran in Pakistan Mohammad Ali...
Pakistan backs Saudi bid to convene OIC session on Afghanistan
Pakistani Foreign Minister Shah Mahmood Qureshi said in a statement on Monday that his country supports the Kingdom's initiative.