Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy sector. In this regard a meeting took place in Manama between Dr. Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs and Christophe...

Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop capabilities in the field of digital transformation. The agreement was signed during the visit of Eric Giraud-Telme, the Ambassador of France, who serves to strengthen education and training ties between...

Abu Dhabi, UAE-- The third edition of the Investopia summit will be held in Abu Dhabi in February next year, drawing prominent local and international figures, investors, government officials, decision-makers and entrepreneurs. Al Marri announced the details of the upcoming edition of the Investopia summit to be held under the...

Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024, the Organisation of the Petroleum Exporting Countries (OPEC) said. In its OPEC Monthly Oil Market Report for November 2023, the organisation anticipated the upward trend in non-oil activities to continue...

RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter of 2023, a decline of 19 percent from US$52.2 billion (SAR 194.75 billion) in the year-ago period. This was also due to the decline of Aramco’s Q3 profit by more...

DOHA, QATAR – Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of 2023, according to the latest Purchasing Managers’ Index™ (PMI®) survey data from Qatar Financial Center (QFC). Output, new orders and employment all expanded in October, and the 12-month outlook remained...

Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9 bpd. This was stated by Iranian Oil Minister, Javad Owji, according to whom it is part of the government strategy to boost production. The minister made the remarks on the sidelines...

RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) has announced the economic policy of the civil aviation sector in the Kingdom and the adoption of three economic regulations for airports, ground services, air freight and air transport services, which came into force on Monday. The economic policy...

ABU DHABI, UAE -  Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale, the conference's chief said on Monday, calling it a chance to "reimagine entire economies". Sultan Al Jaber, the COP28 president and head of state-owned oil giant ADNOC, was speaking at...

Riyadh, Saudi Arabia-- Saudi Arabia and Agility have signed a memorandum of understanding (MoU) to introduce cutting-edge health technology and services to the kingdom's healthcare sector. As per the terms of the agreement, Agility and MISA will explore four areas of collaboration in the healthcare sector. This includes the potential...

Dubai, UAE-- Hamdan Bin Mohammed Smart University (HBMSU) and Knowledge E have signed a memorandum of understanding to reshape the future of education in the emirates. The MoU was signed by Dr. Fahad Al Saadi, HBMSU Vice Chancellor, Learners Development, and Kamran R. Kardan, Founder and Chief Executive Officer of...

Manama, Bahrain--Bahrain Economic Development Board (Bahrain EDB) has attracted $295 million in direct investments within the Information and Communications Technology (ICT) sector as part of a total projected direct investment worth $1.4 billion, during the first nine months of 2023. Stemming from 14 local and international projects, the direct investments...

Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate, according to the OPEC’s Monthly Oil Market Report (MOMR) for October 2023. MOMR noted the UAE’s tourism sector, which accounts for more than 16% of the country’s GDP, continued to...

RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues to US$1.35 trillion (SAR 5.07 trillion) in 2022. Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics (GASTAT). The business...

Dubai, UAE-- Terming the circular economy as a critical pathway that builds a sustainable future by preserving natural resources, reducing waste, and promoting the conservation of resources at source, Mariam bint Mohammed Almheiri, Minister of Climate Change & Environment, emphasized that it not only promotes environmental sustainability but also presents...

TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's Vision 2030. Tabuk region annually produces over 28 million flowers, including 17 varieties of roses. These flowers have a market value of over SAR32 million, making the region a leader...

Abu Dhabi, UAE-- The Arab Development Establishment (ARDECO) has revealed that it is in talks with several international companies in the oil and gas sector to establish joint ventures boosting Abu Dhabi's industrial base. Yousef Al Nowais, CEO of the Arab Development Establishment (ARDECO), said the joint ventures will help...

Tripoli, Libya-- Qatar and Libya have signed a memorandum of understanding (MoU) to boost cooperation in the field of civil aviation. In this connection, Qatar's General Civil Aviation Authority (GCAA) held Thursday bilateral talks with Libyan Civil Aviation Authority. Acting President of GCAA Mohamed Faleh Al Hajri chaired the Qatari...

Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in Riyadh. Saudi Minister of Transport and Logistics Services and Chairman of the Board of Directors of the General Authority of Civil Aviation (GACA), Saleh Al-Jasser, inaugurated the office yesterday. Al-Jasser...

Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such as advanced biofuels or hydrogen, in the aviation sector. The RefuelEU aviation rules are part of the “Fit for 55 package”, the EU’s plan to reduce greenhouse gas emissions by...

Ajman, UAE-- The value of construction contracts in the emirate has exceeded $1.01 billion during the first half of 2023, in line with its strategic goal to achieve the sustainable development of the construction and contracting sector, according to the Ajman Municipality and Planning Department. Abdul Rahman Mohammed Al Nuaimi,...

AJMAN, UAE- The Ajman Chamber of Commerce and Industry (ACCI) has revealed that in the first half of 2023, at least 3,567 new members joined it.   The growth pace of the industrial sector in Ajman is accelerating as a result of the leadership's interest in the field, the availability...

Doha, Qatar--Qatar's non-energy private sector witnessed strong expansion in August on the back of new orders in the manufacturing and financial services, according to the Qatar Financial Centre (QFC). The expansion rate was the third strongest so far in this year, according to the QFC's latest purchasing managers’ index (PMI)...

AMMAN, JORDAN - Representative of the leather industries and knitting sector at Jordan Chamber of Industry (JCI), Ehab Qadri, said the sector contributes 2.4 percent of the gross domestic product directly. Qadri noted the sector's exports achieved a "remarkable" growth during the past year by nearly 21 percent, reaching $2.3...

Singapore-- Saudi Arabia and Singapore have pledged to enhance economic cooperation between the two countries and also reviewed the challenges facing the global economy. In this connection Saudi Minister of Finance Mohammed Aljadaan met in Singapore with Deputy Prime Minister and Minister of Finance of Singapore, Lawrence Wong. According to...

Doha, Qatar--Planning and Statistics Authority (PSA) of Qatar has released the new monthly Producer Price Index (PPI) of the Industrial sector for July 2023 which is estimated at 108.62 points showing a decrease of 0.22 percent, when compared to the previous months June 2023. On Y-o-Y basis, PPI of July...

The two countries signed a memorandum of understanding (MoU to boost mining cooperation in critical minerals needed in new technologies like electric vehicles and solar panels. The Turkish and Saudi ministers also discussed deepening partnership in areas such as hydrogen, solar and wind energy, besides seeking to widen trade between...

Riyadh, Saudi Arabia--Red Sea Global (RSG) has announced the launch of the Red Sea Farms Cooperative (Tamala), established through integrated national partnerships between the government, private and non-profit sectors. Tamala aims to develop a model entity that achieves the kingdom's orientation to enhance the role of cooperatives in the agricultural...

Amman, Jordan--Jordan is urging "companies and institutions" to switch to renewable and sustainable energy to reduce operating costs. In this regard, the kingdom's Minister of Energy and Mineral Resources Saleh Kharabsheh said Tuesday opportunities exist for cooperation to cut energy consumption across various sectors through implementing programs similar to those...

Riyadh, Saudi Arabia--The Saudi Export Development Authority organized a trade mission to Japan under the theme of "Saudi Made" in Tokyo on Tuesday. The mission comes as part of the Saudi Export Development Authority efforts aimed at developing non-oil Saudi exports, stemming from its role in promoting exporters and their...

Sharjah, UAE--The Real Estates Sector Business Group has discussed with the Sharjah FDI Office (Invest in Sharjah) ways to promote lucrative real estate investment projects in Sharjah and invigorate the local real estate sector. The meeting looked into ways to benefit from the Sharjah FDI Office's expertise to promote real...

Manama, Bahrain-- Looking to develop the e-commerce sector in the kingdom, Bahrain's Ministry of Industry and Commerce has published a survey to evaluate consumer satisfaction in the e-commerce sector in response to the growing volume of e-commerce transactions. These efforts come from the Information Systems Directorate and the Consumer Protection...

The oil firm and its subsidiaries posted a net profit of US$8.4bn.

The money transfer firm plans to set up base across the GCC.

DUBAI, UAE - In Dubai’s economic growth story, family businesses stand tall as architects of growth, innovation and value creation. Generating over 40 percent of the emirate’s GDP, the sector represents Dubai's indomitable spirit of enterprise. Now, as the emirate seeks to unlock a new phase of high-powered growth for...

The deal is worth US$266 million (SAR1.27 billion).

Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by a 3.5 percent jump in the non-oil sector. The average quarterly increase, according to the Bahraini Ministry of Finance and National Economy, of the annual non-oil GDP has touched about...

Avoided by western tourists, Iran is turning to wealthy Arab states and other nearby countries to bolster its sanctions-hit economy. It is also drawing visitors from Russia and China. Owing to the thaw in relations with Saudi Arabia, Iran is now interested in closer ties with the Arab world.

Amman, Jordan--Jordan and the World Bank have signed a $250 million financing agreement for a water sector efficiency project in the kingdom. In this connection, Jordanian Minister of Planning and International Cooperation Zina Toukan and World Bank Country Director for the Middle East Department Jean-Christophe Carret signed Sunday the agreement....

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022. The report provides a comprehensive assessment of the stability of the UAE financial system, which remained resilient throughout 2022 despite global headwinds and the banking sector being well capitalized with...

Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the UAE Banks Federation (UBF) to foster mutual cooperation in developing the financial sector. The aim is to establish the UAE as a major attraction for asset and wealth management in line with the...

Dubai, UAE -- Saudi Arabia's film production sector grew by 28 percent by the end of the second quarter of 2023, with more than 1700 records, compared to 1300 records during the same period last year. The Business Sector Bulletin issued by the Ministry of Commerce said the highest regions...

Tehran, Iran-- After years of frosty relations between the two countries, Egypt and Iran are set to restore ties with the visit of Iranian tourists to the North African country. According to the Egyptian Minister of Tourism and Antiquities, Ahmed Issa, Iranian tourists will soon travel to the country through...

DUBAI, UAE -  Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization (MoHRE) revealed on Sunday as the deadline for companies with 50 employees or more to achieve a one percent Emiratization growth in skilled jobs has ended. These numbers reflect the...

Riyadh, Saudi Arabia--Saudi Arabia and France have signed a memorandum of understanding (MoU) to cooperate in the field of energy, with a focus on renewable resources. In this connection, Saudi Energy Minister Prince Abdulaziz bin Salman and his French counterpart, Agnes Pannier-Runacher, signed the agreement. The two countries released a...

The shareholders elected a new board of directors as well.

Beirut, Lebanon--Beirut motorists pull up to a drive-through counter -- not for fast-food, but to exchange empty bottles and cardboard for cash, a novelty in a country long plagued by garbage crises. Festering landfills often overflow in crisis-hit Lebanon, waste is burnt illegally at informal dump sites and rubbish floats off...

US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following a string of high-profile failures earlier this year. "We need to strengthen both regulation and supervision," Powell told a banking conference in Madrid, referring to the turmoil that hit the...

Tehran, Iran-- Qatar and Iran have agreed to bolster ties in the labor sector with the aim of raising capacities, exchanging experiences, developing a consultation mechanism between the two countries, exchanging experiences in the field of vocational and technical training and training centers. In this connection, the Qatari-Iranian Joint Committee...

RIYADH, SAUDI ARABIA - The Minister of Human Resources and Social Development and Chairman of the Board of Directors of the National Center for Non-Profit Sector, Eng. Ahmed bin Sulaiman Al-Rajhi, praised the contributions of the non-profit sector in achieving Saudi Vision 2030. The Saudi Arabian government has outsourced certain...