Speaking at a landmark climate summit hosted by Kenya, Sultan Al Jaber, who heads the government-owned renewable energy firm Masdar, the UAE's national oil company ADNOC and the COP28 climate talks, said the money will jump-start a pipeline of bankable clean energy projects in this very important continent.

New Delhi, India -  The share of the BRICS (Brazil, Russia, India, China, South Africa) group in the global Gross Domestic Product (GDP) is set to increase from its current 26% to 30% starting January 2024, State Bank of India (SBI) said in its report. The growth is attributed to the...

The equity investment was made by Emirates NBD's Innovation Fund.

Dubai, UAE - The United Arab Emirates (UAE) has established a federal entity responsible for regulating gaming activities within the country. This move has attracted attention, especially considering that gambling has long been illegal in the conservative Gulf region, the UAE news agency WAM reported. Ras Al Khaimah, one of the...

According to MBRSC, Sultan AlNeyadi will continue his mission in order to benefit from the scientific experiments that he took part in during his six-month long stay on board the International Space Station (ISS). In the morning today, he and his three fellow astronauts splashed down in the Atlantic Ocean.

With a prolonged internal conflict anticipated and both the military and economy showing signs of strain, Israel's regional standing is being affected, say experts.

ABU DHABI, UAE - The global space economy has great potential in terms of economic prospects, with the sector going past the half-a-trillion-dollars mark in 2022, only a few decades after the term “space economy” came into existence.Several studies by specialized global institutions indicate that the global space sector will...

ABU DHABI, UAE - Over the course of a six-month space mission on board the International Space Station (ISS), UAE astronaut Sultan AlNeyadi conducted over 200 advanced research experiments and studies that took about 585 hours.These research experiments were held in collaboration with 10 international space agencies and 25 esteemed...

Dubai, UAE -- The governments of the UAE and Brazil have launched a partnership to exchange knowledge and expertise in the economic fields, in a first-of-its-kind initiative within the Government Experience Exchange Programme.The Programme focuses on partnerships and enhancing cooperation with governments in sharing knowledge and expertise in the fields...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half of 2023, in line with its ongoing efforts to enhance the reliability and availability of the energy transmission system in the Emirate. The projects included 36 kilometres of 132kV ground...

GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trillion.

Dubai, UAE - Brokerage firms in the Dubai Financial Market (DFM) witnessed a substantial influx of New Investor Numbers (NIN), totaling 34,818 during the first eight months of the current fiscal year.This surge comes amidst heightened market activity following the listing of ten government and semi-government entities, including the Dubai...

Riyadh, Saudi Arabia - The Gulf Federation for Electronic Sports was established Thursday on the sidelines of the Next World Forum, to support, nurture, and develop Gulf talents through annual tournaments hosted by all countries.The launch was attended by the Chairman of the Board of Directors of the Saudi E-Sports...

DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration, including the Comprehensive Economic Partnership Agreement (CEPA) with Damien O'Connor, New Zealand's Minister of Trade and Export Growth here.During the meeting, which came as part of a visit to the...

Dubai, UAE - The annual Belt and Road Summit being held on September 13 and 14 in Hong Kong will feature a dedicated session focused on the Middle East, South China Morning Post reported on Thursday. The Belt and Road Initiative, China's ambitious plan to boost international trade and connectivity, encompasses...

Dubai, UAE - The Middle East has seen the strongest rebound in the post-pandemic global tourism recovery, according to a new report from HSBC Global Research.The report, Jet, set, go! shows that the region is unique in recording a total recovery in terms of tourist arrivals in the first quarter...

DUBAI, UAE –   Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market.The UAE, which has an impressive 99% internet penetration rate according to a McKinsey study, welcomes Bitay.This move aligns with the UAE’s growing stature as a global digital hub and its emphasis on...

ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross domestic product (GDP) to stand at 3.5 percent in 2023, rising to 3.9 percent in 2024.In a statement to the Emirates News Agency (WAM), Bolliger shared the bank's positive outlook...

ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion (AED 28.5 billion) in the first half of 2023, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE).The apex bank’s figures showed that the two...

Abu Dhabi, UAE -- The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined ADGM-registered audit firm, KPMG Lower Gulf Limited (KPMG), $30,000 for ineffective systems and controls leading to non-compliance with audit requirements under RA-administered legislation.ADGM audit regulatory framework requires audit reports to be issued and signed...

BEIJING, CHINA – The director of China’s Office of the Central Commission for Foreign Affairs met with the speaker of the Arab Parliament Adel Al Asoomi here.Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, said that Beijing is willing to work...

The firm expects growth in primary production and recycling business.

“The country's foreign trade will continue to thrive due to these CEPAs. Agreements with Türkiye and Indonesia are slated for implementation in early September, promising to significantly influence our trade with these key global players,” adds Dr. Thani bin Ahmed Al Zeyoudi, the country’s Minister of State for Foreign Trade.

The global firm will provide investment banking services.

The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth compared to the first half of 2022 and 5.4 percent more than H2 2022. Non-oil exports in the first six months of 2023 exceed the exports recorded in the whole...

Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR 5.51 billion in June, according to a recent report by the General Authority for Statistics (GASTAT).UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports, down...

Abu Dhabi, UAE – Q Properties, a real estate developer and subsidiary of Q Holding, announced on Tuesday the award of $0.47 billion construction contract for Reem Hills Phase 1 villas to Trojan General Contracting.Trojan will be responsible for constructing the fully sold out 218 luxury villas ranging from 4...

DUBAI, UAE - Bahraini authorities have agreed to offer prisoners extra rights, including more visiting hours, following a mass hunger strike that activists say is the largest in the country's history.The interior ministry late on Monday said it would "increase the duration of visitations" and was looking to raise the time...

The partnership aims at enhancing trade infrastructure.

Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic growth in 2023 and beyond.

DUBAI, UAE - The global Islamic microfinance industry has surpassed US$60 billion in value within the $3.8 trillion Islamic finance landscape.This achievement highlights the growing recognition of Islamic microfinance as a tool for poverty alleviation. The industry's potential to bridge financial gaps while adhering to Shariah principles positions it as...

"It' time to promote the Olympic Movement's core values in close collaboration with national sports organizations and key authorities. The NOC will continue to work to instil the Olympic ethos at the grassroots level and promote sports participation in schools and higher educational institutions," adds Sheikh Ahmed, who also heads...

Sharjah, UAE--Sharjah will host the first-ever Gulf-Iraq Business Forum on 26th and 27th September to boost economic ties between the GCC and Iraq.The event is an initiative of the Federation of GCC Chambers and is being organized in partnership with the Federation of UAE Chambers of Commerce and Industry (FCCI),...

Dubai, UAE--The Doctors Without Borders (MSF) charity has "lost contact" with two of its foreign staff in Yemen, the group told AFP on Monday.The employees, a German and a Burmese, had been in the northern province of Marib, the aid group said without giving further details.International organizations and their staff...

Dubai, Riyadh - PureHealth, the largest healthcare group in the Middle East, has entered into an agreement to acquire Circle Health Group, the UK's largest independent operator of hospitals, for a substantial AED 4.41 billion ($1.19 billion). PureHealth's existing roster of companies includes healthcare names such as SEHA – Abu Dhabi...

GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth across the region.

Sharjah, UAE - Expo Centre Sharjah said it will host 63 percent more events in the last quarter of 2023, compared to last quarter of 2022.The Center will host 18 economic, trade, and cultural exhibitions, while during the same period last year, it hosted 11 such events.The events, which are...

Abu Dhabi, UAE - Abu Dhabi Islamic Bank (ADIB) has introduced enhanced international transfer features on its mobile app and internet banking. The improvements come as the bank reports a notable 20% year-on-year increase in remittances during H1 2023.As the first bank in the UAE to offer discounts on remittance...

Many Filipino media professionals are working in the UAE that forms the core of media cooperation. “Given the strong friendly relations between the Philippines and the UAE, I think there is so much we can accomplish together. There is so much more potential in many areas, especially in media sector,”...

Women entrepreneurs in the UAE succeed in breaking the barriers, distinguishing themselves in diverse fields, enabled along the way by the country's women-empowerment legislation.

Dubai, UAE - The Barclay family is reportedly making a bid to regain control of the Telegraph newspaper group. Months after relinquishing ownership due to financial struggles, the family is said to be enlisting support from investors based in the United Arab Emirates (UAE) to facilitate their comeback, Guardian newspaper...

The BRICS summit, which held in Johannesburg from Aug 22-24 agreed to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as new members from Jan 1, 2024.

ABU DHABI, UAE – Chairwoman of the General Women's Union (GWU) Sheikha Fatima bint Mubarak launched the National Strategy for Empowerment of Emirati Women in the UAE for the years 2023-2031, on the occasion of the Emirati Women’s Day 2023, under the theme of “We Collaborate for Tomorrow”.This strategy comes...

"International reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change risks, as 60 percent of the region's population lives in areas that suffer severely from water stress, and 20 million people could be displaced due to climate change," she adds.

The Middle East, with its vast resources and strategic position, can play a crucial role in BRICS' vision of a more equitable and democratic global order as the BRICS move to include countries such as Saudi Arabia and the UAE can further reduce the alliance's dependence on Western financial institutions,...

Budapest, Hungary--Senior officials from the UAE and Hungary met in Budapest on 22nd August for the inaugural round of the Political Consultations Committee between the UAE’s Ministry of Foreign Affairs and Hungary’s Ministry of Foreign Affairs and Trade.The UAE delegation was led by Ambassador Lana Zaki Nusseibeh, Assistant Minister of...

New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate and maintain a new 2.19 million TEU per annum mega-container terminal at Kandla in Gujarat on India’s western coast.The project involves the construction of a mega-container terminal at Tuna-Tekra near...

ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a significant role in H1 2023, contributing US$209 million (AED767 million) representing 22 percent of the company's propylene sales and 10 percent of our overall turnover.In a statement to the Emirates...

Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the end of June 2023. According to the latest data from the Central Bank of the UAE, these deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of...

Abu Dhabi, UAE -- The Ministry of Human Resources and Emiratization (MoHRE) of the UAE and job search and recruitment platform Bayt.com have signed an MoU to enhance the retention of competent talent working in the Emirates' labor market.The MoU was signed by Khalil Al Khoori, Undersecretary of MoHRE for...