Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.

"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services" around the world," he adds as the conference celebrates the accessions of the Comoros and Timor-Leste, both classified as least-developed countries.

ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and strategic milestones.EDB revealed a significant 80 percent surge in its contribution to the UAE’s industrial GDP, which has grown from US$653 million (AED2.4 billion) in 2022 to US$1.1 billion (AED4.3...

The two firms have signed a $1 billion private credit deal.

"There's considerable work to be done to establish a level playing field where low-energy technologies can be freely traded. I believe the WTO will be instrumental in this arena as well," adds Tavio. underscoring that the unimpeded trade of clean technologies is essential for achieving climate goals.

Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference of the World Trade Organisation (WTO) held in Abu Dhabi, according to the country's Commerce Minister Wang Wentao on Sunday.During his meeting with Ngozi Okonjo-Iweala, Director-General of the WTO in...

Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa, Chief Economist at the World Trade Organization (WTO), said the country's focus on low tariffs, export diversification, and active participation in the multilateral trading system demonstrates its commitment to free...

The deal aims to facilitate "the flow of foreign direct investment... particularly to developing and least-developed" countries with the aim of fostering sustainable development, according to the text. WTO chief Ngozi Okonjo-Iweala called it a "pioneering agreement that promises to help its signatories attract the foreign direct investment they want...

The World Trade Organization's 13th ministerial conference (MC13), scheduled to run until Thursday in Abu Dhabi, the capital of the United Arab Emirates, is the first in two years. The WTO is hoping for progress, particularly on fishing, agriculture and electronic commerce.

Dubai, UAE – United Arab Emirates on Sunday allocated $5 million to a $50 million fund launched Sunday ahead of the conference to help female entrepreneurs in developing countries to export more using the opportunities offered by the digital economy. The allocation was announced by Dr Thani bin Ahmed Al...

ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund to help female entrepreneurs in developing countries to export more using the opportunities offered by the digital economy.The announcement came ahead of the 13th ministerial conference of the WTO which...

Dubai, UAE -– Customs declarations processed by the Inland Customs Centers Management of Dubai Customs increased by 44 percent, reaching 1.13 million customs declarations in 2023, compared to 790 thousand declarations in 2022. The total number of inspections for goods and travelers amounted to 198,478. The cleared goods' total weight...

ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al Bahrain company aims to create expansive mixed-use projects, offering diverse residential, commercial and entertainment opportunities designed to elevate the overall local community experience.The JV was set up by an agreement...

ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE will provide a US$10 million grant to support key initiatives of the World Trade Organization (WTO), whose 13th Ministerial Conference is being held here.Sheikh Abdullah said that the grant to...

“Japan and the UAE will deepen their cooperation beyond traditional areas such as energy and the economy to include a wide range of fields like climate change, education, science and technology, outer space, and defense, under the ‘Comprehensive Strategic Partnership Initiative’. Such cooperation could expand in the field of international...

Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global competitiveness, says a report.

ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion (AED481.5 billion) by the end of November 2023 compared to US$114.6 (AED424.9 billion) at the end of the same period of 2022, according to the Central Bank of the UAE's...

Abu Dhabi, UAE -- The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped by the domestic multi-year investment cycle in the region, a report says.Despite recent geopolitical headwinds and muted global recovery, national and regional growth is expected to be driven by the...

Countries on the grey list have "strategic deficiencies" in their efforts to counter money laundering and terrorist financing but are cooperating with the FATF to correct the problems and are subject to increased monitoring. In addition to the UAE, Barbados, Gibraltar and Uganda were removed from the grey list. A...

Madbouly said the investment would "contribute to resolving" a hard currency crunch which has threatened Egypt's ability to service its large foreign debt and allow it end separate official and black market exchange rates for the Egyptian pound.

Abu Dhabi, UAE -- The United Arab Emirates and Kenya have concluded negotiations on a Comprehensive Economic Partnership Agreement that will secure vital East and West supply chains, spur investment into priority sectors, and enhance market access for businesses on both sides.The CEPA will have significant positive impact on accelerating...

ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited (Baker Tilly) and its registered audit principal Neil Andrew Sturgeon (Sturgeon), an ADGM media release said on Friday.The RA imposed a financial penalty of US$50,000 against Baker Tilly and -US$12,500...

This is the carrier's strongest-ever performance.

It will collaborate with Abu Dhabi Investment Office.

Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international and female-led startups.

DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and Beverage (F&B) companies joined Dubai Chamber of Commerce in 2023, representing year-over-year growth of 19.4 percent.The total number of F&B companies registered with Dubai Chamber of Commerce – one of...

e& said the net profit is a growth of 3 percent year-over-year.

The report stresses the urgent need for MENA news organizations to overhaul business models, adopt digital strategies, and diversify content delivery to seize growth opportunities.

Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023, which was made by 48 international companies from 23 countries, according to data from FDI Intelligence.The UAE’s food and beverage sector generated $16.4 billion in retail sales, including fresh food...

The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says Nicola Buonanno of Chainalysis.

Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7 percent in 2024, following an increase of 3 percent and 7 percent respectively in 2023. Increases will challenge construction firms, which will need to develop new processes and capabilities to...

ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce within the next 12 to 18 months, subject to three potential catalysts, CNBC reported, citing Citi analysts.Aakash Doshi, Citi’s North America head of commodities research, told CNBC that gold is...

ABU DHABI, UAE – Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Al Ghurair Group subsidiary Automotive Precision Technology (APT) on Monday announced the signing of a lease agreement for an automotive aluminum component manufacturing facility.The 30,000 square meters advanced manufacturing facility for APT in KEZAD will be strategically located...

DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic levels in 2023, Dubai Airports' CEO told AFP on Monday.Dubai International, the world's busiest airport for international passengers for nearly a decade, hit 87 million visits in 2023, beating the...

SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss points to be raised on the policy of Sharjah Commerce and Tourism Development Authority (SCTDA), during the next session.A number of key issues related to stimulating economic growth and enhancing...

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...

The United Arab Emirates has accused the defendants of forming a "terrorist" organization called the "Committee for Justice and Dignity" with the aim of inciting popular protests and a "violent revolution" in the wake of the 2011 Arab Spring uprisings across the Middle East.

The rise was due to the hospitals and pharmacy segments.

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...

Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction App has generated over AED3.4 billion ($925 million) in sales.In more detail, 333 properties worth AED3,401,835,871 ($926,361,975), have been sold in addition to 1013 vehicles valued at AED78,277,025 ($21,334,933), jewelry...

Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction. These methodologies significantly reduce material waste, enhance construction quality, offer more controlled and safer work environments, and optimize project timelines, he adds.

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

The annual net profit in 2022 was US$470 million.

The company reported a net profit of $204 million.

Revenue growth driven by ports, logistics, and digital clusters.

Access to reliable, high-speed internet will "enable potentially life-saving medical consultations via real-time video calling," UAE Foreign Ministry spokesperson Afra Al Hameli said on social media, welcoming the deal. Gaza's hospitals have been overwhelmed by more than four months of war, during which 68,291 people have been wounded according to...

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...

According to the UAE authorities, the grand temple carved from pink stone spreads over an area of 55,000 square metres and is the largest traditional stone-built Hindu temple in the Middle East. Nearly 3.5 million Indian nationals, the largest expatriate community in the Gulf country, live in the UAE.

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

Growth fueled by Ford Territory, F-150 and other models.