Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures released by Dubai Department of Economy and Tourism (DET) showed. According to the DET's Tourism Performance Report for January-February 2024, Dubai recorded 1.77 million international visitors in January, and 1.9...
Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a one percent increase compared to the same month last year. According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at...
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024. The country recorded a rate of 7.7, a record number in the history of the report. The UAE was recognised as the...
Volkswagen profit up
It delivered some 9.2 million cars to customers in 2023.UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023. J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for...
Morocco aims to increase exports by 12% in 2024, says kingdom’s trade minister
Dubai, UAE-- Morocco hopes to increase its exports by 12 percent this year, according to the kingdom's minister of industry and trade, Ryad Mezzour. In statements to the Emirates News Agency (WAM), on the sidelines of the opening day of the 13th WTO Ministerial Conference hosted by the UAE in...
Doha Insurance net profit up
The profit jumped to US$41.40m in 2023.
Nvidia profit soars to US$12.3bn
The company's revenue spiked to US$22.1bn.Nintendo shares tumble 8.5%
Its next-generation console will be delayed until 2025.
ADNOC L&S profit spikes 138%
Its revenue jumped 41% to US$748 million in 2023.
UAE real GDP to grow 5.3 percent in 2024: S&P Global
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...
UAE economy to grow 5.7% in 2024 in spite of global challenges
Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including global economic slowdown and difficult financial conditions, according to Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF). Speaking to a media outlet, he said, "Our efforts to...
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
Philips to halt sales of sleep machines in US
It posted losses to the tune of US$502m during the year 2023.
Global Islamic finance market to touch US$4.9trn in 2025, says Malaysian official
Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong. Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that...DMCC launches global trade roadshow in London to attract FDI from UK
Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking to attract a greater amount of foreign direct investment (FDI) from the United Kingdom. DMCC is the world’s flagship free zone and Government of Dubai Authority on commodities trade and...
ASML profit soars to US$8.5bn
It has shrugged off geopolitical tensions to post high profits.
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister of Finance. In a press conference on Thursday, the minister said that the inflation witnessed in Qatar in 2023 was temporary and associated with a specific period and reasons, such...
Protecting nature may avert $2.7trn global economic losses: World Bank
Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually, according to Valerie Hickey, Global Director for Environment, Natural Resources and Blue Economy at the World Bank. Speaking to media at COP28, she said that low-income countries could lose around...
Iran-Russia trade surges 18 percent to US$1.7 billion in 2023
Tehran, Iran--Trade between Iran and Russia has climbed 18 percent to US$1.7 billion in the first eight months of 2023. This was stated by the chairman of the Iranian Customs Administration Mohammad Rezvani, noting that the Iran Iran-Russia trade recorded $1.7 billion in the first eight months of this year...
UAE unveils ‘roadmap’ to reduce food waste by 50 percent
Dubai, UAE--In order to reduce food loss and waste by 50 percent, the UAE has launched Ne’ma Food Loss and Waste Reduction Roadmap, looking to achieve the target by 2030. The project was unveiled by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment The roadmap was announced...
Yahsat net profit up
Its revenue stood at US$323m in the first nine months of 2023.Ooredoo net profit up
Its revenue rose to US$4.72bn in the first 9 months of 2023.
Russian economy to grow 1.5 percent this year, says key European bank
After having forecast a contraction earlier this year in Russia's economy, the European Bank for Reconstruction and Development is now expecting the country's economy to grow in 2023 thanks to rising oil prices. The bank said in May it expected Western sanctions against Russia"to be more effective in constraining the...4.4m travel by SAR in H1 2023
Train trips in H1 2023 rose 46 percent compared to H1 2022.
Gulf Hotels Group profit up
It posted a jump in net profit in Q2 to US$2.92 million.
UAE banks provide US$7.73bn in financing to businesses in five months
Abu Dhabi, UAE-- The banks in the UAE increased their credit facilities for the business and industrial sectors by around $7.73 billion in the first five months of this year. According to the latest statistics from the Central Bank of the UAE, the two sectors witnessed a 4 percent rise...
Ithmaar Bank H1 profit up
Its net profit rose to US$4.14m as against US$3.96m last year.
Dubai Municipality parks attract more than 15m visitors in H1
Dubai, UAE-- More than 15 million people visited Dubai Municipality public parks, neighborhood parks, lakes, and recreational facilities for the first time during the first half of 2023. It marks a 50 percent increase in the same period of 2022, which recorded approximately 10 million visitors. Visitors to parks and...
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15 percent in the ongoing fiscal year while aiming to reach a break-even point by 2026.  The airline in May made a forecast of reducing its net loss by a further...Qatar Airways’ profits fall
Its net profit dropped 21% to US$1.21bn in 2022-2023.
UAE’s foreign trade records 17% jump to US$607bn in 2022
The boost in foreign trade comes on the back of the signing of the comprehensive economic partnership agreements that the UAE has inked so far. As the agreements take effect, a new phase of trade exchange commences that promises a substantial boost in quality and quantity, expanding the global trade...Iran-Turkey trade to hit US$15bn on back of private sector cooperation
Tehran, Iran-- Bilateral trade between Iran and Turkey is expected to vault to US$15 billion by 2025 on the back of deeper cooperation with the private sector. According to a senior official in Iran’s Trade Promotion Organization (TPO) trade with Turkey will easily reach $15 billion in early March 2025...
SCA to waive off registration fee for listing of green bonds, sukuk in local market
Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to list their green or sustainability-linked bonds or sukuk in a local market from registration fees for the year 2023. The decision aims to highlight the actions taken by the UAE...Iran’s trade with six Arab countries climbs up to US$35bn in 2022-2023
Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to the latest data released by the Islamic Republic. According to Iran Customs Administration, the Islamic Republic traded 58.25 million tons of goods (excluding crude oil exports) worth $35.11 billion with...
Egypt reports 72% drop in current account deficit to US$1.8bn
Cairo, Egypt--Egypt’s current account deficit fell 77.2 percent to $1.8 billion in the first half of the North African country’s current fiscal year. According to its central bank, the deficit reduction was fueled by Egypt’s current account turning a $1.41 billion surplus in the October to December quarter of 2022...
Agthia posts 14% profit jump
The company reported a profit of $67.25m for the last fiscal.
Toyota stays top automaker
It retained lead over the rival Volkswagen for the third year.
World Bank predicts decline in Egypt’s economic growth
Riyadh, Saudi Arabia-- Egypt’s economic growth is expected to decline to 4.5 percent in the fiscal year 2022-23 from 6.6 percent in 2021-22, affected by the Russia-Ukraine war overlapped with persisting COVID19-related disruptions, according to the World Bank’s Egypt Economic Monitor report. But the growth is forecast to inch up...
CMA approves 18 listings on Tadawul
Tadawul is also developing a market marker for the bourse.
Jordan’s first medical university set to enroll students
The Aqaba Medical Sciences University (AMSU), the first medical university in Jordan, will enroll its first class of medical and dental students for the new academic year.Saudi construction contracts jump to $12.3 billion in Q1
Saudi Arabia has seen a staggering increase in the award of construction contracts to the tune of $12.3 billion in the first quarter of 2022.Saudi VC investments post 244% jump to $584m in H1
Venture capital investments in Saudi Arabia have posted a staggering 244 percent increase to $584 million in the first half of 2022.Dubai energy demand shoots up by 6.3% in H1 of 2022
Demand for energy in Dubai has shot up 6.3 percent to 23,096 GWh in the first half of the current year, according to Saeed Mohammed Al Tayer, MD&CEO of Dubai Electricity and Water Authority (DEWA).
UAE to build LNG plant with capacity to produce 9.6m tons
The Abu Dhabi National Co.has revealed that it would build a new liquefied natural gas plant with the capacity to produce some 9.6 million tons a year.
ECB rate could turn positive by year’s end: France
ECB interest rates could be back in positive territory by year's end, the head of the French central bank said Friday, as soaring inflation puts pressure on policymakers. Record inflation in the eurozone has increased calls for the ECB to draw a line under its stimulus and follow other central...
Kuwait to hire 1,000 non-Kuwaiti teachers for academic year 2022-23
Kuwait’s Ministry of Education has said it will hire 1,000 non-Kuwaiti male and female teachers to fill the shortage in schools for the next academic year 2022-2023. Media reports said that an applicant must be a University graduate qualified to work in general education schools in 11 different specializations. The...EGA to build an aluminum recycling facility in UAE
Emirates Global Aluminum is looking to set up an aluminum recycling facility with a capacity to churn out 150,000 tonnes per year.‘Arabic’ coffee renamed ‘Saudi’ coffee in the kingdom
The renaming is seen as the assertion of a cultural element that expresses the Saudi identity and reflects the people's relation with coffee and the tradition of its preparation and serving.
Iran and China push for fulfillment of 25-year agreement
More than fifty years after establishing diplomatic ties, China and Iran accelerate implementation of the Iran-China 25-year cooperation program, which can pave the ground for expanding all-out ties. The Chinese and Iranian foreign ministers met on the sidelines of the Shanghai Cooperation Organization summit in Dushanbe, Tajikistan.
