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GCC Economic Forecast 2024: A Promising Path Forward

Shurooq Showcases Sharjah’s Eco-Luxury and Heritage Projects at World Travel Market 2024

Biban24 Forum Opens in Riyadh, Showcasing Global Entrepreneurship and Investment Opportunities

UAE’s Debt Capital Markets Showcase Robust Growth and Strategic Positioning in Global Sukuk Market

Crown Prince of Kuwait Welcomes GCC Secretary General, Reaffirms Commitment to Regional Cooperation

Saudi Delegation Highlights Innovation and Collaboration at 53rd GCC Industrial Cooperation Committee Meeting in Doha

Google Launches Groundbreaking AI Opportunity Initiative to Drive Skills, Innovation, and Economic Growth Across MENA

Emirates Strengthens Ties with Vietnam Airlines and VietJet through New Agreements, Enhancing Connectivity between UAE and Vietnam

Saudi Arabia's Vision 2030 Focuses on Human Capital to Drive Economic Growth and Resilience, Says Economy Minister

UBS Advises GCC Investors to Mitigate Geopolitical Risk Through High-Grade Bonds and Diversified Portfolios

GCC Secretary General Highlights Opportunities for Trade and Investment with Central Asia

Qatari Amir Sheikh Tamim Meets German President in Berlin to Strengthen Bilateral Relations

GCC Secretary General Strengthens Ties with World Bank Group to Boost Economic Cooperation

UAE President Sheikh Mohamed bin Zayed Al Nahyan Arrives in Moscow for Official Visit

Oman’s Banking Sector Sees Steady Growth in Credit and Deposits, Driven by Private Sector Contributions

GCC Secretary General and UK Minister of State Discuss Strategic Partnership and Middle East Crisis in London

EU and GCC Enter a New Era of Strategic Partnership: European Commission President:

GCC and EU Leaders Unite to Forge Stronger Strategic Partnership at Historic Joint Summit

Future Blockchain Summit 2024 Kicks Off in Dubai, Showcasing Global Innovation and Investment Opportunities

Tesla Unveils $30,000 Cybercab and Autonomous Driving Plans for 2026

Global Village Set to Open for Season 29 with New Attractions and Enhanced Experiences, Tickets Now Available Online

Jebel Ali Free Zone (Jafza) Secures Top Global Recognition with Five Major Awards at fDi Global Free Zones of the Year 2024

Saudi Arabia Highlights Major Reforms in Women's Rights at UN Committee on Discrimination Against Women in Geneva

Ratan Tata, Visionary Leader Who Transformed Tata Group and Indian Industry, Passes Away at 86

Arab League Highlights Urgent Need for Regional Cooperation to Combat Land Degradation and Ensure Food Security

Arab Trade Declines by 3.7% in 2023 Amid Drop in Exports and Rise in Imports, Reports Dhaman

UAE Joins BRICS Tax Officials in Moscow to Strengthen Global Cooperation on Tax Reforms

US Dollar Surges Amid Middle East Tensions; Other Currencies Experience Volatility

Oil Prices Hold Steady as Supply Prospects and Weak Demand Offset Middle East Tensions

Mark Zuckerberg Joins $200 Billion Club as Meta Shares Surge in 2024

UAE Engages in High-Level Diplomacy and Climate Initiatives at 79th UN General Assembly

Saudi Minister of Economy and Planning Meets UN Deputy Secretary-General to Discuss Enhanced Cooperation and Global Economic Issues

GCC Secretary General Praises Launch of International Coalition for Two-State Solution Amid Gaza Crisis

First Joint Ministerial Meeting Between GCC and Northern European Countries Paves the Way for Enhanced Strategic Cooperation

Dubai Approves AED10 Billion Expansion for Dubai Exhibition Centre at Expo City, Paving Way for Global Leadership in Events

GCC Moves Closer to Defining Unified Gulf National Products, Aims for Regional Economic Citizenship

UAE Mandates Female Representation on Private Joint-Stock Company Boards by 2025

Expand North Star 2024: World's Largest Startup and Investor Event Gears Up for October Showcase

UAE Launches ‘Invest in the Emirates’ Global Campaign, Inviting Innovators and Entrepreneurs to Tap into a Thriving Business Hub

EDGE to Debut at Azerbaijan International Defence Exhibition, Showcasing Advanced Smart Weaponry and Cyberwarfare Technologies

UAE President Receives GCC Secretary General to Discuss Regional Cooperation and Stability

Saudi Ports Authority Launches New "LMX" Shipping Service at Jubail to Enhance Global Connectivity

WETEX 2024 to Showcase Cutting-Edge Innovations in Digital Transformation and Sustainability

Qatar Development Bank Named Best Digital Bank in Qatar at 2024 Banking Excellence Awards

Ajman Tourism Development Department Launches CIS Promotional Tour to Boost Tourism and Strategic Collaborations

Saudi Arabia Strengthens Global Space Cooperation at G20 Space Economy Leaders Meeting

OPEC Celebrates 64 Years of Global Oil Market Leadership and Cooperation

UAE GCAA and Volar Air Mobility Partner to Develop Nation's First Green Aviation Technology Hub

The Impact of Falling Oil Prices on GCC Stock Markets: Decoupling or Correlation?

GCC Central Bank Governors Meeting Boosts Financial Integration and Cooperation Across Member States

Dubai Integrated Economic Zones Authority Reports Strong Growth in H1 2024, Strengthening Dubai’s Role as Global Investment Hub

GCC Secretary General Highlights Environmental Protection as Key Focus in Regional Cooperation

Qatar Central Bank Governor and HSBC Regional CEO Discuss Global Banking and Financial Developments

Saudi Minister of Industry Strengthens Ties with Chinese Firms, Explores Joint Ventures in Lithium and Copper Processing

UAE’s Peaceful Nuclear Energy Programme Achieves Major Milestone with Barakah Plant Fully Operational

OPEC+ Extends Voluntary Oil Production Cuts by 2.2 Million Barrels Per Day Until November 2024

Sheikh Mansour bin Zayed Chairs Ministerial Development Council Meeting in Abu Dhabi

GCC Banks Expected to Sustain Strong Performance Through 2024, S&P Global Ratings Forecasts

Saudi Group Showcases Advanced Aviation Services at Egypt International Air Show 2024

Saudi Central Bank Approves Three New FinTech Startups for Regulatory Sandbox Testing

Abu Dhabi Stem Cells Centre Achieves UAE’s First Ovarian Preservation for Young Leukemia Patient

Abu Dhabi Police and ADNOC Distribution Launch Free Summer Vehicle Inspection Service

Abu Dhabi Chamber Launches Youth Business Council to Empower Emirati Entrepreneurs

Abu Dhabi Energy Services and UAE University Launch UAE's Largest Solar Project in Education Sector

ACWA Power Enters Landmark Agreement with China Southern Power Grid for Central Asia Renewable Energy Project

Abu Dhabi Chamber Launches Platform Connecting Local Businesses with Over 3 Million International Companies

Abu Dhabi Airports Record 22.4 Million Travelers in 2023: SCAD Report

Abu Dhabi Chamber and e& UAE Forge Strategic Partnership to Boost SME Growth

Abu Dhabi to Launch Region’s First Family Business Index

Abu Dhabi Signs MoU to Establish Landmark Hydrogen Equipment Manufacturing Complex

'Next50' Initiative Launched to Propel Growth of UAE's Private Sector

ACRES Real Estate Exhibition Set to Enrich Dubai's Property Landscape

Abu Dhabi Ascends 10 Places in 2024 Leading Maritime City Report

18th IsDB Global Forum: Advancing Islamic Finance Through Innovation, Entrepreneurship, and Leadership

AD Ports Collaborates with Iraq to Develop Al Faw Grand Port and Economic Zone

Abu Dhabi Unveils Tourism Strategy 2030, Anticipates 178,000 New Jobs

AD Ports Group and Archireef Introduce Eco Sea Wall Panels in Saadiyat and Al Aliah Islands

Abu Dhabi Real Estate Market Records AED87.1 Billion in Transactions for 2023

The election of Donald Trump as the 47th President of the United States has sent ripples through global financial markets, sparking a wave of investor reactions. US markets have reacted with optimism, pushing equity prices higher. At the same time, traditional safe-haven assets like oil and gold are facing downward pressure, largely due to a strengthening US dollar. In a striking contrast, Bitcoin has soared to a record high, reflecting shifting sentiment in the world…

The Sharjah Real Estate Registration Department has announced impressive growth in the emirate's real estate sector, with the Central and Eastern regions recording a total cash trading volume of AED 1.3 billion during the first nine months of 2024. This represents a remarkable 57.6% increase compared to the same period last year, according to a newly released report detailing the movement of real estate transactions. The department noted that a total of 22,059 real estate…

DUBAI – Dubai has once again been crowned the leading city in the Middle East and Africa in the ‘Global City Index 2024,’ issued by Brand Finance. Maintaining its top regional position for the second year in a row, Dubai has demonstrated exceptional performance across all key categories, cementing its role as the region's economic and strategic powerhouse. Notably, Dubai climbed to fifth place globally in the Index, which evaluates 100 cities worldwide based on…

RIYADH – The Saudi Arabian Monetary Authority (SAMA) has announced its second interest rate cut of the year, lowering the benchmark Repurchase Agreement (Repo) rate by 25 basis points to 5.25 percent and the Reverse Repo rate to 4.75 percent. This strategic monetary move mirrors the latest decision by the US Federal Reserve, which also reduced rates by 25 basis points to a target range of 4.5 to 4.75 percent. In a formal statement, SAMA…

Doha – The Gulf Cooperation Council (GCC) is witnessing remarkable progress in developing an interconnected and advanced transportation system that will revolutionize regional trade and travel. During the 26th meeting of the Committee of GCC Ministers of Transport and Communications, held on November 7, 2024, in the Qatari capital of Doha, His Excellency Jasem Mohamed Albudaiwi, Secretary General of the GCC, provided an update on ongoing achievements, especially the Gulf railway project. Chaired by His…

KUWAIT CITY: Kuwait Oil Company (KOC) has announced plans to cancel several work teams, including those focused on the development of heavy oil fields in the northern regions of Kuwait, reservoir studies, integration and leadership, and well repairs. This decision comes as part of the company's long-term strategy to streamline operations and align with the goals of the 2040 strategy set by Kuwait Petroleum Corporation (KPC). According to informed sources, the restructuring is in line…

ABU DHABI: The rapid advancement of artificial intelligence (AI) is encouraging the world’s largest oil companies to significantly ramp up their investments in renewable energy, according to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, as well as Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC). In a recent interview, Dr. Al Jaber revealed that the potential of AI in transforming global energy landscapes became especially…

The National Bank of Bahrain (NBB), a prominent financial institution in the kingdom, has taken significant steps in its exploration of a potential merger with the Bank of Bahrain and Kuwait (BBK). The two banks have been in talks for several months, and NBB has officially begun the preliminary proceedings toward this strategic merger. Earlier this year, NBB confirmed that it had appointed Goldman Sachs as its financial adviser to assist in the merger negotiations…

The outlook for initial public offerings (IPOs) in the Gulf Cooperation Council (GCC) region remains optimistic as 2024 progresses, despite a relatively subdued third quarter. Companies across multiple sectors are preparing for IPOs, anticipating strong investor interest as market confidence builds. Muhammad Hassan, Middle East Capital Markets Leader at PwC, highlighted the positive momentum with several IPOs completed or announced since the end of the third quarter. A notable recent listing includes Oman’s largest IPO…

Cairo – Egypt’s Suez Canal Economic Zone (SCEZ) has invested $3 billion in infrastructure over recent years and plans to match this amount in upcoming developments, according to Chairman Gamal El-Dein. In an interview, he explained that the SCEZ's ongoing expansion and modernization efforts aim to draw increased investor interest by capitalizing on the vast international shipping volumes that pass through the Suez Canal, one of the world’s most critical maritime routes. The SCEZ is…

Abu Dhabi – In a landmark move toward establishing Umm Al Qaiwain as a regional leader in logistics and trade, H.H. Sheikh Rashid bin Saud bin Rashid Al Mu’alla, Crown Prince of Umm Al Qaiwain and Chairman of the Executive Council, announced the launch of the Logistics City and the Umm Al Qaiwain Cargo Airport. This announcement was made during the UAE Government Annual Meetings 2024, held in Abu Dhabi, marking a key milestone in…

RIYADH – The Biban24 forum, organized by Saudi Arabia's Small and Medium Enterprises General Authority (Monsha'at), launched on Tuesday in Riyadh under the theme "Global Destination for Opportunities." This prominent event aims to establish the Kingdom as a global hub for entrepreneurship, innovation, and investment by fostering a dynamic, supportive ecosystem for entrepreneurs and investors alike. The forum will run through November 9, drawing thousands of participants from around the world. The forum brings together…

KUWAIT CITY: The Secretary General of the Gulf Cooperation Council (GCC), His Excellency Dr. Jasem Mohamed Albudaiwi, has highlighted education as a fundamental pillar for achieving the sustainable development goals (SDGs) in the GCC region. He emphasized the importance of developing educated national cadres equipped with modern knowledge and skills to address the demands and challenges of the contemporary era. These individuals, Dr. Albudaiwi noted, will be essential in contributing effectively to the sustainable development…

The UAE's debt capital markets (DCM) are experiencing substantial growth in 2024, with outstanding debt increasing by 13.1% year-on-year (YoY), reaching an impressive US$294.4 billion by the end of the third quarter. This growth reflects the UAE's expanding financial sector and its increasingly influential role in global debt markets, particularly in the sukuk (Islamic bond) space. Bashar Al Natoor, Managing Director & Global Head of Islamic Finance at Fitch Ratings, highlighted the country's pivotal role…

Cairo – At the 12th World Urban Forum (WUF12) held in Cairo, the Real Estate General Authority (REGA) of Saudi Arabia reinforced its commitment to sustainable, forward-looking urban development, aligned with the Kingdom’s ambitious Vision 2030 objectives. REGA’s Chief Executive, Eng. Abdullah bin Saud Al-Hammad, emphasized Saudi Arabia’s steady advancement towards this vision, underscoring its dedication to fostering cities that balance human-centered design with sustainability and resilience to environmental challenges. Al-Hammad stated that REGA’s active…

MANAMA – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), underscored the vital role of young people in building the future amidst mounting challenges related to economic shifts, education, social change, and emerging technologies like artificial intelligence. His remarks came during his participation in the “Global Initiatives Supporting Youth: Opportunities and Challenges” workshop, a prominent event hosted by Bahrain as part of the “Global Network Supporting Youth Competitiveness,” also…

KUWAIT CITY – Under the patronage of His Highness Sheikh Mishal Al Ahmad Al Jaber Al Sabah, Amir of the State of Kuwait, and with the attendance of His Highness Sheikh Sabah Khaled Al Hamad Al Sabah, Crown Prince of Kuwait, the fourth High-Level Conference on "Strengthening International Counter-Terrorism Cooperation and Building Agile Border Security Mechanisms – The Kuwait Phase of the Dushanbe Process" took place from November 4-5, 2024. Organized by Kuwait in cooperation…

ABU DHABI – The UAE Ministry of Energy and Infrastructure (MoEI) organized the 12th Harbor Masters Meeting, a pivotal gathering aimed at enhancing port efficiency, refining maritime processes, and identifying key challenges within the sector. Hosted by Abu Dhabi Ports Group, the event provided an opportunity for UAE’s maritime leaders to collaborate on advancing port operations and sustainability, showcasing the latest technological advancements in the field. Under the leadership of Hessa Al Malek, Advisor to…

NEW YORK – Abu Dhabi-based firms Realize and Neovision Wealth Management have introduced a pioneering investment vehicle that merges traditional U.S. Treasury assets with blockchain technology. The new fund, called the Realize T-BILLS Fund, will acquire units of exchange-traded funds (ETFs) focused on U.S. Treasury bills, such as BlackRock’s iShares and State Street’s SPDR. These ETF units will be tokenized, creating digital assets that can be securely held, traded, and transferred on blockchain networks. Co-founder…

DOHA – Gulf industry leaders and innovators gathered on Wednesday, October 30, 2024, in Doha for the opening of the second Gulf Industrial Exhibition, where prominent factories and inventors were honored for their contributions to the region's industrial sector. Under the patronage of His Excellency Shaikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry of Qatar, the event brought together ministers of commerce and industry from across the GCC to underscore…

Dubai – At the Google AI Connect Event held at the Etihad Museum, Google launched its most significant AI endeavor for the Middle East and North Africa (MENA), the "AI Opportunity Initiative," dedicated to fostering AI skills, promoting inclusive research, and offering access to advanced AI technologies. The initiative is set to equip MENA’s emerging workforce with essential AI competencies, supported by $15 million in funding from Google.org, Google’s philanthropic division, and strategic collaborations across…

DUBAI – In a major stride towards government efficiency, the Ministry of Energy and Infrastructure (MoEI) has announced a significant reduction in bureaucracy across 21 services, eliminating over 745,000 procedural steps and shortening service delivery times by 75%. This achievement has saved 21 million hours of customer time, reduced ministry visits by 75%, and boosted customer satisfaction to an impressive 91%. This announcement was made during the awards ceremony for the Minister of Energy and…

Riyadh – Under the esteemed patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the 8th edition of the Future Investment Initiative (FII) conference has commenced in Riyadh, gathering global leaders, innovators, and investors to discuss sustainable growth, technological advancement, and economic inclusivity. Themed "Infinite Horizons: Investing Today, Shaping Tomorrow," this year’s event reaffirms Saudi Arabia’s commitment to shaping a resilient future through strategic investments in green technologies, healthcare, and…

DOHA – At the 34th gathering of Gulf Cooperation Council (GCC) Ministers of Justice, His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, lauded the Council's enduring efforts in harmonizing judicial laws across the region. Held in the Qatari capital on October 28, 2024, and chaired by Qatar’s Minister of Justice, H.E. Mr. Ibrahim bin Ali bin Issa Al Mohannadi, the meeting underscored the ongoing achievements in legal and judicial cooperation among GCC…

ABU DHABI – The United Arab Emirates (UAE) continues to play a transformative role in the global technology sector, establishing itself as a thriving center for innovation, digital transformation, and entrepreneurial growth. Recognized as a preferred destination for global tech companies and talent, the UAE has embedded technology and innovation within its strategic framework, underpinning its rise as a beacon for tech advancements in the region and beyond. The UAE’s commitment to fostering an advanced…

Riyadh – Saudi Arabia’s General Authority for Statistics (GASTAT) has published its Real Estate Price Index for the third quarter of 2024, revealing a 2.6% year-on-year increase in overall real estate prices. The growth has been largely driven by both the residential and commercial sectors, indicating continued demand in these areas amid the Kingdom’s evolving economic landscape. In the residential sector, prices rose by 1.6% over Q3 2023. Key contributors to this growth were residential…

Kalba – The Ministry of Climate Change and Environment (MoCCAE) held a significant meeting with farmers from the Eastern Region, reaffirming its dedication to building a sustainable, resilient agricultural sector and addressing the evolving needs of the UAE’s farming community. The meeting, hosted at the scenic Hanging Gardens in Kalba, was led by Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, and attended by several senior Ministry officials. This meeting is…

Riyadh — At the recent Gulf Cooperation Council (GCC) and World Bank Group (WBG) event, held in conjunction with the IMF-World Bank Annual Meetings, Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, shared insights into how Saudi Vision 2030 aims to redefine economic and social growth. Speaking at a panel discussion titled “Human Capital: The Key to Economic Growth,” Minister Alibrahim outlined the nation's ambitious strategies to foster resilience and competitiveness by enhancing human…

Saudi Arabia is on the brink of an economic recovery as it emerges from the contraction experienced in 2023. The nation's real GDP is projected to grow by 2.5% in 2024, primarily fueled by strong activity in the non-oil private sector, which is anticipated to expand by an impressive 4.8%. This growth underscores the country's ongoing efforts to diversify its economy and reduce reliance on oil revenues, particularly in light of recent fluctuations in global…

In Washington D.C., His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), highlighted the significance of a pioneering GCC economic event held in collaboration with the World Bank. Organized alongside the International Monetary Fund (IMF) and World Bank annual meetings, the event underscored the Council's commitment to expanding its influence and showcasing its regional and international economic contributions. On Thursday, October 24, 2024, distinguished finance ministers, economy officials, and central…

The Southern Governorate of Bahrain is set to undergo a series of expansive infrastructure projects worth millions of dinars, with completion dates spanning through 2026. The new developments will feature modern roads, advanced sewage systems, efficient rainwater drainage, as well as upgraded street lighting and signage, transforming areas such as Isa Town, Zallaq, Khalifa Town, and Riffa. During the Southern Municipal Council’s recent meeting, officials from the Works Ministry presented detailed plans for these projects,…

Gulf Cooperation Council (GCC) investors should consider high-grade bonds and broaden their international investment portfolios to mitigate growing regional geopolitical risks, according to Michael Bollinger, Chief Investment Officer for Global Emerging Markets at UBS. Speaking at a media roundtable on investment strategies in emerging markets, Bollinger highlighted the importance of diversifying assets as a safeguard against market volatility. Amid rising tensions between Israel and Iran and ongoing conflicts involving Israel, Lebanon, and Gaza, Bollinger noted…

Muscat – In a significant diplomatic meeting, Sayyid Badr Hamad Al Busaidi, Oman’s Foreign Minister, welcomed Andrii Sybiha, Ukraine's Minister of Foreign Affairs, marking Sybiha’s inaugural visit to Muscat. The discussions included an in-depth exchange on the ongoing Ukraine-Russia crisis, as well as other pressing regional and global issues, aiming to foster a framework for peace and cooperation. Central to the meeting was a discussion on the need for a just and comprehensive peace in…

Riyadh – A comprehensive training program in ocean affairs and the law of the sea has successfully concluded in Saudi Arabia, marking 15 days of intensive sessions with 55 participants from various government entities. The program, organized by the General Authority for Survey and Geospatial Information (GEOSA) in partnership with the United Nations Development Program’s (UNDP) Division for Ocean Affairs and the Law of the Sea (DOALOS), is part of Saudi Arabia's commitment to advancing…

Abu Dhabi – Abu Dhabi Maritime, a subsidiary of AD Ports Group, has announced a strong global response to the second edition of the Abu Dhabi Maritime Awards (Marina Edition), which celebrates leadership and innovation in the maritime sector. In collaboration with the Integrated Transport Centre (Abu Dhabi Mobility) under the Department of Municipalities and Transport, the awards program received 120 submissions from marinas across eight countries, highlighting an enthusiastic engagement from the sector. The…

Washington – The World Bank Group unveiled its ambitious "Gender Strategy 2030" during the 2024 World Bank Group Annual Meetings, setting transformative targets to enhance economic opportunities and equity for women around the world. The strategy underscores a robust commitment to supporting women through greater access to broadband, expanded social protection programs, and increased capital for women-led enterprises. Ajay Banga, President of the World Bank Group, emphasized the broader economic and social benefits of increasing…

DUBAI – The Emirates Group and Dubai Airports have released a comprehensive economic impact study, revealing the vital role that the aviation sector plays in Dubai’s economy. Compiled by the renowned research firm Oxford Economics, the study not only quantifies aviation's contributions to the local economy but also projects an optimistic growth trajectory for the sector based on anticipated increases in passenger traffic and financial performance. The study examines three key dimensions of the aviation…

KUWAIT – During a significant two-day meeting of environmental and climate change experts in Kuwait, Jamal Al-Loughani, the Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC), underscored the vital need to balance energy security with the efforts to mitigate climate change. In his address, Al-Loughani highlighted that OAPEC member states are committed to an inclusive approach that embraces a wide range of energy sources and technologies for future energy initiatives. This all-encompassing…

MUSCAT – The Ministry of Transport, Communications, and Information Technology (MTCIT) of Oman, through the National Centre for Space, Artificial Intelligence, and Advanced Technologies, recently welcomed a distinguished delegation from the United States. This delegation included representatives from notable institutions such as NASA, SpaceX, Planet, Maxar, and other leading companies in the space industry. The primary objective of this visit was to strengthen bilateral ties between Oman and the United States in the burgeoning space…

Washington, D.C. – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed the significance of the special ministerial meeting held on October 23, 2024, between the governors of central banks and finance ministers of the GCC and the Caucasus and Central Asia. The meeting is part of the annual gatherings of the International Monetary Fund (IMF) and the World Bank and aims to explore trade and investment opportunities while…

JEDDAH – The Islamic Development Bank (IsDB) actively participated in a series of high-level meetings between the Arab Coordination Group (ACG) principals and World Bank Group (WBG) President Ajay Banga, held in Washington D.C. These discussions took place on the sidelines of the 2024 International Monetary Fund and WBG Annual Meetings and focused on enhancing joint financing initiatives across multiple sectors. Key topics included infrastructure development, renewable energy projects, climate action strategies, and efforts to…

ABU DHABI – The International Renewable Energy Agency (IRENA) commenced its 28th Council meeting in Abu Dhabi today, marking a significant gathering ahead of the 29th Conference of the Parties (COP29). This two-day meeting brings together IRENA Members to address vital topics concerning the global energy transition. Central to the discussions will be the progress towards ambitious targets: tripling renewable energy capacity and doubling energy efficiency by 2030, as highlighted in the Outcome of the…

Washington – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in a pivotal session titled "Growth and Diversification in the GCC Countries" during the International Monetary Fund (IMF) and World Bank meetings on Tuesday, October 22, 2024, in Washington, D.C. The session was aimed at highlighting the evolving role of the GCC's sovereign wealth funds in shaping the region’s economic future. In his address, His Excellency noted that…

London, UK – A recent YouGov poll commissioned by the Arab News Research & Studies Unit reveals that a significant number of Arab Americans plan to vote in the upcoming US presidential election, with 87% indicating their intent to participate. The survey, conducted between September 26 and October 1, highlights that the Israeli-Palestinian conflict is the top priority for Arab Americans, surpassing other critical issues such as the economy or cost of living. The poll…

Dubai – The Dubai Chamber of Commerce, one of the three chambers under the Dubai Chambers umbrella, recently hosted the third quarterly meeting for Business Groups and Councils in 2024, bringing together representatives from private sector companies across the emirate. The meeting focused on the latest economic developments in Dubai, future growth prospects, and the vast business and investment opportunities the emirate offers in a wide array of sectors. During the meeting, the chamber provided…

Vientiane – A parliamentary delegation from the Kingdom of Bahrain, led by MP Ahmed Abdulwahed Qarata, Second Deputy Speaker of the Council of Representatives, and Talal Mohammed Al Mannai, member of the Shura Council, met with Lieutenant General Souvone Lueangbounmy, Vice President of the National Assembly of the Lao People's Democratic Republic, during the 45th General Assembly of the ASEAN Inter-Parliamentary Assembly (AIPA). The Bahraini delegation conveyed the greetings of Ahmed bin Salman Al Musallam,…

Washington, D.C. – His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has commended the significant contribution of GCC member states to the development and decision-making processes of the World Bank. His remarks came during his participation in a panel discussion titled "Reflections on the World Bank Group's Evolution Journey," held on the sidelines of the International Monetary Fund (IMF) and World Bank meetings on October 22, 2024, in Washington, D.C.…

Dubai, UAE – His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy (DSCE), chaired the 84th meeting of the Council, held virtually, alongside Saeed Mohammed Al Tayer, Vice Chairman of the DSCE. The meeting highlighted Dubai’s remarkable progress in reducing carbon emissions, a key goal in the emirate’s environmental strategy. One of the meeting’s focal points was the review of Dubai’s annual carbon emissions inventory, which revealed an…

Washington, D.C. – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), held a pivotal meeting with Ms. Hela Cheikhrouhou, Regional Vice President of the International Finance Corporation (IFC) for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan. The meeting took place on the sidelines of the International Monetary Fund (IMF) and World Bank meetings in Washington, D.C. During the session, both parties discussed strategies to enhance economic cooperation…

Riyadh – Saudi Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, met with Andriy Yermak, Head of the Office of the President of Ukraine, at the ministry's headquarters in Riyadh on Tuesday. The meeting focused on the advancement of Saudi-Ukrainian relations and an in-depth discussion of the ongoing Ukrainian-Russian crisis. During their talks, both parties reaffirmed the importance of strengthening diplomatic ties and cooperation between the Kingdom of Saudi Arabia and Ukraine. The…

Berlin – His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of Qatar, held an official meeting with President of Germany Dr. Frank-Walter Steinmeier on Tuesday at the Bellevue Presidential Palace in Berlin. The discussions focused on strengthening the bilateral relations between Qatar and Germany, exploring opportunities to enhance cooperation in multiple fields, and addressing key regional and international developments. The meeting served as a platform for both nations to reaffirm their commitment to…

Muscat – The East Coast for Organising Exhibitions, in collaboration with the Oman Chamber of Commerce and Industry (OCCI), is preparing to host a pivotal forum for small and medium enterprises (SMEs) aimed at offering them increased exposure and access to the Gulf Cooperation Council (GCC) market. Titled ‘Entrepreneurial Opportunities and Our Gulf is One,’ the forum will be held from October 23 to 27 at The Village Mall in Al Hail, just outside of…

Sharjah, 23rd October 2024 – Sharjah Islamic Bank (SIB) has been honored with the prestigious Quality Award from Deutsche Bank, recognizing the bank’s exceptional performance in Straight Through Payment (STP) processing. This award highlights SIB’s dedication to maintaining the highest levels of accuracy, security, and efficiency in executing financial payments and facilitating external transfers. The award was presented during a special ceremony held at SIB’s headquarters, where Ahmed Saad, Deputy CEO of the bank, received…

Washington – His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), reiterated the GCC General Secretariat’s commitment to strengthening its relationship with the World Bank Group. This enhanced partnership aims to support the shared economic development goals of the GCC countries. The reaffirmation of this commitment came during a high-level meeting with Mr Abdulaziz Al Mulla, Executive Director at the World Bank Group, and Mr Suhail Saeed, Executive Director for the…

The investment banking sector in the Middle East and North Africa (MENA) has experienced significant growth in 2024, with total fees reaching an estimated $1 billion during the first nine months of the year. This marks a 27% increase compared to the same period in 2023, signaling strong performance across various financial markets. According to LSEG Deals Intelligence, HSBC emerged as the top earner in the region, raking in $80.4 million in fees, representing 7.8%…

Washington, D.C., October 22, 2024 – Saudi Arabia’s Minister of Finance and Chair of the International Monetary and Financial Committee (IMFC), Mohammed Al-Jadaan, participated in the Peterson Institute for International Economics (PIIE) Macro Week in Washington, D.C., on the sidelines of the 2024 International Monetary Fund (IMF) and World Bank Group (WBG) Annual Meetings. His address emphasized the need for strengthened multilateral cooperation to address today’s pressing global challenges, particularly focusing on the need for…

Abu Dhabi Islamic Bank (ADIB) has been awarded the prestigious title of Best Bank for Small and Medium Enterprises (SMEs) in the UAE at the 2025 Global Finance Awards. This accolade underscores ADIB’s unwavering dedication to fostering the growth and success of SMEs through customized financing solutions and innovative banking platforms. SMEs are a critical driver of economic growth, innovation, and job creation in the UAE, and ADIB’s tailored approach has positioned it as a…

In alignment with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of the Dubai Executive Council, and Chairman of the Higher Committee for Development and Citizen Affairs, has approved an ambitious master plan for the Saih Al Salam Scenic Route. The plan, which includes…

Saudi Aramco CEO, Amin Nasser, expressed confidence in the continued growth of China’s oil demand, bolstered by the country’s latest economic stimulus package aimed at boosting growth. Speaking on the sidelines of the Singapore International Energy Week conference, Nasser remarked that China, the world’s second-largest oil importer, will see increased demand, particularly for jet fuel and naphtha, driven by its expanding liquid-to-chemical projects. “China’s need for chemicals, especially in the context of its electric vehicle…

Muscat – Kuwait Petroleum International (KPI) CEO, Engineer Shafi Al-Ajmi, emphasized the company’s dedication to fostering a more sustainable future through leading efforts in energy transformation. Speaking at the fifth Duqm Forum, which took place in Muscat today, Al-Ajmi outlined KPI’s strategic goals and addressed the challenges facing the energy sector in an era of global transition. The forum, organized by the Omani Chamber of Industry and Commerce, gathered experts from various fields to discuss…

Moscow – President His Highness Sheikh Mohamed bin Zayed Al Nahyan arrived in Moscow today for an official visit to the Russian Federation, marking another significant step in the ongoing diplomatic engagement between the two nations. Upon his arrival at Vnukovo International Airport, a grand reception ceremony was held, where the national anthems of both the UAE and Russia were played, and an honour guard was assembled to welcome His Highness. The visit is set…

The Federation of Saudi Chambers hosted a significant forum today, bringing together leading healthcare companies from Canada to explore investment and partnership opportunities in Saudi Arabia. The event saw the participation of over 26 Canadian firms and was attended by key figures, including Hassan bin Mujib Al-Huwaizi, Chairman of the Federation of Saudi Chambers, and Jean-Philippe Linteau, the Canadian Ambassador to Saudi Arabia. A major highlight of the forum was the announcement by three Canadian…

Rome – Saqr Ghobash, Speaker of the UAE Federal National Council (FNC), held an official meeting with Lorenzo Fontana, President of Italy's Chamber of Deputies, at the Chamber’s headquarters in Rome as part of his official visit to Italy. The discussions centered on strengthening the long-standing bilateral ties between the two nations and enhancing cooperation in various sectors, including political, economic, and parliamentary collaboration. Both leaders emphasized the depth of UAE-Italy relations, which have flourished…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has lauded the United Arab Emirates' (UAE) mediation efforts in facilitating the exchange of 190 prisoners between Russia and Ukraine. The latest achievement, marking the ninth successful mediation by the UAE in the ongoing conflict, highlights the nation's commitment to promoting peace and dialogue on the international stage. His Excellency expressed deep appreciation for the UAE's prominent diplomatic and…

Madrid – Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, held high-level meetings in Madrid with Spanish officials, focusing on enhancing economic cooperation and attracting Spanish investments into the Kingdom. During his official visit to Spain, Alkhorayef met with Jordi Hereu, Spain's Minister of Industry and Tourism, and Carlos Cuerpo, Minister of Economy, Trade, and Business, to explore new avenues of collaboration, particularly in the industrial and mining sectors. In his discussions with…

Muscat – Oman's banking sector experienced steady growth in both credit extension and deposits during the past year, according to recent data released by the Central Bank of Oman. The figures show a 3.3 percent overall increase in credit extended to the economy compared to the previous year, with credit to the private sector specifically rising by 2.8 percent, reaching an impressive RO 26.3 billion. The private sector, a key driver of this growth, continues…

London – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met today, October 17, 2024, with His Excellency Mr. Hamish Falconer, UK Minister of State for the Middle East and North Africa, at the British Foreign Office in London. The high-level talks focused on strengthening the strategic partnership between the GCC and the United Kingdom, addressing pressing regional issues, and exploring further cooperation in various sectors. During the meeting,…

Dubai – GITEX Global 2024, the world’s largest tech and startup event, held the Middle East’s most significant data centre gathering on Thursday at the Dubai World Trade Centre (DWTC). The event highlighted the region's dedication to establishing itself as a global leader in the rapidly growing data centre market, driven by the increasing influence of artificial intelligence (AI). As AI continues to reshape industries, the demand for enhanced data infrastructure is soaring. GITEX Global…

Brussels: European Commission President Ursula von der Leyen has underscored the deepening ties between the European Union (EU) and the Gulf Cooperation Council (GCC) as they embark on a new phase of strategic partnership. Speaking at the opening of the historic first summit between the EU and GCC in Brussels, von der Leyen emphasized that the security and prosperity of both regions are becoming increasingly interconnected. In her address, she highlighted the significance of the…

Dubai Investments has announced that construction of Violet Tower, its latest residential development in the bustling Jumeirah Village Circle (JVC), is progressing at a steady pace. This AED300 million ($82 million) project is set to elevate the urban living experience, offering residents contemporary and thoughtfully designed spaces in one of Dubai's prime residential areas. Strategically positioned in the heart of JVC, Violet Tower is designed to meet the growing demand for modern urban residences. Once…

The UAE Ministry of Energy and Infrastructure (MoEI) is making a significant impact at GITEX GLOBAL 2024 with its lineup of state-of-the-art technologies and digital innovations. These advancements are aimed at transforming the Ministry’s operations, enhancing customer experiences, and driving efficiency across the energy and infrastructure sectors. Fahad Al Hammadi, Assistant Undersecretary for the Support Services Sector at MoEI, emphasized the importance of digital transformation in reshaping government services. He noted that the Ministry's presence…

Belgrade – The Saudi Fund for Development (SFD) has signed three significant development loan agreements with the Republic of Serbia, totaling $205 million, to finance critical projects in the agriculture, education, and energy sectors. This partnership marks the SFD’s inaugural presence in Serbia, reflecting a commitment to supporting the nation's long-term socioeconomic development. The three development loans are allocated as follows: $75 million for the Strengthen Irrigation Infrastructure in Different Areas Project, $65 million for…

DUBAI – H.H. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Ports and Borders Security Council, and H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority, held a key meeting with Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), during the 2024 Annual Meeting of the Global Future Councils in Dubai. The meeting took place against the backdrop…

Qatar Airways Cargo and Qatar Postal Services Company (Qatar Post) have signed a landmark cooperation agreement to bolster their strategic partnership in postal activities and mail transportation to and from Doha. This collaboration, designed to meet customer needs efficiently and in accordance with international postal union standards, underscores both entities' commitment to enhancing logistical infrastructure and ensuring smooth coordination in postal operations. The agreement outlines competitive rates specifically tailored for postal shipments transported via Qatar…

The first-ever joint summit between the Gulf Cooperation Council (GCC) and the European Union (EU), held on October 16, 2024, in Brussels, marked a significant milestone in fostering stronger political, economic, and security relations between the two regions. His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, highlighted the importance of this gathering, stressing that the enhanced cooperation will further mutual goals and advance the strategic partnership between the GCC and EU across…

Dubai, UAE – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, toured the opening day of GITEX Global 2024, the world’s largest technology and startup event, which began at the Dubai World Trade Centre (DWTC) on October 14. The 44th edition of the event runs until October 18 and has drawn over 6,500 exhibitors from more than 180 countries, making it a key platform for global collaboration…

Brussels, Belgium – In a historic development for international diplomacy, the first-ever summit between the leaders of the Gulf Cooperation Council (GCC) and the European Union (EU) will take place on Wednesday, October 16, 2024, in the Belgian capital, Brussels. The summit will be co-chaired by His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar and President of the current session of the GCC Supreme Council, alongside His Excellency Charles…

Hamburg, Germany – Representing President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Mariam Almheiri, Head of the International Affairs Office at the Presidential Court, led the United Arab Emirates' delegation to the inaugural Hamburg Sustainability Conference (HSC). The event, inaugurated by Germany’s Federal Chancellor Olaf Scholz, emphasized global collaboration on pressing sustainability challenges, with the UAE taking a proactive role in international dialogue. Almheiri was joined by officials from the Ministry of Climate Change…

Riyadh, Saudi Arabia – In a significant step towards enhancing regional cooperation in the maritime sector, Saudi Arabia's Minister of Transport and Logistic Services, Saleh Al-Jasser, and Egypt’s Minister of Transport and Industry, Lieutenant General Kamel Al-Wazir, have signed a Memorandum of Understanding (MoU) on maritime connectivity. The agreement was formalized during the inaugural Global Logistics Forum, held from October 12 to 14 in Riyadh, under the theme “Reshaping the Global Map of Logistics.” The…

Budapest, Hungary – Kuwait is deepening its economic and technical cooperation with Hungary, with both nations identifying new areas of collaboration in information technology, energy, and water treatment. This was announced during the fifth session of the Kuwaiti-Hungarian Joint Committee for Economic and Technical Cooperation, held in Budapest. The meeting was co-chaired by Aseel Al-Munifi, Assistant Undersecretary of the Ministry of Finance of Kuwait, and Tamás Vargha, Hungarian State Secretary of the Ministry of Defense.…

Manama, Bahrain – The Central Bank of Bahrain (CBB) has reported an increase in the kingdom’s money supply, banking sector performance, and overall financial growth, with significant developments noted by the end of August 2024. During the CBB’s fourth board meeting of the year, chaired by Hassan Khalifa Al Jalahma, the board reviewed the financial indicators and the bank’s performance for the third quarter. The report revealed that Bahrain’s money supply rose by BD0.6 million,…

Doha, Qatar – Qatar and Saudi Arabia have taken significant steps to deepen their media cooperation, with a new framework agreement sealed during a high-level meeting between Qatar Media Corporation (QMC) Chairman, HE Sheikh Hamad bin Thamer Al Thani, and Saudi Minister of Media, Salman bin Yousef Al Dosari, in Doha on Sunday. The talks, which were attended by top officials from both sides, focused on promoting media partnerships to reflect the strong fraternal and…

The economic landscape of the United Arab Emirates (UAE) is poised for a notable upswing in 2024, with real GDP growth projected to accelerate to 3.9%. This positive outlook is largely attributed to the anticipated increase in oil production announced by OPEC+ for the latter half of the year, along with a general recovery in global economic activity that is expected to stimulate demand. Oil production in the UAE is forecasted to witness impressive growth,…

Riyadh, Saudi Arabia – The strategic significance of the Red Sea in global trade and the far-reaching impacts of disruptions in the region were key points discussed by Deputy Minister of Transport and Logistic Services, Eng. Rumaih bin Mohammed Al-Rumaih, during a panel at the World Logistics Forum 2024, held in Riyadh. The panel, titled “Resilience of Logistics Services in the Face of Disruptions in the Red Sea Region”, addressed the critical challenges faced by…

Doha, Qatar – The Qatari real estate market continues to showcase robust growth during the third quarter (Q3) of 2024, with total transaction values amounting to QR3.351bn across 798 real estate deals. Although slightly lower than the same period in 2023, where QR3.597bn was recorded over 855 transactions, the sector remains a key pillar of the country’s economy, contributing to its ongoing diversification efforts. September 2024 marked the peak of Q3 real estate transactions with…

Riyadh, Saudi Arabia – Kuwait is set to advance its logistics infrastructure by expanding the land freight route to northern Kuwait, home to the Mubarak Al-Kabeer Port, according to the country’s Minister of Public Works, Dr. Noura Al-Mashaan. Speaking at the Global Logistics Forum 2024, Dr. Al-Mashaan emphasized Kuwait’s commitment to developing sustainable logistics services as part of its national strategy for 2035. During her address at the forum, themed “Redrawing the Map of Global…

Muscat – His Highness Sayyid Asaad bin Tarik Al Said, Deputy Prime Minister for International Relations and Cooperation Affairs and Personal Representative of His Majesty Sultan Haitham bin Tarik, will lead Oman's delegation at the inaugural joint summit in Brussels, Belgium. The summit will take place on October 17 and 18, with the aim of fostering deeper cooperation and dialogue between Oman and European partners. The delegation accompanying His Highness includes prominent Omani officials, reflecting…

Gulf Cooperation Council (GCC) countries, which collectively contribute 10% of the world's aluminium production, are intensifying their shift toward green aluminium production. This move is part of a broader strategy to meet rising global demand for low-carbon products and to prepare for the upcoming European Union's Carbon Border Adjustment Mechanism (CBAM), which is set to impose taxes on high-carbon imports starting in 2026. The transition comes as nearly a third of the GCC's aluminium output…

ABU DHABI - Borouge Plc, a leading provider of innovative polyolefin solutions, has announced a major milestone in its logistics operations with the successful transportation of over 700,000 tonnes of polyolefins via Etihad Rail in the first year of their collaboration. This milestone marks the significant progress achieved since the service launched in September 2023, transporting over 36,000 containers from Borouge’s rail freight terminal in Al Ruwais Industrial City to Khalifa Port in Abu Dhabi.…

Riyadh – Representing Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, Dr. Faisal bin Abdulaziz Al-Sudairy, Riyadh Region Undersecretary, attended the Spanish National Day celebration on Sunday. The event was held at the residence of the Spanish Ambassador in Riyadh, marking a significant occasion in the diplomatic calendar for both nations. Upon his arrival at the embassy residence, Dr. Al-Sudairy was warmly received by Spanish Ambassador Jorge Hevia and members of the embassy…

Doha – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), emphasized the critical role of the GCC region in the global economy, highlighting the expansion and accelerated growth that have made the region a focal point for international attention. His remarks came during the sixth meeting of the Permanent Preparatory Committee at the ministerial level for the Economic and Development Affairs Authority of the GCC, held in Doha on…

Dubai – The highly anticipated Future Blockchain Summit 2024 has officially commenced at Dubai Harbour, drawing an impressive array of participants from across the global blockchain and cryptocurrency community. As one of the premier gatherings for blockchain enthusiasts, industry leaders, and innovators, the summit sets the stage for discussions on the latest trends and future opportunities in the ever-evolving blockchain ecosystem. With a rich and diverse agenda, the event focuses on the integration of blockchain…

The Gulf Cooperation Council (GCC) region is on the cusp of an economic resurgence, with forecasts predicting growth rates of 2.8% in 2024 and an impressive 4.7% in 2025, as highlighted in the Spring 2024 Gulf Economic Update (GEU). This optimistic outlook stems from a dual foundation: the gradual recovery in oil production, as OPEC+ begins to ease its production limits in the latter half of 2024, and the sustained strength of the non-oil sector.…

Washington, D.C. – The International Monetary Fund (IMF) has announced the approval of new measures aimed at reducing the borrowing costs for its member nations by an estimated $1.2 billion annually. The changes, set to take effect in November 2024, mark a significant shift in the IMF’s approach to supporting countries through financial challenges, especially in light of rising global interest rates. The announcement was made by IMF Managing Director Kristalina Georgieva, who emphasized that…

Riyadh, Saudi Arabia – The Kingdom of Saudi Arabia, through its General Authority of Foreign Trade, has taken a significant step in fostering regional trade relations by hosting the Regional Trade Policy Course for Middle Eastern countries. The course, organized in collaboration with the World Trade Organization (WTO) and King Saud University, will run from October 13 to December 5, 2024. This eight-week intensive program is designed specifically for government officials from Middle Eastern nations,…

Dubai, UAE – The Dubai Chamber of Digital Economy, one of three chambers under the Dubai Chambers umbrella, has introduced the Dubai Startup Guide, a thorough handbook designed to support entrepreneurs and startups in establishing their businesses in the emirate. The launch comes in anticipation of Expand North Star 2024, the world’s largest startup and investor event, which will take place at Dubai Harbour from October 15 to 16, 2024. The Dubai Startup Guide provides…

Buraidah, Saudi Arabia – Qassim has cemented its growing importance as an industrial hub by hosting the first Industrial Youth Forum, held on October 9-10, 2024. The forum was led by Minister of Industry and Mineral Resources Bandar Alkhorayef, who highlighted the region’s rapidly expanding industrial landscape and outlined ambitious plans for future growth. During his address at the forum, Alkhorayef pointed out that Qassim already has a strong industrial base, which includes three MODON…

Dubai - With just five days left until the grand opening of Dubai’s Global Village, the iconic festival park has launched its online ticketing platform, allowing eager visitors to purchase their passes in advance. Season 29 will officially commence on Wednesday, October 16, 2024, and promises an array of new attractions, including the highly anticipated 'Restaurant Plaza' and three more cultural pavilions, aimed at enriching the cultural and culinary experiences for guests. Entry tickets are…

ABU DHABI - The National Summit on Financial Crime Compliance, held under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of the Central Bank of the UAE (CBUAE), concluded successfully in Abu Dhabi. The high-profile event drew together prominent local and international experts from regulatory bodies, law enforcement, and the financial sector to address the…

Dubai - Dubai Electricity and Water Authority (DEWA) continues to push the boundaries of innovation and digital transformation, following a high-profile meeting between Saeed Mohammed Al Tayer, MD and CEO of DEWA, and Ana Paula Assis, Chair and General Manager of IBM for Europe, the Middle East, and Africa (EMEA). During the meeting, both leaders explored new avenues of collaboration and discussed how IBM’s advanced technologies, particularly in artificial intelligence (AI), data analytics, and cloud-based…

Jebel Ali Free Zone (Jafza), a leading global hub for trade and logistics, has once again reinforced its status as a premier free zone with a remarkable performance at the fDi Global Free Zones of the Year 2024 awards. Jafza not only claimed the top spot in the overall global ranking of free zones but also garnered four additional accolades, cementing its position as an international leader in industrial innovation and sustainability. At the prestigious…

In line with the directives of His Highness the Amir of Qatar, Sheikh Tamim bin Hamad Al Thani, the Qatari Cabinet has announced a set of comprehensive economic initiatives to reinforce the private sector's contribution to the national economy. This comes as part of a broader strategy to drive sustainable economic development, especially as the country looks ahead to its Third National Development Strategy . The Cabinet's statement emphasized several significant measures, with a major…

Abu Dhabi – Etihad Rail, the developer and operator of the UAE’s national railway network, successfully concluded the inaugural edition of the Global Rail Transport Infrastructure Exhibition & Conference 2024. The landmark event, which took place under the patronage of H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs and Chairman of Etihad Rail, saw the signing of 10 key Memorandums of Understanding…

Kuwait is making substantial progress on several large-scale housing developments aimed at addressing the increasing need for residential units. The projects, spearheaded by the Public Authority for Housing Welfare (PAHW), include the development of Al-Mutlaa City, South Saad Al-Abdullah City, and South Sabah Al-Ahmad City. These initiatives are set to provide homes for thousands of Kuwaiti citizens, while also offering considerable opportunities for foreign companies specializing in infrastructure and construction. Al-Mutlaa City Development Al-Mutlaa City,…

Geneva – Dr. Hala bint Mazyed Al-Tuwaijri, President of the Saudi Human Rights Commission (HRC), emphasized Saudi Arabia's commitment to women's empowerment as a cornerstone for societal progress during the 89th session of the United Nations Committee on the Elimination of Discrimination Against Women. In her opening remarks, Dr. Al-Tuwaijri highlighted the Kingdom's sweeping reforms to strengthen women's rights under the National Transformation Program, a key pillar of the ambitious Vision 2030 strategy. Dr. Al-Tuwaijri…

Riyadh – As part of the Biban 24 forum, the Small and Medium Enterprises General Authority (Monsha'at) has unveiled the "Start Door," a key initiative aimed at empowering entrepreneurs and aspiring business owners. Under the forum’s theme, "Global Destination for Opportunities," the Start Door will offer more than 16,000 training opportunities through 370 specialized sessions, targeting a wide array of industries and fields. The training sessions will focus on developing participants’ project ideas, helping them…

Muscat – In a bid to boost workforce capabilities and provide personalized career guidance, Oman’s Ministry of Labour has introduced ‘Nadeem,’ an innovative AI-powered tool designed to assist employees in navigating career challenges. This interactive assistant is part of the Ministry’s ambitious Smart Management Project and is specifically tailored to the Omani context, factoring in the country’s values and cultural nuances. 'Nadeem' aims to enhance employees' skills and improve performance by engaging users with insightful…

Abu Dhabi – In a significant move to drive innovation and growth in its real estate sector, Abu Dhabi Global Market (ADGM) has introduced a new set of Real Property Regulations and launched a cutting-edge digital platform, AccessRP. These initiatives follow ADGM's recent strategic expansion to Al Reem Island and aim to position the global financial center as a top-tier destination for real estate investment. The enhanced regulatory framework and the AccessRP platform aim to…

Baku – October 10, 2024: Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President, called on nations to “unite, act, and deliver” at the upcoming COP29 in Baku, Azerbaijan, as a means of advancing global climate goals. Speaking at the opening session of Pre-COP, a ministerial meeting designed to set the stage for next month’s summit, Dr. Al Jaber emphasized that COP29 must build on the momentum of…

Doha – The Gulf Cooperation Council (GCC) continues to solidify its status as a global leader in postal and telecommunications advancements, with member countries earning high global rankings in these sectors. This achievement was celebrated during the 28th meeting of the Ministerial Committee for Post and Telecommunications of the GCC countries, held in Doha, Qatar. The meeting, chaired by His Excellency Mr. Mohammed bin Ali Al Mannai, Qatar’s Minister of Communications and Information Technology, and…

Muscat - The Gulf Cooperation Council (GCC) has formalized a pivotal agreement to link the Gulf Electricity Market with the Republic of Iraq, marking a significant advancement in regional energy cooperation. The contract was signed at the GCC Interconnection Authority (GCCIA) headquarters in Dammam, under the patronage of His Royal Highness Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province. This groundbreaking initiative is part of a wider regional strategy to enhance…

CAIRO – The Arab League has raised an alarm over the adverse effects of persistent natural resource depletion and land degradation on food security and stability across the Arab region. During a celebration of Arab Environment Day at the Arab League’s headquarters in Cairo, officials stressed the need for urgent action to address these growing environmental threats. Ambassador Dr. Ali bin Ibrahim Al Maliki, Assistant Secretary-General and Head of the Economic Affairs Sector at the…

Doha, Qatar: In a significant move aligned with Qatar National Vision 2030 and the Third National Development Strategy, the Qatar Central Bank (QCB) unveiled its new strategy for the period on Wednesday, October 9, 2024. This visionary roadmap is designed to transform Qatar's financial sector by fostering resilience, innovation, and sustainability, all while promoting national economic diversification and stability. The new strategy supports the overarching goals of the Third Financial Sector Strategy, guiding Qatar's…

The Zayed Sustainability Prize, the UAE's prestigious award honoring groundbreaking solutions to global sustainability challenges, has revealed the finalists for its 2025 edition. The winners will be announced on 14th January 2025 during the Zayed Sustainability Prize Awards Ceremony, held as part of Abu Dhabi Sustainability Week. The announcement follows rigorous deliberations by the Prize's esteemed Jury, which selected 33 finalists from 5,980 entries across six categories: Health, Food, Energy, Water, Climate Action, and Global…

Abu Dhabi: The Gulf Cooperation Council (GCC) continues to make significant progress in fostering regional cooperation and integration, with the GCC Railway Project taking center stage. His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, highlighted the concerted efforts of member states to unify their policies and implement collective frameworks aimed at fulfilling the aspirations of their citizens. Speaking at the Global Rail Transport Infrastructure Exhibition & Conference in Abu Dhabi on October…

Muscat, Oman – Oman has witnessed a remarkable 20% surge in total investments in its special economic zones, free zones, and industrial cities during the first half of 2024 compared to the same period last year, according to a report published in the October 2024 edition of Duqm Economist Magazine, a quarterly publication by the Public Authority for Special Economic Zones and Free Zones (OPAZ). By the end of June 2024, total investments in these…

TUNIS – In a key diplomatic meeting held on Tuesday, Saudi Ambassador to Tunisia, Dr. Abdulaziz Al-Saqr, hosted Jalel Trabelsi, the African Development Bank’s (AfDB) Special Envoy for the Middle East, North Africa, and Gulf Region. The discussions, which took place at the Saudi Embassy in Tunis, revolved around the AfDB’s efforts to promote and accelerate development across the Gulf Cooperation Council (GCC) states and the broader Middle East and North Africa (MENA) region. During…

MANAMA – The Bahrain Association of Banks (BAB) has announced its new Board of Directors for the term during its annual general meeting, presided over by outgoing Chairman Adnan Yousif. The election ushers in a fresh wave of leadership, setting the stage for the continued growth and development of Bahrain's banking sector. The newly elected board members include key figures from Bahrain’s banking industry: Yaser Alsharifi, Ahmed Alkharji, Dalal Al Qais, Rafik Nayed, Hisham…

DUBAI – In a significant move to enhance trade relations, the Dubai International Chamber, one of the three chambers under the Dubai Chambers umbrella, has successfully arranged 180 bilateral business meetings between Dubai-based companies and their Serbian counterparts. The meetings took place in Belgrade during the first leg of the chamber's trade mission to Serbia and Türkiye, part of the New Horizons initiative aimed at connecting local companies with opportunities in promising global markets. The…

Kuwait City, Kuwait – A newly formed ministerial committee in Kuwait convened on Monday to explore the sustainable development and usage of treated water, a vital resource for the nation’s growing environmental needs. According to a statement from the Ministry of Electricity, Water, and Renewable Energy, the meeting was led by Minister Dr. Mahmoud Bushehri, who was joined by Minister of Public Works Dr. Noura Al-Mashaan. The committee, which includes representatives from various state bodies,…

MANAMA – The Saudi Air Connectivity Program successfully concluded its participation at the Routes World 2024 conference and exhibition, held in Bahrain, where it made significant strides in forging new partnerships and exploring opportunities for expanding Saudi Arabia’s aviation network. Over the course of the three-day event, the program conducted 116 high-level meetings with global aviation leaders, airline executives, and airport representatives to discuss potential collaborations, industry trends, and future developments aimed at enhancing air…

KUWAIT CITY – In a decisive move to restore and safeguard public lands, Kuwait's Minister of State for Municipal Affairs and Minister of State for Housing Affairs, Abdullatif Al-Mishari, confirmed on Monday that strict measures will be taken to remove all illegal slum structures encroaching on state property in the country’s exposed desert regions. These areas include both the southern and northern desert territories, which have seen a rise in unauthorized construction and misuse of…

Abu Dhabi, UAE: The first edition of the Global Rail Transport Infrastructure Exhibition & Conference (Global Rail) 2024 was officially inaugurated in Abu Dhabi under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court. His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, and Chairman of Etihad Rail, presided…

Doha, Qatar – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), underscored the critical role that enhanced financial transparency and advanced accounting monitoring systems have played in positioning GCC member states as leaders on both regional and global platforms. His remarks were delivered during the 21st meeting of Their Excellencies the Heads of Financial and Accounting Audit Bureaus of the GCC, which took place on Monday, October 7, 2024,…

NEOM, Saudi Arabia: NEOM has announced a major partnership agreement with a prominent Saudi construction and engineering firm to build and operate a SAR700 million ready-mix concrete facility. This state-of-the-art factory will play a pivotal role in the ongoing construction of THE LINE, the linear city being developed as part of NEOM’s ambitious plans to reshape urban living. According to a press release issued by NEOM, the multi-plant facility will be crucial for producing the…

Oslo, Norway – H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, held a strategic meeting with top executives from leading Norwegian companies during the UAE-Norway Investment Forum in Oslo. This forum took place as part of Sheikh Khaled's official visit to the Kingdom of Norway, highlighting the growing importance of bilateral economic ties between the two nations. In his discussions with Norwegian business leaders, H.H. Sheikh Khaled underscored the…

Riyadh, Saudi Arabia – In a significant step toward enhancing international development cooperation in the water sector, the Saudi Fund for Development (SFD) and the Global Water Organization signed a memorandum of cooperation today. The agreement was signed by Sultan Al-Marshad, CEO of SFD, and Dr. Fahad Abu Mouti, head of the founding team of the Global Water Organization, at a formal ceremony in Riyadh. The agreement establishes a general framework for collaboration in financing…

Doha, Qatar – The International Chamber of Commerce (ICC) Qatar, in collaboration with MERGE, recently held its first-ever “Qatar Trade and Treasury Thought Leaders Roundtable,” bringing together prominent financial experts, corporate leaders, and regulators to discuss the future trajectory of trade and treasury in Qatar. The roundtable, which addressed vital issues such as economic diversification, trade digitalisation, sustainability, Islamic finance, and regulatory developments, served as a prelude to the highly anticipated Qatar Trade and Treasury…

Muscat, Oman – In a landmark move towards regulatory digital transformation, Oman has introduced a pioneering platform to automate the inspection processes for companies licensed by the Financial Supervisory Authority (FSA). The new system, the first of its kind in the Sultanate, allows for both on-site and remote inspections to be conducted electronically, significantly improving operational efficiency and transparency. This innovative platform enables the comprehensive documentation of all transactions between the FSA and the companies…

Riyadh, Saudi Arabia – Kuwait Municipality proudly displayed its forward-thinking national urban projects at the Gulf Municipal Work Conference's side exhibition, held in the Saudi capital. The exhibition featured the participation of all Gulf Cooperation Council (GCC) member countries, each showcasing their distinctive urban development efforts through dedicated pavilions. Kuwait’s pavilion, titled “Sustainable Urban Planning and Design,” offered an in-depth look at the country’s groundbreaking urban projects that underscore its commitment to modernization and sustainability.…

Dubai, UAE – Passengers traveling to, from, or transiting through Dubai on Emirates Airlines are now subject to a new regulation that strictly prohibits the transportation of pagers and walkie talkies in their checked or cabin baggage. This policy, which is effective immediately, applies to all flights passing through Dubai’s airports as part of heightened security measures aimed at safeguarding aviation operations. Under the new rule, any pagers or walkie talkies discovered in passenger luggage,…

KUWAIT – The Arab Investment & Export Credit Guarantee Corporation (Dhaman) has reported a 3.7 percent decline in Arab trade in goods and services, reaching USD 3.4 trillion in 2023. This decrease is primarily attributed to a sharp 9.2 percent drop in exports, which fell to USD 1.8 trillion, coupled with a 3.3 percent rise in imports, now totaling USD 1.6 trillion. According to Dhaman's second quarterly bulletin of 2024, Dhaman Al-Istithmar, the total value…

SHARJAH – The Sharjah Economic Development Department (SEDD) recently convened a high-level meeting with factory owners and investors from diverse sectors as part of its ongoing initiative, SEDD Majlis, held at the department’s main branch. The gathering aimed to fortify relationships with investors, establish effective communication channels, and enhance partnerships between SEDD and the business community in the emirate. This initiative aligns with SEDD’s broader strategic plans, designed to position Sharjah as a competitive and…

DUBAI – The highly anticipated 7th edition of the Forex Expo Dubai 2024 is set to kick off tomorrow at the Dubai World Trade Centre, running for two days. The event will feature participation from more than 200 exhibitors from across the globe, presenting cutting-edge technologies, market trends, and lucrative opportunities in the world of trading. The Forex Expo Dubai 2024 has earned its reputation as a premier event for the global trading community, providing…

Dubai, UAE – In a major step toward advancing agricultural development and sustainable food security, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has launched the "Plant the Emirates" national programme. The initiative seeks to revitalize the UAE's agricultural sector, promote sustainability, and foster a culture of farming throughout the nation. The programme was officially announced during the UAE Cabinet meeting held at Al Marmoom, Dubai. The…

ABU DHABI – In a move to deepen economic ties and enhance bilateral trade relations, the Federation of UAE Chambers of Commerce and Industry (UAE Chambers) and the Malta Chamber of Commerce have initiated discussions about establishing a joint business council. This proposal, along with plans for a UAE trade mission to Malta in 2025, was a key topic during a recent meeting held in Abu Dhabi. The meeting, attended by Humaid Mohamed bin Salem,…

Muscat, Oman – The Sultanate of Oman is witnessing a significant influx of foreign direct investment (FDI), driven by competitive advantages and strategic economic initiatives under its 10th Five-Year Plan (), which serves as the first phase of Oman Vision 2040. In an interview published in the 37th issue of Duqm Economist Magazine, H.E. Dr. Nasser Rashid Al Maawali, Undersecretary of the Ministry of Economy, highlighted the success of these efforts in fostering sustainable economic…

Doha, Qatar – The QatarDebate Center, a vital member of Qatar Foundation for Education, Science, and Community Development, convened a thought-provoking roundtable discussion on the topic of 'Sovereign Wealth Funds for the Gulf Cooperation Council (GCC) Countries'. The event was organized in cooperation with the Gulf International Forum in Washington, D.C., aiming to delve into the role of sovereign wealth funds (SWFs) in driving economic and social transformations across the Gulf region. The roundtable brought…

Doha, Qatar – In a significant diplomatic engagement, Prime Minister and Minister of Foreign Affairs of Qatar, HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, met with the Minister for Europe and Foreign Affairs of France, HE Jean-Noel Barrot, during the latter's official visit to Doha on Saturday. The meeting underscored the deep-rooted ties between Qatar and France, with both sides discussing strategies to further develop and strengthen their bilateral relations. The discussions between…

Belgrade, Serbia – In a significant step toward deepening economic ties, the United Arab Emirates (UAE) and Serbia have exchanged a Comprehensive Economic Partnership Agreement (CEPA), marking a milestone in the bilateral relationship between the two countries. The agreement is set to foster increased trade, investment flows, and enhance private sector collaboration in various high-growth sectors. The exchange was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His…

Tbilisi, Georgia – In a major step toward enhancing economic cooperation, the Saudi-Georgian Business Forum was held today in Tbilisi, resulting in several landmark trade agreements and partnerships between Saudi and Georgian investors. Organized by the Federation of Saudi Chambers (FSC), the forum saw participation from more than 200 companies from both countries, demonstrating the strong interest in fostering bilateral trade and investment opportunities. Among the notable attendees were Hassan bin Moejeb Al-Huwaizi, President of…

Doha, Qatar – In a significant exchange of financial expertise and insights, the Governor of Qatar Central Bank (QCB), Sheikh Bandar bin Mohammed bin Saoud Al Thani, met with Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority (HKMA), on Thursday. The high-level meeting focused on reviewing the latest global developments in the banking and finance sectors, further strengthening the ties between the two financial hubs. Both leaders discussed critical issues impacting the…

Ras Al Khaimah, UAE – In a significant development aimed at fostering stronger economic ties between the United Arab Emirates and China, the Ras Al Khaimah Economic Zone (RAKEZ) has signed a Strategic Cooperation Agreement with China’s Tianjin Pilot Free Trade Zone (Tianjin FTZ), marking the start of a long-term partnership to enhance trade, investment, and industrial collaboration. The formal agreement was sealed through two key signings: a Strategic Cooperation Agreement between Zhu Changcun, Director-General…

Bahrain – A major redevelopment plan has been approved for the National Charter Highway, a vital artery that links two key governorates in Bahrain. This congested highway, stretching from the Isa Town Gate junction to the Alba flyover in Nuwaidrat, has been facing mounting traffic issues, prompting the Southern Municipal Council to greenlight an extensive upgrade worth BD10 million. The overhaul, revealed during a council meeting, comes in response to growing concerns over daily gridlock…

Dubai – The 26th edition of the Water, Energy, Technology, and Environment Exhibition (WETEX) successfully concluded at the Dubai World Trade Centre, attracting an impressive 50,598 visitors from around the globe. Organized by the Dubai Electricity and Water Authority (DEWA) under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, and held under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of…

Dubai – Dubai has once again cemented its status as the world's leading destination for attracting Greenfield Foreign Direct Investment (FDI) projects, maintaining the top global position for the sixth consecutive half-year period, according to fDi Markets, part of the Financial Times Ltd. The emirate attracted 508 Greenfield FDI projects in the first half of 2024, representing a 6.2% global share, an increase from 5.7% during the same period in 2023. The city’s sustained appeal…

Muscat – The Ministry of Labour (MoL) has announced the availability of more than 400 targeted job opportunities for Omani job seekers as part of the government’s ongoing initiatives to promote the systematic replacement of expatriates with Omani nationals in key sectors. These efforts align with the Sultanate’s broader strategy to enhance Omanisation and support the development of a skilled national workforce. According to data released by the MoL, these new job openings span a…

Doha – Mohammed Aljadaan, Saudi Arabia's Minister of Finance, led the Kingdom's delegation during the 122nd meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Thursday, October 3, 2024, in Doha, Qatar. The high-level meeting saw the participation of finance ministers from all GCC member states, along with GCC Secretary-General Jassim Mohammed Albudaiwi, to discuss strategies for enhancing financial and economic cooperation across the Gulf region. Key issues on the…

Doha – The Secretary General of the Gulf Cooperation Council (GCC), His Excellency Mr. Jasem Mohamed Albudaiwi, expressed optimism about the region's economic prospects and applauded recent efforts to enhance regional cooperation and integration. Speaking at the 122nd meeting of the Financial and Economic Cooperation Committee, held on Thursday, October 3, 2024, in Doha, Albudaiwi underlined the GCC's achievements in fostering economic stability and progress despite global challenges. The meeting, chaired by His Excellency Mr.…

Moscow – The United Arab Emirates (UAE), through the Federal Tax Authority (FTA), actively participated in the BRICS tax officials and experts meeting, held from 24th to 26th September 2024 in Moscow, Russia. The sessions brought together tax delegations from BRICS nations to discuss key financial and tax-related strategies aimed at enhancing global prosperity. The UAE delegation, led by Khalid Ali Al Bustani, Director General of the FTA, emphasized the significance of these meetings in…

Kuwait – In a significant move towards enhancing government productivity and modernizing its civil service, Kuwait has built upon its longstanding civil service legislation, first introduced in 1955. The original Employees and Retirement System, which featured 13 chapters and established the foundational framework for government employment, has undergone extensive evolution. This foundational law set crucial employment conditions, including hiring practices, wage categories, and work hours for employees in government agencies. Over the years, the Employees…

GENEVA – The International Air Transport Association (IATA) has joined forces with leading aircraft manufacturers Airbus, Embraer, and Rolls-Royce to establish five fundamental principles governing the access to and use of Aircraft Operational Data (AOD). This initiative aims to enhance data governance within the aviation sector, ensuring that airlines maintain control over their operational data. The first principle, consent, mandates that AOD can only be extracted with the explicit written consent of the airline. This…

ABU DHABI – The United Arab Emirates (UAE), represented by the Ministry of Energy and Infrastructure (MoEI), took part in the recent BRICS Ministers of Energy meeting held in Moscow, Russia. This participation underscores the UAE's dedication to multilateral cooperation as an effective strategy to address energy security challenges and foster a sustainable future for all. Eng. Sharif Al Olama, Undersecretary of Energy and Petroleum Affairs at MoEI, articulated the UAE's vision, stating, “As a…

DUBAI – Etihad Credit Insurance (ECI) played a pivotal role as the official sponsor and Export Acceleration Partner at the 6th edition of the Future Food Forum, the largest annual gathering for stakeholders in the Middle East’s food and beverage sectors. The two-day event, which concludes today in Dubai, was organized in collaboration with Dubai Chambers and received support from Food Tech Valley, alongside sponsorship from various UAE-based food and beverage manufacturers. The forum centered…

MUSCAT – The Small and Medium Enterprises (SMEs) Committee of the Oman Chamber of Commerce and Industry convened for its third meeting of the year, chaired by Sheikh Rashid bin Amer Al Musalhi. The session focused on evaluating the outcomes of various initiatives implemented throughout the year, aimed at supporting the sustainability and growth of SMEs in Oman. Key among the discussed initiatives were incentives for institutions participating in the “My Institution Sustainability Program” and…

MUSCAT – His Excellency Mr. Jasem Mohamed Albudaiwi, the Secretary General of the Gulf Cooperation Council (GCC), delivered a significant lecture on October 2, 2024, titled “Four Decades of Achievements Toward Integration and Facing Challenges” at the National Defense College in Oman. During his address, HE Albudaiwi underscored the critical importance of integration and cooperation among GCC member states, highlighting how these efforts have set a benchmark for others to emulate on both regional and…

Doha – H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry of Qatar, met with key representatives of various countries yesterday as part of the ongoing Second Business Forum of the Asian Cooperation Dialogue (ACD) countries. The meetings underscored Qatar’s efforts to foster bilateral and multilateral ties across trade, investment, and industrial sectors within the Asian region. The Minister engaged in productive talks with H.E. Zavqi Zavqizoda, Minister of Economic…

MUSCAT – The Ministry of Energy and Minerals of Oman has reaffirmed its commitment to sustainable energy practices by hosting a workshop aimed at advancing the World Bank’s Zero Routine Flaring by 2030 initiative. This significant event, organized in collaboration with key oil and gas sector operators, addressed innovative methods for reducing gas flaring and contributing to Oman’s broader environmental goals. The workshop served as a platform for the industry to exchange ideas and explore…

DUBAI – Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has finalized preparations for its upcoming trade mission to Serbia and Türkiye, scheduled to take place from 6th to 11th October 2024. The mission forms part of the Chamber’s ‘New Horizons’ initiative, which focuses on assisting Dubai-based businesses in expanding into priority global markets. Ahead of the mission, the Chamber hosted a briefing session at its headquarters, welcoming the delegation set…

Cairo – Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), participated in the 48th regular session of the Council of Arab Central Banks and Monetary Authorities' Governors held in Cairo. The high-level meeting, which took place under the patronage of Egyptian President Abdel Fattah El-Sisi, was also attended by Egyptian Prime Minister Dr. Mostafa Madbouly, along with other key financial leaders from across the Arab world. The meeting, which serves as…

Berlin – On the sidelines of the Berlin Global Dialogue, Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, engaged in key discussions with prominent private-sector leaders, focusing on investment opportunities in Saudi Arabia under the ambitious framework of Saudi Vision 2030. The minister met with several high-profile business figures, including Siemens Chief Executive Roland Busch, Globant Co-Founder and President of the Europe, Middle East, and Africa (EMEA) region Martin Umaran, and Mercedes-Benz Group Chairman…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), announced that the extraordinary 45th Ministerial Council meeting is scheduled to take place today, Wednesday, October 2, 2024, in the Qatari capital, Doha. This high-level meeting is set to bring together foreign ministers from GCC member states to discuss pressing issues affecting the region. The meeting will be chaired by His Excellency Shaikh Mohammed bin Abdulrahman bin Jassim Al…

Cairo – The Secretary General of the Arab League, Dr. Ahmed Aboul Gheit, has praised the pivotal role played by the Arab Monetary Fund (AMF) in bolstering the economic, financial, and monetary stability of Arab nations. His remarks were made during the opening of the 48th ordinary meeting of the Council of Arab Central Banks and Monetary Authorities' Governors, held in Cairo. In his address, Dr. Aboul Gheit underscored the responsibility of central banks across…

Abu Dhabi – Masdar, the Abu Dhabi Future Energy Company, has finalized the acquisition of a 50% stake in Terra-Gen Power Holdings II, LLC, one of the largest independent renewable energy producers in the United States, from Energy Capital Partners (ECP). This strategic move underscores Masdar’s commitment to expanding its presence in the US and scaling its global renewable energy portfolio. Energy Capital Partners, one of the US's leading private investors in power and renewable…

Doha – Qatar Airways is set to deepen its partnership with Virgin Australia by acquiring a 25% stake in the Australian airline, a move that will further integrate the two carriers' operations and expand their global reach. The stake will be acquired from Bain Capital, Virgin Australia’s current owner, pending regulatory approval, the companies confirmed in a joint statement on Monday. While the terms of the agreement have not been disclosed, this acquisition marks a…

Muscat – The Ministry of Finance of Oman has issued a formal directive to all institutions within the State's Administrative Apparatus requiring the submission of their Final Accounts Report for the fiscal year 2024 by February 20, 2025. This annual reporting exercise is part of the Ministry’s drive to ensure fiscal transparency and accountability across all government units. The Ministry emphasized that each institution must not only report its financial data but also highlight the…

Ottawa – Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, has taken significant strides toward advancing the Kingdom's mining and industrial sectors during his official visit to Canada. As part of this visit, Alkhorayef explored cutting-edge financial technologies at the Toronto Stock Exchange (TSX), home to some of the most vital commodity indices, particularly in energy and minerals. This visit is part of the Kingdom's broader strategy to position itself as a global…

Singapore – Oil prices saw little movement on Tuesday, as the market balanced stronger supply prospects and weak global demand growth against rising concerns over escalating tensions in the Middle East that could potentially disrupt output from the critical oil-exporting region. As of 9:15 a.m. Saudi time, Brent crude futures for December delivery were up by 13 cents or 0.18%, reaching $71.83 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures for November delivery…

Abu Dhabi, UAE – Sovereign wealth funds (SWFs) from the Gulf Cooperation Council (GCC) deployed an impressive $55 billion in capital across 126 transactions in the first nine months of 2024, according to a new report from Global SWF, an industry tracker and data platform. This amount represents 40% of all sovereign investor transactions worldwide, maintaining the level of activity seen in 2023. The bulk of these investments originated from the region's top five sovereign…

Madrid – The Sultanate of Oman, represented by the Oman Chamber of Commerce and Industry (OCCI), participated in the Oman-Spain Business Forum, held in Madrid. Hosted by the Spanish Chamber of Commerce, the event sought to strengthen economic ties between Oman and Spain, focusing on enhancing collaboration in the private sector. The Omani delegation was led by Eng. Hussain Hassan Abdul Hussain, a member of the OCCI Board of Directors, who played a key role…

Abu Dhabi, UAE – Abdul Hakim Elwaer, Assistant Director-General and Regional Representative for the Food and Agriculture Organization (FAO) in the Near East and North Africa, has hailed the United Arab Emirates (UAE) as a strategic leader in strengthening food security and driving sustainable agricultural innovations in the face of escalating global and regional challenges. Speaking during his visit to the UAE, Elwaer highlighted the country's ongoing partnership with the FAO, describing it as a…

Dammam, Saudi Arabia – King Fahd International Airport has been awarded the prestigious Level 3 Customer Experience Accreditation by the Airports Council International (ACI), marking a significant milestone in the airport's ongoing efforts to enhance passenger satisfaction through seamless, innovative, and sustainable services. The accreditation was officially presented to Engineer Hisham Hakimi, Vice President for Projects and Technical Affairs at Dammam Airports Company, during the US Customer Experience Summit and Exhibition held in Atlanta, USA,…

Beijing – Kuwaiti Minister of Public Works, Dr. Noura Al-Mashaan, emphasized on Friday the importance of the longstanding and strategic partnership between Kuwait and China as a cornerstone for realizing sustainable development goals and furthering the alignment of leadership visions in both nations. In an official statement to Kuwait News Agency (KUNA), Al-Mashaan highlighted the significance of bolstering the robust cooperation between Kuwait and China, stressing that this partnership lays the groundwork for reciprocal benefits,…

New Hampshire – The United Arab Emirates (UAE), represented by the Ministry of Finance, actively participated in a high-level retreat organized by the International Monetary Fund (IMF) and the World Bank Group from 26th to 27th September 2024 in Bretton Woods, New Hampshire, marking the 80th anniversary of the historic conference that laid the foundations for the modern global financial system. The UAE delegation, led by Mohamed bin Hadi Al Hussaini, the UAE's Minister of…

New York – Saudi Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, held a pivotal meeting on Saturday with the UN Secretary-General's Special Envoy for Syria, Geir Pedersen, on the sidelines of the high-level week of the 79th United Nations General Assembly (UNGA) in New York City, USA. The discussions focused on strengthening collaboration between the Kingdom of Saudi Arabia and the United Nations in addressing the Syrian crisis. The conversation also centered…

Mark Zuckerberg has officially entered the exclusive $200 billion club—a financial milestone previously reserved for only three other individuals worldwide. According to Bloomberg’s Billionaire Index, the Meta CEO's fortune surged by an astounding $73.4 billion in 2024, bringing his total wealth to $201 billion. Zuckerberg, now the fourth-richest person globally, is catching up with the likes of Elon Musk, Jeff Bezos, and Bernard Arnault. With this rise, Zuckerberg joins the ranks of Tesla and X…

WELLINGTON, NEW ZEALAND – Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates (UAE), has successfully wrapped up a high-profile visit to New Zealand and Australia, further solidifying the UAE’s economic partnerships within the Oceania region. A key outcome of the visit was the finalization of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and New Zealand, marking a significant milestone in advancing bilateral trade and…

DOHA, Qatar – Qatar has achieved a significant milestone in global innovation, securing 49th place in the Global Innovation Index (GII) 2024, moving up 21 places since 2020. The annual ranking, compiled by the World Intellectual Property Organisation (WIPO), measures the innovation capabilities of 133 world economies based on 80 different indicators. Qatar's progress on the index reflects the country’s continued emphasis on fostering innovation-driven growth. This year’s ranking marks a one-place improvement from 2023,…

VIENNA – In a bid to strengthen Armenia’s economic growth and climate resilience, the OPEC Fund for International Development (the OPEC Fund) has signed a $10 million loan agreement with Evocabank CJSC. The loan aims to provide critical financial support to Armenia’s micro, small, and medium-sized enterprises (MSMEs), particularly women-led businesses, while also promoting energy efficiency and renewable energy projects in the country. The agreement comes as part of the OPEC Fund’s broader commitment to…

NEW YORK – The United Arab Emirates (UAE) delegation, led by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, played a pivotal role in high-level discussions during the 79th United Nations General Assembly (UNGA79). The UAE participated in a series of significant bilateral and multilateral meetings, focusing on global cooperation across a range of critical issues, including climate change, humanitarian aid, and global economic stability. During these meetings,…

DUBAI – Showcasing Dubai’s dedication to nurturing young talent and driving innovation, Emirati student Ali Humaid Al Loughani received the prestigious 'Leadership Medal' and two gold medals at the 6th International Inventions and Trade Expo, held in London from September 24th to 26th. Supported by Digital Dubai, Al Loughani’s remarkable accomplishments were recognized for their ingenuity in utilizing artificial intelligence (AI) and Internet of Things (IoT) technologies to solve global challenges in marine safety and…

As the global race to combat climate change gathers pace, Saudi Arabia is emerging as a world leader in green hydrogen production, setting the stage for a major shift towards renewable energy. The Kingdom is harnessing its vast natural resources of wind and solar energy to produce green hydrogen—a clean, zero-emissions energy source that is central to the future of sustainable energy. At the core of this transformation is the NEOM Green Hydrogen Company (NGHC),…

New York – The Secretary General of the Gulf Cooperation Council (GCC), His Excellency Mr. Jasem Mohamed Albudaiwi, affirmed the Council’s dedication to forging strong, strategic alliances with nations and organizations around the world. His comments came during a high-profile joint ministerial meeting between the GCC and the Community of Latin American and Caribbean States (CELAC), held on the sidelines of the United Nations General Assembly in New York on Friday, September 27, 2024. The…

NEW YORK: Faisal Alibrahim, Minister of Economy and Planning for the Kingdom of Saudi Arabia, met with Amina Mohammed, Deputy Secretary-General of the United Nations, on the sidelines of the high-level week of the 79th session of the United Nations General Assembly (UNGA) in New York. The meeting highlighted the growing cooperation between Saudi Arabia and the United Nations in addressing global challenges and advancing shared goals. Both leaders discussed ways to strengthen their ongoing…

KUWAIT CITY: In a significant step toward optimizing operational efficiency, Kuwait Oil Company (KOC) has unveiled an extensive series of organizational changes across seven of its major directorates. The restructuring, led by CEO Ahmad Al-Eidan, is part of KOC’s strategic initiative to strengthen its management framework and streamline key functions. The revamp includes strategic appointments of experienced leaders to pivotal roles within the company. One of the notable appointments is Nasser Al-Hajri, who will take…

DOHA: Qatar’s Minister of Finance, HE Ali bin Ahmed Al Kuwari, held a key meeting with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), on Thursday, aiming to bolster collaboration in the realms of investment, finance, and economic development. The discussions took place on the sidelines of the 9th Annual Meeting of the Board of Governors of the AIIB, which was held in Uzbekistan, bringing together global financial leaders. During the meeting, both…

MANAMA: In a bid to enhance economic collaboration, Bahrain and Thailand have taken significant steps to strengthen their trade ties, particularly in the booming halal products sector. The growing relationship between the two nations was underscored during a high-profile business matching event held in Bahrain, where officials emphasized the opportunities for collaboration in halal food production, expos, and the broader halal ecosystem. Shaikh Rashid bin Khalifa Al Khalifa, Vice Chairman of Bahrain Chamber’s Food Sector…

SAMARKAND, Uzbekistan: The United Arab Emirates (UAE) actively participated in the annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) held in Samarkand, Uzbekistan. The UAE delegation was led by Mohamed Saif Al Suwaidi, Director-General of the Abu Dhabi Development Fund for Development (ADFD) and the UAE’s Alternate Governor on the AIIB Board of Governors. The meeting provided an opportunity to reflect on the achievements of the past year while…

Riyadh — Saudi Crown Prince and Prime Minister Mohammed bin Salman has officially launched the Riyadh Non-Profit Foundation, marking a significant step forward in enhancing social innovation and development within the Kingdom. The Crown Prince, who also chairs the Board of Directors for the Royal Commission for Riyadh City, will serve as the chairman of the Foundation’s board of directors. The announcement was made following the decision by the Royal Commission for Riyadh City to…

NEW YORK: The Sultanate of Oman, represented by Foreign Minister Sayyid Badr Hamad Al Busaidi, participated in the GCC-US Ministerial Meeting and the G20 Foreign Ministers' Meeting, both held on the sidelines of the 79th session of the United Nations (UN) General Assembly in New York. The discussions at these meetings emphasized the need for international cooperation in addressing regional conflicts and advancing global governance reforms. At the GCC-US Ministerial Meeting, the ministers exchanged views…

RIYADH: The Saudi Infrastructure Summit and Expo successfully wrapped up its three-day event in Riyadh, attracting over 25,000 participants from more than 35 countries and featuring 70 expert speakers. The event served as a major platform for addressing key topics in the infrastructure sector, while also showcasing Saudi Arabia’s significant progress and pioneering efforts in this vital industry. The summit brought together a high-level mix of senior Saudi officials and international experts, providing a forum…

New York: In a historic gathering aimed at bolstering international relations, the first joint ministerial meeting between the Gulf Cooperation Council (GCC) and Northern European countries was held on Wednesday, September 26, 2024, on the sidelines of the 79th session of the United Nations General Assembly in New York. The meeting was chaired by His Excellency Sheikh Mohammed bin Abdulrahman Al Thani, alongside Foreign Ministers from the GCC states and Northern Europe, including Norway, Denmark,…

Dubai – The World Free Zones Organisation (World FZO) concluded its landmark 10th Annual Congress in Dubai, an event that attracted over 2,000 participants from 136 countries. This year’s congress, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, coincided with the 10th anniversary of the organisation’s founding. His Highness Sheikh Mohammed bin Rashid Al Maktoum had personally witnessed the establishment of the World…

Dubai – The UAE Ministry of Finance (MoF) held its third "Customer Councils" session in Dubai, marking a continued effort to enhance government efficiency under the "Zero Government Bureaucracy" programme. The initiative, which seeks input from both public and private sector stakeholders, is part of the UAE government’s broader goal of simplifying and innovating government procedures to meet the needs and expectations of users. Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for Support Services at the…

Oil prices surged over 2% on Tuesday, fueled by significant monetary stimulus from China, which is the world's top oil importer, and increasing concerns regarding potential disruptions in the Middle East that could impact regional supply. Additionally, another hurricane threatening U.S. oil production added to the volatility in the market. Brent crude futures climbed by $1.76, marking a 2.4% increase to reach $75.66 per barrel, while U.S. WTI crude futures experienced a rise of $1.84,…

New York — The Kingdom of Saudi Arabia’s Minister of Economy and Planning, His Excellency Faisal Alibrahim, held a key meeting with Jeffrey Sachs, President of the United Nations Sustainable Development Solutions Network (SDSN), on the sidelines of the Summit of the Future at the United Nations headquarters in New York. The discussion aimed to strengthen cooperation and review progress in achieving global sustainable development goals. During the meeting, both officials explored ways to further…

New York — His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stressed the critical importance of the Future Summit in fostering international cooperation to tackle global challenges and achieve peace and sustainable development. His remarks came during a speech on Monday, September 23, 2024, at the United Nations headquarters in New York, delivered on the sidelines of the high-level week of the 79th session of the UN General Assembly.…

ABU DHABI – Jubail Island Investment Company (JIIC) has officially awarded the construction contract for the highly anticipated Jubail Town Centre, located in Souk Al Jubail, the commercial and retail nucleus of Jubail Island. The contract, valued at approximately AED400 million, has been granted to Bright Accord General Contracting Company. Strategically positioned at the heart of Jubail Island within the Souk Al Jubail village, the Jubail Town Centre aims to serve as a family-friendly lifestyle…

New York — His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), highlighted the significance of the coordinating meeting of the GCC Ministerial Council, held on the sidelines of the 79th session of the United Nations (UN) General Assembly. This meeting aims to synchronize the efforts of member states on various regional and international matters. The meeting took place on Sunday, September 22, 2024, at the Permanent Mission of Qatar…

ABU DHABI — ADNOC Distribution has announced that its Board of Directors has approved an interim dividend of $350 million (AED 1.285 billion) for the first half of 2024, translating to 10.285 fils per share. This decision underscores the company’s commitment to delivering consistent and attractive returns to its shareholders. Shareholders must purchase shares by September 26, 2024, to qualify for this interim dividend payment. Eligibility will be determined based on the shareholder register on September…

Doha — In a significant step toward strengthening economic ties between Qatar and the Czech Republic, the Qatar Chamber and the Confederation of Industry of the Czech Republic signed a Memorandum of Understanding (MoU) aimed at bolstering cooperation between the two countries' private sectors. The MoU was signed on Monday, during the Qatar-Czech Business Meeting held in Doha, attended by high-ranking officials and business leaders from both nations. The signing ceremony, held under the auspices…

DUBAI – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has given the green light to a substantial AED10 billion expansion of the Dubai Exhibition Centre (DEC) at Expo City Dubai. This initiative, aligned with the Dubai 2040 Urban Master Plan, aims to position the DEC as the largest purpose-built indoor events and exhibitions venue in the region. The expansion is a key component of Expo City…

MUSCAT — The Gulf Cooperation Council (GCC) Statistical Center has lauded Saudi Arabia’s exceptional achievements throughout its 94-year history, highlighting its significant advancements in various economic, social, and global competitiveness fields. The commendation comes as the Kingdom continues to make substantial progress, aligning with the ambitious goals of Vision 2030 to build a diversified and sustainable economy. In recent years, Saudi Arabia has leveraged its abundant resources and strategic opportunities to position itself among the…

Abu Dhabi – In a significant move to support citizens in obtaining suitable housing, the Abu Dhabi Housing Authority (ADHA) has partnered with Abu Dhabi Commercial Bank (ADCB) to introduce top-up loans on existing housing loans for beneficiaries of ADHA’s Housing Loan Programme. The initiative provides eligible UAE nationals with additional financing of up to AED500,000, furthering their access to homes that better suit their needs, with options for both interest-based and Murabaha (Islamic finance)…

Dubai – In a bid to strengthen its position as a global leader in advanced air transport technologies, the UAE’s General Civil Aviation Authority (GCAA), led by Director General Saif Mohammed Al Suwaidi, has engaged in strategic talks with Kyle Clark, Founder, Chairman, and CEO of Beta Technologies. The discussions focused on enhancing cooperation, exchanging expertise, and sharing best practices in the rapidly evolving field of electric aircraft. The dialogue took place during a high-profile…

Doha – The Gulf Cooperation Council (GCC) is making significant strides in establishing a unified definition for Gulf national products, a crucial step in achieving "economic citizenship" across the region and promoting greater industrial cooperation. This development was the key focus of the fifth extraordinary meeting of the Undersecretaries of Industry Ministries from GCC countries, held in Doha. During the meeting, Mohamed bin Hassan Al-Malki, Qatar’s Undersecretary of the Ministry of Commerce and Industry, stressed…

MOSCOW – In a pivotal move to strengthen economic ties, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, held high-level talks with Andrey Slepnev, Minister in charge of Trade for the Eurasian Economic Commission, in Moscow. The discussions focused on expanding trade and investment opportunities between the UAE and the Eurasian Economic Union (EAEU), which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. A key highlight of the talks was the…

Riyadh – In a major stride toward sustainable agriculture, the National Center for Palm and Dates, in partnership with the Ministry of Environment, Water, and Agriculture, has successfully launched the region’s first biochar product. This pioneering effort, using palm waste as the key raw material, represents a breakthrough in environmental innovation, aligning with Saudi Arabia’s long-term goals for sustainability and economic diversification. Biochar, a carbon-rich and porous material, is a transformative addition to the agricultural…

Doha – Qatar National Bank (QNB) has projected a significant rise in copper prices over the coming years, fueled by a convergence of supply shortages, increasing demand from green energy projects, and an expected adjustment in the US dollar's value. The bank highlighted that the base metal's role in various key industries, such as construction, infrastructure, and automotive, makes it a critical component of the global economy. In its latest market outlook, QNB emphasized that commodities,…

Abu Dhabi – The Abu Dhabi Securities Exchange (ADX) has introduced a new directive requiring listed companies to disclose the agenda and schedule of their Board of Directors meetings at least two business days before the meeting date, particularly when matters affecting the company’s stock price are to be discussed. In a circular issued today, ADX emphasized the importance of disclosure and transparency in corporate governance, highlighting that any decisions made during these meetings must…

New York – Dr. Mohammed bin Saud Al-Tamimi, Governor of Saudi Arabia’s Communications, Space and Technology Commission (CST), participated in the annual meeting of the UN Broadband Commission for Sustainable Development. As a committee member, Dr. Al-Tamimi joined key global decision-makers to advance the agenda of digital transformation, promote a resilient digital future, and address the growing digital divide. Held in New York City under the theme "Towards a Resilient, Safe, and Inclusive Digital Future,"…

DUBAI - In a significant move to enhance economic ties, the Dubai Chamber of Commerce has announced the establishment of the Georgian Business Council. This initiative is designed to foster collaboration between the private sectors of Dubai and Georgia, thereby supporting the growth of bilateral trade and investment. The creation of the council underscores Dubai's increasing appeal to Georgian companies and investors. In the previous year, non-oil bilateral trade between Dubai and Georgia rose by…

ABU DHABI, September – Scott Livermore, Chief Economist and Managing Director of Oxford Economics Middle East and Economic Advisor to the Institute of Chartered Accountants in England and Wales (ICAEW), has projected a robust growth trajectory for the UAE economy. According to Livermore, the UAE is on course to achieve a 4.8% growth in 2025, largely driven by the expanding non-oil sector, tourism, and substantial government-backed investment initiatives. In an exclusive statement to the Emirates News…

Salalah – Dhofar Pharmaceutical Industries Company has inaugurated a state-of-the-art pharmaceutical plant in Raysut Industrial City, Salalah. The new facility, with an investment of RO 15 million, is expected to play a pivotal role in enhancing the Sultanate of Oman's drug security by producing essential medical solutions for local and international markets. The grand opening, held on Wednesday, was presided over by Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, and…

Ajman – In a step towards fostering stronger economic ties, Salem Al Suwaidi, Director General of the Ajman Chamber of Commerce and Industry, met with Hussain Muhammad, Consul General of the Islamic Republic of Pakistan, to explore ways to enhance bilateral trade and promote mutual investment between Ajman and Pakistan. The discussions, held in Ajman, aimed at unlocking new opportunities in the manufacturing industry, agricultural products, and renewable energy sectors. The meeting, attended by senior…

Sharjah – The Board of Directors of the Federation of GCC Chambers (FGCCC) held the 64th session of their meeting in Sharjah, United Arab Emirates, under the chairmanship of Faisal Abdullah Al Rowas, Chairman of the Oman Chamber of Commerce and Industry (OCCI). The high-level meeting focused on strengthening economic cooperation and advancing strategic collaboration between the public and private sectors across the Gulf Cooperation Council (GCC) region. During the meeting, the Board discussed a…

RIYADH, September – In his annual address at the Shoura Council, Crown Prince Mohammed bin Salman hailed the transformative progress made by Saudi Arabia as part of its Vision 2030 initiative, underscoring the Kingdom’s significant achievements in tourism, employment, economic diversification, and renewable energy. The speech, delivered after inaugurating the first year of the ninth session of the council, highlighted key milestones across various sectors as Saudi Arabia continues its push toward reducing dependence on oil…

ABU DHABI – The GCC region is poised for robust economic growth, with a new report from the Institute of Chartered Accountants in England and Wales (ICAEW) forecasting that growth will more than double to 4.4% by 2025. The ICAEW Economic Insight: Middle East report, prepared by Oxford Economics, also projects that while economic growth in the broader Middle East will be a modest 2.1% in 2024, it will accelerate to 3.7% in 2025, largely…

Riyadh, Saudi Arabia – The Saudi EXIM Bank, in collaboration with the Global Association of Risk Professionals (GARP), hosted a crucial meeting to explore the best practices for managing financial risks in the Kingdom’s international financial operations. The meeting gathered leading experts and decision-makers to promote cooperation, exchange insights, and address the evolving challenges in risk management. The meeting featured an engaging dialogue session that brought together top professionals in the financial sector, including Saudi EXIM…

Abu Dhabi – Lieutenant General His Highness Shaikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior of the UAE, welcomed His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), at the Ministry of Interior headquarters in Abu Dhabi. The high-level meeting underscored the importance of enhancing security cooperation between GCC member states to meet the aspirations of their leaders and address regional challenges. The discussion focused on…

Dammam – The fifth edition of the Saudi Maritime and Logistics Congress opened today in Dammam under the patronage of Eng. Saleh Al-Jasser, Minister of Transport and Logistics Services and Chairman of the Transport General Authority (TGA). The event was inaugurated by Dr. Rumaih Al-Rumaih, Vice Minister of Transport and President of TGA, highlighting Saudi Arabia's ambitious strides toward becoming a global logistics hub. In his keynote speech, Dr. Al-Rumaih emphasized the importance of strategic initiatives…

Dubai – The Dubai International Chamber, operating under the umbrella of Dubai Chambers, recently hosted an ‘In Focus’ event, aimed at presenting expansion opportunities for Dubai-based businesses in Tanzania and Uganda. Attended by more than 100 representatives from various private sector companies in the emirate, the session underscored Dubai’s growing interest in strengthening economic ties with key markets in Africa. The event served as a platform to explore cross-border trade and investment possibilities between Dubai and…

ABU DHABI – In a landmark decision aimed at enhancing diversity in corporate leadership, the UAE Ministry of Economy has mandated that private joint-stock companies must allocate at least one board seat for women. This requirement will come into effect after the completion of the current board’s term and must be implemented by January 2025. This new directive is a critical component of the UAE’s broader strategy to promote gender equality and ensure that women…

Abu Dhabi – Microsoft Corporation and G42 have taken a significant step forward in their collaboration by announcing the establishment of two new cutting-edge centers in Abu Dhabi. These centers are designed to advance the shared vision of Responsible Artificial Intelligence (AI), further cementing Abu Dhabi’s role as a global hub for AI innovation. The initiative comes as part of a larger partnership that the two companies launched earlier this year, with the endorsement of the…

Abu Dhabi – The United Arab Emirates (UAE) and Australia have concluded negotiations on a historic Comprehensive Economic Partnership Agreement (CEPA), a groundbreaking trade deal that, once ratified, will be Australia’s first with a country in the Middle East and North Africa (MENA) region. This agreement is expected to revolutionize the economic relationship between the two nations by streamlining trade processes, eliminating tariffs on a wide array of goods and services, and creating new avenues for…

Abu Dhabi – Etihad Airways has announced a significant milestone, welcoming over 12 million passengers in 2024, representing a 36% increase compared to the previous year. According to the airline’s latest traffic statistics for August 2024, the rolling 12-month passenger count surpassed 17 million, marking a staggering 70% growth compared to the full year of 2022. During August alone, Etihad carried 1.7 million passengers, achieving an impressive passenger load factor of 89%. This robust performance underscores…

Doha – The Ministry of Commerce and Industry (MoCI) of Qatar played a pivotal role in the ConteQ Expo 2024, a modern technology exhibition focused on innovation in the construction and services sectors. Held at the Qatar National Convention Center (QNCC), the event attracted global attention for its emphasis on digital transformation and the integration of modern technologies across industries. The expo, which concludes this Wednesday, saw the Ministry taking center stage with an extensive pavilion…

Riyadh – In a bid to enhance the competitiveness of the industrial sector and support ongoing development projects, Saudi Arabia's Ministry of Industry and Mineral Resources has launched a customs exemption service for industrial facilities engaged in experimental production. The service, now available on the Senaei platform, aims to assist facilities holding industrial licenses that are still in the construction phase. This new initiative removes customs duties on specified quantities of raw materials required for experimental…

ABU DHABI – In a significant move toward enhancing the management of water resources in Abu Dhabi, Awaidha Murshed Al Marar, Chairman of the Department of Energy (DoE), revealed that the department is preparing to unveil a new unified water management strategy. Speaking at the World Utilities Congress 2024, Al Marar emphasized that this strategy, developed in collaboration with various stakeholders, seeks to align the sector's current practices with future objectives, ultimately improving the utilization of…

MANAMA – Export Bahrain, representing the Kingdom’s vibrant trade sector, participated in the prestigious 9th Belt and Road Summit in Hong Kong, hosted by the Hong Kong Trade Development Council (HKTDC). The event, held in September 2024, brought together global leaders, business executives, and policymakers under the theme "Building a Connected, Innovative, and Green Belt and Road." The summit provided a critical platform for discussing collaboration, investment opportunities, and strategic partnerships aligned with the Belt and…

MUSCAT – Qais Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, held a meeting today with Douglas Alexander, Minister of State for Trade Policy and Economic Security of the United Kingdom, to explore avenues for boosting collaboration between Oman and the UK across various sectors. The meeting emphasized the enhancement of commerce, industry, and investments, with both sides expressing a strong commitment to building on existing ties. Key discussions centered around bolstering intra-trade…

DOHA, QATAR – At the opening session of the 13th EU-GCC Economic Dialogue, H.E. Dr. Cristian Tudor, the Ambassador of the European Union to Qatar, commended Qatar for hosting the event and emphasized the significance of dialogues in fostering strategic relations between the EU and Gulf Cooperation Council (GCC) states. Dr. Tudor noted that the upcoming summit at the leaders' level between Qatar and the European Union, scheduled for October in Brussels, marks a pivotal…

DUBAI - Emirates Airline and the Museum of the Future are proud to announce the inaugural Aviation Future Week, scheduled to take place from October 15 to 17 in Dubai. This landmark event aims to gather UAE ministers, senior government officials, and industry leaders from various sectors of the aviation and aerospace ecosystem, including airfreight, Maintenance, Overhaul & Repair (MRO), and logistics. Aviation Future Week promises to be an unparalleled platform for discussing critical insights…

Thuwal — Aramco, one of the world’s largest integrated energy and chemicals companies, has joined forces with Saudi Lithium Infinity (Lihytech), an innovative startup incubated by King Abdullah University of Science and Technology (KAUST), to accelerate the development of Direct Lithium Extraction (DLE) technology in Saudi Arabia. This partnership is set to play a pivotal role in supporting the Kingdom’s increasing demand for lithium, a key element needed to advance electric vehicle (EV) initiatives, a…

Abu Dhabi – H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the UAE, hosted a high-level meeting with Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, in the capital on Monday. The meeting, which also included Luigi Di Maio, EU Special Representative for the Gulf region, focused on expanding cooperation between the UAE and the European Union (EU), particularly in sectors…

Riyadh – Saudi Arabia is set to intensify its investments in emerging industries, such as tourism, manufacturing, logistics, and mining, as the kingdom pushes forward with its ambitious economic diversification strategy under Vision 2030, according to a recent report by S&P Global. The global ratings agency upgraded its outlook on the kingdom’s economy from “stable” to “positive,” affirming A/A-1 long- and short-term foreign and local currency unsolicited sovereign credit ratings. S&P’s outlook revision is based…

Doha – The 13th EU-GCC Economic Dialogue opened on Monday in Doha, bringing together high-level representatives from the Gulf Cooperation Council (GCC) and the European Union (EU) to discuss pressing global economic challenges, regional risks, and policy priorities. This year’s discussions focused heavily on security, stability, and the evolving dynamics of the international economic landscape. The meeting was chaired by Saud bin Abdullah Al Attiyah, Assistant Undersecretary for Economic Affairs at Qatar’s Ministry of Finance,…

Abu Dhabi – Under the patronage of H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the World Utilities Congress 2024 has officially opened at the ADNEC Centre, Abu Dhabi, running from 16th to 18th September. The prestigious event was inaugurated by Sheikh Khalifa bin Tahnoon bin Mohammed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court. Sheikh Khalifa bin Tahnoon…

Dubai – Preparations are in full swing for the much-anticipated Expand North Star 2024, the world’s largest gathering for global startups and investors, which will take place from 13th to 16th October at Dubai Harbour. Organized by the Dubai World Trade Centre and hosted by the Dubai Chamber of Digital Economy, the event is poised to be a transformative platform for innovators and investors alike, showcasing Dubai’s role as a key hub in the digital…

Vienna – The United Arab Emirates (UAE) is participating in the 68th Regular Session of the General Conference of the International Atomic Energy Agency (IAEA), held from 16th to 20th September 2024, at the IAEA headquarters in Vienna, Austria. The event, themed "Global Cooperation in the Nuclear Field," brings together key international players to discuss advancements in nuclear safety, security, and cooperation. Leading the UAE delegation is Ambassador Hamad Al Kaabi, the UAE Permanent Representative…

Abu Dhabi – The United Arab Emirates has officially unveiled its ambitious global initiative, "Invest in the Emirates," aimed at attracting top innovators, entrepreneurs, and business leaders from around the world to explore the vast opportunities within the country’s thriving business ecosystem. The campaign, which will be showcased across major cities such as Cannes, Munich, Paris, London, Zurich, Geneva, and New York, is designed to position the UAE as a premier destination for investment and…

Abu Dhabi – Air Arabia Abu Dhabi has partnered with Morafiq, a renowned leader in airport service innovations, to introduce a new Home Check-In service for passengers flying out of Abu Dhabi. This new initiative is aimed at providing greater convenience and streamlining the travel experience by allowing passengers to check in from the comfort of their homes. The Home Check-In service enables passengers to complete their check-in process, including luggage drop-off and receiving their…

RIYADH – In a significant move to strengthen collaboration in the field of nuclear sciences and support the growing role of women in STEM (science, technology, engineering, and mathematics) disciplines, a memorandum of understanding (MoU) was signed today between the International Atomic Energy Agency (IAEA) and the Women and Energy Association of Saudi Arabia. The ceremony took place in the presence of His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, the Minister of Energy,…

SHARJAH – The 7th edition of the Sharjah Investment Forum (SIF 2024), organized by the Sharjah FDI Office (Invest in Sharjah), commenced on Wednesday, marking the start of a two-day event dedicated to fostering discussions on the future of smart economies. With over 80 renowned speakers from around the world, the forum promises to delve into cutting-edge solutions that leverage Artificial Intelligence (AI) to revolutionize industries and drive economic growth. Themed “A Futuristic Vision for…

ABU DHABI – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), underscored the need for a unified Gulf strategy to combat the growing threat of drug smuggling and abuse, highlighting its far-reaching impact on individuals, families, and societies. His remarks were made during a workshop held in Abu Dhabi, UAE, from 16 to 19 September 2024, focused on developing a comprehensive Gulf strategy to tackle the menace of drugs.…

ABU DHABI – Etihad Rail Freight, a subsidiary of Etihad Rail, the developer and operator of the UAE National Rail Network, has announced a strategic partnership with Trojan General Contracting, one of the UAE’s leading construction companies. The partnership aims to deliver comprehensive transportation and logistics services for Trojan’s aggregate products, further enhancing the UAE’s supply chain efficiency and logistics connectivity. The Haulage Services Agreement will see Etihad Rail Freight providing end-to-end transportation solutions for…

DOHA – The Qatari Businesswomen Association (QBWA) successfully concluded its participation in the World Trade Organization's (WTO) Public Forum, held under the theme "Re-Globalization: Better Trade for a Better World" in Geneva. This marked an important step in QBWA’s ongoing efforts to empower women in global trade, with the association playing a central role in key discussions on the digital empowerment of women and showcasing Qatari culture through art. In a statement today, QBWA emphasized…

RIYADH – Minister of Industry and Mineral Resources Bandar Alkhorayef has underlined the crucial role of small and medium enterprises (SMEs) in the Kingdom’s industrial sector, stating that 90% of companies operating in this field fall into the SME category. Speaking during a dialogue session at the Industry and Mineral Resources Pioneers' Week, organized by the Small and Medium Enterprises General Authority (Monsha'at), Alkhorayef stressed the importance of fostering entrepreneurial innovation and sustainable growth in…

ABU DHABI – EDGE, a prominent global leader in advanced technology and defence solutions, is set to make its debut appearance at the 5th Azerbaijan International Defence Exhibition (ADEX). The event, scheduled to take place from 24th to 26th September at the Baku Expo Centre, will provide EDGE with an opportunity to showcase its cutting-edge defence technologies, specifically tailored to meet the operational needs of its customers. As part of its comprehensive exhibit, EDGE will…

Muscat – Oman, through its aviation authority Oman Airports, is set to host the inaugural GCC Airports CEOs Forum at the St Regis Hotel in Al Mouj Muscat on Wednesday. This landmark event will see the participation of CEOs from major airports across the Gulf Cooperation Council (GCC) countries, marking a significant step in the region's efforts to deepen collaboration within the aviation sector. The forum, which is part of a broader strategy to strengthen…

London – In a pivotal step to strengthen economic ties, Britain's new trade ministers, Trade Secretary Jonathan Reynolds and Minister for Trade Policy Douglas Alexander, arrived in the Gulf region on Monday. This marks their first joint visit as they engage in discussions with the Gulf Cooperation Council (GCC) regarding a potential free trade agreement. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The visit comes at a time…

Doha – On Monday, Qatar Chamber (QC) welcomed a delegation from the China Council for the Promotion of International Trade (CCPIT) and the China Chamber of International Commerce, led by CCPIT Vice-Chairman Yu Jilanlong. The meeting aimed to enhance economic and commercial ties, explore investment opportunities, and promote collaboration between Qatari and Chinese private sectors. Speaking at the event, QC First Vice-Chairman Mohamed bin Ahmed bin Twar Al Kuwari praised the long-standing relations between Qatar…

Abu Dhabi – The Central Bank of the UAE (CBUAE) has announced the auction of Monetary Bills (M-Bills) today, comprising four distinct issues of treasury bonds. This initiative aims to further strengthen liquidity management in the UAE banking sector and support the country's overall financial stability. According to data released by the CBUAE, the auction includes four separate issues of M-Bills, each with varying terms and values. The details are as follows: 28-day M-Bills: Valued…

Abu Dhabi – His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), welcomed His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), at Qasr Al Bahr in Abu Dhabi on Monday, September 16, 2024. The meeting comes as part of ongoing efforts to further solidify regional cooperation and strengthen the bonds between GCC member states. During the meeting, the GCC Secretary General received valuable directives…

RIYADH – In a significant step towards reinforcing bilateral economic ties, Saudi Minister of Commerce Dr. Majid Al-Kassabi held discussions with the UK’s Secretary of State for Business and Trade, Jonathan Reynolds, in Riyadh. The meeting, which is part of the broader efforts of the Saudi-British Strategic Partnership Council, focused on expanding economic collaboration across various sectors, especially those aligned with Saudi Vision 2030. The talks centered on enhancing partnerships in priority areas, encouraging British…

DOHA – Qatar’s Industrial Production Index (IPI) reached 103.2 points in July 2024, marking a 6% increase compared to June 2024, according to the latest data released by the National Planning Council on Monday. However, the index saw a 4% decline when compared to the corresponding month in 2023, highlighting mixed trends across key sectors. The IPI serves as a critical metric for assessing the growth and performance of various industrial sectors within the economy.…

SHARJAH – The Sharjah Airport International Free Zone (SAIF Zone) successfully concluded its participation in the prestigious 70th Bangkok Gems and Jewelry Fair, held from 9th to 13th September in Bangkok, Thailand. This highly anticipated event, featuring over 1,100 exhibitors from more than 110 countries, offered a valuable platform for SAIF Zone to highlight its extensive range of services and investment opportunities, particularly within its Gold, Diamonds, and Commodities Park. SAIF Zone's delegation leveraged the…

DOHA, QATAR – QTerminals, the operator of Hamad Port, continues to set new benchmarks in both worker safety and sustainability. As the port rapidly transforms into a regional trade hub, the company remains steadfast in maintaining the highest standards of safety for its employees, contractors, and visitors. In a recent update shared via the company's X (formerly Twitter) platform, QTerminals reported significant progress in ensuring a safe working environment. As of August 2024, the port…

RIYADH: The Saudi Ports Authority (Mawani) has announced the introduction of the "LMX" shipping service, operated by the international shipping giant CMA CGM, at Jubail Commercial Port. This strategic initiative is part of Saudi Arabia's broader efforts to boost national exports and improve the Kingdom's connectivity to global markets. By expanding its maritime capabilities, Saudi Arabia aims to solidify its position as a global logistics hub and enhance its standing in the maritime network connectivity…

MONTEVIDEO: The Saudi Minister of Environment, Water, and Agriculture, Eng. Abdulrahman Alfadley, and his delegation held a series of discussions with Uruguay’s Minister of Livestock, Agriculture, and Fisheries, Fernando Mattos Costa, on Tuesday. The talks, part of an official visit by the Saudi delegation to Uruguay, centered on enhancing cooperation in the fields of agriculture, fisheries, and food security. The discussions focused on creating new investment opportunities and broadening bilateral cooperation through the exchange of…

DUBAI: The 26th Water, Energy, Technology, and Environment Exhibition (WETEX), hosted from 1st to 3rd October 2024 at the Dubai World Trade Centre, will see strong participation from companies specializing in digital transformation, cybersecurity, and information system security, alongside a diverse range of industry leaders in energy, sustainability, water management, green buildings, smart grids, and electric vehicles. The event is organized by the Dubai Electricity and Water Authority (DEWA) under the directives of H.H. Sheikh…

Doha: Qatar Development Bank (QDB) has been recognized as the Best Digital Bank in Qatar at the 2024 Banking Excellence Awards, presented by the MEED research and media platform. This accolade underscores QDB's outstanding achievements in the realm of digital transformation and its ongoing commitment to innovation in the banking industry. The award acknowledges QDB's comprehensive efforts in digitalization, going beyond traditional online banking services to foster digital transformation across the banking sector, with a…

AJMAN: The Ajman Tourism Development Department (ATDD) has initiated a promotional tour targeting the Commonwealth of Independent States (CIS), led by Mahmood Khaleel Alhashmi, Director-General of ATDD. The tour, taking place from 14th September to 21st September 2024, seeks to reinforce strategic collaborations and attract more tourists from the CIS region to the emirate of Ajman. The tour covers key cities in Kazakhstan, Uzbekistan, and Azerbaijan, including Almaty, Tashkent, and Baku. During these visits, the…

Doha: In its latest report, Moody's Credit Rating Agency has praised the resilience of Qatari banks, highlighting their impressive growth, asset quality, and ability to navigate a variety of economic challenges. According to the report, the banks have maintained robust liquidity coverage ratios and successfully attracted substantial financial inflows through diverse deposit structures, underscoring their solid foundation in the global financial landscape. As of June 2024, customer deposits accounted for approximately 52% of total assets…

Riyadh: The General Authority for Statistics (GASTAT) announced today that Saudi Arabia's annual inflation rate remained unchanged at 1.6% in August 2024. This consistency in inflation reflects the Kingdom's strong economic resilience, as it continues to maintain one of the most stable inflation rates globally, amidst a volatile international economic climate. The Consumer Price Index (CPI), which tracks the cost of a fixed basket of goods and services, serves as a key indicator of inflation.…

Abu Dhabi: Suhail bin Mohammed Al Mazrouei, UAE’s Minister of Energy and Infrastructure, announced the country's significant achievements in boosting clean energy’s contribution to its overall energy mix, reaching 27.83 percent in 2023. This progress comes as the UAE aims to achieve 32 percent clean energy by 2030, under its long-term strategy to transition to renewable and sustainable energy sources. In an exclusive interview with the Emirates News Agency (WAM), ahead of the World Utilities…

RIYADH: Dr. Mohammed Altamimi, Vice Chairman and CEO of the Saudi Space Agency, led the Kingdom’s delegation to the fifth edition of the G20 Space Economy Leaders Meeting, held from September 11 to 13 in Foz do Iguaçu, Brazil. The meeting, which was initiated during Saudi Arabia’s G20 presidency, focused on the theme “Space Economy and Climate Change: Challenges and Opportunities.” In his address, Dr. Altamimi highlighted Saudi Arabia’s ongoing advancements in the space sector,…

VIENNA: The Organisation of the Petroleum Exporting Countries (OPEC) celebrated its 64th anniversary today, marking more than six decades of monumental achievements, international collaboration, and influential contributions to the global oil market. OPEC’s journey began between September 10th and 14th, 1960, when representatives from five founding oil-producing nations—Dr. Fuad Rouhani from Iran, Dr. Tala’at al-Shaibani from Iraq, Ahmed Sayed Omar from Kuwait, Abdullah Al-Tariki from Saudi Arabia, and Dr. Juan Pablo Pérez Alfonzo from Venezuela—convened…

The Sharjah Chamber of Commerce and Industry (SCCI), represented by its “Emirati Goldsmiths” Platform, proudly participated in the 70th edition of the Bangkok Gems and Jewelry Fair, held in Thailand from September 9th to 13th, 2024. This significant participation demonstrates SCCI’s commitment to fostering young Emirati talents in the gold and jewelry design sector, providing them with vital opportunities to present their creations on an international stage and gain access to global markets. Leading the…

DOHA – The Gulf Cooperation Council (GCC) countries have successfully maintained financial and monetary stability through the implementation of a fixed exchange rate policy, according to HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of Qatar Central Bank (QCB). Speaking at the first annual conference of GCC Central Bank Governors in Doha, HE Sheikh Bandar outlined how this policy has proven to be the most effective for the region, contributing significantly to economic stability…

RIYADH – Standard & Poor’s (S&P) has affirmed Saudi Arabia’s credit rating at "A/A-1" for both local and foreign currencies, while also upgrading the Kingdom’s outlook from "stable" to "positive," citing significant progress in economic reforms and non-oil sector development. The credit rating agency highlighted that Saudi Arabia's ongoing comprehensive reforms and strategic investments are key factors contributing to the sustainability of its public finances and the diversification of its economy away from oil dependency.…

MONTREAL – In a landmark move towards sustainable aviation, the UAE’s General Civil Aviation Authority (GCAA) has signed a Memorandum of Understanding (MoU) with Volar Air Mobility during the International Civil Aviation Organisation’s (ICAO) Advanced Air Mobility (AAM) Symposium 2024. This collaboration sets the stage for the creation of the UAE's first Green Aviation Technology Hub, a cutting-edge facility aimed at promoting clean energy solutions, fostering research and development in sustainable aviation, and encouraging collaboration…

Doha: HH Prince Tengku Sulaiman Shah Al-Haj, Prince of the Malaysian State of Selangor, extended an invitation to Qatari business leaders to visit Malaysia and explore a wide range of investment opportunities across key sectors. The invitation was made during a visit to Qatar Chamber (QC) in Doha, where the Prince, along with an official Malaysian delegation, met with QC First Vice Chairman Mohammed bin Ahmed bin Twar Al Kuwari. The delegation, which included representatives…

Riyadh: Mohammed bin Abdullah Elkuwaiz, Chairman of the Capital Market Authority (CMA), has unveiled the CMA’s new strategic plan for , designed to capitalize on the success of previous initiatives and position the Saudi financial market as a global leader. The announcement, made on September 12, 2024, emphasizes a forward-looking approach to solidify the capital market’s critical role in the Kingdom’s economic development, further enhancing its standing among the top-ten financial markets in the world.…

Sharjah – The Sharjah Finance Department (SFD) successfully hosted the Third Financial Forum of 2024 at the prestigious Holy Quran Academy on Thursday, bringing together representatives from over 100 government and independent entities. The forum aimed to discuss advanced methodologies for pricing government services and unveiled an innovative electronic system designed to determine service fees with greater efficiency and accuracy. Attendees included senior directors, financial experts, and managers from various Sharjah institutions and government bodies, reflecting…

Sao Paulo – The Startup20 Summit kicked off today in Sao Paulo, Brazil, with a strong Saudi presence led by Prince Fahd bin Mansour bin Nasser bin Abdulaziz, head of the Saudi Startup Group within the G20. The Kingdom's participation, backed by NEOM, underscores Saudi Arabia's ongoing efforts to support and develop the entrepreneurial ecosystem on a global scale. At the summit, Saudi Arabia made a notable impact by hosting an exhibition showcasing the country’s groundbreaking…

Riyadh – The Social Development Bank (SDB) has announced the successful launch of the Fintech Hub program, a pioneering initiative designed to empower future leaders in the financial technology space. The program, which ran from September 8 to 12 in Riyadh, was developed in partnership with the United Nations Conference on Trade and Development (UNCTAD) and the Empretec program, with additional support from Fintech Saudi, a key partner in strengthening the fintech ecosystem in the…

Oil prices are projected to stabilize below $70 per barrel in the coming months, influenced by interest rate cuts, political uncertainty surrounding the US elections, and potential increases in OPEC production by the end of the year. While traditionally, oil price fluctuations had a direct and significant impact on GCC economies and their stock markets, the dynamics have shifted over recent years due to economic diversification efforts across the region. Historically, the performance of GCC…

KUWAIT CITY – The Public Authority for Manpower (PAM) has officially confirmed the expiration of Ministerial Resolution No. 6 of 2024, which allowed domestic workers in Kuwait to transfer to the private sector under specific conditions. The resolution, enacted earlier this year, provided a temporary pathway for domestic workers seeking to shift from household employment to private sector jobs. In an official statement, PAM announced that the resolution is no longer in effect, ending the…

DOHA – Qatar University’s (QU) Health Sector has reached a pivotal moment in healthcare education by hosting the inaugural Interprofessional Education (IPE) Passport Ceremony, celebrating the first group of health profession graduates who successfully completed the IPE Passport Program. This milestone event underscores the growing emphasis on interprofessional collaboration as a critical component in advancing healthcare delivery in Qatar and beyond. The ceremony recognized 71 graduates from Qatar University and 15 graduates from the University…

AJMAN – The Department of Lands and Real Estate Regulation in Ajman reported a robust performance for the emirate’s real estate sector in August 2024, with a total of 1,264 transactions valued at over AED 1.57 billion. This represents a 4.6% growth compared to the same period last year, reflecting the sector's sustained momentum and investor confidence. According to Omar bin Omair Al Muhairi, Director-General of Ajman’s Department of Lands and Real Estate Regulation, the…

ABU DHABI – In a noteworthy transaction, the Abu Dhabi Securities Exchange (ADX) executed a large direct deal on the shares of International Holding Company (IHC), one of the UAE’s most prominent conglomerates. According to market data, the trade involved the sale of 10.7 million shares at an execution price of AED 409.3 per share, bringing the total value of the transaction to over AED 4.38 billion. The direct transaction was conducted outside the traditional…

RIYADH – The Federation of Saudi Chambers (FSC), under the leadership of Chairman Hassan Alhwaizy, has significantly expanded the number of its national committees, growing from 37 to 60. This development underscores the increasing importance of these committees in driving the Kingdom's economic progress and aligns with the ambitious goals set forth by Vision 2030. Speaking at the first meeting of the National Committees Development Project, Alhwaizy emphasized the strategic role of the committees in…

RIYADH – Saudi Arabia's new airline, Riyadh Air, announced that it will begin test flights on Thursday, September 12, flying from Riyadh to Jeddah as part of its efforts to secure an Air Operator Certificate (AOC). The certificate is required by the Kingdom's General Authority of Civil Aviation (GACA) before the airline can launch its commercial services, slated for 2025. The first test flight, RX5001, will depart from King Khalid International Airport in Riyadh, heading…

DOHA – The outcomes and recommendations of the 83rd meeting of the Committee of Governors of Central Banks of the Gulf Cooperation Council (GCC) are set to significantly strengthen financial and economic integration across the GCC member states, according to His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the GCC. The meeting, held on Thursday, September 12, 2024, in the Qatari capital, Doha, was chaired by His Excellency Shaikh Bandar bin Mohammed bin Saoud…

ABU DHABI – Etihad Airways, the national airline of the United Arab Emirates, has announced a significant expansion of its services to Paris, with double daily flights set to begin on January 15, 2025. This development enhances the airline’s offerings for both business and leisure travelers, providing greater connectivity and convenience between the UAE capital and France’s vibrant capital city. The new services will see the return of Etihad’s flagship A380 aircraft to the Paris…

MUSCAT – Oman has secured an impressive 21st place globally in the 2024 list of World’s Best Countries to Invest In or Do Business, compiled by the renowned CEOWORLD magazine. This ranking is a strong reflection of Oman’s ongoing efforts to create a business-friendly and investor-focused environment, reinforcing the nation’s status as a prime destination for international investment. The achievement underscores Oman’s strategic approach to diversifying its economy, a key objective of the Oman Vision…

MANAMA – Bahrain is looking to bolster its economic partnership with Hong Kong through collaboration in critical sectors such as education, healthcare, technology, and industry, a senior official from the Bahrain Chamber of Commerce has revealed. During a visit to the Hong Kong General Chamber of Commerce (HKGCC), Mohammed Al Kooheji, Second Vice Chairman of the Bahrain Chamber, highlighted the shared opportunities and synergies between the two economies. He pointed out that Bahrain and Hong…

DOHA – The Universal Postal Union (UPU) Strategy Forum for the Arab Region commenced in Doha under the patronage of HE Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology. Hosted by Qatar’s Communications Regulatory Authority (CRA) in partnership with the UPU’s Regional Office for the Arab Region, the two-day forum gathered postal industry leaders, regulatory authorities, and key stakeholders from across the Arab world to address the evolving postal landscape and set…

KUWAIT CITY – Kuwait International Bank (KIB) has announced the establishment of a dedicated booth at The Warehouse Mall as part of its ongoing efforts to enhance financial literacy and raise awareness about safe banking practices. This initiative aligns with the "Let's Be Aware" (Diraya) campaign, launched by the Central Bank of Kuwait (CBK) in collaboration with the Kuwait Banking Association (KBA) and other local banks, aiming to educate the public on critical banking topics…

DOHA – Qatar Airways has announced the expansion of its operations in the Kingdom of Saudi Arabia with the resumption of flights to Abha International Airport, starting January 2, 2025. The airline will operate two weekly flights to Abha, marking a significant milestone in its commitment to expanding its footprint in the region. In addition, Qatar Airways will increase its weekly services to NEOM from two to four flights during the winter season, further enhancing…

DUBAI – In a landmark move towards digital transformation, the UAE Ministry of Energy and Infrastructure (MoEI) has launched its ‘Data Bridge’ initiative. The project is designed to create a seamless digital connection with all entities involved in the Ministry’s services, aligning with the federal government performance agreements for . Data Bridge represents a transformative step towards eliminating bureaucracy within the Ministry’s processes. Through this innovative project, MoEI will provide proactive services, request data from…

South Burlington, Vermont – On September 12, 2024, a high-level Saudi delegation, led by Abdulaziz bin Abdullah Al-Duailej, President of the General Authority of Civil Aviation (GACA), visited BETA Technologies, a cutting-edge electric and vertical takeoff and landing (VTOL) aircraft manufacturer based in South Burlington, Vermont. The delegation comprised officials from GACA, the Ministry of Investment, the Public Investment Fund (PIF), the Ministry of Industry and Mineral Resources, and representatives from major Saudi private-sector firms,…

KUWAIT CITY – Sheikh Mubarak Abdullah Mubarak Al-Sabah, Vice Chairman of the Board of Directors of Action Group Holdings, highlighted the distinctiveness of Malaysia’s economic model, praising it as a unique experience within Asia and the Islamic world. During a prestigious dinner reception at the White Palace in honor of His Highness Tengku Sulaiman Shah Al-Haj, Head of the Diwan of the Ruler of the State of Selangor, Sheikh Mubarak emphasized the growing strength of…

Doha: Commercial Bank, a leader in Qatar’s digital banking sector, participated as the innovation partner at the prestigious Arab Banking Conference 2024, organized by the Union of Arab Banks. The conference, held under the esteemed patronage of H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, attracted top banking and financial institutions from across the Arab world. The event focused on key trends shaping the future of the region’s banking…

ABU DHABI – NMDC Energy PJSC, a prominent provider of engineering, procurement, and construction (EPC) services for both offshore and onshore energy sectors, officially began trading on the Abu Dhabi Securities Exchange (ADX) today following a highly successful Initial Public Offering (IPO). The IPO, which saw a staggering oversubscription rate of 31.3 times, underscores the strong investor confidence in the company’s future growth potential. The listing ceremony was led by Mohamed Hamad Ghanem Hamad Almehairi,…

DHAHRAN – Saudi Aramco, a global leader in integrated energy and chemicals, has cemented its longstanding relationship with China by announcing new strategic agreements with key Chinese partners during the recent visit of Chinese Premier Li Qiang to the Kingdom of Saudi Arabia. These agreements are part of Aramco’s ongoing commitment to bolstering China’s long-term energy security, fostering economic cooperation, and promoting technology innovation between the two nations. Among the signed agreements are a Development…

DUBAI – In a significant announcement, H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), revealed the operational and financial performance results for the first half of 2024. These results showcased robust growth across all sectors, positioning DIEZ and its associated economic zones at the forefront of Dubai’s non-oil economy and commercial landscape. The authority, which oversees the Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity, achieved…

Muscat – In a strategic move to bolster Oman’s economy and drive development across key sectors, the Ministry of Housing and Urban Planning (MHUP) has approved 151 new projects. These ventures will be executed by companies selected through auctions, as announced on the Tatweer platform. This initiative aims to accelerate commercial and agricultural growth, optimize land use, and improve sectoral output across the various regions of the sultanate. The Ministry’s latest announcement highlights a collaborative…

DOHA – Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank (QCB), officially inaugurated the Arab Banking Conference 2024 in Doha on September 10-11. The high-profile event, organized by the Union of Arab Banks under the patronage of the QCB, centers around the theme "Sustainable Development Requirements & the Role of Banks." It brings together prominent banking executives from the region and around the world to discuss how financial institutions…

SHARJAH - The Sharjah Entrepreneurship Centre (Sheraa) has made a major leap forward in its mission to foster regional entrepreneurship by convening its newly appointed Board of Advisors under the leadership of Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sheraa. This marks a critical step towards advancing Sheraa’s vision of innovation, sustainability, and positioning Sharjah as a leading hub for entrepreneurship in the UAE and beyond. Sheraa’s Board of Advisors consists of 17 visionary…

MUSCAT – Ahmed bin Salim Al-Rujaibi, Deputy Chairman of the State Audit Institution (SAI), led the Omani delegation at the 25th Meeting of the Undersecretaries of the GCC Audit and Accounting Bureaus, which was held via video conference from Doha, Qatar, on September 10. This significant gathering saw the participation of undersecretaries from member state audit institutions, the Assistant Secretary General for Legislative and Legal Affairs, and various specialists in the field of auditing. The…

DUBAI – The Dubai AI and Web3 Festival officially commenced today at Madinat Jumeirah, welcoming 6,000 participants from 100 countries to explore the transformative potential of AI and Web3 technologies in advancing the global digital economy. Organized by the Dubai AI Campus, an initiative of the Dubai International Financial Centre (DIFC), the festival underscores Dubai’s leadership in AI-driven innovation and its commitment to promoting sustainable economic growth through cutting-edge technology. The festival is set to…

Muscat — His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, successfully led a high-level Omani delegation to the United States from September 5 to 13, 2024. The visit aimed to deepen trade and investment ties between Oman and the U.S., with a strong focus on promoting investment opportunities in line with Oman Vision 2040. The delegation sought to capitalize on the Free Trade Agreement (FTA) between the two countries,…

Al-Khobar — EnergyTech, a pioneering national institute established to meet the evolving demands of Saudi Arabia’s energy sector, has announced the launch of a comprehensive new training strategy aimed at fulfilling industry needs and supporting the Kingdom’s Vision 2030. The initiative focuses on expanding national human capabilities and fostering innovation within the energy sector, driving forward the country's strategic goals of sustainability and industry growth. During the announcement, Assistant Energy Minister for Development and Excellence…

RIYADH — His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), confirmed that discussions between the GCC and China have focused on enhancing cooperation and deepening ties. These talks, held on Wednesday in Riyadh, underscored the strong relationship between the two sides, building upon the outcomes of the inaugural Gulf-Chinese Summit held in Saudi Arabia in December 2022. The meeting was chaired by Mr. Li Qiang, Premier of the State Council…

HONG KONG — The Ninth Belt and Road Summit commenced today in Hong Kong under the theme “Building a Connected, Innovative and Green Belt and Road.” Hosted by the Hong Kong Special Administrative Region Government and the Hong Kong Trade Development Council, the summit runs for two days at the Hong Kong Convention and Exhibition Centre, gathering over 80 top officials and business leaders from Belt and Road Initiative (BRI) countries and regions. This year's…

Doha – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), reaffirmed the GCC's commitment to environmental protection and addressing the impacts of climate change as integral parts of the national visions of its member states. His remarks came during the 26th meeting of the Ministers Responsible for Environmental Affairs in the GCC, held in Doha on Tuesday. The meeting, hosted by His Excellency Dr. Abdullah bin Abdulaziz Al Subaie, Qatar's…

DOHA — His Excellency Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of Qatar Central Bank (QCB), held a meeting on Tuesday with Stephen Moss, the Regional Chief Executive Officer for the Middle East, North Africa, and Turkiye at HSBC. The discussions focused on the latest developments in the global banking and financial sectors, underscoring Qatar’s role as a growing financial hub in the region. During the meeting, both leaders explored the implications of global…

Kuwait City – The latest statistics released by the Public Authority for Manpower (PAM) reveal that 28,099 individuals have been registered as job seekers for over six months. These individuals are neither employed nor receiving a retirement pension, and they are not enrolled in any educational institutions. This report highlights the growing challenge of unemployment in Kuwait, particularly among highly educated individuals. Among the registered job seekers, 24 hold doctoral degrees, 561 have obtained master’s degrees,…

Doha, Qatar – In a landmark initiative towards enhancing environmental sustainability, QNB Group, the largest financial institution in the Middle East and Africa, has teamed up with global logistics leader DHL Express to integrate Sustainable Aviation Fuel (SAF) into its shipping operations. This partnership makes QNB one of the first institutions in Qatar to adopt sustainable shipping practices, underscoring its commitment to reducing carbon emissions and promoting eco-friendly business solutions. The collaboration forms a part of…

Mumbai – The India-UAE Business Forum opened today in Mumbai, bringing together top government officials, industry leaders, and entrepreneurs to explore new avenues for economic cooperation and innovation. Held under the theme “Beyond CEPA: Innovation and Future-Ready Economies”, the forum is a key initiative aimed at expanding bilateral ties beyond the landmark Comprehensive Economic Partnership Agreement (CEPA) signed between India and the UAE. The forum, organized by the UAE Ministry of Economy in partnership with…

DUBAI – The 10th edition of the World Green Economy Summit (WGES) is scheduled to take place from October 2 to 3, 2024, at the Dubai World Trade Centre. This highly anticipated event will convene global experts, government officials, international organizations, academics, and media representatives to foster dialogue on critical environmental and economic objectives. The summit will focus on enhancing international cooperation and paving the way for a sustainable and inclusive future. WGES 2024 is…

DOHA – Qatar Development Bank (QDB), in partnership with the Ministry of Commerce and Industry, has officially launched the SME Guidebook 2024. This initiative is designed to support small and medium-sized enterprises (SMEs) by providing them with crucial information and resources needed to start, grow, and manage their businesses successfully. The guidebook aligns with Qatar’s broader economic strategy of fostering entrepreneurship, diversifying the economy, and driving innovation within the private sector. The SME Guidebook 2024…

RIYADH – Saudi Arabia continues to bolster its position as a leader in industrial innovation and artificial intelligence (AI) with a series of strategic visits by Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, to Singapore, China, and Hong Kong. These visits reflect the Kingdom's commitment to leveraging technology and innovation to enhance its industrial sector and establish itself as a regional AI hub. During his official tour, Alkhorayef met with several industry leaders…

DUBAI – In a strategic move to expand its capacity for handling large-scale offshore projects, Drydocks World has signed a landmark contract with Shanghai Zhenhua Heavy Industries Co. Ltd. (ZPMC) to acquire a new generation 5,000-tonne floating sheerleg crane. This acquisition is poised to significantly enhance the company’s heavy-lifting capabilities and support its growing portfolio of major projects in the maritime and offshore energy sectors. The signing ceremony took place in Dubai, attended by Sultan…

DUBAI – In a strategic move to strengthen the growth of small and medium enterprises (SMEs) across the emirate, the Dubai Department of Economy and Tourism (DET) has signed a groundbreaking partnership agreement with noon, the region’s leading digital commerce platform, to roll out a comprehensive e-commerce programme. This initiative aims to equip SMEs with essential digital tools and resources to bolster their growth domestically and globally. This collaboration is part of the broader Dubai…

Doha – In a show of regional economic solidarity and commitment to sustainable growth, His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), commended the Qatar Central Bank for its leadership in hosting the 2024 Arab Banking Conference. The event, which took place in Doha from September 10-11, 2024, under the theme "Sustainable Development Requirements and the Role of Banks," served as a platform for dialogue on the evolving role…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), reaffirmed the strong and historic relationship between the GCC member states and the Russian Federation, emphasizing the importance of accelerating joint initiatives. This was expressed during the seventh joint ministerial meeting of the strategic dialogue between the GCC and Russia, held on Monday, September 9, 2024, under the chairmanship of His Excellency Shaikh Mohammed bin Abdulrahman Al Thani, Prime Minister…

Muscat – The Oman Chamber of Commerce and Industry (OCCI) and the Bahrain Chamber of Commerce and Industry held a pivotal coordination meeting on Monday to finalize the procedures for establishing the Oman-Bahrain Investment Company. This joint venture aims to strengthen economic cooperation between the two nations by exploring and developing key projects within their respective private sectors. The meeting focused on several important topics, including a review of prominent sectors with high economic feasibility for…

Riyadh – The Debt Markets and Financial Derivatives (DMDF 2024) Forum concluded today in Riyadh, marking a significant step forward in efforts to enhance the Saudi financial markets and attract increased foreign investment. The two-day event brought together experts and specialists from various sectors, both local and regional, who shared valuable insights through a series of dialogue sessions and workshops. The forum focused on bolstering participation in Saudi markets and further strengthening the Kingdom’s position on…

Hong Kong  – The Saudi Ministry of Tourism took center stage at the International Hospitality Investment Forum (IHIF Asia), held from September 9 to 11 in Hong Kong, as it sought to attract international investors by showcasing the Kingdom’s rapidly growing tourism sector and its diverse investment opportunities. The forum provided a platform for Saudi Arabia to highlight its remarkable tourism achievements and outline the strategic initiatives designed to foster further growth and international investment.…

Riyadh – The General Authority of Foreign Trade (GAFT), represented by its Deputy Governor Fareed bin Saeed Al-Asali, led the Saudi delegation in the first round of Free Trade Agreement (FTA) negotiations between the Gulf Cooperation Council (GCC) and the Republic of Indonesia. The talks, held in Jakarta from September 9 to 31, are aimed at establishing stronger trade ties and enhancing economic cooperation between the two regions. The Saudi delegation, under the leadership of Al-Asali,…

DUBAI – The Dubai Multi Commodities Centre (DMCC), the world’s leading free zone and Government of Dubai Authority focused on commodities trade, has unveiled its latest Future of Trade report, a special edition dedicated to advancing traceability within the global diamond supply chain. Titled "Provenance, Traceability and Technology," the report stresses the urgency of integrating advanced, technology-driven solutions to enhance transparency and ensure sustainability in diamond trading. The report comes at a critical time for…

MONTRÉAL – The United Arab Emirates (UAE) is making a strong impact at the International Civil Aviation Organisation’s (ICAO) first Advanced Air Mobility Symposium (AAM 2024), which commenced today in Montréal, Canada. The symposium, running until September 12th, brings together key global players to discuss the future of Advanced Air Mobility (AAM), with a focus on electric vertical take-off and landing (eVTOL) aircraft, airspace integration, and infrastructure development. The UAE delegation, led by Saif Mohammed…

ABU DHABI – Mira Aerospace, a global leader in High Altitude Platform Station (HAPS) technology, has announced the successful completion of a series of test flights in the UAE. The company, a joint venture between Bayanat, a leading provider of AI-powered geospatial analytics, and UAVOS, a US-based developer of advanced unmanned systems, conducted the flights from Abu Al Abyad Island. These groundbreaking missions reinforce the UAE’s commitment to advancing its aerospace capabilities and enhancing its…

RIYADH – stc Group, the region’s leading digital enabler, has confirmed its participation in the highly anticipated Global AI Summit (GAIN), taking place in Riyadh from September 10 to 12. The event, which gathers top-tier experts, academics, corporations, and policymakers from around the world, serves as a premier platform for advancing global discourse on artificial intelligence (AI). According to the company’s press release, stc Group will leverage the GAIN Summit to unveil a range of…

ABU DHABI – Burjeel Holdings PLC has achieved a significant milestone with its inaugural inclusion in the FTSE Global Equity Index Series - Middle East & Africa, following the latest semi-annual review. The inclusion reflects Burjeel's growing stature as a key player in the UAE capital markets, marking its importance in both the healthcare and education sectors. In a statement released by Burjeel, the company confirmed that the changes will take effect after the close…

SHANGHAI – QatarEnergy has taken another significant step towards expanding its LNG shipping capabilities by signing an agreement with China State Shipbuilding Corporation (CSSC) for the construction of six additional state-of-the-art QC-Max LNG vessels. The deal, finalized on Monday, brings QatarEnergy's total LNG fleet expansion to 128 vessels, including 24 of the world’s largest LNG carriers, the QC-Max mega vessels. The QC-Max vessels, to be constructed at China’s Hudong-Zhonghua Shipyard, a wholly-owned subsidiary of CSSC,…

KUWAIT CITY – The Ministry of Interior has issued a final reminder to Kuwaiti citizens that they have until September 30, 2024, to submit their biometric data. With only 22 days remaining, citizens who fail to register by the deadline will be unable to complete any government transactions. In an effort to accommodate the public, biometrics centers across the country have extended their working hours from 8:00 AM to 10:00 PM, seven days a week.…

Vienna – The OPEC+ alliance, comprising the Organization of the Petroleum Exporting Countries and its allies, led by Russia, announced on Thursday that it has decided to delay its planned oil output increase for October and November 2024. The decision comes in response to declining crude oil prices, which have reached their lowest point in nine months, driven by concerns over a weakening global economy and softening demand from China, the world's largest oil importer. In…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has announced the convening of the 161st Ministerial Council meeting of the GCC today at the General Secretariat headquarters in Riyadh. The meeting, chaired by His Excellency Shaikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar, who is the current President of the Ministerial Council, will see the participation of Foreign Ministers…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), welcomed Her Excellency Ms. Alexandra Papadopoulou, Deputy Minister of Foreign Affairs of the Hellenic Republic, at the GCC General Secretariat headquarters in Riyadh on Sunday. The meeting served as a platform for discussing critical regional issues and enhancing bilateral relations. The two officials extensively reviewed the current situation in Gaza, highlighting the dire conditions resulting from ongoing Israeli occupation and…

Riyadh – The International Monetary Fund (IMF) has recognized Saudi Arabia’s burgeoning tourism sector as a cornerstone of the Kingdom’s economic diversification efforts in its latest 2024 Article IV Consultation report. According to the report, Saudi Arabia has made remarkable progress in transforming its tourism industry, far surpassing its Vision 2030 goals years ahead of schedule. The IMF report highlights the Kingdom’s achievement of attracting over 100 million visitors annually by 2023, seven years ahead of…

Muscat – National Finance, Oman’s leading finance company, recently expanded its reach and reaffirmed its commitment to its local partners by hosting a series of high-profile gatherings for new and used auto dealer partners at its newly relocated branches in Sur and Nizwa. The events highlighted the company’s dedication to building strong business relationships while enhancing accessibility for customers and showcasing its comprehensive financial solutions. The gatherings attracted a diverse group of new and established auto…

CAIRO – Abdullah bin Touq Al Marri, the UAE Minister of Economy, held a series of bilateral meetings with Egypt’s top officials, Lieutenant General Kamel El Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, and Dr. Rania Al Mashat, Minister of Planning, Economic Development, and International Cooperation. The discussions centered around enhancing economic cooperation between the two nations across sectors such as the new economy, transportation, entrepreneurship, infrastructure, circular economy, agriculture,…

RIYADH – The Saudi General Authority for Statistics (GASTAT) has successfully won the bid to host the United Nations World Data Forum in Riyadh in 2026, following a competitive bidding process that involved multiple countries. The decision was made by the High-level Group for Partnership, Coordination and Capacity-Building for Statistics for the 2030 Agenda for Sustainable Development (HLG-PCCB), as confirmed by the Saudi Press Agency. The Kingdom's bid, presented by GASTAT President Dr. Fahad Aldossari, emphasized…

Riyadh – The Kingdom of Saudi Arabia will actively participate in the first round of negotiations for a Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) countries and the Republic of Indonesia. This significant round of discussions is scheduled to take place in Jakarta, Indonesia, from September 9 to 31, 2024. Key topics on the agenda for these negotiations include trade in goods and services, investment policies, customs procedures, rules of origin, technical barriers…

Abu Dhabi – The United Arab Emirates' tourism sector continues to witness exceptional growth, reinforcing its position as a global travel destination. The sector's remarkable performance aligns with the UAE Tourism Strategy 2031, which seeks to attract AED 100 billion in tourism investments and boost the sector's contribution to the nation's GDP to AED 450 billion by 2031. In 2023, the tourism sector contributed AED 220 billion to the UAE's GDP, accounting for 11.7 percent of…

KUWAIT CITY – Kuwait’s Minister of Finance and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, met with Hungary’s Minister of Foreign Affairs and Commerce, Peter Szijjarto, on Thursday to discuss enhancing trade and business relations between the two nations. The discussions, which took place during Szijjarto’s official visit to Kuwait, focused on key economic issues, investment opportunities, and plans for closer cooperation in the future, Kuwait News Agency (KUNA) reported. During the…

Abu Dhabi – The UAE Cybersecurity Council has successfully completed a new round of specialized training under the "Cyber Sniper" initiative, a pioneering cybersecurity program aimed at enhancing the skills and knowledge of UAE government employees. This initiative, which plays a vital role in securing the nation's digital infrastructure, is part of the Council's broader strategy to safeguard the UAE’s digital landscape against emerging cyber threats. Launched in collaboration with the Federal Authority for Government Human…

Muscat – Oman Airports is ramping up efforts to attract more international airlines as part of its strategic initiative to increase passenger traffic at Muscat International Airport and other airports across the Sultanate. Sheikh Ayman bin Ahmed Al Hosni, CEO of Oman Airports, confirmed that the company is actively exploring new markets and evaluating opportunities to launch direct flights through Oman’s national carrier as well as other international airlines. In 2024, Oman Airports successfully attracted…

Muscat – The Salalah Free Zone, a vital component of Oman’s economic development strategy, has surpassed OMR 4.6 billion in cumulative investments by the end of June 2024, marking a significant milestone in its role as a regional industrial and logistical hub. The announcement was made by Dr. Ali bin Mohammed Tabuk, CEO of Salalah Free Zone, who highlighted the remarkable growth and the zone’s continued appeal to investors. During the first half of 2024 alone,…

DOHA – The State of Qatar, represented by the Ministry of Endowments (Awqaf) and Islamic Affairs, will host the 9th meeting of Their Excellencies Assistant Ministers of Islamic Affairs and Endowments from the Gulf Cooperation Council (GCC) countries on Sunday. The gathering marks an important occasion for regional cooperation on key issues concerning Islamic affairs, endowments, and religious development across the GCC. The meeting is set to address several matters of mutual interest, fostering deeper…

DOHA – Qatar Islamic Bank (QIB) has been recognized by the Ministry of Labour for its outstanding commitment to Qatarization and its ongoing efforts to support community development initiatives. The award was presented during a prestigious ceremony celebrating exceptional contributions by individuals, companies, and organizations in labor, social development, and social work across the GCC. The event was held alongside ministerial meetings on civil service, labor, and social affairs, bringing together key figures from across the…

DOHA – Qatar National Bank (QNB), in its latest weekly note, has warned that the fiscal conditions of G-7 countries are set to deteriorate in the near future. The bank cites a combination of increased demand for government spending, high nominal policy rates, and ongoing fiscal-monetary coordination as key factors driving this downturn. QNB emphasized that while Keynesian economic policies have been instrumental in helping economies recover from recessions and depressions, they also contribute to a…

GUANGZHOU – Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, held a strategic meeting with executives from Foton Motor Company in Guangzhou, China, to explore opportunities for expanding vehicle manufacturing and localizing the production of buses, trucks, and light transport vehicles in Saudi Arabia. The high-level meeting was also attended by representatives from Saudi Arabia’s Ministry of Investment, Ministry of Transport and Logistic Services, and key figures from the industrial and mineral resources…

Kuwait City – The price of Kuwaiti crude oil dropped by one cent on Friday, settling at $74.64 per barrel, compared to $74.65 the previous day, according to the Kuwait Petroleum Corporation (KPC). This minor decrease comes amid broader global fluctuations in oil prices as markets respond to a range of geopolitical and economic factors. On the international stage, the price of Brent crude futures experienced a sharper decline, falling by $1.63 to $71.06 per barrel,…

JEDDAH, Saudi Arabia – Jeddah University, in collaboration with the Transport General Authority (TGA), is set to host a forum titled "Empowering Women in Transport and Logistics Services" this Sunday at the university's conference center. The event is part of the university's Research and Development Office initiatives and aims to shed light on the growing role of women in the transport and logistics sector, while exploring avenues to enhance their participation and career growth. The…

SHARJAH, UAE – The Sharjah Research, Technology, and Innovation Park (SRTI Park) has confirmed its sponsorship of the upcoming Sharjah Investment Forum (SIF) 2024, a prestigious annual gathering of global investors, business leaders, and innovators. The event, scheduled to take place from September 18th to 19th, aims to showcase the expanding investment landscape of Sharjah, focusing on its pivotal role in regional and global economic development. The Sharjah Investment Forum 2024 will serve as a…

RIYADH, Saudi Arabia – Bandar bin Ibrahim Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, held high-level discussions with Chinese mining companies today, focusing on enhancing cooperation in the mining sector and exploring joint investment opportunities in lithium and copper processing. These minerals are essential for various industries, particularly the production of electric vehicle (EV) batteries. The meeting included prominent figures such as Abdullah Ali Alahmari, Assistant Minister for Planning and Development; Saleh Al-Solami,…

ABU DHABI: The UAE's Peaceful Nuclear Energy Programme has reached a significant milestone with the commencement of commercial operations at Unit 4 of the Barakah Nuclear Energy Plant in 2024, marking the full operational capacity of the plant. Mohamed Ibrahim Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Corporation (ENEC), praised the programme as a "remarkable success story," highlighting its crucial role in enhancing the UAE’s energy security and accelerating the country’s…

KUWAIT CITY: The conversation around Kuwait's major infrastructure projects has resurfaced, rekindling plans and ambitions dating back to the early 2000s, particularly following the fall of Saddam Hussein’s regime in Iraq. In recent weeks, the Kuwaiti government has ramped up efforts to advance a number of significant projects that have long been on the national agenda. These projects include the Mubarak Al-Kabeer Port, the development of Kuwaiti islands, and revitalization efforts in the northern region.…

ABU DHABI – Etihad Airways, the national airline of the UAE, has announced the launch of two new European routes, adding Warsaw, Poland, and Prague, Czechia, to its expanding network. This marks the first time the airline will operate direct flights to these countries, further strengthening its presence in Europe. Beginning on 2nd June 2025, Etihad will offer four weekly flights to both Warsaw and Prague. The new routes are part of the airline's broader strategy…

SHARJAH – The Bank of Sharjah has successfully priced a US$500 million senior unsecured bond in international markets, attracting overwhelming interest from global investors. The issuance was significantly oversubscribed, receiving orders totaling US$1.4 billion, almost three times the original offering. The bond, which carries a five-year tenor, offers a competitive coupon rate of 5.25% per annum. The strong demand allowed the bank to tighten the final pricing by 25 basis points from the initial price…

Kuwait City - Kuwait Finance House (KFH) has been recognized by the Council of Ministers of Labor and Social Affairs in GCC States for its outstanding efforts in implementing manpower nationalization and workforce qualification programs in the private sector. The prestigious honor was presented during a special ceremony held in Doha, Qatar, under the patronage of the GCC Ministers of Labor and Social Affairs. Zeyad Abdullah AlOmar, Group Chief Human Resources and Transformation Officer at KFH,…

VIENNA – OPEC+ countries have collectively agreed to extend their additional voluntary oil production cuts of 2.2 million barrels per day (bpd) for another two months, pushing the expiration date to the end of November 2024. The decision came during a virtual meeting held on September 5, 2024, where the group reiterated its strong commitment to stabilizing global oil markets through coordinated production adjustments. The extension follows the earlier voluntary cuts announced in April and November…

GUANGZHOU – Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, has extended an official invitation to Chinese companies to invest in a range of strategic industrial sectors that are critical to the Kingdom's economic growth. Speaking at a roundtable organized by the Federation of Chambers of Commerce in Guangzhou, Al-Khorayef outlined the vast opportunities available under Saudi Arabia's National Industrial Strategy, emphasizing sectors such as automotive, aviation, food, pharmaceuticals, machinery, and…

Muscat, Oman – The Oman Ministry of Labour has announced the addition of 32 new professions to the list of jobs prohibited for expatriate workers. This decision comes as part of the Ministerial Decision No. (501/2024), which amends the earlier Ministerial Decision No. 235/2022 regulating the practice of specific professions. The move is in line with the country’s efforts to promote the employment of Omani nationals across key industries such as Information Technology (IT), Tourism, Transport,…

Helsinki – His Excellency Sheikh Mohammed bin Hamad bin Qassim Al-Thani, Minister of Commerce and Industry of Qatar, has called on Finnish companies and investors to capitalize on Qatar's thriving economic landscape. Speaking at the Qatar-Finland Business Roundtable in Helsinki, HE Sheikh Mohammed highlighted the various incentives and legislative measures Qatar has enacted to encourage foreign investments and boost non-oil exports. The roundtable was held on the sidelines of the official visit of His Highness the…

ABU DHABI, UAE – His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, chaired the latest meeting of the Ministerial Development Council at Qasr Al Watan, Abu Dhabi. The meeting saw a thorough review of several vital government projects, policies, and initiatives, presented by various federal ministries and institutions, aimed at accelerating the UAE’s socio-economic progress. The discussions focused on pivotal sectors such as media…

SHARJAH, UAE – The Sharjah Chamber of Commerce and Industry (SCCI) held a productive meeting to explore ways of strengthening trade and investment relations between Sharjah's business community and its counterpart in Nepal. The discussions, which underscored the UAE's commitment to diversifying its investment portfolio, focused on identifying strategic partnerships between the private sectors of both countries. The meeting took place between Sheikh Majid Faisal Khalid Al Qasemi, First Vice Chairman of SCCI, and Tej Bahadur,…

ABU DHABI, UAE - Gulf Cooperation Council (GCC) banks are poised to maintain their robust performance throughout 2024, driven by increasing lending volumes, higher fee income, stable profit margins, and strong cost efficiency, according to a recent report by Standard & Poor's (S&P) Global Ratings. The report, released today, highlights the positive trajectory of the region's banking sector, which has benefited from the growth of non-oil sectors, particularly in Saudi Arabia and the United Arab…

Al-Alamein, Egypt - The "Saudi Group" is making a significant impact at the first annual Egypt International Air Show, currently being held at Al-Alamein International Airport in northern Egypt. The group is showcasing its cutting-edge services and capabilities through an interactive pavilion that highlights the offerings of Saudia Aerospace Engineering Industries (SAEI) and the Saudi Academy. The pavilion has attracted a large number of visitors, drawn by the extensive range of services and innovative solutions presented…

OSLO, Norway – In a significant step towards bolstering diplomatic and economic relations, the State of Qatar and the Kingdom of Norway have signed two key Memoranda of Understanding (MoUs) during the official visit of His Highness Sheikh Tamim bin Hamad Al Thani, Amir of Qatar, to Norway. The agreements, which aim to enhance cooperation in military, peace, and reconciliation efforts, as well as tax regulation, underscore the growing partnership between the two nations. The…

Muscat, September 4, 2024 - His Excellency Qais bin Mohammed Al-Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, held a virtual meeting with His Excellency Douglas Alexander, the United Kingdom’s newly appointed Minister of State for Trade Policy and Economic Security. The discussions focused on enhancing bilateral cooperation in trade and investment, reflecting the strong and enduring partnership between the two nations. At the outset of the meeting, Minister Al-Yousef extended his warm congratulations…

DOHA, Qatar – His Excellency Jasem Mohamed Abudaiwi, Secretary General of the Gulf Cooperation Council (GCC), lauded the distinguished administrative talents, pioneering projects, and notable figures in the fields of labour, social affairs, and civil service, during an honouring ceremony in Doha. The event, held on the sidelines of the 21st meeting of Ministers and Heads of Civil Service Agencies, celebrated exceptional contributions from public and private sectors, reflecting the directives of the GCC leaders…

Doha, Qatar - The tenth meeting of the Gulf Cooperation Council (GCC) Ministers of Labour convened today in Doha, Qatar, where His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, reiterated the Council's commitment to enhancing job opportunities for citizens and equipping them with the necessary skills to excel in the private sector. The meeting, chaired by His Excellency Dr. Ali bin Samikh Al Marri, Qatar's Minister of Labour and President of the…

DUBAI – Nasdaq Dubai has announced the successful listing of a US$400 million Floating Rate Note issued by the Agricultural Bank of China (ABC) through its Dubai International Financial Centre (DIFC) branch. This listing, under the bank's US$15 billion Medium Term Note Programme, is set to mature in 2027 and marks the bank’s second bond listing on Nasdaq Dubai. It highlights the deepening economic and financial ties between China and the UAE. As one of…

Taif, September  – The ongoing Crown Prince Camel Festival, currently taking place at the Taif Camel Square, has emerged as a significant employment driver, creating over 1,000 jobs for both Saudi citizens and expatriates. The event has spurred employment across various sectors, including media, healthcare, event management, public relations, security, and public services, marking it as a vital contributor to the local economy. The festival's impact extends beyond job creation. It has provided a platform…

Riyadh – The Saudi Central Bank (SAMA) has officially approved three new FinTech startups to join its regulatory sandbox, enabling them to test their innovative financial solutions in a controlled environment. This move further solidifies SAMA's commitment to fostering innovation and financial inclusion within the Kingdom’s rapidly growing FinTech sector. According to a press release, the newly admitted startups include "XSquare" and "NeotTek," both of which have been authorized to launch an Open Banking platform.…

Cairo – Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the UAE Ministry of Economy, has underscored the United Arab Emirates' unwavering dedication to bolstering Arab cooperation and driving economic progress across the region. His remarks were delivered during the opening session of the 114th regular meeting of the Arab Economic and Social Council (AESC), held at the General Secretariat of the Arab League headquarters in Cairo. In his address, Al Kait…

Prague – His Excellency Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaifi, Minister of State at the Ministry of Foreign Affairs of Qatar, met with His Excellency Jan Lipavsky, Minister of Foreign Affairs of the Czech Republic, on the sidelines of the GLOBSEC Forum held in Prague. The high-level meeting focused on strengthening the ties between Qatar and the Czech Republic, as well as addressing pressing global issues. The two ministers engaged in a detailed…

Doha – The State of Qatar's Public Prosecution recently chaired the 15th virtual meeting of Assistant Attorneys General and Prosecutors from the Gulf Cooperation Council (GCC) member states. This meeting served as a crucial preparatory session for the upcoming 16th meeting of Attorneys General and Prosecutors, scheduled to take place in Doha on October 29. The meeting was presided over by Prime Solicitor General and Director of Judicial Inspection Administration, Ibrahim Abdullah Al Qubaisi, and…

Riyadh – Folk Maritime Services Company, a subsidiary of the Public Investment Fund (PIF), has announced the official acquisition of its first vessel, the M/V Folk Jeddah. This significant development marks a key milestone in Saudi Arabia's ambition to enhance its maritime capabilities and establish itself as a leading global logistics hub. The newly acquired M/V Folk Jeddah, a state-of-the-art container ship built in 2023, will be registered at Jeddah Islamic Port, further solidifying Saudi…

Singapore – In a significant move to bolster bilateral relations, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, met with Singapore's Minister for Manpower and Second Minister for Trade and Industry, Dr. Tan See Leng, during his official visit to Singapore. The meeting underscores the growing partnership between the two nations, particularly in the industrial and mineral resources sectors. Minister Al-Khorayef emphasized Saudi Arabia's strategic position as a bridge connecting Asia, Africa,…

DUBAI – The Italian pavilion at the upcoming 26th Water, Energy, Technology, and Environment Exhibition (WETEX) will highlight the participation of 44 leading companies from Italy, specializing in a wide range of sectors crucial to the future of sustainable development. These sectors include renewable energy systems, environmental health and food sanitation, integrated waste treatments, environmental rehabilitation plants, water treatments, dewatering equipment, chemical dosing, seawater desalination plants, alternative fuels, metering pumps, laboratory testing, and infrastructure for…

ABU DHABI — The UAE's recent accession to the BRICS group underscores its commitment to multilateralism and constructive dialogue, aimed at fostering global development, prosperity, and wellbeing. This strategic move aligns with the UAE’s approach of forging robust partnerships with nations and international organizations to boost economic competitiveness and explore new growth avenues. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, emphasized that the UAE’s new role within BRICS reflects the nation’s dedication…

Riyadh – In a significant step towards enhancing bilateral relations, Saudi Arabia’s Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, and Qatar’s Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, co-chaired a crucial meeting of the Executive Committee of the Saudi-Qatari Coordination Council in Riyadh on Sunday. The meeting, held at the Ministry of Foreign Affairs in Riyadh, was marked by a strong emphasis on reinforcing…

Dubai, September – President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, held a significant meeting today at Al Marmoom in Dubai. The meeting was also attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence. The gathering was marked by warm and…

Riyadh, Saudi Arabia – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has lauded the pivotal role of the Arab Bureau of Education for the Gulf States in fostering coordination, collaboration, and integration among GCC member states to achieve shared educational objectives. His remarks came during an official visit to the bureau's headquarters in Riyadh on Thursday, August 29, 2024. During the visit, His Excellency reviewed the bureau's significant…

Abu Dhabi, UAE – In a significant diplomatic exchange, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, held a phone call today with José Manuel Albares, Minister of Foreign Affairs of the Kingdom of Spain. The conversation focused on deepening the robust bilateral relations between the two nations, particularly in the economic and trade sectors. The discussion underscored the ongoing commitment of both…

Doha, Qatar – Qatar has emerged as a leading tourist destination in the Gulf, particularly known for its innovative approach to tackling the region's intense summer heat. Over the past few years, the country's air-conditioned parks, markets, and public spaces have become increasingly popular among tourists, citizens, and residents alike, offering a unique blend of entertainment, culture, and comfort in the harsh summer climate. Qatar has successfully leveraged technological advancements to create outdoor spaces that…

Jeddah – In a significant boost to Indonesia's healthcare infrastructure, President Joko Widodo inaugurated two state-of-the-art hospitals and over 1,000 beds across six new hospitals on Friday, with financing provided by the Islamic Development Bank (IsDB). The inauguration ceremony was attended by prominent figures, including Dr. Muhammad Al Jasser, President of the IsDB, who emphasized the transformative impact these new medical facilities will have on public health in Indonesia. The newly inaugurated hospitals, which include specialized…

CAPE TOWN — The United Arab Emirates, represented by the Ministry of Finance, actively participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries, held on 30th August in Cape Town, South Africa. The meeting, themed “Investing in a Sustainable Future,” underscored the significance of sustainable development and the essential role of financial innovation in achieving global sustainability goals. The UAE delegation was led by Mohamed bin Hadi…

DOHA – His Highness the Amir Sheikh Tamim bin Hamad Al-Thani engaged in a significant phone conversation on Friday with His Excellency Olaf Scholz, Chancellor of the Federal Republic of Germany. The discussions centered on strengthening the longstanding bilateral relations between Qatar and Germany, exploring avenues to further enhance cooperation across various sectors. During the call, HH the Amir and Chancellor Scholz exchanged views on deepening the partnership between the two nations, underscoring the importance of…

DUBAI – Emirates has significantly expanded its global reach over the past year, doubling the number of cities available beyond its established network and opening up travel opportunities to nearly 1,700 additional destinations worldwide. This strategic growth has enabled over 61,000 passengers each week to seamlessly connect across the shared networks of Emirates and its numerous partners, enhancing travel convenience and options for customers. Through a combination of forging new alliances and strengthening existing partnerships across…

Abu Dhabi – In a groundbreaking medical achievement, the Abu Dhabi Stem Cells Centre (ADSCC) has successfully conducted the UAE’s first ovarian tissue preservation procedure on a 7-year-old Emirati girl diagnosed with acute lymphoblastic leukemia. This significant milestone was achieved in collaboration with ART Fertility Clinic, marking a major step forward in pediatric oncology care and fertility preservation. The young patient, who has been battling a relapsed and refractory form of leukemia, initially faced significant challenges…

Abu Dhabi – The NMDC Group – P.J.S.C. (ADX: NMDC) announced today that the Initial Public Offering (IPO) of its wholly owned subsidiary, NMDC Energy – P.J.S.C. (NMDC Energy), has been met with overwhelming demand, with the offering oversubscribed within hours of the subscription period opening. This significant interest underscores investor confidence in the company's robust financial performance and future growth potential. NMDC Energy, formerly known as the National Petroleum Construction Company (NPCC), is a…

CAPE TOWN, South Africa — The United Arab Emirates, represented by the Ministry of Finance, actively participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries, held on 30th August in Cape Town, South Africa. The meeting, themed “Investing in a Sustainable Future,” underscored the significance of sustainable development and the essential role of financial innovation in achieving global sustainability goals. The UAE delegation was led by Mohamed…

Dubai – DP World's Jebel Ali Port has set a new benchmark in container handling, recording an impressive 1.4 million TEUs (Twenty-Foot Equivalent Units) in July 2024, surpassing its previous monthly throughput record set in 2015. This milestone underscores Jebel Ali's status as one of the world's leading and most efficient ports, playing a crucial role in global trade and the economic growth of Dubai and the wider region. This achievement follows a strong performance…

SHARJAH – The Sharjah Chamber of Commerce and Industry (SCCI) has reiterated its commitment to bolstering economic cooperation, expanding joint investments, and reinforcing partnerships between the business communities of Sharjah and Uzbekistan. This initiative is part of the broader goal to facilitate greater trade exchanges and collaborative ventures between the two regions. During a high-level meeting held at the SCCI headquarters, Abdallah Sultan Al Owais, Chairman of SCCI, engaged in discussions with Abdulaziz Akkulov, the…

Abu Dhabi, UAE - AD Ports Group has achieved a significant milestone by breaking into the global top 20 ranks of world port operators for the first time, according to a new industry survey by Drewry, a UK-based firm specializing in tracking the container ports sector. The Group secured the 19th position globally, reflecting its rapid expansion and growing influence within the global maritime and logistics industries. The ascent of AD Ports Group in the…

Riyadh, Saudi Arabia - His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, held a significant meeting today with Charles Michel, President of the European Council, in Riyadh. The discussions underscored the importance of strengthening relations and enhancing cooperation between Saudi Arabia and the countries of the European Union. During the meeting, both leaders explored a wide range of topics, focusing on…

Riyadh, Saudi Arabia - The 23rd Scientific Forum of the Gulf Society for History and Archaeology, representing the Gulf Cooperation Council (GCC) countries, was officially inaugurated today in Riyadh. This prestigious event is being hosted by the Heritage Commission in partnership with the King Abdulaziz Foundation for Research and Archives (Darah). The forum has drawn significant attention, attracting 300 researchers specializing in history and archaeology from across the region. Turki bin Mohammad Al-Shuwaier, CEO of…

Riyadh, Saudi Arabia – His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, held a significant meeting with President Mahmoud Abbas of the State of Palestine in Riyadh. The discussions focused on the ongoing military escalation in Gaza and its surrounding areas, with HRH the Crown Prince emphasizing Saudi Arabia's persistent efforts to engage with international and regional stakeholders to de-escalate the…

Riyadh, Saudi Arabia – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), lauded the significant contributions of the Gulf Health Council and the Gulf Centre for Disease Prevention and Control in fostering health cooperation and integration among GCC member states. His remarks underscored the commitment of these institutions to aligning with the directives of Their Majesties and Highnesses, the leaders of the GCC countries, in achieving shared health care…

Dubai, UAE – As the UAE celebrated Emirati Women’s Day, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, paid an eloquent tribute to the women of the nation. In a heartfelt message, Sheikh Mohammed lauded Emirati women as essential partners in the UAE's development, the makers of future generations, the mothers of martyrs, and the pride of the nation. Taking to his official…

Doha, Qatar – In a decisive move to protect domestic industries and enhance the competitiveness of national products, His Excellency Sheikh Mohammed bin Hamad bin Qassim Al-Thani, Minister of Commerce and Industry of Qatar, has issued final anti-dumping duties on certain types of automotive batteries imported from the Republic of Korea and the Republic of India. The Ministry of Commerce and Industry (MOCI) announced these measures on Tuesday, underscoring their commitment to curbing harmful trade…

Riyadh, Saudi Arabia – His Royal Highness Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior of the Kingdom of Saudi Arabia, received His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), at the Ministry’s headquarters in Riyadh. The meeting, held on [insert specific date], focused on bolstering security cooperation across GCC member states. At the outset of the meeting, HE the GCC Secretary General expressed…

Riyadh, Saudi Arabia – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), welcomed Her Excellency Ms. Maryam bint Abdullah Al Attiyah, Chairperson of the Global Alliance of National Human Rights Institutions (GANHRI) and Chairperson of the National Human Rights Committee (NHRC) in Qatar, at the GCC General Secretariat’s headquarters in Riyadh on Tuesday, August 27, 2024. During the meeting, the two leaders engaged in a comprehensive discussion focused on…

Doha – Estithmar Holding Q.P.S.C. has announced the successful issuance of a groundbreaking QR 500 million Sukuk, marking the first-ever corporate Sukuk denominated in Qatari Riyal. This issuance represents the inaugural tranche of Estithmar Holding’s ambitious QR 3.4 billion Sukuk program, which is listed on the London Stock Exchange's International Securities Market (ISM). According to a statement published on the Qatar Stock Exchange (QSE) website, the three-year Sukuk offers an attractive 8.75% coupon rate and has…

Jeddah — The Saudi Ports Authority (Mawani) has announced the introduction of a new shipping service, ECRC, by Emirates Shipping Line (ESL) at Jeddah Islamic Port. This strategic addition significantly enhances the Kingdom of Saudi Arabia's maritime connectivity with major global markets, reinforcing the port's standing as a key player in international trade. The ECRC service is set to establish a vital link between Jeddah Islamic Port and several prominent ports in Asia and the…

Abu Dhabi, UAE – ADNOC announced on 27th August 2024 the deployment of a groundbreaking artificial intelligence (AI)-enabled process optimization technology known as Neuron 5. This advanced solution, developed in-house by ADNOC, represents a significant leap forward in the oil and gas industry, combining AI and deep learning to autonomously monitor and optimize critical equipment across ADNOC's operations. Neuron 5 has been initially deployed at ADNOC Onshore’s Northeast Bab (NEB) field and ADNOC Gas’s Taweelah…

Sharjah – Alef Group, a prominent real estate development company in Sharjah, has announced a significant milestone in its Hayyan development project, with 90% of the units in the Arim and Alma neighbourhoods now sold. This achievement underscores the strong market demand and confidence in Alef Group’s innovative vision for Hayyan, a community that is rapidly becoming one of the most sought-after residential destinations in Sharjah. The successful sale of 1,131 units across both neighbourhoods…

Doha – Estithmar Holding Q.P.S.C. has announced the successful issuance of a groundbreaking QR 500 million Sukuk, marking the first-ever corporate Sukuk denominated in Qatari Riyal. This issuance represents the inaugural tranche of Estithmar Holding’s ambitious QR 3.4 billion Sukuk program, which is listed on the London Stock Exchange's International Securities Market (ISM). According to a statement published on the Qatar Stock Exchange (QSE) website, the three-year Sukuk offers an attractive 8.75% coupon rate and has…

Dubai, UAE – The Dubai Chamber of Commerce, one of the three chambers operating under the Dubai Chambers umbrella, has announced the launch of a pioneering Environmental, Social, and Governance (ESG) Label. This initiative aims to promote sustainable business practices across the emirate and is strategically aligned with the UAE’s ‘Year of Sustainability.’ The ESG Label, developed by the Chamber’s Centre for Responsible Business, is designed to assist organizations in evaluating their ESG readiness and…

Al Alamein, Egypt — The UAE National Pavilion is set to make a significant impact at the inaugural Egypt International Airshow, taking place in Al Alamein city from 3rd to 5th September 2024. The Pavilion, with a dedicated exhibition space, will showcase the UAE's advanced defence capabilities and technological innovations, reinforcing the nation’s position as a leading hub for aerospace and defence industries in the Middle East and Africa. The Egypt International Airshow, held under…

Hanoi – Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, recently held high-level talks with Pham Minh Chinh, Prime Minister of Vietnam, during an official visit to Hanoi aimed at bolstering bilateral trade and investment relations between the two nations. The discussions were part of a broader series of meetings with key representatives from both the public and private sectors, designed to explore and expand economic cooperation in sectors crucial to the economic…

Al Alamein, Egypt — The UAE National Pavilion is set to make a significant impact at the inaugural Egypt International Airshow, taking place in Al Alamein city from 3rd to 5th September 2024. The Pavilion, with a dedicated exhibition space, will showcase the UAE's advanced defence capabilities and technological innovations, reinforcing the nation’s position as a leading hub for aerospace and defence industries in the Middle East and Africa. The Egypt International Airshow, held under…

Jeddah — The Saudi Ports Authority (Mawani) has announced the introduction of a new shipping service, ECRC, by Emirates Shipping Line (ESL) at Jeddah Islamic Port. This strategic addition significantly enhances the Kingdom of Saudi Arabia's maritime connectivity with major global markets, reinforcing the port's standing as a key player in international trade. The ECRC service is set to establish a vital link between Jeddah Islamic Port and several prominent ports in Asia and the…

Dubai — His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has announced that the UAE is on track to achieve remarkable milestones in its non-oil foreign trade by the end of 2024. Under the leadership of President His Highness Sheikh Mohammed bin Zayed Al Nahyan, the nation has seen unprecedented growth in its trade sector. Sheikh Mohammed revealed that UAE's exports for the…

Mubadala Investment Company has announced a significant acquisition in partnership with CBC Group, Asia’s largest healthcare-dedicated asset management group. The companies have secured 100% ownership of the carve-out of UCB Pharma’s mature business in China. This strategic move highlights Mubadala’s commitment to expanding its presence in Asia’s growing healthcare sector. UCB Pharma, a leading global biopharmaceutical company based in Belgium, holds a prominent position in China’s expanding immunology, neurology, and rare disease markets. The acquisition…

DUBAI – The first international edition of the Dubai Business Forum – China, organized by Dubai Chambers, took place in Beijing, highlighting the vast opportunities emerging for the Chinese business community in Dubai, fueled by the Dubai Economic Agenda (D33). The event, held under the theme "China, Dubai and Beyond: Igniting Global Trade and Investment," showcased Dubai's dynamic economy, competitive advantages, and key initiatives that provide quality investment opportunities for both Chinese and global investors.…

SHARJAH - The Sharjah Economic Development Department (SEDD) has released its Annual Report for 2023, detailing a year of substantial growth in business licences and economic activities across the emirate. The report, titled "Continuous Giving," highlights SEDD's achievements in driving economic expansion, which in turn has positively impacted Sharjah's Gross Domestic Product (GDP), exceeding AED 145 billion by the end of 2023. According to the report, the total number of issued and renewed business licences…

DUBAI - The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a key agency under the Dubai Department of Economy and Tourism (DET), has significantly strengthened its support for entrepreneurs and small businesses in the first half of 2024, reinforcing its pivotal role in driving economic growth across the emirate. The announcement, made to coincide with World Entrepreneurs Day on 21st August, underscores Dubai SME's alignment with the ambitious objectives of…

Abu Dhabi, UAE – ADNOC has achieved a major milestone in advancing the UAE’s industrial sector through its In-Country Value (ICV) programme, establishing eight new industrial centres in under a year. This initiative, supported by commercial agreements, has not only generated over AED700 million in value but also created approximately 800 job opportunities for UAE nationals. The industrial facilities, which include both UAE-based and international enterprises, contribute significantly to ADNOC's expanded target of manufacturing AED90…

Fujairah Natural Resources Corporation (FNRC) has signed a significant cooperation agreement with Kuwait’s Ministry of Public Works to bolster investment and development in mineral resources and mining sciences. The agreement, formalized today, marks a key step in enhancing bilateral cooperation between the two entities. The signing ceremony took place with Eid Al Rashidi, Undersecretary of the Kuwaiti Ministry of Public Works, and Ali Qassim, Director-General of FNRC, at the helm. The event was attended by…

The International Government Communication Forum (IGCF) 2024, organized by the Sharjah Government Media Bureau, is set to inspire and empower youth and university students through a dynamic agenda that includes 29 discussion sessions and workshops. Scheduled for September 4-5 at Expo Centre Sharjah, the event will offer a unique platform for young minds to enhance their communication skills and explore innovative technologies. A highlight of IGCF 2024 is the dedicated Youth Hall, which will host…

The UAE Ministry of Industry and Advanced Technology (MoIAT) has announced its participation in a groundbreaking initiative with its BRICS counterparts to launch a Centre for Industrial Competences. This collaborative effort, carried out in partnership with the United Nations Industrial Development Organisation (UNIDO), aims to bolster industrial skills and capabilities among member nations. The announcement was made during the 8th BRICS Industry Ministers Meeting, which gathered industry, trade, and technology leaders from across the BRICS…

Bayanat AI PLC (ADX: BAYANAT), a leading provider of AI-powered geospatial solutions, and Al Yah Satellite Communications Company PJSC (ADX: Yahsat), the UAE’s premier satellite solutions provider, have successfully launched the UAE’s first Low Earth Orbit (LEO) Synthetic Aperture Radar (SAR) satellite into orbit. The launch took place on August 16, 2024, in partnership with ICEYE, a global pioneer in SAR satellite operations focused on earth observation, persistent monitoring, and natural catastrophe solutions. The SAR…

Riyadh is set to host the first-ever 24 Fintech Conference, an international event dedicated to advancing the financial technology sector. The conference will take place from September 3 to 5 at the Riyadh Front Exhibition & Conference Center. It is organized by a coalition of major Saudi institutions, including the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority, in collaboration with Fintech Saudi and Tahaluf, a…

The Central Bank of the UAE (CBUAE) has announced the auction of Monetary Bills (M-Bills) scheduled for August 19, 2024. This auction will feature four separate issues of M-Bills Treasury bonds, collectively valued at AED19.5 billion. According to the CBUAE's official data, the auction will include the following issues: First Issue: A 28-day M-Bill with a value of up to AED2.5 billion, maturing on September 18, 2024. Second Issue: A 56-day M-Bill with a value…

Asyad Line, a subsidiary of Asyad Group, is set to enhance its presence in Asia with a significant upgrade to its Far East Express (FEX) service. Beginning in August 2024, the upgraded service will now offer fortnightly sailings, connecting major ports in China, India, and the GCC region. This strategic move not only strengthens Oman's connectivity to vital global markets but also solidifies its role as a key transshipment hub for cargo in the region.…

AD Ports Group announced robust financial results for the second quarter of 2024, with a total net profit of AED439 million, marking a significant 42% increase year-on-year (YoY). The company's net profit after accounting for minority interests reached AED333 million, reflecting a 16% YoY rise. This performance underscores the effectiveness of AD Ports Group's strategic focus on both organic growth and targeted acquisitions. In its official statement, the company revealed that its Q2 2024 revenues…

The Saudi Ports Authority (Mawani) has announced the launch of a new maritime service by MSC Mediterranean Shipping Company, named "Clanga," aimed at enhancing trade connectivity between Saudi Arabia and key ports in Singapore and China. The service, which will operate on a weekly basis, directly links King Abdul Aziz Port in Dammam with several strategic ports across the Far East, including Ningbo, Shanghai, and Shekou in China, as well as Singapore. This initiative is…

AD Ports Group announced robust financial results for the second quarter of 2024, with a total net profit of AED439 million, marking a significant 42% increase year-on-year (YoY). The company's net profit after accounting for minority interests reached AED333 million, reflecting a 16% YoY rise. This performance underscores the effectiveness of AD Ports Group's strategic focus on both organic growth and targeted acquisitions. In its official statement, the company revealed that its Q2 2024 revenues…

The UAE Government has introduced substantial fines reaching up to Dh1 million for employers who violate newly amended labour laws. These penalties were announced on Monday following the issuance of a Federal Decree-Law that amends specific provisions of the Federal Decree-Law on the Regulation of Employment Relationships. The changes are part of the UAE's ongoing commitment to enhancing its legislative framework to maintain a competitive and efficient labour market while ensuring the protection of workers'…

Dubai Electricity and Water Authority (DEWA) has set a new standard in customer service by integrating the latest disruptive technologies, including generative artificial intelligence (AI) and ChatGPT, into its operations. This technological advancement underscores DEWA’s commitment to delivering exceptional value and enhancing stakeholder satisfaction. Since the introduction of Rammas, DEWA’s virtual employee powered by AI, in 2017, the system has been significantly enhanced with generative AI and ChatGPT as of April 2023. Rammas has efficiently…

ADNOC has announced the signing of a significant Heads of Agreement (LNG agreement) with Osaka Gas, a leading Japanese utility company, for the delivery of up to 0.8 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG). This long-term agreement marks a major milestone in the energy partnership between the UAE and Japan and highlights ADNOC’s commitment to providing secure and sustainable energy solutions. The LNG will be sourced from ADNOC’s forthcoming Ruwais…

ADNOC Drilling Company has reported record-breaking financial results for the second quarter and first half of 2024, showcasing robust growth and operational excellence. For the second quarter, the company achieved a net profit of $295 million, marking a 29% increase year-on-year and a 7% rise from the previous quarter. This impressive growth was driven by a substantial increase in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which rose by 37% year-on-year and 8% sequentially…

The Sharjah Real Estate Registration Department has released its semi-annual report, revealing robust growth in the emirate's real estate sector. The report indicates that the total value of real estate transactions in Sharjah's Central and Eastern regions reached AED 646 million during the first half of 2024, marking a 17.7% increase compared to the same period last year. The total number of transactions recorded across the department's branches amounted to 14,395, with the traded area…

ROSHN Group has announced the release of 1,251 new homes for sale in Phase 4 of the SEDRA development, further enhancing its flagship Riyadh project, renowned as one of the city's most sought-after residential communities. This latest phase is strategically located north of SEDRA's third phase, offering residents unparalleled convenience and connectivity. The new development enjoys a prime position with easy access to key shopping and office hubs within the ROSHN Front. It is also…

The General Command of Abu Dhabi Police, in collaboration with ADNOC Distribution, has announced a new initiative to provide a free inspection service for light vehicles throughout the summer months. This initiative, aimed at enhancing road safety and ensuring vehicle readiness during the hot season, will be available at 12 designated ADNOC Distribution service and vehicle inspection centers across Abu Dhabi. The comprehensive inspection service will include checks of critical vehicle components such as engine…

Dubai, UAE – Dubai Aerospace Enterprise (DAE), a leading global aviation services company, has announced its financial results for the first half of 2024, showcasing a strong year-on-year (YoY) performance. The company reported a notable increase in revenue, reaching US$679.2 million, highlighting a continued robust demand for leased aircraft and airframe maintenance services. DAE's profit before tax surged by 22.7% YoY, amounting to $154.3 million in H1 2024. The pre-tax return on equity also demonstrated…

Riyadh, Saudi Arabia – The automotive sector in Saudi Arabia continues to be a pivotal element of the national economy, playing a crucial role in commercial activities and contributing significantly to the country's economic growth. Recent data and industry reports underscore the sector's substantial expansion and regulatory advancements, positioning Saudi Arabia as the largest automotive market in the Arab world. According to the General Authority for Statistics, Saudi Arabia imported over 1 million new and…

Dubai Chamber of Digital Economy, operating under the umbrella of Dubai Chambers, has announced a remarkable achievement in the first half of 2024. The chamber successfully supported 215 high-potential digital startups in establishing and growing their businesses within the emirate, marking a significant year-over-year (YoY) growth of 212% compared to the 69 companies supported during the same period last year. The total market value of these companies is estimated at around US$ 7 billion, highlighting…

In a significant move to bolster economic cooperation and trade relations between Saudi Arabia and Brazil, the Saudi Export-Import Bank (Saudi Exim Bank) and the Brazilian Development Bank signed a Memorandum of Understanding (MoU) in Rio de Janeiro. The MoU was signed by Eng. Saad Alkhalab, CEO of Saudi Exim Bank, and Nelson Barbosa, Director of Planning and Institutional Relations at the Brazilian Development Bank. The signing ceremony was attended by Bandar Alkhorayef, Minister of…

King Khalid International Airport in Riyadh has been recognized as the world’s top airport for on-time performance in June 2024, maintaining its leading position for the second consecutive month. This accolade comes from Cirium Diio, a premier aviation analytics firm renowned for its comprehensive flight data and analysis, which plays a crucial role in improving flight planning efficiency and enhancing the travel experience with accurate and up-to-date flight information. Ayman Abdulaziz AboAbah, CEO of Riyadh…

The United Arab Emirates (UAE) and the Kingdom of Morocco have concluded the terms of a Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in strengthening the trade and investment ties between the two nations. The announcement was made following the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Ryad Mezzour, Moroccan Minister of Industry and Trade. This landmark agreement aims to…

The General Commercial Gaming Regulatory Authority (GCGRA), the federal body overseeing commercial gaming activities in the United Arab Emirates, announced today the awarding of a license to operate the UAE’s first authorized lottery. This landmark event signifies a pivotal step in the GCGRA’s mission to establish a well-regulated commercial gaming sector, grounded in principles of transparency, accountability, consumer protection, and responsible gaming practices. The prestigious lottery license has been awarded to The Game LLC, a…

Bank of Sharjah has announced its financial results for the period ending 30th June 2024, showcasing a robust performance and maintaining strong momentum from the beginning of the year. The bank's net profit surged to AED 171 million, a significant turnaround from a loss of AED 144 million during the same period last year. This remarkable recovery is attributed to substantially higher net interest income, stringent credit underwriting practices, and reduced operating costs. The 233…

In a report released ahead of the G20 summit in Brazil, Oxfam revealed that the world’s richest one percent have increased their fortunes by a staggering $42 trillion over the past decade. This accumulation of wealth contrasts sharply with the plummeting tax rates on the ultra-wealthy, which have reached historic lows, resulting in what Oxfam describes as “obscene levels” of inequality. Meanwhile, the rest of the world struggles for economic scraps. Brazil, which holds the…

In a series of high-level meetings in São Paulo, Saudi Arabia and Brazil have praised the "remarkable development" of their trade relations. Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, held discussions with Brazil’s Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, highlighting the significant strides made in economic cooperation between the two nations. The discussions centered on lucrative opportunities in the mining sector and the incentives Saudi Arabia offers…

The UAE, represented by the Ministry of Finance (MoF) and the Central Bank of the UAE (CBUAE), actively participated in the third meeting of Finance Ministers and Central Bank Governors of the G20 (G20 FMCBG). The event, held on July 25-26, 2024, took place in Rio de Janeiro under Brazil's presidency for the year. The meeting brought together representatives from G20 member countries, invited nations, and international financial organizations. The UAE’s delegation was led by…

The 14th BRICS Trade Ministers Meeting, held in Moscow, marked the UAE's inaugural participation since joining the group in August 2023. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, represented the UAE, advocating for enhanced trade cooperation among member nations and opposing barriers to the flow of goods and services worldwide. During the meeting, Dr. Al Zeyoudi signed a Joint Communique alongside ministers from Brazil, Russia, India, China, South Africa, Egypt,…

Dubai Taxi Company (DTC) has announced its financial results for the first half of 2024, showcasing significant growth across various segments. For the six months ending 30th June 2024, DTC reported a year-on-year revenue increase of 14%, reaching AED1.09 billion. In a statement released on Friday, DTC highlighted its strong financial performance, noting a 27% year-on-year rise in EBITDA to AED309.3 million. The company attributed this growth to robust performance in its core taxi segment…

In a bid to enhance awareness and ensure compliance among taxable entities, the Federal Tax Authority (FTA) has issued a reminder to Resident Juridical Persons subject to Corporate Tax, particularly those with licences issued in May, to submit their Corporate Tax registration applications by the fast-approaching deadline of July 31, 2024. The FTA's announcement reiterates that this requirement aligns with the Federal Tax Authority Decision No. 3 of 2024, which specifies the registration timeline for…

Abu Dhabi, UAE – NMDC Group, a leader in engineering, procurement, construction, and marine dredging, has announced impressive financial results for the first half of 2024. The Group's revenues soared by 79%, reaching AED 12.126 billion, compared to AED 6.765 billion in the same period last year. Reflecting strong growth in its strategic projects, NMDC Group's net profits for H1 2024 increased by 66%, totaling AED 1.461 billion, up from AED 881 million in H1…

Riyadh, Saudi Arabia – In a landmark move, Saudi Arabia-headquartered flynas announced on Thursday the signing of a Memorandum of Understanding (MoU) with France’s Airbus for the purchase of 160 aircraft. This significant order includes 75 A320neo family aircraft and 15 A330-900 widebodies, with additional options for 55 A320neos and 15 A330s. The deal, valued at a catalogue price of $13 billion, marks a major step in the airline's expansion strategy. Airbus and flynas, both…

Dubai, UAE – Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has reported an impressive year-over-year (YoY) growth of 54% in attracting multinational companies (MNCs) and small and medium enterprises (SMEs) to the emirate. The number of companies increased from 56 in the first half of 2023 to 86 during the first half of 2024. Among the 86 companies attracted in H1 2024, 24 were multinational corporations, a significant rise from…

Dubai, UAE – Aldar Properties has set a new benchmark in sustainable real estate by securing the UAE's first LEED Platinum certification for community planning and design for its Athlon residential project in Dubai. This prestigious recognition by the US Green Building Council underscores Athlon's commitment to environmental stewardship and sustainable living. LEED (Leadership in Energy and Environmental Design) is a globally recognized certification that employs a rigorous, data-driven rating framework to evaluate sustainable development…

Salalah, Oman – The fourth edition of the Omani-Bahraini Products Exhibition has officially opened in the Wilayat of Salalah, marking a significant event aimed at promoting economic collaboration between Oman and Bahrain. Organized by the Omani-Bahraini Friendship Society in partnership with the Oman Chamber of Commerce and Industry (OCCI) branch in Dhofar Governorate and the Embassy of the Kingdom of Bahrain to Oman, the exhibition will run for 10 days at Salalah Grand Mall. The…

Kuwait City, Kuwait – Kuwait's public finances have slipped back into deficit, recording a budget shortfall of KD 1.6 billion for the fiscal year 2023/2024, which ended on March 31. The deficit, announced by the finance ministry on Wednesday, follows a previous fiscal year where the nation posted its first surplus after eight consecutive years of deficits. The primary driver behind the deficit was a significant 19.4 percent decline in oil revenues, dropping to KD…

Riyadh, Saudi Arabia – In a significant move towards bolstering the aerospace industry in Saudi Arabia, Minister of Industry and Mineral Resources, Bandar Alkhorayef, met with Dimas Douglas Tomelin, Vice President of Strategy and Innovation at Embraer. The meeting focused on exploring cooperative opportunities to enhance and localize the aerospace industry within the Kingdom. The discussions between Alkhorayef and Tomelin centered on leveraging Embraer's extensive expertise in aircraft manufacturing, assembly, and maintenance to boost the…

Abu Dhabi, UAE – The Abu Dhabi Chamber of Commerce and Industry has announced the launch of the Abu Dhabi Youth Business Council (ADYBC), a strategic initiative aimed at fostering the involvement of Emirati youth in driving economic development both locally and internationally by leveraging their innovative ideas and creative capabilities. The ADYBC, comprising a select group of ambitious entrepreneurs, is dedicated to empowering young Emiratis to reach their full potential. This initiative is poised…

Abu Dhabi, UAE – In a landmark development for the fintech industry, Astra Tech’s wholly-owned subsidiary, Quantix Technology Projects LLC (Quantix), has been granted a full Finance Company Licence by the Central Bank of the UAE (CBUAE). This historic milestone establishes Quantix as the first fintech platform to receive this prestigious licence, underscoring its rapid rise as the UAE’s first officially licensed fintech operator with this distinction. This significant achievement allows Quantix, and by extension…

Dubai, UAE – In a significant move to enhance human capital and drive excellence in the tax sector, the Federal Tax Authority (FTA) has unveiled the Tax Professionals Qualification Initiative. This ambitious program aims to cultivate a new generation of highly qualified tax experts, aligning with the Authority's vision of investing in human capital and fostering a work environment that promotes lifelong learning and development. The initiative is designed to boost the efficiency of the…

Dubai, UAE – The Dubai Electricity and Water Authority (DEWA) Research and Development (R&D) Centre has released its fourth Transactions Report, showcasing a notable expansion in its research output. The report, which highlights the centre's Scopus Indexed scientific papers presented at international conferences and journals throughout 2023, reveals a 14.5% increase in research publications compared to the previous year. In 2023, DEWA's R&D Centre produced 71 research papers covering a diverse range of topics. These…

Addis Ababa, Ethiopia, recently hosted the grand launch of the “5 Million Ethiopian Coders” initiative, a significant stride in enhancing bilateral cooperation between the UAE and the Federal Democratic Republic of Ethiopia. The initiative, unveiled last August, aims to modernize and develop governmental frameworks through advanced digital skills training. The launch event, graced by the patronage and presence of HE Dr. Abiy Ahmed, Prime Minister of Ethiopia, marks a pivotal phase in this collaborative effort.…

On the second day of the Farnborough International Airshow 2024, Qatar Airways made a major announcement, expanding its significant order of Boeing 777X aircraft to include an additional 20 Boeing 777-9s. This expansion brings the airline's total order to an impressive 94 commercial and cargo Boeing 777X aircraft, solidifying its commitment to maintaining one of the youngest and most advanced fleets in the industry. In addition to the aircraft order, Qatar Airways has committed to…

In a significant move to bolster international cooperation in the mining sector, Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, highlighted the Kingdom’s emerging strength as a global player during a roundtable meeting organized by the Federation of Industries of the State of São Paulo on Tuesday. The minister emphasized the Kingdom's ongoing efforts to develop its mining sector, aiming to diversify its national economy's sources of income. Minister Alkhorayef underscored…

In a groundbreaking move towards digital transformation, the National Housing Company (NHC) of Saudi Arabia has signed a contract with South Korea's NAVER Cloud Platform to implement advanced smart city solutions on the digital twin platform "Baladi." The signing ceremony, which marked a significant step in the Kingdom's technological advancements, was attended by the Minister of Municipalities and Housing, Majed bin Abdullah Al-Hogail. This strategic collaboration aims to integrate global best practices within the municipal…

PureHealth has achieved a significant milestone with the successful initial public offering (IPO) of its subsidiary, Ardent Health Partners, on the New York Stock Exchange (NYSE). Ardent Health offered 14,300,000 shares of its common stock at $16 per share, with trading beginning on July 18, 2024, under the ticker symbol ARDT. The listing of Ardent Health on the NYSE not only underscores Abu Dhabi's pivotal role as a key investor in the US market but…

The Ministry of Industry and Mineral Resources has announced the launch of its most extensive mineralized belts to date, encompassing an impressive 4,788 km². This initiative includes five exploration licenses and aims to unlock the vast mineral wealth within these belts. The ministry is calling on major local and international mining and exploration companies to participate in the ongoing Exploration Licensing Rounds. According to Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, this initiative underscores…

RIYADH: The International Monetary Fund (IMF) has welcomed recent recalibrations and adjustments by Saudi Arabia on several of its megaprojects under Vision 2030. This endorsement comes as the Kingdom approaches the midpoint of its ambitious economic diversification strategy. “We are almost at a midpoint in Vision 2030,” stated Jihad Azour, IMF Director for the Middle East and Central Asia. “Those recalibrations are part of the classical revision of any medium-term strategy.” Saudi Arabia is currently…

DP World and the Turkish Evyap Group have announced the successful completion of their strategic merger, which unites two prominent ports on the Marmara Sea to form a new international logistics hub. This merger, which has received regulatory approval from the Turkish Competition Authority, is set to significantly bolster Türkiye's role in global trade. The newly established entity, DP World Evyap, sees DP World taking a 58% stake in Evyapport, while the Evyap Group holds…

Sanad, the global leader in aerospace engineering and leasing solutions, wholly owned by Abu Dhabi’s Mubadala Investment Company PJSC, has announced a robust financial performance for the first half of 2024. This milestone underscores the company’s strategic initiatives and its growth trajectory within the global aviation industry. For H1 2024, Sanad Group reported a revenue of AED2.3 billion, with significant contributions from its core Maintenance, Repair, and Overhaul (MRO) and Leasing divisions. The company is…

Plenty Unlimited Inc. (Plenty) and Mawarid Holding Investment (Mawarid), a subsidiary of Alpha Dhabi Holding, have announced an exclusive, multi-year partnership aimed at transforming fresh produce production across the Gulf Cooperation Council (GCC) region. This landmark collaboration will see an investment of over AED 500 million (US$ 130 million) into their first project: an indoor vertical farm in Abu Dhabi designed to grow more than 2 million kilograms of strawberries annually. The ambitious joint venture…

In a strategic move to bolster the UAE's private sector employment, ADNOC and the Emirati Talent Competitiveness Council (ETCC) have inked a collaboration agreement under the Nafis leadership programme. This ambitious partnership aims to create 13,500 new job opportunities for UAE nationals within ADNOC’s supply chain by 2028, aligning with the UAE's broader goal of generating 100,000 private sector jobs for Emiratis over the next three years. The agreement will unlock high-skilled positions in advanced…

Dubai International Chamber, one of the three chambers operating under the Dubai Chambers umbrella, has successfully supported the expansion of Kilimanjaro Energy into the Chinese market. This significant development marks a milestone for the Dubai-based renewable energy group as it broadens its international footprint. The chamber's strategic efforts culminated in the signing of a Memorandum of Understanding (MoU) between Kilimanjaro Energy and Skyworth Photovoltaic Technology, a leading Shenzhen-based company specializing in residential and commercial solar…

The UAE General Civil Aviation Authority (GCAA) has entered into a significant contract with Global Air Navigation Services (GANS) to provide specialized training services for Air Traffic Controllers. This collaboration marks a major step in enhancing the skills and capabilities of the UAE's air traffic management personnel. Under the terms of the agreement, GANS will deliver comprehensive training services to GCAA's ab-initio air traffic controllers at its state-of-the-art training center in Al Ain. The training…

Abu Dhabi Energy Services (ADES), a subsidiary of TAQA (Abu Dhabi National Energy Company), has announced the commencement of a groundbreaking 9000-kilowatt peak (kWp) solar photovoltaic (PV) project for the United Arab Emirates University (UAEU) in Al Ain. This initiative marks the largest solar energy project in the UAE's education sector and represents the first large-scale renewable energy venture for the UAEU. The ambitious project will see the installation of over 14,000 solar ground-mounted modules…

Mashreq Bank has announced an additional AED 1 billion in financing solutions aimed at bolstering the UAE's industrial sector, enhancing its growth, competitiveness, and productivity. This move aligns with the objectives of the National Strategy for Industry and Advanced Technology, known as Operation 300Bn. The additional funding is designed to stimulate industrial companies in the UAE by providing them with enhanced financing solutions under the "Make it in the Emirates" (MIITE) initiative. This initiative underscores…

The UAE's emerging energy sector has seen significant growth, with financing volumes reaching more than AED 110.2 million by the end of the first half of 2024. This data comes from the International Energy Agency (IEA), which tracks early financing for innovative energy companies. Companies focused on energy storage and batteries attracted the largest share of this financing, constituting approximately 33.3 percent of the total. Solar energy startups followed, securing 25 percent, while wind energy…

The Federal Tax Authority (FTA) of the UAE has unveiled its latest digital initiative, the 'Maskan' smart application, aimed at facilitating VAT recovery for UAE citizens on home construction expenses. This initiative is part of the FTA's ongoing efforts to enhance digital transformation and streamline tax services in alignment with national priorities. 'Maskan' offers a paperless, digital process allowing UAE citizens to reclaim Value Added Tax (VAT) incurred during the construction of their new homes.…

Dubai South, the leading urban development focusing on aviation, logistics, and real estate, has announced the successful completion of the first stage of autonomous vehicle trials in collaboration with Evocargo. The trials took place within the closed area of the Dubai South Logistics District, marking a significant milestone in the UAE's advancement towards autonomous transportation. Evocargo conducted rigorous checks on its unmanned electric truck, the Evocargo N1, validating hardware, software, and reliability for future deployment…

The Ministry of Finance (MoF) of the UAE has unveiled the Public-Private Partnership (PPP) Manual for Projects and Execution during a workshop held at the Waldorf Astoria Hotel in Dubai International Financial Centre. The event was attended by Saeed Rashid Al Yateem, Assistant Under Secretary of Resource and Budget Sector, along with leaders from the Ministry and various federal entities. The workshop introduced federal entities with selected partnership projects to the key themes and stages…

In a strategic move to bolster its renewable energy footprint, Saudi-listed ACWA Power, the world's largest private water desalination company, has announced the completion of a Sale and Purchase Agreement with China Southern Power Grid International (HK) Co. Ltd (CSGIHK). The agreement involves the sale of a 35% stake in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company Limited. The agreement was celebrated in a closing ceremony…

In a significant step towards achieving the goals of Saudi Vision 2030, the Ministry of Energy, in collaboration with the Public Investment Fund (PIF), has signed three major agreements to localize renewable energy industries within the Kingdom. These agreements, which focus on wind turbines, solar cells and panels, and solar wafers and ingots, aim to bolster the Kingdom's renewable energy supply chains and establish Saudi Arabia as a global hub for renewable energy technology. The…

In a significant move to bolster economic ties, Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Mamo E. Mihretu, Governor of the National Bank of Ethiopia (NBE), have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr. The two central banks also entered into two Memoranda of Understanding (MoUs) aimed at enhancing financial cooperation and facilitating cross-border transactions between the UAE and Ethiopia. The currency swap…

Etihad Water and Electricity (EtihadWE) has reaffirmed its commitment to national efforts aimed at streamlining government processes and enhancing customer experience by implementing 43 new measures. These initiatives emerged from a series of internal, idea-generating workshops, part of the broader UAE Zero Bureaucracy (ZGB) programme. The ZGB programme, launched in November 2023, targets the cancellation of at least 2,000 government measures, aiming to halve the time required for procedures and eliminate unnecessary bureaucracy by the…

Dubai Chambers has collaborated with the Federal Tax Authority (FTA) to host the "Compliance Challenges Workshop 2024" at its headquarters. The event aimed to enhance awareness about the UAE tax system among the local business community. The workshop, organized by the FTA in cooperation with Dubai Chambers, attracted 130 participants and provided a comprehensive overview of the key taxes applicable to businesses operating in the UAE, including Excise Tax and VAT. It also covered the…

The Abu Dhabi Chamber of Commerce has announced the opening of registration for the innovative “Abu Dhabi Business Connect Platform.” This new initiative invites local companies to join and connect with over 3 million companies worldwide, enhancing the competitiveness of Abu Dhabi’s business ecosystem and attracting foreign direct investments to the emirate. The Abu Dhabi Business Connect Platform represents a unique way for local businesses to engage with international economic entities and global markets. This…

Dubai, UAE - Emirates SkyCargo, the cargo division of Emirates airline, has announced a significant expansion of its fleet with a firm order for an additional five Boeing 777 freighters. The deal, valued at approximately $1 billion, will see the delivery of these new aircraft between 2025 and 2026, bolstering Emirates SkyCargo’s capacity to meet growing global demand. This new order brings the airline’s total order book to 315 wide-body aircraft, underscoring its commitment to maintaining…

Abu Dhabi, UAE: Al Maryah Community Bank (Mbank), a leading digital banking institution in the UAE, has entered into a strategic partnership with First Abu Dhabi Bank (FAB) to broaden Mbank’s geographical reach and enhance its service offerings. This collaboration aims to provide both retail and corporate customers with seamless access to cash and cheque deposit services through FAB’s extensive network of ATMs and Cash Deposit Machines (CDMs). In an announcement made on Tuesday, Mbank…

Abu Dhabi, UAE — The Abu Dhabi Global Market (ADGM) has unveiled a significant revision to its licencing fee schedule, effective from January 1, 2025. This move is part of ADGM's strategic efforts to enhance its business ecosystem, making it more attractive and accessible to various enterprises, particularly those on Al Reem Island. The new fee structure will see substantial reductions in licencing costs for non-financial and retail businesses operating within ADGM's jurisdiction. New registrations…

Khalifa Economic Zones Abu Dhabi (KEZAD) Group has announced the commissioning of a new natural gas network with a capacity of 311,100 MMBTU per day in KEZAD Area A - Al Ma'mourah. This strategic infrastructure development aims to enhance the services provided to KEZAD’s industrial clients and solidify the region’s position as a key driver of industrial growth and innovation in Abu Dhabi. The new network, developed by KEZAD Group’s subsidiary, KEZAD Utilities & Facilities…

Ajman, UAE – Abdullah bin Mohammed Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry (ACCI), recently welcomed a delegation from the Gulf Chinese Trading Corporation, which oversees the operations of Ajman's China Mall. The high-level meeting focused on exploring avenues for cooperation, expanding China Mall investments, and attracting leading Chinese companies in sectors such as renewable energy, advanced industries, artificial intelligence, health, and tourism. The delegation, led by the Director-General of the Gulf…

Saudi Arabia is set to bolster its food security with the announcement of five new investment projects in the Al-Baha region. These initiatives aim to achieve self-sufficiency and align with the ambitious goals of Vision 2030. The Ministry of Environment, Water, and Agriculture revealed these opportunities through its FURAS portal, as reported by the Saudi Press Agency. The projects encompass a diverse range of agricultural activities, including the cultivation of orchards, coffee, palm trees, flowers,…

Dubai, UAE – In a strategic move to enhance the logistics infrastructure of Dubai, Aldar Properties and DP World have signed an agreement to develop a state-of-the-art, Grade A logistics park at the National Industries Park (NIP) in Jebel Ali. This significant development will cover an area of 1.55 million square feet (144,000 square meters) and aims to cater to the growing demand for high-quality warehousing facilities. This collaboration marks a major step for Aldar…

Abu Dhabi, UAE – ADNOC Gas plc has announced the award of engineering, procurement, and construction (EPC) contracts valued at $550 million (AED2 billion) for the next phase of the UAE's sales gas pipeline network enhancement, known as the "ESTIDAMA Project." These contracts, pivotal for the strategic expansion of the nation's gas infrastructure, have been awarded to NMDC Energy P.J.S.C and Galfar Engineering & Contracting W.L.L Emirates. In a strategic move to optimize capital efficiency,…

Riyadh, Saudi Arabia – Saudi Arabia’s logistics sector experienced remarkable growth in the second quarter of 2024, registering a 76% increase in active commercial registrations compared to the same period last year. According to the Ministry of Commerce's latest bulletin, the number of active registrations in the logistics sector reached 11,928, a significant rise from the previous year's 6,742. This impressive growth underscores the sector's pivotal role in supporting the Kingdom's gross domestic product (GDP)…

Abu Dhabi, UAE – Investments by banks operating within the United Arab Emirates have continued their steady upward trajectory, reaching AED 666.2 billion by the end of April 2024, according to the latest indicators issued by the Central Bank of the UAE (CBUAE). This represents a monthly growth of 0.3% and an impressive 5% increase since the beginning of the year. When compared to the same period last year, investments have surged by 21%, underscoring…

Abu Dhabi, UAE – The Ministry of Energy and Infrastructure (MoEI), represented by UAEV, and Emirates Transport have announced a collaborative initiative to install and operate electric vehicle (EV) charging stations at Emirates Transport buildings. This strategic move aligns with UAEV’s mission to support the transition to green mobility and contributes to the UAE’s ambitious goal of increasing the share of EVs to 50% of total vehicles on the country’s roads by 2050. Sharif Al…

Abu Dhabi, UAE – Etihad Airways has reported a significant 38% increase in passenger numbers for the first half of 2024, transporting 8.7 million passengers amid expanding its route network to meet soaring demand for air travel. The Abu Dhabi-based airline achieved a passenger load factor of 85% during this period, reflecting strong demand and efficient seat utilization. In June alone, the airline carried 1.5 million passengers, marking a 34% year-on-year increase, with a load…

Dubai, UAE – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, held a significant meeting with local dignitaries, businessmen, investors, senior officials, and heads of private sector entities at the historic Union House in Dubai. The gathering underscored Dubai’s commitment to sustainable development and its ambitious vision for the future. During the meeting, Sheikh Mohammed highlighted the UAE and Dubai’s consistent top rankings in global competitiveness indicators…

The UAE Ministry of Economy has introduced the Federal Decree-Law No. 36 of 2023 on competition regulation during a comprehensive media briefing. This landmark legislation is designed to enhance and protect competition within the country, curb monopolistic practices, and mitigate harmful economic concentration. By doing so, it aims to boost the productivity of various economic sectors, thereby enhancing the UAE's attractiveness to both domestic and international investors. Key Objectives and Framework Abdullah Ahmed Al Saleh,…

ADNOC has announced the groundbreaking deployment of RoboWell, AIQ’s advanced artificial intelligence (AI) autonomous well-control solution, in its offshore operations at the NASR field. This marks the world's first offshore deployment of RoboWell, showcasing ADNOC's commitment to leveraging cutting-edge technologies to enhance operational efficiency and ensure a secure, reliable, and responsible energy supply. Developed in collaboration with AIQ, a leading Abu Dhabi-based AI innovator in the energy sector, RoboWell employs cloud-based AI algorithms to autonomously…

Nasdaq Dubai celebrated the listing of a US$500 million Sukuk issued by Sharjah Islamic Bank (SIB), underscoring the dynamic appeal of the UAE’s capital market. This listing is the sixth issuance under SIB’s USD 3 billion Trust Certificate Issuance Programme, established in 2013. The Sukuk, which will mature in 2029, garnered robust demand from both global and regional investors, being oversubscribed three times with orders totaling US$1.5 billion. Ahmed Saad Ibrahim, Deputy CEO of Sharjah…

Qatar Industrial Manufacturing Company (QIMC) has announced the initiation of trial operations for the Gizaz factory, a pioneering facility for the production of glass containers in Qatar. This marks a significant milestone in the country’s industrial sector. Abdulrahman Abdullah Al Ansari, CEO of QIMC and Chairman of Gizaz Glass Containers Company, confirmed that the trial operations began on June 15, 2024. The operations are in line with the approved plan and have been executed in…

Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital, has announced the publication of its comprehensive whistleblowing framework. This initiative, a coordinated effort among ADGM Authorities, aims to bolster transparency, accountability, and market integrity within the center. This framework is designed to complement ADGM’s existing regulatory environment, promoting a progressive business atmosphere. The newly published whistleblowing framework includes several key components: Dedicated Regulations for Protected Disclosures: ADGM has established regulations that…

The Saudi Authority for Data and Artificial Intelligence (SDAIA) has made history by becoming the first global entity to achieve the ISO 42001:2023 certification for Artificial Intelligence Management Systems. This prestigious certification acknowledges SDAIA's implementation of high standards and best practices in managing artificial intelligence (AI). This milestone underscores Saudi Arabia's prowess and leadership in the fields of data and AI on the global stage. In a press release, Dr. Abdullah bin Sharaf Al-Ghamdi, President…

New York, USA - The United Arab Emirates (UAE) delegation to the United Nations High-Level Political Forum (HLPF) on Sustainable Development engaged in pivotal discussions with the UN’s Deputy Secretary-General to strategize on accelerating progress towards the Sustainable Development Goals (SDGs) over the next six years. On Wednesday, UN Deputy Secretary-General Amina Mohammed met with the UAE delegation, led by Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange and Chairman…

Ras Al Khaimah, UAE - In a bid to bolster economic cooperation and amplify trade and investment flows, the Ras Al Khaimah Chamber of Commerce has entered into a strategic agreement with the Argentine Chamber of Commerce and Services (CAC). This partnership aims to enhance the business communities of Ras Al Khaimah and Argentina, fostering stronger ties and mutual growth. The agreement, signed by Mohamed Mosbeh Al Nuaimi, Chairman of the Ras Al Khaimah Chamber…

The Central Bank of the UAE (CBUAE) has announced a significant milestone, reporting that its balance sheet reached an unprecedented AED789.82 billion by the end of April 2024. This marks a remarkable year-over-year growth of 25 percent, rising from approximately AED631.63 billion in April 2023, according to the latest CBUAE report released today. On a month-to-month basis, the apex bank's balance sheet saw a 2.4 percent increase, equating to AED18.6 billion, from AED771.23 billion in…

Sharjah, UAE  – Al Noor Island, Sharjah's iconic family-friendly destination, has been named one of the top 10 attractions in the Middle East, earning the prestigious 'Best of the Best' title for 2024 on TripAdvisor. This accolade, awarded by the leading travel review platform, places Al Noor Island in the top 1% of the 8 million listings on TripAdvisor. Developed and managed by the Sharjah Investment and Development Authority (Shurooq), Al Noor Island has consistently…

Dubai – Dubai's Roads and Transport Authority (RTA) has been honored with the Global Gold Winner category at the esteemed Green World Awards, hosted by the UK-based The Green Organisation. This accolade highlights the outstanding achievements of RTA's Route 2020 project in environmental performance, effective resource use, support for sustainable development goals, and significant carbon reduction efforts. The Route 2020 project, which extends from Jabal Ali Station to the Expo 2020 site, spans 15 kilometers—11.8 km…

Diriyah, Saudi Arabia – Diriyah Company has announced a groundbreaking construction contract with El Seif Engineering Contracting Co. Ltd (ESEC) in partnership with China State Construction Engineering Corporation Limited (CSCEC). This project, valued at over SAR7.8 billion ($2 billion), marks the largest construction contract in the history of Diriyah Company. The ambitious project will transform the northern part of Diriyah into a vibrant mixed-use district, featuring advanced educational institutions, cultural venues, modern office spaces, and…

Ajman: Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the National Media Office (NMO) and Chairman of the UAE Media Council, presided over a pivotal meeting of the Council in Ajman. The session focused on reviewing strategic projects and initiatives aimed at advancing the UAE’s media landscape. During the meeting, Sheikh Abdulla bin Mohammed Al Hamed reiterated the UAE leadership’s firm belief in the vital role of media in supporting the nation's comprehensive and sustainable…

Abu Dhabi, UAE – President His Highness Sheikh Mohamed bin Zayed Al Nahyan has welcomed a consortium of global partners and investors who have joined forces with ADNOC in its innovative lower-carbon intensity liquefied natural gas (LNG) project in Ruwais. The announcement marks a significant milestone in the UAE's ongoing commitment to clean energy initiatives. The meeting, held at Qasr Al Shati in Abu Dhabi, was attended by H.H. Sheikh Khaled bin Mohamed bin Zayed…

Geneva, Switzerland – Abdullah bin Touq Al Marri, UAE Minister of Economy, led a delegation at the 65th session of the Assemblies of the World Intellectual Property Organisation (WIPO), held at the Organisation's headquarters in Geneva. The session, which began on July 9 and runs until July 17, highlights the UAE's dedication to fostering a competitive intellectual property (IP) protection system. Commitment to Global Best Practices In his address, Minister Al Marri emphasized that the…

Muscat – The Sultanate of Oman recorded a total public revenue of OMR 5.075 billion at the end of May 2024, marking a 7% decrease compared to OMR 5.463 billion in the same period in 2023. This decline is primarily attributed to reductions in both hydrocarbon and non-hydrocarbon revenues, as reported in the latest Fiscal Performance Bulletin issued by the Ministry of Finance. The report indicates that the net oil revenue at the end of…

YEKATERINBURG - Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, emphasized the importance of the UAE's participation as a Partner Country at the INNOPROM 2024 International Industrial Trade Fair, held in Yekaterinburg, Russia. This engagement underscores the UAE's commitment to highlighting its dynamic business environment and the unparalleled opportunities it offers to international industrial companies. Speaking to the Emirates News Agency (WAM) on the sidelines of the event, Dr.…

DUBAI - In a significant move to foster global business growth, Dubai Chambers has signed a Memorandum of Understanding (MoU) with VFS Global, the world’s largest visa outsourcing and technology services specialist for governments and their diplomatic missions. The agreement aims to accelerate the global expansion of Dubai-based companies, leveraging VFS Global’s extensive international network and resources. Under the terms of the MoU, VFS Global will offer strategic services to enhance trade and investment development…

Riyadh: In a significant financial move, Saudi Aramco, the world's leading energy giant, has announced the issuance of US dollar-denominated international bonds under its Global Medium Term Note Program. This marks the state-owned oil firm’s return to the global debt market after a three-year hiatus. According to a statement released on Tadawul, the Saudi stock exchange, Aramco revealed that the bonds have a minimum subscription of $200,000, with the offering price and value to be…

Beijing – Amna bint Ahmed Al Romaihi, Minister of Housing and Urban Planning of Bahrain, held a meeting with Zhang Hui, Vice President at SINOSURE, a Chinese export and credit insurance corporation, during her visit to the People’s Republic of China. The meeting focused on enhancing cooperation between Bahrain's Housing Ministry and SINOSURE, particularly in relation to the ongoing partnership with China Machinery Engineering Corporation (CMEC) for the Sitra Housing Project. Both parties discussed the progress…

ABU DHABI — Intercontinental Exchange, Inc. (NYSE:ICE) announced a significant surge in trading activity for Murban crude oil during the second quarter of 2024. This milestone reflects the continued success and growing influence of ICE Futures Abu Dhabi (IFAD), which launched in March 2021 in partnership with ADNOC and nine of the world’s leading energy traders. Murban crude, the UAE’s flagship crude grade supplied by ADNOC, is renowned for its low carbon emissions and high…

DUBAI — H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has approved the Master Plan for the Jebel Ali Beach Development Project. This approval aligns with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to develop the world’s best public beaches within the emirate. The Jebel Ali Beach Development Project spans…

Cairo  — The Secretary General of the Arab League, Ahmed Aboul Gheit, is set to attend the fifth Japan-Arab Economic Forum, scheduled to take place from July 10 to 11 in Japan. This prominent event is organized by the Arab League Secretariat General in collaboration with the Japanese Ministry of Economy, Trade and Industry and the Japan External Trade Organization. The forum will primarily focus on enhancing trade relations between Arab countries and Japan, while…

Dubai — EMX, a prominent logistics provider under 7X, has announced the launch of "EMX International," a new international solution designed to streamline eCommerce parcel delivery across the Gulf Cooperation Council (GCC) region. This innovative service aims to simplify delivery procedures for companies looking to expand their reach to customers in Saudi Arabia, Oman, Kuwait, Bahrain, Qatar, and Jordan. With the introduction of EMX International, companies can significantly optimize their logistics operations and reduce time and…

Muscat — A surge in Oman's non-oil activities has significantly contributed to the country’s gross domestic product (GDP), which reached 10.45 billion Omani rials ($27.15 billion) in the first quarter of 2024. This marks a 0.8 percent increase year-on-year, according to preliminary data released by the National Centre for Statistics and Information (NCSI). The non-oil sector recorded a substantial value of 7.18 billion rials by the end of Q1 2024, reflecting a 3.9 percent growth compared…

Riyadh — The Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, met with the Chinese Ambassador to the Kingdom, Chang Hua, at the ministry's headquarters in Riyadh. The meeting, attended by officials from both sides, focused on strengthening bilateral relations and exploring new avenues for cooperation in the municipal and housing sectors. Discussion Highlights During the discussions, both parties reviewed the existing bilateral relations across various fields and identified opportunities to enhance cooperation…

DUBAI — The Ministry of Energy and Infrastructure (MoEI) has unveiled the innovative Satgate project in collaboration with the Mohammed bin Rashid Space Centre (MBRSC). This cutting-edge initiative aims to leverage satellite and artificial intelligence (AI) technologies to significantly enhance maritime mapping and monitoring, reinforcing the UAE's status as a premier global maritime hub. The Satgate project is designed to improve the efficiency of locating ships, monitoring sea conditions, and forecasting weather, thereby enhancing maritime…

Doha - The Qatar Central Bank (QCB) has reported a notable increase in its foreign currency reserves and foreign currency liquidity, which surged by 3.88 percent year-on-year, reaching QR 250.091 billion in June 2024. This is a significant rise compared to the QR 240.742 billion recorded in the same period in 2023. According to the figures released by QCB on Sunday, the bank’s official reserves experienced a substantial boost. By the end of June 2024,…

Riyadh - The Ministry of Commerce has registered a notable increase in new commercial files for container handling services, with 2,457 files recorded in the second quarter of 2024. This marks a significant 48% increase compared to the 1,658 files registered during the same period last year, as highlighted in the ministry's latest quarterly bulletin for the business sector. According to the report, Riyadh led the surge with 1,027 new records. This was followed by…

RAS AL KHAIMAH - The Ras Al Khaimah Economic Zone (RAKEZ), in collaboration with the German Emirati Joint Council for Industry & Commerce (AHK), hosted a highly successful Business Breakfast aimed at fostering connections and networking opportunities for German investors and businesses across the UAE. The event, which took place in Ras Al Khaimah, saw Ute Brunn, Deputy Consul-General of the Federal Republic of Germany, extend a warm welcome to attendees. The session featured high-level…

OSAKA - The UAE Pavilion has officially announced its participation in Expo 2025 Osaka, Japan, which will commence in April 2025 under the theme “Designing Future Society for Our Lives.” The announcement was made during a groundbreaking ceremony held at the UAE Pavilion’s plot on the Expo 2025 Osaka site on Yumeshima Island. The ceremony was attended by Shihab Al Faheem, Ambassador of the UAE to Japan, alongside Expo organizers, official dignitaries, and high-level officials.…

RIYADH – The Public Investment Fund (PIF) of Saudi Arabia has achieved significant recognition in the 2024 Governance, Sustainability, and Resilience (GSR) Scoreboard, published by data platform Global SWF. The PIF has retained its position as the leading sovereign wealth fund in the Middle East and has climbed five places to tie for second globally in a ranking of 100 sovereign wealth entities. The PIF’s overall assessment score improved to an impressive 96 percent, up…

TOKYO - The Abu Dhabi National Oil Company (ADNOC) has signed a landmark $3 billion (AED 11 billion) green financing facility agreement with the Japan Bank for International Cooperation (JBIC). This significant financial arrangement follows a Heads of Agreement (HOA) signed between ADNOC and JBIC in January, building upon their long-standing successful partnership. The agreement was signed in Tokyo in the presence of several high-ranking officials, including Dr. Sultan bin Ahmed Al Jaber, UAE Minister…

DUBAI - In a move set to revolutionize the automotive trade sector, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has directed the development of the 'Dubai Car Market,' which will be the largest and most advanced car market in the world. This ambitious initiative is designed to reinforce Dubai's position as a leading global hub for the automotive industry. The project will be overseen by H.H.…

Doha - The Qatar Railways Company (Qatar Rail) Contact Center has achieved significant recognition, winning two prestigious awards from Contact Center World, The Global Association for Contact Centre and Customer Engagement, at the 2024 Annual EMEA Regional Contact Center World Conference held in Amsterdam, Netherlands. Qatar Rail's Contact Center was honored with the Gold Award for the Best Contact Centre Operational Manager and the Silver Award for the Best Public Services Center in the MEA…

Emirates Global Aluminium (EGA) has made history with the world's first bauxite shipment transported using a Liquefied Natural Gas (LNG)-fuelled vessel. The cargo, transported aboard a Capesize ship, comprises bauxite mined by EGA's subsidiary, Guinea Alumina Corporation, and is en route to a customer in China. LNG-fuelled ships, according to SEA-LNG—a multi-sector industry coalition—can achieve up to 28% lower greenhouse gas emissions on a tank-to-wake basis compared to vessels using traditional marine bunker fuel. This…

ADNOC and e&, a global technology group, have announced a groundbreaking initiative to construct the energy industry’s largest private 5G wireless network, covering an expansive 11,000 square kilometers in Abu Dhabi. This ambitious project aims to revolutionize ADNOC’s operational efficiency across both onshore and offshore facilities by providing high-bandwidth connectivity. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, emphasized the significance of this collaboration…

The Türkiye-Saudi Arabia Construction Forum, organized by the Saudi Contractors Authority (SCA), commenced today in Istanbul, marking a significant step towards fostering collaboration between the construction sectors of both nations. The forum aims to establish strategic partnerships for major development projects, enhancing bilateral cooperation in various sectors. The event was attended by prominent figures, including Saudi Arabia's Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, Turkish Deputy Minister of Trade Mustafa Tuzcu,…

DUBAI - In a move to enhance trade logistics and shipping routes between the United Arab Emirates and China, DP World and Zhejiang Seaport Group have entered into a strategic partnership. This collaboration is set to bolster port operations and maritime connectivity between Jebel Ali Port in Dubai and Ningbo-Zhoushan Port in China. The new alliance aims to attract more shipping companies to establish additional maritime routes between the two key ports. This initiative will…

ABU DHABI - Abu Dhabi's airports experienced a significant surge in passenger traffic in 2023, with approximately 22.4 million travelers passing through, according to the latest data released by Abu Dhabi Airports and published in the Key Transport Statistics 2023 report by the Statistics Centre - Abu Dhabi (SCAD). The report revealed that annual arrivals through the emirate's airports reached over 11.1 million, while departures stood at 11.3 million. The Indian subcontinent led the list…

ABU DHABI – ADNOC Drilling Company has confirmed the award of a substantial contract, valued at approximately $733 million, by ADNOC Offshore for the provision of three new island drilling rigs. These rigs will support expanding operations at the offshore Zakum field, a critical component of the UAE's energy infrastructure. Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, expressed the company’s honor in receiving this significant award, highlighting it as a pivotal moment…

Seattle - In a significant move to bolster the Kingdom of Saudi Arabia's digital infrastructure, Eng. Abdullah bin Amer Al-Sawaha, the Minister of Communications and Information Technology, met with Matt Garman, CEO of Amazon AWS Cloud, along with other senior leaders of the company. The meeting took place during Al-Sawaha's official visit to the United States, aiming to enhance the strategic partnership between Saudi Arabia and Amazon AWS. The discussions centered on Amazon AWS's investments…

ABU DHABI - ADNOC Group, an early adopter of artificial intelligence (AI) technologies for sustainability, has achieved significant milestones through the implementation of over 30 AI tools. According to Ibrahim Al-Zu'bi, Group Chief Sustainability & ESG Officer at ADNOC Group, these advancements have resulted in savings of up to $500 million and a reduction of over one million tonnes of carbon emissions. Speaking to the Emirates News Agency (WAM) at the Global Sustainability Forum in…

Abu Dhabi - The Chief Sustainability Officers (CSO) Network has announced the launch of the 'AI for Sustainability Hub' at the second edition of the Global Sustainability Forum, held at the Abu Dhabi Energy Centre. This event was organized in collaboration with the New York Stock Exchange, part of Intercontinental Exchange, Inc., and ADNOC. The AI for Sustainability Hub will serve as a vital platform for governments, the private sector, and academia to collaborate on…

Jebel Ali Free Zone (JAFZA) and Eaton, a leading global intelligent power management company, have announced a strategic partnership to construct a state-of-the-art sustainable campus. This new facility will consolidate Eaton's Dubai-based commercial, manufacturing, and support functions, while also providing ample capacity for future growth. The agreement was formalized in a signing ceremony at JAFZA in Dubai, attended by Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, and Craig Arnold, Chairman and CEO…

Doha, Qatar – In November, Doha will host the Qatar Investment and Innovation Conference 2024: Investing in the Future at Barahat Msheireb, Downtown Doha. This pivotal event aims to bolster regional and local cooperation and coordination, enhancing innovative investment and entrepreneurial capacities. The conference, organized by The Business Year Group (TBY) - a global media organization with 15 years of experience providing insights into dynamic markets - marks the 10th anniversary of TBY's operations in…

Dubai's Metro service is poised for a major expansion, with plans to add 32 new stations by 2030. The ambitious development plan, approved by the emirate's Executive Council, aims to significantly enhance the city's public transportation network and support Dubai's broader urban development goals. Currently, Dubai's Metro comprises 64 stations spread over 84 square kilometers. The expansion will increase this to 96 stations covering 140 square kilometers by 2030. The long-term vision targets a total…

Sharjah: His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has announced the establishment of the Sharjah Communication Technologies Free Zone (COMTECH) in Kalba city. This initiative, formalized through an Emiri decree, marks a significant step towards positioning Sharjah as a global hub for the telecommunications and technology sectors. COMTECH will operate under the aegis of the Sharjah Communication Technologies Authority (SCTA). According to the decree, all companies,…

Tunisia, represented by the Civil Aviation Authority (CAA), and the Sultanate of Oman have officially signed a comprehensive air services agreement in Tunis. This significant accord was formalized by Naif Ali Al Abri, Chairman of the CAA, according to the Oman News Agency (ONA). The newly signed agreement updates the previous arrangement from 1985, which was originally established to regulate air services between the two countries. This modernization aligns with the principles of open skies,…

Aramco, one of the world's foremost integrated energy and chemicals companies, has announced the awarding of contracts worth over $25 billion to advance its strategic gas expansion. This ambitious initiative aims to increase sales gas production by more than 60% by 2030, compared to 2021 levels. These contracts cover several major projects, including the phase two development of the expansive Jafurah unconventional gas field, the phase three expansion of Aramco’s Master Gas System, new gas…

The Saudi Film Commission has announced its membership in the Association of Film Commissioners International (AFCI), a prominent global non-profit organization comprising over 360 film commissions from more than 40 countries across six continents. This strategic move, detailed in a press release issued today, is set to bolster Saudi Arabia's position in the international film industry. The commission's affiliation with AFCI is expected to significantly enhance the national economy by developing the Saudi film industry…

The Roads and Transport Authority (RTA) has announced a significant development project worth AED431 million to improve entry and exit points for Dubai Harbour. This ambitious initiative, undertaken in partnership with Shamal Holding, aims to streamline traffic flow and enhance accessibility for visitors and residents. The project involves the construction of a 1,500-meter bridge featuring two lanes in each direction. This new infrastructure will connect Sheikh Zayed Road directly to Dubai Harbour, significantly reducing travel…

Shanghai — In a significant move to enhance air cargo operations, Saudi Arabian Logistics (SAL) has signed a comprehensive service contract with Air China. This agreement, announced today, underscores SAL's role as a leading national logistics provider and a trusted partner in the aviation industry. Under the terms of the contract, SAL will provide extensive air cargo handling services for Air China. In addition to handling air cargo, SAL will facilitate ground transportation connections between…

The Ministry of Human Resources and Emiratisation (MoHRE) has announced that 30th June is the final deadline for companies to meet their Emiratisation targets for the first half of 2024. These targets mandate a 1% increase in the employment of UAE citizens in skilled positions at companies with 50 or more employees, in line with the decisions made by the Council of Ministers. In an official press statement, MoHRE explained that starting from 1st July,…

Muscat: Petroleum Development Oman (PDO) has been lauded for its exceptional contributions to corporate social responsibility, receiving five prestigious awards at the Second GCC International Corporate Social Responsibility (CSR) Conference and Awards 2024. The event, held in the Kingdom of Bahrain, was organized by the Bahrain CSR Society in collaboration with the Eastern Province Council for Social Responsibility from Saudi Arabia. PDO distinguished itself by securing first place in two key categories: Excellence in International…

The Labor Fund "Tamkeen" has been awarded the prestigious Bahrain Digital Content Award at the 2023 BDC Awards for its innovative "online portal." This recognition was announced during the Bahrain Technology Companies Society (BTECH) event, which saw the presence of notable figures, including Ali bin Saleh Al Saleh, Chairman of the Shura Council, along with several senior officials and representatives from various government and private entities in the kingdom. Farah Rabea, Director of Marketing and…

SAN FRANCISCO – Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, recently concluded a productive visit to San Francisco and Silicon Valley. This visit aimed to bolster economic cooperation and explore advanced technology partnerships between the United Arab Emirates and the United States. During his trip, Dr. Al Zeyoudi engaged in several high-level discussions with key stakeholders, leading technology companies, and local entrepreneurs. The minister focused on identifying potential…

Abu Dhabi Chamber of Commerce and Industry has entered into a strategic collaboration with e& UAE to accelerate the growth of small and medium-sized enterprises (SMEs) in the Emirate of Abu Dhabi. The partnership aims to enhance the business community by leveraging innovative communication solutions, digital services, exclusive offers, and tailored packages. The agreement was formalized during a signing ceremony at the Chamber Tower in Abu Dhabi, attended by high-ranking officials including His Excellency Ahmed…

MUSCAT: In a significant development for the mining sector, Oman’s Ministry of Energy and Minerals signed five agreements in 2023 to explore and extract potash and nickel ores in various locations across the country. These agreements aim to bolster Oman’s mineral production capabilities and enhance the sector’s contribution to the national economy. The ministry's annual report highlighted that the total amount of mineral raw materials sold reached approximately 64.5 million tonnes in 2023. This includes…

RIYADH: Saudi Aramco, the energy giant of Saudi Arabia, has been recognized as the world leader among oil companies in terms of proven reserves, boasting figures that are 15 times greater than its nearest competitor. This remarkable status is highlighted by newly calculated figures from Statista, a German online platform specializing in data gathering and visualization. According to Statista, Saudi Aramco's oil and gas reserves were estimated at approximately 259 billion barrels of oil equivalent…

AD Ports Group, a global leader in trade, logistics, and industry facilitation, has signed a Memorandum of Understanding (MoU) with Saif Powertec Ltd. to potentially collaborate on various port projects in Bangladesh. The MoU was signed by Ahmed Al Mutawa, Regional CEO of AD Ports Group, and Tarafder Md Ruhul Amin, Managing Director of Saif Powertec Ltd., in the presence of senior officials from both organizations. The agreement aims to explore joint operational and developmental…

Abu Dhabi, UAE – The Abu Dhabi Department of Economic Development (ADDED) and the United Arab Emirates University (UAEU) have signed a Memorandum of Understanding (MoU) to launch the Abu Dhabi Family Business Index, the first of its kind in the region. This pioneering initiative aims to provide comprehensive insights into the economic impact and performance of family-owned and family-controlled businesses within Abu Dhabi. Strategic Collaboration to Enhance Economic Intelligence Under the terms of the…

RIYADH: Saudi Arabia is extending an invitation to global players in the artificial intelligence sector to establish operations within the Kingdom, emphasizing its readiness to support and nurture emerging technologies. Faisal Al-Ibrahim, Saudi Arabia's Minister of Economy and Planning, made this announcement during the World Economic Forum’s 15th Annual Meeting of the New Champions, also known as Summer Davos, held in Dalian, China, from June 25 to 27. Al-Ibrahim highlighted Saudi Arabia's commitment to equitable…

Muscat: The Public Authority for Special Economic Zones and Free Zones (Opaz), in collaboration with the Ministry of Agricultural, Fisheries and Water Resources, along with various economic, free, and industrial zones under its supervision, hosted the second edition of the 'National Equal Opportunities' initiative. The event took place at Opaz's headquarters in Muscat and highlighted 11 innovative business ventures spearheaded by Omani entrepreneurs and small and medium enterprises (SMEs). The initiative aimed to bolster Oman's…

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the 'Tasreef' project, an ambitious initiative aimed at significantly enhancing Dubai's rainwater drainage network. With a total investment of AED30 billion, the project represents one of the largest strategic infrastructure undertakings in the emirate's history. Project Overview The 'Tasreef' project will expand the capacity of Dubai’s rainwater drainage system by 700%, ensuring comprehensive…

DUBAI, UAE – du, part of Emirates Integrated Telecommunications Company (EITC), has formed a strategic partnership with the DIFC Innovation Hub to launch the 'du Business Entrepreneurship Programme.' This initiative aims to support entrepreneurs and start-ups through innovative programs that enhance the UAE’s business ecosystem. Anchored at the DIFC Innovation Hub within 'Innovation One,' the 'Entrepreneurship Hub' will serve as a professional center for SMEs and start-ups. The program includes a series of workshops tailored…

HSBC has announced the launch of "WorldTrader" in the UAE, a cutting-edge digital trading platform designed to provide customers with extensive access to international investments. This innovative platform is a response to the growing demand for global investment opportunities among UAE investors. WorldTrader boasts an extensive network, covering up to 77 exchanges across 25 markets, directly addressing the needs of customers seeking diverse international investments. According to HSBC's press release, the platform will enable HSBC…

AJMAN – The Department of Land and Real Estate Regulation in Ajman is set to launch an extensive building classification process across the emirate beginning July 1st, 2024. This initiative, aimed at enhancing the quality and compliance of buildings, will span three months and involve a team of specialized and qualified professionals. The primary objective of this classification is to thoroughly assess the readiness of buildings and real estate facilities, ensuring they meet established standards…

Abu Dhabi, UAE – Etihad Cargo, the cargo and logistics arm of Etihad Airways, is set to expand its freighter network with the introduction of a new route to Madrid. Beginning on July 15, 2024, the carrier will operate two weekly Boeing 777 freighter flights between Abu Dhabi and Madrid, boosting its cargo capacity to Europe by over 200 tonnes. The new service will significantly increase the total number of Etihad Cargo's flights to Spain…

RIYADH – Saudi Arabia's trade balance surplus surged to a yearly high of SR41.4 billion ($11.04 billion) in April, marking a 36 percent increase from the previous month. This impressive growth was driven primarily by a substantial rise in non-oil exports, as reported by the General Authority for Statistics. The Kingdom's non-oil shipments experienced a 12.4 percent increase in April compared to the same month last year. This development is a testament to Saudi Arabia's…

Samail Industrial City, a prominent hub under the Public Establishment for Industrial Estates (Madayn), has secured a significant investment contract with Global Health Ambassadors Company. This agreement aims to establish a pharmaceutical manufacturing project worth OMR13 million, underscoring the city's growing importance in Oman’s industrial landscape. The pharmaceutical project will be situated on a 10,000-square-metre plot designated for medical investments within the industrial city. This strategic allocation reflects Madayn's commitment to diversifying and expanding Oman’s…

Musandam Governorate is experiencing a surge in development, construction, and expansion of various infrastructure and tourism projects, aimed at boosting the number of tourists and attracting more local and foreign investments. This wave of development is in line with the governorate’s strategic objectives to enhance its economic and social landscape. Sayyid Ibrahim bin Said Al Busaidi, Governor of Musandam, highlighted that the governorate is witnessing significant development across multiple sectors, including residential areas and urban…

Dubai, UAE – June 23, 2024 – Invest First Documents Clearing Services Co. LLC has been officially recognized as a trusted and authorized channel partner to SPC Free Zone for the second consecutive year. This partnership underscores Invest First's commitment to providing high-quality business setup and related government services in the UAE. Invest First is dedicated to assisting individuals and businesses in establishing a strong presence in the UAE. With extensive experience in company formation…

In a relentless pursuit of a diversified and sustainable economy, the State of Qatar has made significant strides in establishing a green economy capable of adapting to global changes. By launching a series of strategies and initiatives across all sectors of its national economy, Qatar is advancing its vision of sustainable development as outlined in its National Vision 2030. Key Initiatives and Investments 1. Green Bonds Issuance: The Ministry of Finance recently announced the issuance…

DP World has successfully completed a significant US$400 million expansion project at the Port of Callao in Peru, marking a major milestone in enhancing the port’s capacity and operational efficiency. This expansion, which significantly boosts container handling capacity at the South Terminal by 80 percent, reinforces Callao’s strategic position as the principal gateway for global trade on the west coast of South America. The Bicentennial Pier expansion project, a key component of this development, extends…

Zurich, Switzerland – The Kingdom of Saudi Arabia's Minister of Finance, Mohammed Aljadaan, led a high-level delegation at the 4th Saudi-Swiss Financial Dialogue held in Zurich yesterday. The event underscored the strengthening economic and financial ties between Saudi Arabia and Switzerland. The Saudi delegation included senior officials from the Ministry of Finance, the Saudi Central Bank, the Insurance Authority, the Financial Sector Development Program, and Fintech Saudi. Aljadaan, alongside his Swiss counterpart Karin Keller-Sutter, inaugurated…

The UAE's stock markets have witnessed a substantial increase in market capitalization in 2024, thanks to three significant initial public offerings (IPOs). These new listings have collectively added nearly AED 21.3 billion to the market capitalization, aligning with the country's ambitious plans to double its market value to around AED 6 trillion in the coming years. This strategic move aims to boost market liquidity, enhance investment attractiveness, and solidify the UAE's position as a leading…

In a robust display of financial growth, savings deposits in the UAE's banking sector, excluding interbank deposits, surged by AED 13.8 billion during the first quarter of 2024. This data comes from the latest statistics released by the Central Bank of the UAE (CBUAE). By the end of March 2024, savings deposits reached AED 286.67 billion, marking an 8.9 percent increase compared to AED 263.14 billion in March 2023, a rise equivalent to AED 23.5…

Sharjah, UAE – The ambitious expansion project for Sharjah International Airport is progressing on schedule, according to Ali Salim Al Midfa, Chairman of Sharjah Airport Authority (SAA). This initiative, valued at AED 2.4 billion, aims to significantly enhance the airport's infrastructure and capacity. The project includes the expansion of the passenger terminal and the central facilities station, which are part of a comprehensive plan consisting of 18 distinct packages. These packages cover a range of…

The Abu Dhabi Department of Economic Development (ADDED) has announced a significant step towards bolstering its industrial and sustainability goals by signing a Memorandum of Understanding (MoU) with Broaden Energy, a global leader in hydrogen energy solutions. This agreement paves the way for the establishment of Abu Dhabi's first hydrogen equipment manufacturing complex, a project that aligns with the broader vision of the Abu Dhabi Industrial Strategy (ADIS). Valued at over AED 1 billion, this…

Riyadh, Saudi Arabia – In a notable dialogue session at the FII PRIORITY Rio de Janeiro Summit, organized by the Future Investment Initiative (FII) Institute, Saudi Arabia's Minister of State for Foreign Affairs, Cabinet Member, and Envoy for Climate Affairs, Adel Al-Jubeir, underscored the Kingdom's robust commitment to energy development and climate change mitigation. The session, held in Rio de Janeiro, Brazil, highlighted Saudi Arabia’s strategic efforts to become a leading global energy supplier, encompassing…

In a significant move to advance Bahrain's digital sector, Bahrain Mumtalakat Holding Company (Mumtalakat), the country's sovereign wealth fund, has signed an agreement to launch ARRAY Innovation (ARRAY), a new digital solutions provider. This initiative, supported by the Bahrain Economic Development Board (Bahrain EDB), aims to leverage cutting-edge technologies to deliver premium digital services both locally and globally. The signing ceremony was attended by Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, and Alaa…

The Ministry of Industry and Commerce of Bahrain has officially launched the second edition of the eCommerce Champion Overseas programme. This initiative, undertaken in cooperation with Export Bahrain and the Bahrain Institute of Banking and Finance, aims to bolster the country’s export sector through the advancement of eCommerce. The programme seeks to support the export capabilities of Bahraini companies and commercial institutions by leveraging eCommerce. It also aims to promote digital transformation within these entities,…

In a significant recognition of its technological advancements, Oman's State Audit Institution has been acknowledged by the United Nations Economic and Social Commission for Western Asia (ESCWA) for its innovative Complaint and Report Window. This commendation places the institution among the best distinguished Arab practices as part of the ESCWA-launched ENACT project, which aims to enhance the efficiency of Arab public institutions through technology and innovation. The Complaint and Report Window was selected from a…

In its latest Global Economic Prospects report, the World Bank has forecasted a robust growth trajectory for the United Arab Emirates (UAE), predicting that the country's real GDP will rise to 4.1 percent in 2025. This optimistic outlook follows an anticipated growth of 3.9 percent in 2024, reflecting a consistent upward trend in the nation's economic performance. In April 2024, the World Bank adjusted its forecast for the UAE's real GDP growth to 3.9 percent…

The Ministry of Communications and Information Technology (MCIT) in Qatar recently hosted a pivotal workshop titled "E-Commerce Strategy for Qatar," which brought together representatives from multiple government entities to discuss the challenges and opportunities in the e-commerce sector. This workshop marks a significant step in Qatar’s efforts to establish a comprehensive national strategy for e-commerce, aligning with the country's broader goals of enhancing its digital economy and achieving sustainable development. The primary aim of the…

Abu Dhabi, UAE – In a decisive move to enhance consumer protection and regulate telemarketing practices, the Ministry of Economy and the Telecommunications and Digital Government Regulatory Authority (TDRA) have announced the implementation of new resolutions governing telemarketing activities in the United Arab Emirates. These regulations will come into effect in mid-August 2024 and apply to all licensed companies operating within the UAE, including those in free zones. New Regulatory Measures The resolutions introduce stringent…

In a significant move to enhance AI integration within government operations, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has appointed 22 Chief Artificial Intelligence Officers across various government entities in Dubai. This initiative aligns with the broader vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to establish Dubai as a global…

St. Petersburg, Russia – Suhail bin Mohammed Al Mazrouei, the UAE's Minister of Energy and Infrastructure, reaffirmed the UAE’s commitment to enhancing global transport cooperation during the Meeting of BRICS Ministers of Transport held in St. Petersburg, Russia. The event aimed at fostering international collaboration and sharing expertise in the transport sector. In his address, Al Mazrouei highlighted the UAE’s readiness to work with BRICS countries to improve connectivity, diversify logistics supply chains, and develop…

The Abu Dhabi Department of Economic Development (ADDED), in collaboration with the Abu Dhabi Free Zones Council, has launched the Unified Economic Licence initiative, a landmark move designed to enhance the ease of doing business in the Emirate. Spearheaded by Khalifa Economic Zones Abu Dhabi (KEZAD Group), Abu Dhabi Airports Free Zone (ADAFZ), Masdar City Free Zone, and Creative Media Authority (CMA), this initiative aims to solidify Abu Dhabi's reputation as a business-friendly destination for…

In a strategic move to expand its global operations, Milrem Robotics, a leading developer of robotics and autonomous systems under the EDGE Group, has announced the opening of a new office in Abu Dhabi. This office is strategically located to support local customers and leverage the region's burgeoning technology landscape. The Abu Dhabi office will serve as a center of excellence in the UAE, focusing on research and development, product development, and strategic collaborations with…

In a strategic move to bolster economic relations between the United Arab Emirates (UAE) and India, Ras Al Khaimah Economic Zone (RAKEZ) has signed a Memorandum of Understanding (MoU) with the Indian Chamber of Commerce (ICC). The agreement aims to enhance business opportunities and foster economic growth, further solidifying the UAE-India partnership. The MoU was formally signed by RAKEZ Group CEO Ramy Jallad and ICC Regional Director Ratheesh Nair. This collaboration facilitates mutual access to…

The General Secretariat of the Khalifa International Award for Date Palm and Agricultural Innovation has announced the opening of nominations for its 17th session, set for 2025. This prestigious award, held under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence and Chairman of the Board of Trustees, invites date palm growers, producers, researchers, academics, and enthusiasts from around the globe to apply. The nomination period runs from 4th June…

In a remarkable achievement, the United Arab Emirates (UAE) has ascended to the 6th position globally among the top earners from international tourism, according to the latest data from the United Nations World Tourism Organization's (UNWTO) May 2024 World Tourism Barometer. The UAE saw a substantial rise from its previous 13th place, recording US$51.9 million in international tourism receipts for 2023. The UNWTO's report highlights that the rankings for international tourism receipts are led by…

Riyadh, Saudi Arabia - The third annual Global Project Management Forum (GPMF), themed "Achieving the Dream: Leadership, Empowerment, Sustainability," concluded successfully in Riyadh, marking a significant event in the project management sphere. The forum, held under the auspices of Minister of Transport and Logistic Services Eng. Saleh bin Nasser Al-Jasser, gathered distinguished speakers, experts, and specialists from around the globe. Spanning two productive days, the forum featured numerous dialogue sessions and workshops. These sessions provided…

Abu Dhabi, UAE – In a significant diplomatic engagement, President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates held a crucial meeting with His Highness Sheikh Tamim bin Hamad Al-Thani, Emir of Qatar, in Abu Dhabi. The leaders focused on enhancing fraternal relations and exploring avenues for cooperation to further mutual interests and support sustainable development and prosperity in both nations. Key Discussions and Regional Focus During their discussions, the…

In a remarkable achievement underscoring Saudi Arabia's commitment to diversifying its economy, the Saudi Export Development Authority (Saudi Exports) announced that the Kingdom's communications and information technology exports surpassed SAR 6 billion in 2023. This milestone highlights the effectiveness of a comprehensive suite of programs and capabilities designed to enhance the sector's global reach. Saudi Exports has been instrumental in fostering growth in the services export sector, which is pivotal in increasing Saudi Arabia's non-oil…

Dubai's commitment to sustainability and green mobility took center stage as H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy (DSCE), chaired the Council’s 82nd meeting, held virtually. Attendees included key figures such as Saeed Mohammed Al Tayer, Vice Chairman of the DSCE, Ahmed Buti Al Muhairbi, Secretary-General of the DSCE, and other prominent board members like Dawood Al Hajri, Director General of Dubai Municipality; Abdulla bin Kalban, Managing…

World Wide Technology (WWT) and NXT Global have signed a Memorandum of Understanding (MoU) to create the UAE's first AI Integration Center in Abu Dhabi. This collaboration, branded as WWT NXT Global in the region, aims to position the UAE as a key player in the global AI landscape by exporting advanced AI infrastructure from Abu Dhabi. The AI Integration Center will be located in Masdar City, a leading example of sustainable urban development and…

In a groundbreaking achievement, the Abu Dhabi Stem Cells Centre (ADSCC) has become the first healthcare institution in the UAE to receive the prestigious accreditation from the Foundation for the Accreditation of Cellular Therapy (FACT). This recognition, announced today by FACT, underscores ADSCC's commitment to advancing cellular therapy and establishing the UAE as a leader in cutting-edge medical technologies. ADSCC's CEO, Prof. Yendry Ventura, has steered the centre to this historic milestone, making it one…

Saudi Arabian Oil Company (Aramco) has made a significant stride in its global retail expansion by acquiring a 40% equity stake in Gas & Oil Pakistan Ltd. (GO), a leading diversified downstream fuels, lubricants, and retail store operator in Pakistan. This move marks Aramco's first downstream retail investment in Pakistan, further cementing its presence in high-value international markets. The acquisition, initially announced in December 2023, enhances GO's robust network of over 1,200 retail fuel stations…

In a significant move to enhance economic cooperation, Saudi Arabia and Qatar have signed a Double Taxation Avoidance Agreement (DTAA) aimed at preventing tax evasion and avoiding double taxation on income. The agreement was signed today in Doha by Saudi Arabia's Minister of Finance, Mohammed Aljadaan, and his Qatari counterpart, Minister of Finance Ali Al Kuwari. The signing ceremony, according to a press release from the Ministry of Finance, marks a crucial step in fostering…

The State of Qatar actively participated in the Economic and Investment Conference of the Gulf Cooperation Council (GCC) countries and the Association of Southeast Asian Nations (ASEAN), held on May 28 in Riyadh. The conference saw the involvement of Their Excellencies the Ministers of Trade, Industry, and Investment from the GCC countries, relevant ministers from ASEAN countries, and senior officials from both sides. Leading Qatar’s delegation was HE Mohammed bin Hassan Al Maliki, Undersecretary of…

Dubai Industrial City, a key player in the UAE's manufacturing landscape and part of TECOM Group PJSC, has launched a significant expansion with the addition of 13.9 million square feet of land capacity. This expansion is part of a strategic AED410 million acquisition aimed at strengthening local supply chains and stimulating homegrown manufacturing within the UAE and Dubai. The new land plots are strategically located and well-connected, enhancing Dubai Industrial City’s land bank. This expansion…

The Sharjah FDI Office, known as Invest in Sharjah, has announced significant strides in cementing Sharjah’s reputation as a premier industrial center in the region. During the "Make it in the Emirates Forum," Invest in Sharjah presented a comprehensive overview of the emirate's investment landscape, highlighting its vision and the extensive range of services designed to support investors in their growth and expansion efforts. At the forum, Invest in Sharjah outlined the emirate’s strategic advantages,…

The ninth session of the Saudi-Austrian Joint Committee convened yesterday in Vienna, marking a significant step towards strengthening bilateral economic and investment relations between Saudi Arabia and Austria. The meeting was co-chaired by Albara Alaskandarani, Undersecretary for International Economic Affairs at Saudi Arabia's Ministry of Economy and Planning, and Florian Frauscher, Director General of Economic Affairs, Innovation, and International Policy at Austria's Federal Ministry of Labour and Economy. During the session, both parties explored various…

Qatar Airways has been awarded the prestigious title of Airline of the Year for 2024 by Airline Ratings, a leading industry organization. This recognition highlights Qatar Airways' commitment to excellence and innovation in the aviation sector. Additionally, the airline has secured the Best Business Class award for the fifth consecutive year and the Best Catering award, further cementing its reputation for exceptional service. The annual Airline Ratings awards encompass several critical categories including Best In-flight…

Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the largest operator of integrated and purpose-built economic zones in the UAE, has signed a significant lease agreement with Ducab Metals Business (DMB), a leading supplier of metal solutions in the region. The agreement, signed at the Make It In The Emirates Forum 2024, will see DMB expanding its existing manufacturing facility in KEZAD. The 50-year lease agreement was formalized in the presence of Mohamed Al Khadar Al…

Saudi Arabia Railways (SAR) has entered into a pivotal agreement with Ismail Abudawood and Procter & Gamble (P&G), a leading consumer goods manufacturer, to facilitate the transportation of goods from P&G's Dammam factory to its clientele in Riyadh. The contract, signed by SAR's Senior Vice President of Freight, Eng. Badr Al-Atni, and Ismail Abudawood and P&G's Chief Operating Officer of Supply Chain and Logistic Network Operations, Eng. Ahmed Banan, underscores SAR's commitment to providing efficient…

Abu Dhabi witnessed the inaugural meeting of the "Next50" initiative, a significant step towards promoting the growth and innovation of the UAE’s private sector companies. Organized by Investopia in collaboration with EMIR, a specialist in emerging market research, the event marked the beginning of a dialogue aimed at stimulating investment in burgeoning sectors of the private sector. The meeting was graced by prominent figures including Abdulla bin Touq Al Marri, UAE Minister of Economy and…

The third edition of the "Make It in the Emirates Forum" commenced today in Abu Dhabi, organized by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC Group. Under the theme "Invest. Innovate. Grow.," the forum showcases both local and international participation, drawing senior government decision-makers, officials, CEOs, entrepreneurs, investors, industrialists, experts, innovators, and representatives from financial institutions. Building on the success of…

The Federal Tax Authority (FTA) has issued a comprehensive guide on the application of Corporate Tax to Free Zone Persons, aligning with the Free Zone Corporate Tax regime. This regime allows Qualifying Free Zone Persons to benefit from a 0% Corporate Tax rate on Qualifying Income, providing significant advantages for businesses operating within these zones. Overview of the Corporate Tax Guide The guide serves as a detailed resource, offering general guidance on how the Corporate…

The Future Aviation Forum 2024, held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and organized by the General Authority of Civil Aviation (GACA), achieved significant milestones on its second day, far exceeding expectations. The event, which took place from May 20-22 in Riyadh, witnessed the signing of 102 memoranda of understanding (MoUs), agreements, and deals, collectively valued at over SAR 75 billion. These agreements spanned…

Masdar City has been chosen by Attentive Science as its Middle East hub, marking a significant milestone in the company's global expansion. Attentive Science, a renowned provider of non-clinical research services to the biotech, pharmaceutical, and animal health industries, will establish its regional headquarters in Masdar City, Abu Dhabi. Attentive Science specializes in early-stage drug testing using "in vivo" methodologies, which involve testing drugs on living organisms to ensure their safety and efficacy before advancing…

Dubai Electricity and Water Authority (DEWA) has officially opened the application process for exhibitors and companies interested in participating in the 26th edition of the Water, Energy, Technology, and Environment Exhibition (WETEX). The event is scheduled to take place from October 1 to 3, 2024, at the Dubai World Trade Centre. WETEX is a prominent event in the fields of sustainability, energy, water, smart cities, sustainable real estate development, and green mobility. It attracts significant…

The European Union (EU) has recently harmonized Schengen visa rules for Gulf Cooperation Council (GCC) citizens, a move expected to boost the influx of Gulf students, entrepreneurs, and tourists to the continent. The EU's special representative to the Gulf region, Luigi di Maio, announced this development on Monday, highlighting its potential to foster stronger ties between the EU and GCC countries. Key Changes and Benefits 1. Expanded Visa Access for GCC Citizens Who Benefits? Citizens…

Abu Dhabi, UAE — Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), welcomed United States Energy Secretary Jennifer Granholm at ADNOC’s headquarters for high-level discussions aimed at bolstering the strategic energy partnership between the UAE and the US. This meeting underscores the importance of the US-UAE Partnership for Accelerating Clean Energy (PACE). Dr. Al Jaber emphasized the…

HE Mansoor bin Ebrahim Al Mahmoud, CEO of the Qatar Investment Authority (QIA), announced on Tuesday that the QIA will continue its strategic investments in artificial intelligence (AI) technologies. This commitment encompasses various sectors including data centers, data categorization, software and applications, and chip manufacturing. Speaking at the "Investing for the Next Generation" panel during the first day of the 4th Qatar Economic Forum, Al Mahmoud highlighted Qatar's diversified investment portfolio in AI technologies. He…

The State of Qatar, represented by the Ministry of Finance (MoF), has signed a significant memorandum of understanding (MoU) with the Islamic Development Bank (IsDB) Group, marking a pivotal step towards enhanced development cooperation. This agreement was formalized on the sidelines of the 4th Qatar Economic Forum, highlighting the ongoing commitment of both parties to foster sustainable development and economic transformation. The MoU was signed by HE Minister of Finance Ali bin Ahmed Al Kuwari…

In a bid to bolster entrepreneurial sectors, particularly for women, within the UAE, the Sharjah Business Women Council (SBWC) and the American University of Sharjah (AUS) have joined forces to introduce a series of round table discussions. These sessions, tailored to prioritize educational components aimed at empowering female entrepreneurs, are set to serve as a platform for data gathering, knowledge exchange, and solution-oriented discussions driven by a diverse group of stakeholders, with the ultimate aim…

Dubai International Financial Centre (DIFC) has announced its proposal to revise the Prescribed Company Regulations, aiming to streamline and broaden the existing Prescribed Company (PC) regime within the DIFC. Jacques Visser, Chief Legal Officer at DIFC Authority, emphasized the commitment to regularly reviewing the Prescribed Company Regulations since their introduction in 2019. The proposed amendments come in response to ongoing market demands for greater accessibility to holding company vehicles for structuring purposes within and beyond…

Under the auspices of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, the third Future Aviation Forum (FAF) has commenced in Riyadh. Hosted by the General Authority of Civil Aviation (GACA) from May 20 to 22, the forum carries the theme "Elevating Global Connectivity" and aims to attract investments exceeding $100 billion to Saudi Arabia's aviation sector. Aligned with the Saudi Vision 2030 plan to position the country as a leading logistics…

The 3rd Global Project Management Forum (GPMF) is set to kick off on June 2-3, 2024, in Riyadh, focusing on the theme "We Achieve the Dream: Leadership, Empowerment, Sustainability." Under the esteemed patronage of Minister of Transport and Logistic Services Eng. Saleh bin Nasser Al-Jasser, this event promises to be a pivotal platform for industry leaders, project managers, and decision-makers worldwide. The GPMF, organized by the Project Management Institute KSA Chapter, will delve into a…

The Emirate of Ajman has witnessed a notable upswing in its tourism sector, reporting a 7% increase in total revenue during the first quarter of 2024. This growth has been fueled by a 3% uptick in occupancy rates and a substantial 9% surge in visitor numbers compared to the same period in 2023. According to a statement released by the Ajman Tourism Development Department, the average duration of hotel stays also saw a notable rise…

The Sharjah Petroleum Council (SPC), a governmental body overseeing oil and gas activities in Sharjah, has unveiled a significant breakthrough in the energy sector. SPC announced the discovery of new gas reserves in the Al Hadiba field, situated north of the Al Sajaa Industrial Area in Sharjah, with promising quantities deemed economically viable. The discovery came after the Sharjah National Oil Corporation (SNOC) conducted drilling operations over recent months. Subsequent testing of the well is…

NMDC Group, a prominent player in the industry, has unveiled impressive financial results for the first quarter of 2024 (Q1 2024), showcasing remarkable growth in both revenues and net profits. The company reported a substantial 67% surge in revenues and an astounding 112% increase in net profits compared to the same period last year. This outstanding performance underscores NMDC Group's robust competitive position in both local and international markets, as it continues to execute strategic…

Dubai, renowned for its unwavering commitment to technological advancement and innovation, has embarked on a groundbreaking endeavor with the unveiling of the Dubai Universal Blueprint for Artificial Intelligence. Championed by Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Executive Council, this initiative signifies the city's relentless pursuit of becoming the world's fastest, most agile, and future-ready metropolis. In line with the visionary directives of His Highness Sheikh Mohammed bin Rashid Al…

A recent Brand Finance report has spotlighted Adnoc as the UAE's most valuable brand, with etisalat by e& securing the title of the strongest brand both in the Middle East and globally. Adnoc witnessed a 7% increase in its brand value, reaching $15.2 billion. This growth was attributed to its initiatives in decarbonization and diversification, which also boosted its Brand Strength Index score to 80.2. Meanwhile, etisalat by e& achieved a remarkable Brand Strength Index…

Dubai is gearing up to host the highly anticipated ACRES Real Estate Exhibition from May 16th to 19th at the esteemed Dubai World Trade Centre. This premier event, launched in strategic collaboration with the Sharjah Chamber of Commerce and Industry (SCCI), the Sharjah Real Estate Registration Department (SRERD), and sponsored by the Department of Land and Real Estate Regulation in Ajman, promises to redefine the real estate landscape in the region. ACRES stands out as…

Dubai, known for its ambitious infrastructure projects and forward-thinking initiatives, is once again making waves in the aviation industry with the expansion of Al Maktoum International Airport. This monumental endeavor, spearheaded by the visionary leadership of Sheikh Mohammed bin Rashid, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is set to redefine the city's role as a global aviation hub. A Giant Leap Forward The decision to transfer all operations from Dubai…

Abu Dhabi has surged into the top 25 maritime cities globally, securing an impressive 10-spot leap since 2022 to claim the 22nd position, the highest advancement among all cities, according to the prestigious 2024 Leading Maritime City (LMC) Report unveiled in Singapore. The bi-annual benchmarking study, jointly produced by DNV and Menon Economics, evaluates the performance of 50 leading maritime cities across crucial sectors such as shipping, finance and law, maritime technology, and port and…

NEOM, the futuristic mega-city project in Saudi Arabia, has announced securing a significant new financing facility of SAR 10 billion, marking yet another milestone in its development journey. This revolving credit facility (RCF), structured under Murabaha principles, underscores NEOM's commitment to diversifying its funding sources as it forges ahead with ambitious infrastructure projects. Nadhmi Al-Nasr, CEO of NEOM, emphasized the importance of this financing in fueling the project's momentum. He highlighted the strategic alignment of…

According to OPEC Secretary-General Haitham Al Ghais, the global oil industry is a significant contributor to employment, supporting approximately 70 million jobs worldwide. Al Ghais emphasized the crucial role of the oil and gas sector in providing employment opportunities and bolstering national economies across the globe. He highlighted that jobs within the industry encompass a wide range of skill levels, spanning from high-skilled positions to various roles within the supply chain, including manufacturing, transportation, hospitality,…

Qatar Airways and the UN Refugee Agency (UNHCR) have reaffirmed their commitment to aiding the world's most vulnerable populations by renewing their partnership to facilitate the transportation of relief items. The agreement, signed in the presence of UN High Commissioner for Refugees Filippo Grandi, underscores the ongoing collaboration between the two entities in addressing the needs of refugees and internally displaced persons worldwide. Engr. Badr Mohammed Al Meer, Group Chief Executive Officer of Qatar Airways,…

The Saudi Space Agency has inked a deal with the World Economic Forum to establish the Centre for Space Futures, slated to open its doors this autumn. The center, hosted by the Saudi Space Agency, aims to serve as a platform for public-private dialogues on space collaboration. It will incorporate best practices from the forum and its communities into the global space sector while generating forward-thinking contributions to accelerate space technologies. Dr. Mohammed Altamimi, CEO…

Tomorrow, April 28th, 2024, marks the commencement of the eagerly awaited "UAE Companies Investment Meet" in Kuwait, themed "Unlocking Kuwait's Potential." The event, a collaborative effort between the UAE Embassy in Kuwait, the Union of Investment Companies, the Public Authority for Industry, and the Public Authority for Manpower in Kuwait, promises to be a significant platform for fostering bilateral economic ties. Distinguished attendees expected at the event include Dr. Thani bin Ahmed Al Zeyoudi, Minister…

Yahsat Group CEO, Ali Al Hashemi, announced a groundbreaking merger with Bayanat to establish Space42, marking a pivotal transitional shift in the space technology and artificial intelligence (AI) sector across the UAE and the wider region. Set to be headquartered in the Middle East North Africa (MENA) region, Space42 is poised to become a global leader in AI-powered space technology and geospatial solutions, boasting a market value exceeding AED 15 billion (US$4 billion). Following shareholder…

In a report released by the Sharjah Real Estate Registration Department, the Emirate of Sharjah witnessed a thriving real estate market in March 2024, with a total of 2,606 transactions valued at AED 3.1 billion. These transactions spanned across 8.1 million square feet of land, indicating a robust activity within the sector. Among the transactions recorded, sales transactions accounted for 32.1 percent of the total, with 837 transactions, while mortgage transactions amounted to 333, representing…

Old Doha Port has unveiled a groundbreaking collaboration with several marinas across Qatar, marking a significant milestone in marine tourism. The strategic partnership aims to synergize efforts in delivering comprehensive solutions and exclusive services to boat and yacht owners, setting a new standard in luxury maritime experiences. Among the notable marinas joining forces in this unprecedented alliance are Ronautica Middle East Marina, operating Pearl Island Marina, Banana Island Resort in Doha, Aura Group with Beef…

Joby Aviation, Inc. (NYSE: JOBY), a leading developer of all-electric aircraft for commercial passenger service, has entered into a groundbreaking multilateral Memorandum of Understanding (MoU) with the Department of Municipalities and Transport - Abu Dhabi (DMT), the Abu Dhabi Department of Economic Development (DED), and the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi). This strategic partnership, announced at the DRIFTx international thought-leadership and exhibition platform in Abu Dhabi, lays the foundation…

The United Arab Emirates (UAE) and the Republic of Chile have successfully concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in their bilateral economic relations. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Alberto van Klaveren, Minister of Foreign Affairs of Chile, jointly announced the successful conclusion of negotiations and the finalization of CEPA provisions between the two nations. The agreement is a key component…

The General Civil Aviation Authority (GCAA) has officially granted operational approval for the UAE's inaugural vertiport, marking a significant milestone in the country's pursuit of innovative transportation solutions. The vertiport, debuting at the DRIFTx event in Abu Dhabi, highlights the UAE's commitment to advancing autonomous technologies in the transport industry. Organized as part of the DRIFTx event, with support from the Abu Dhabi Investment Office (ADIO) and the Emirate's Smart & Autonomous Vehicle Industry (SAVI)…

ADQ, a prominent investment and holding company based in Abu Dhabi, has joined forces with Plenary Group (Plenary), an independent investor and developer of public-private infrastructure projects headquartered in Australia, to expedite the expansion of public and social infrastructure through strategic investments. The partnership, announced today, will see ADQ acquiring a 49 percent stake in Plenary, including shares previously owned by Canadian pension fund Caisse de dépôt et placement du Québec. However, Caisse de dépôt…

Sharjah Chamber of Commerce and Industry (SCCI) has taken a significant stride in supporting small and medium enterprises (SMEs) with the inauguration of a new branch for the Small and Medium Enterprises Centre "Tijarah 101" in Khorfakkan city. The move underscores SCCI's commitment to fostering entrepreneurship and economic growth across all regions of Sharjah, empowering young entrepreneurs and enhancing emiratisation efforts. The opening ceremony, attended by SCCI Chairman Abdullah Sultan Al Owais and other dignitaries,…

Dubai Chambers has received prestigious recognition from the International Chamber of Commerce (ICC) for its pioneering role in developing the Chamber Model Innovation (CMI) framework. This innovative framework, designed to accelerate innovation at chambers worldwide, has earned praise for its ability to enhance agility and proactivity in serving members. During the ceremony, John Denton, Secretary General of the International Chamber of Commerce, presented a certificate of honour to Mohammad Ali Rashed Lootah, President and CEO…

Saudi Arabia’s non-oil exports, including re-exports, experienced a notable surge of 4.4 percent in February compared to the same period in 2023, according to official data from the General Authority for Statistics (GASTAT). The data revealed that the total value of non-oil exports reached SR21.86 billion ($5.83 billion), showing a rise from SR20.93 billion recorded in the corresponding period of the previous year. This increase was predominantly driven by an 8.3 percent surge in the…

In a significant move towards bolstering economic ties, the United Arab Emirates (UAE) and Oman have solidified investment partnerships valued at Dh129 billion ($35.12 billion) spanning various sectors such as renewable energy, railway infrastructure, green metals, and technology. The collaborative efforts were announced following the state visit of Oman's Sultan Haitham to the UAE this week, showcasing a mutual commitment to enhancing economic cooperation between the two nations. Industrial and Energy Mega Project One of…

His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, recently presided over the inauguration ceremony of the Al Ghurair Metal Industries factory in the Al Hamra Industrial Zone. The factory, a project affiliated with the Al Ghurair Investment Group in collaboration with the leading Japanese company Mitsubishi Chemical Infratec, marks a significant step in Ras Al Khaimah's strategy for sustainable development. During the event, Sheikh Saud emphasized…

Aramco, a global leader in integrated energy and chemicals, has announced its discussions with Hengli Group Co., Ltd. (Hengli Group) regarding a potential acquisition of a 10% stake in Hengli Petrochemical Co., Ltd. (Hengli Petrochemical). This move, subject to due diligence and regulatory approvals, signifies Aramco's strategic focus on expanding its downstream presence in key markets and advancing its liquids-to-chemicals program. The memorandum of understanding (MoU) signed between Aramco and Hengli Group outlines their intent…

The Islamic Development Bank (IsDB) Institute has announced the 18th edition of the IsDB Global Forum on Islamic Finance, slated to take place in Riyadh, Kingdom of Saudi Arabia, on April 28, 2024. This forum, a flagship side event of the IsDB Group Annual Meetings and Golden Jubilee Celebration, will convene thought leaders, policymakers, financial experts, and stakeholders in the Islamic finance industry to discuss innovative approaches to foster sustainable development. Themed "Innovation, Entrepreneurship, and…

Saudi Arabia has been chosen as the location for a new knowledge hub in a partnership between the Kingdom’s National Competitiveness Center (NCC) and the World Bank Group. The announcement was made in Washington DC, highlighting the Kingdom’s commitment to economic reform and enhancing global competitiveness. The upcoming knowledge center is poised to become a pivotal hub for sharing Saudi Arabia’s experiences in economic reform, fostering collaborations on regional and global competitiveness with nations seeking…

Topian, a subsidiary of NEOM, is bolstering Saudi Arabia’s food security initiatives through a strategic partnership with Tabuk Agricultural Development Co., also known as Tadco. The collaboration aims to revolutionize fruit and vegetable production in the kingdom by harnessing innovative agricultural technologies. The memorandum of understanding (MoU) between NEOM's Topian and Tadco is designed to capitalize on advanced agricultural practices, particularly hydroponics, to boost domestic food production. A key component of the agreement is the…

Etihad Airways, the flagship carrier of the United Arab Emirates, has reported welcoming over 1.4 million passengers on board in March 2024 alone, achieving an average monthly passenger load factor of 84 percent. This data, outlined in the airline's March 2024 traffic report, reflects a significant year-on-year growth of 43 percent in customer numbers, a testament to the success of Etihad's strategic expansion efforts. Antonoaldo Neves, CEO of Etihad Airways, highlighted this remarkable achievement, attributing…

Dubai, renowned for its visionary leadership and relentless pursuit of innovation, unveiled its groundbreaking economic agenda, 'D33,' on January 4, 2023. Spearheaded by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, this initiative sets a bold trajectory for the Emirate's future, embodying its aspirations for unparalleled growth and prosperity. At the heart of the 'D33' Agenda lies a commitment to driving sustainable economic…

Masdar, the Abu Dhabi Future Energy Company, is intensifying its commitment to green hydrogen projects by establishing a dedicated unit to spearhead specialized initiatives in this burgeoning sector on a local, regional, and global scale. This strategic move underscores Masdar's leading position in the development of renewable and clean energy projects worldwide, further solidifying Abu Dhabi's pivotal role as a key player in the green hydrogen industry. Mohammad Abdelqader El Ramahi, Chief Green Hydrogen Officer…

AD Ports Group, a prominent global facilitator of logistics, industry, and trade, has announced the establishment of its "Youth Council" in partnership with the Federal Youth Authority. This initiative aligns with the directives of the UAE's visionary leadership to empower young individuals, tap into their potential, invest in their skills, and foster their leadership capabilities, recognizing them as a national priority crucial for sustaining the country's development journey. The newly formed AD Ports Group Youth…

The 15th Gulf Water Conference is slated to convene on April 28, hosted by the Qatar General Electricity and Water Corporation "Kahramaa" in collaboration with the Water Science and Technology Association and the Secretariat General of the Gulf Cooperation Council. Under the patronage of HE Minister of State for Energy Affairs Eng. Saad bin Sharida Al Kaabi, the conference promises a comprehensive exploration of advancements in water management and sustainability. With twenty speakers participating in…

"Reef Saudi," the Sustainable Agricultural Rural Development Program, has announced a significant investment in Saudi Arabia's honey sector, aiming to propel production to over 7,000 tons by 2026. Since its inception in 2020, the program has dedicated SAR140 million in support, benefiting more than 10,584 individuals across various rural regions. This investment has yielded promising results, with honey production witnessing a remarkable surge, reaching 3,120 tons annually in 2023. This marks a substantial 41% increase…

Saudi Arabia's mining industry is undergoing a profound transformation, positioning itself as a cornerstone of the nation's economic diversification efforts outlined in Vision 2030. With abundant mineral wealth estimated at SAR9.4 trillion ($2.5 trillion), the Kingdom sees a pivotal opportunity to expand non-oil revenue streams alongside its established oil and petrochemical sectors. To accelerate exploration and development, the Kingdom has bolstered its commitment, investing SAR682.5 million ($182 million) in exploration incentives by the end of…

Ahmed Bakhoum, the CEO of Masdar City, has unveiled ambitious plans for projects worth AED3-4 billion, targeting critical sectors such as energy, artificial intelligence, space, life sciences, and agriculture. Speaking to the Emirates News Agency (WAM) during the World Future Energy Summit, hosted by Masdar, Bakhoum emphasized the city's commitment to driving innovation and sustainability in Abu Dhabi and the UAE. Currently, Masdar City is witnessing significant progress, with projects valued at approximately AED1 billion…

PureHealth and SEHA, in collaboration with Cincinnati Children's Hospital, are poised to transform paediatric healthcare in Abu Dhabi with the establishment of a Paediatric Centre of Excellence. This groundbreaking initiative, approved by H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, aims to elevate Abu Dhabi's healthcare landscape, positioning the city as a global leader in children's health services. The partnership underscores a commitment to providing top-tier medical care and fostering innovation in paediatric medicine.…

At the World Future Energy Summit (WFES), ADNEC Group and Terrax Environmental Limited unveiled TerraTile, a revolutionary 100% recycled modular flooring system designed to support sustainability in the events industry. TerraTile represents a significant step forward in environmental sustainability, being crafted entirely from 100% waste materials and being fully recyclable. Each TerraTile, equivalent to over five kilograms of recycled waste, offers a sustainable alternative to conventional flooring solutions and actively contributes to environmental conservation. Manufactured…

In a significant move to bolster artificial intelligence (AI) development and expand its global footprint, Microsoft has announced a strategic investment of $1.5 billion in G42, a prominent UAE-based AI technology holding company. This landmark investment underscores the commitment of both companies to advance AI technologies and drive digital transformation initiatives worldwide. The collaboration between Microsoft and G42 aims to leverage the latest AI innovations and skilling initiatives, extending their benefits to the UAE and…

NEOM, the ambitious sustainable development project situated in the northwest of Saudi Arabia, recently convened a global contractor forum, gathering more than 100 of the world’s leading construction companies. Over the course of two days, the forum, held within the NEOM premises, provided a platform to showcase the progress of ongoing construction projects while outlining future endeavors as NEOM progresses into its next phase of development. As NEOM's projects transition into a new phase, the…

Dubai International Airport (DXB) has once again secured its position as the world's busiest international airport for the 10th consecutive year, as announced by the Airports Council International (ACI). In 2023, DXB welcomed a staggering 86.9 million passengers, reaffirming its status as a global aviation hub. ACI, an organization dedicated to setting industry standards for airport operations, released its latest rankings, placing DXB at the forefront of international passenger traffic. Notably, Dubai also attained the…

Mohammed Aljadaan, the Finance Minister of Saudi Arabia, is set to lead the Kingdom's delegation to the International Monetary Fund (IMF) and World Bank Group (WBG) 2024 Spring Meetings in Washington D.C., USA, scheduled from April 15 to 20, 2024. Joining Minister Aljadaan in the delegation are prominent figures from Saudi Arabia's financial sector, including Central Bank Governor Ayman Alsayari and Saudi Fund for Development CEO Sultan Almarshad. The delegation also comprises Assistant Finance Minister…

The Ministry of Energy and Infrastructure (MoEI) is gearing up to showcase the UAE's significant strides towards energy transition and climate neutrality at the upcoming World Future Energy Summit (WFES) 2024. Scheduled to take place from April 16th to 18th at the Abu Dhabi National Exhibition Centre, the event serves as a platform for the exchange of ideas and innovations in the clean energy sector. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at…

Dr. Ali Rashid Al Nuaimi, Chairman of the Defence, Interior, and Foreign Affairs Committee at the Federal National Council (FNC), recently participated in significant meetings with representatives of the BRICS Group of Nations in Moscow. The discussions included engagements with Valentina Matvienko, Chairwoman of the Federation Council of the Federal Assembly of the Russian Federation; Vyacheslav Volodin, Chairman of the State Duma; and Sergei Lavrov, Minister of Foreign Affairs of the Russian Federation. The purpose…

A recent report from the Organisation for Economic Co-operation and Development (OECD) highlights the urgent need for substantial investment in sustainable infrastructure to mitigate the impacts of climate change. The report, titled "Infrastructure for a Climate-Resilient Future," underscores the growing pressure on infrastructure worldwide due to extreme weather events such as heatwaves, floods, wildfires, and droughts. Released during the OECD Infrastructure Forum, the report emphasizes the importance of integrating climate resilience into infrastructure planning and…

As the Eid Al Fitr holidays draw to a close, UAE residents eyeing post-celebration getaways are in for a treat as flight fares to key holiday destinations are projected to decrease significantly. Travelers can anticipate a notable drop of at least 60 to 70% in fares, particularly to popular European and Indian destinations. The anticipated decline in ticket rates comes as welcome news for holidaymakers seeking to explore international destinations following the festive season. With…

Sanad, a leading global provider of aerospace engineering and leasing solutions owned by Mubadala Investment Company PJSC, has further strengthened its partnership with Asiana Airlines, South Korea's second-largest airline. The five-year contract extension, valued at USD 145 million (AED 532 million), underscores Sanad's commitment to delivering top-tier Maintenance, Repair, and Overhaul (MRO) services for V2500 engines. The announcement of this agreement took place at the prestigious MRO Americas event in Chicago, a renowned gathering in…

According to a recent report by Reuters, the Organisation of the Petroleum Exporting Countries (OPEC) has projected a significant increase in world oil demand. The report, released on Thursday, suggests that oil demand is expected to rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. OPEC's monthly report indicates a positive outlook for fuel consumption, particularly during the upcoming summer months. The organization maintains its forecast for…

Air travel between the UAE and Saudi Arabia has seen a significant uptick, with weekly flights soaring by 13.3% to 383 during the holy month of Ramadan. This surge is attributed to a growing demand from individuals seeking to perform Umrah rituals, particularly peaking during the last ten days of Ramadan. According to the General Civil Aviation Authority (GCAA), there was a noticeable increase in flight numbers between the UAE and Saudi Arabia, rising from…

Masdar is set to host the second annual Green Hydrogen Summit on April 16, 2024, at ADNEC in Abu Dhabi as part of the World Future Energy Summit. The summit, organized by the Abu Dhabi Future Energy Company (Masdar), aims to accelerate the development of the global green hydrogen economy and support the energy transition. With green hydrogen gaining momentum as a key component in achieving net-zero emissions, the Green Hydrogen Summit will convene diverse…

During the Ramadan period, the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) experienced notable activity, recording a total of nine large direct deals valued at AED 1.6 billion. At ADX, five significant transactions took place, totaling 243.4 million shares with a combined worth of AED 683.3 million. Among these deals was a noteworthy transaction worth AED 509.8 million involving 27.7 million e& shares, traded at AED 18.34 per share. Additionally, transactions on…

Reef Saudi, a Sustainable Agricultural Rural Development Program, has announced a significant investment of SAR 61 million to bolster the Kingdom of Saudi Arabia's coffee sector. With a strong commitment to supporting local coffee production, Reef Saudi has been instrumental in driving growth and sustainability within the industry since its inception in 2020, benefiting 3,718 beneficiaries thus far. Over the past three years, Reef Saudi has witnessed a remarkable surge in coffee production, marking a…

Miral, renowned for crafting immersive destinations and experiences in Abu Dhabi, has reaffirmed its collaboration with the Khalifa Fund for Enterprise Development for the second consecutive year. Together, they aim to bolster local entrepreneurs participating in the vibrant "Waterfront Nights" market at Yas Bay Waterfront. Since its inception on March 22, 2024, the market has been a platform for showcasing the talents of 20 small businesses and artisans. Notably, 10 of these enterprises have received…

The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) collaborated in hosting a high-level roundtable focusing on the distribution of Hong Kong funds within the Dubai International Financial Centre (DIFC). Attended by over 15 key executives from Hong Kong asset management firms, the roundtable was chaired by Ian Johnston, Chief Executive of the DFSA, and Julia Leung, Chief Executive Officer of the SFC. The discussion delved into regulatory prerequisites for offering…

Commercial Bank International Ventures into AI-Powered Lending with Investment in zypl.ai. Commercial Bank International (CBI) has taken a significant step forward in embracing cutting-edge financial technology by leading an investment round in zypl.ai, a pioneering fintech startup specializing in generative artificial intelligence (AI) for lending applications. The partnership between CBI and zypl.ai represents a strategic move for CBI to leverage AI-driven solutions for advanced credit scoring. Through zypl.ai's innovative synthetic data AI-powered algorithms, CBI aims…

AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, has forged a significant preliminary agreement with the General Company for Ports of Iraq to embark on the development of Al Faw Grand Port and its associated economic zone. This collaboration between the UAE and Iraq marks a pivotal step toward enhancing bilateral ties and fostering economic growth. Under the terms of the agreement, both entities will establish a joint venture…

In a strategic move aimed at bolstering trade finance in the UAE, RAKBANK has announced a collaboration with DP World, a global leader in logistics and trade solutions. The partnership aims to introduce innovative and cost-effective trade finance solutions catering to businesses of all sizes across the Emirates. This alliance capitalizes on DP World's extensive trade network and real-time data insights, empowering RAKBANK with advanced risk assessment capabilities and simplified access to financing options for…

The Securities and Commodities Authority (SCA) of the UAE has implemented a new rule prohibiting onshore banks from promoting or marketing foreign funds to retail investors, effectively barring retail investors from subscribing to offshore funds and asset managers. This regulation came into effect on April 1, restricting promotional activities to only SCA-registered funds available for retail investors in the UAE. The SCA introduced this decision in January last year, aiming to prevent funds and asset…

The banking sector in the UAE has experienced a substantial increase in savings deposits over the past 12 months, signaling a robust growth trajectory. According to the latest data from the Central Bank of the UAE (CBUAE), savings deposits, excluding interbank deposits, surged by approximately AED 25 billion, reaching AED 270.48 billion by the end of January 2024, compared to around AED 245.54 billion in January 2023, marking a significant annual growth rate of 10.2…

The Ministry of Industry and Mineral Resources has unveiled six lucrative mining opportunities, inviting both local and international investors to explore and capitalize on the Kingdom's mineral wealth. These opportunities, part of the fifth round of mining competitions for exploration licenses, span across various minerals, including gold, copper, zinc, lead, and silver, covering an expansive area exceeding 940 square kilometers. Among the highlighted opportunities is the "Al-Halahila" site in the Najran region, boasting significant deposits…

In a significant move aimed at enhancing strategic and financial flexibility, Aster DM Healthcare Limited has successfully concluded the separation of its India and GCC businesses. The separation establishes two distinct regional healthcare champions, each poised to address the unique demands and opportunities within their respective markets. Under the separation plan, a consortium led by Fajr Capital, a sovereign-backed private equity firm, has acquired a majority 65% stake in Aster GCC, while the Moopen family,…

BEEAH, a pioneering force in utilizing Artificial Intelligence (AI) to advance sustainability endeavors across the region, has embarked on a groundbreaking initiative to develop an innovative "AI Executive." This cutting-edge platform aims to revolutionize business decision-making processes, highlighting BEEAH's steadfast commitment to fostering agility, efficiency, and data-driven operations. The introduction of the AI Executive signifies BEEAH's proactive approach towards harnessing AI capabilities to streamline operations and drive informed decision-making across all organizational levels. Powered by…

flynas, the prominent Saudi air carrier and a leading low-cost airline in the Middle East and globally, celebrated a significant achievement as it received its 50th Airbus A320neo jetliner. The milestone was commemorated at a special reception held at King Khalid International Airport in Riyadh, underscoring the airline's commitment to growth, expansion, and fleet enhancement. This delivery is part of flynas' extensive order of 120 Airbus A320neo aircraft, valued at over 32 billion riyals. The…

In February 2024, Qatar experienced a notable surge in inbound visitors, with the total number reaching approximately 596,000. While this marked a monthly decrease of 15.2% compared to January 2024, it represented a significant annual increase of 53.1% compared to February 2023. According to data published in the latest issue of the Qatar Monthly Statistics bulletin by the Planning and Statistics Authority (PSA), visitors from the Gulf Cooperation Council (GCC) constituted the highest proportion at…

On Tuesday, Oman's oil price for June delivery in 2024 saw a notable increase, reaching USD 88.93. This marked a rise of USD 1.25 compared to Monday's price, which stood at USD 87.68. Additionally, the average price of Oman oil for April delivery in 2024 remained stable at USD 80.85 per barrel. This indicates a noteworthy increase of USD 2.10 per barrel compared to the March delivery in 2024. The fluctuation in oil prices reflects…

The Saudi Central Bank (SAMA) has announced a significant milestone in the country's financial landscape, revealing that electronic payments accounted for 70% of total retail payments in 2023. This marks a notable increase from 62% recorded in 2022, aligning with one of the key performance indicators (KPIs) of the Financial Sector Development Program. This achievement stems from the substantial growth in payments processed through national payment systems, with transactions reaching 10.8 billion in 2023 compared…

Abu Dhabi - Abu Dhabi is set to witness a surge in job opportunities, with around 178,000 positions expected to emerge over the next six years, following the announcement of the Abu Dhabi Tourism Strategy 2030. Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, also Chairman of the Abu Dhabi Executive Council, introduced the emirate's ambitious tourism strategy. Geared towards positioning Abu Dhabi as one of the fastest-growing global destinations for international visitors,…

Riyadh Air, Saudi Arabia's flagship airline owned by the Public Investment Fund (PIF), has announced a strategic partnership with Artefact, a renowned global consultancy specializing in data and AI transformation services. The collaboration aims to revolutionize the aviation industry through innovative AI applications, as stated in a press release from Riyadh Air. The partnership will primarily focus on enhancing Riyadh Air's data analytics platform and developing AI solutions across its key business and corporate functions,…

Etihad Airways marked a significant milestone with the inaugural flight to Boston on Sunday, heralding the commencement of regular services between Abu Dhabi and the esteemed US city, thereby fostering stronger ties and expanding travel options for passengers. The inaugural flight, EY147, was commemorated with festivities at Abu Dhabi Airport prior to departure. Upon arrival in Massachusetts, Etihad's captains proudly displayed UAE and US flags from the cockpit, symbolizing the commencement of the airline's fourth…

Investopia 2024, in collaboration with EMIR, a prominent emerging markets research center, has launched the "Next50" initiative, aiming to create new investment opportunities for the UAE's most innovative companies. The initiative was officially introduced in the presence of Abdullah bin Touq Al Marri, Minister of Economy and Chairman of Investopia. The Next50 initiative serves as a dedicated platform for 50 exceptional CEOs and founders who have demonstrated remarkable success in the UAE market. These leaders…

Saudi Arabia has achieved a significant milestone in its tourism sector, setting a new record for spending by foreign visitors in 2023. According to preliminary data from the Saudi Central Bank, foreign visitors spent SAR135 billion, marking the highest expenditure in the Kingdom's history. This represents an impressive growth rate of 42.8% compared to the previous year. The surge in spending underscores a series of successes in Saudi Arabia's tourism industry. In 2023, the Kingdom…

Sharjah - H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, marked a significant milestone by inaugurating Al Hefaiyah Lake in Kalba on Saturday. The inauguration ceremony was attended by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and H.H. Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah. Situated along the Sharjah-Kalba Road, the lake, positioned following…

Ajman Chamber of Commerce and Industry (ACCI) recently convened an 'International Ramadan Majlis' at the prestigious Fairmont Ajman Hotel, aiming to foster global partnerships and bolster Ajman's appeal as a prime investment and business destination. The event drew the participation of esteemed ambassadors, consuls, and foreign dignitaries, alongside local government officials and prominent Ajman businessmen. Key figures from ACCI, including Maher Tarish Al Alili, Board Member; Mohamed Ali Al Janahi, Acting Director General; and Ali…

Abu Dhabi - Dr. Shamsheer Vayalil, the Founder and Chairman of Burjeel Holdings, has announced a generous contribution of AED1 million to the Mothers' Endowment campaign. Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, the campaign aims to honor mothers by establishing a AED 1 billion endowment fund dedicated to supporting education initiatives worldwide. The Mothers' Endowment campaign invites individuals to make donations in tribute…

Abu Dhabi - H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, warmly welcomed the EmiratesSkills team following their outstanding performance at WorldSkills Asia Abu Dhabi 2023, where they secured a remarkable total of 13 medals. During a reception held at the Abu Dhabi National Exhibition Centre (ADNEC), H.H. Sheikh Khaled congratulated the team for their exceptional achievement, which included seven gold medals,…

Expo 2023 Doha concluded its remarkable 179-day journey, leaving behind a legacy of unparalleled achievement and a vision for a greener, more sustainable future. Held under the theme "Green Desert, Better Environment," this historic event marked the first A1 International Horticultural Exhibition in the Middle East and North Africa region. The grand closing ceremony, held in the Family Zone, witnessed a symbolic military parade for the transfer of flags from the Bureau International des Expositions…

Qatar National Bank (QNB) anticipates a deceleration in the growth of the economies belonging to the Association of Southeast Asian Nations (ASEAN-6) in 2024 compared to pre-pandemic levels. This projection is attributed to subdued external demand and tightening financial conditions domestically and internationally. According to the bank's weekly report, while the economic performance of ASEAN-6 countries remains robust by global standards, it falls short of pre-pandemic levels. Historically, Southeast Asia has been hailed as a…

Abu Dhabi - AD Ports Group, in collaboration with Archireef, pioneers in nature-tech solutions, have announced the deployment of Eco Sea Wall Panels at two strategic locations in Abu Dhabi: the Al Aliah Ferry Terminal and Saadiyat Marina and Ferry Terminal. The initiative aims to restore marine biodiversity to shorelines impacted by development projects. Constructed from eco-friendly materials such as oyster shell powder, the Eco Sea Wall Panels serve as a proof of concept to…

Dubai - The prestigious Dubai World Cup 2024, recognized as the world’s richest horse race for thoroughbreds, is set to captivate audiences tomorrow, Saturday (30th March), at Meydan Racecourse. A total of 119 elite horses from 15 different countries will grace the event, competing across nine thrilling races with a staggering total prize money of $30.5 million, including a monumental $12 million for the highly anticipated main card event, the "Dubai World Cup." Among the…

Dubai - Dubai Municipality has been recognized with the prestigious International Safety Award by the British Safety Council for its commitment to upholding the highest standards of occupational health and safety. This esteemed accolade is bestowed upon institutions that demonstrate excellence in ensuring a sustainable, healthy, and safe workplace environment, prioritizing the well-being of employees, contractors, visitors, and individuals with disabilities, while also safeguarding property. This recognition underscores Dubai Municipality's dedication to fulfilling one of…

Saudi Arabia has experienced three consecutive years of growth in private equity investment, culminating in transactions worth $4 billion in 2023, according to the " Saudi Arabia Private Equity Report" released today by venture data platform MAGNiTT and sponsored by SVC. The report highlights a significant surge in private equity activity over the past five years, with growth accelerating to 5.9 times its 2021 level in 2022, following a 3.7 times increase in 2021. Notably,…

Apple is poised to revolutionize the retail experience with significant changes planned for its stores, particularly focusing on updating iPhones wirelessly through a new mechanism known as "Presto." According to a report by Bloomberg News, this innovative mechanism will enable iPhones to be updated wirelessly while still inside their purchase boxes, eliminating the need to open them. The rollout of this technology is set to commence in Apple stores across the United States from April,…

The Saudi Ports Authority, known as Mawani, has announced the launch of a new shipping service named "RGI" by Unifeeder at Jeddah Islamic Port. This move aims to establish a crucial connection between the Kingdom of Saudi Arabia and Indian ports, facilitating trade and providing efficient solutions for exporters and suppliers. The introduction of the RGI service underscores growing confidence in the Kingdom's ports, further bolstering maritime transport and logistics services while highlighting the capabilities…

The Qatar Stock Exchange began Thursday's trading session on a positive note, with the index rising to 9,991 points compared to the previous day's close. This marked an increase of 33.35 points, or 0.33%, supported by gains in six key sectors. Notably, the communications sector showed the strongest performance, rising by 0.75%, followed by the banking and financial services sector, which increased by 0.49%. The consumer goods and services sector also saw a modest gain…

The Sheikh Zayed Housing Programme has announced its approval of 4,334 housing decisions in 2023, with a total value of AED 3.34 billion. These decisions encompassed 3,015 housing finance approvals amounting to AED 2,380,551,000 and 1,025 housing grants valued at AED 682,300,000. Mohammed Al Mansoori, Director-General of the Sheikh Zayed Housing Programme, highlighted that active loan decisions reached AED 17.502 billion, constituting 90.6% of the total, while the percentage of closed loan files stood at…

ADNOC Distribution, in its recent Annual General Assembly Meeting (AGM), confirmed the approval of all agenda items, including a new five-year dividend policy and the appointment of new Board members. The company reiterated its commitment to a growth strategy enabled by artificial intelligence (AI), digitalization, and advanced technology. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of ADNOC Distribution, highlighted the company's track record of providing shareholders with a 90%…

In a recent meeting organized by the Qatar Chamber (QC), Saad bin Ali bin Saad Al Kharji, Chairman of Qatar Tourism, emphasized the organization's commitment to addressing obstacles within the tourism sector by developing strategic plans and streamlining regulations. Al Kharji highlighted the importance of supporting and empowering the private sector to drive growth in the tourism industry, which plays a crucial role in Qatar's economic diversification efforts outlined in the Qatar National Vision 2030.…

Emirates Global Aluminium (EGA) has taken a significant step towards its Industry 4.0 transformation by upgrading its core enterprise resource planning solution to SAP’s latest S/4HANA software. This move aims to enhance key functions and unlock the potential for digital capabilities such as artificial intelligence and real-time data analytics. EGA relies on SAP software solutions to manage various functions across its global business, including marketing, sales, supply chain, finance, human capital, production planning, scheduling, and…

Khalifa Economic Zones Abu Dhabi (KEZAD) Group, in collaboration with UAE-based Green Metal Industries, has inked an agreement to set up a state-of-the-art special steel recycling and production facility within KEZAD. With a hefty investment of AED 367 million (US$100 million), the facility will employ cutting-edge recycling technologies such as meltshop, refining facilities (AOD/VOD/VD), multi-product continuous casting, and a rolling mill. These technologies will enable the conversion of metal scrap into premium-quality products catering to…

The UAE Council for Artificial Intelligence and Blockchain has unveiled the UAE Artificial Intelligence Award, marking a significant step towards enhancing competitiveness in future sectors. His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, underscored the UAE government's commitment to embracing digital transformation and harnessing the potential of AI solutions to empower individuals and communities. The launch of the award aims to promote the adoption of…

Apple has introduced macOS 14.4.1, a dedicated update aimed at resolving various issues in the macOS Sonoma operating system on Mac computers. This release follows closely behind its predecessor, macOS Sonoma 14.4, which sparked numerous complaints due to multiple issues encountered by Mac users after its launch. In response to user feedback, Apple's release notes outline the fixes incorporated in macOS Sonoma 14.4.1. The update targets issues such as failure to recognize USB hubs connected…

The Economic and Development Affairs Council recently convened a virtual meeting to delve into a range of reports and topics on its agenda. Central to the discussions was the Ministry of Economy and Planning's comprehensive presentation, which delved into both local and global economic developments. The presentation offered an in-depth analysis of the latest economic indicators, highlighting significant expectations and challenges confronting the global economy. Additionally, it presented insights and recommendations for consideration. A key…

Dubai - His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, presided over the Dubai Government Excellence Awards 2024 ceremony, celebrating the outstanding achievements of government entities and individuals. The event, held at the Dubai World Trade Centre, marked the culmination of the 2024 edition of the Dubai Government Excellence Program. Praising Dubai's Government for its global model of excellence and leadership, Sheikh Mohammed…

The Indian rupee showed signs of recovery on Tuesday, bouncing back from its recent record low. The rebound was supported by likely intervention from the Reserve Bank of India (RBI) and a slight uptick in the offshore Chinese yuan. As of 9:15 UAE time, the Indian rupee was trading at 83.3375 against the US dollar and 22.71 against the UAE dirham, marking a 0.1% increase compared to the previous session's closing rate of 83.4250 (22.73…

Ras Al Khaimah - Ras Al Khaimah Economic Zone (RAKEZ) has introduced the HS&E Appreciation Awards, aiming to honor companies demonstrating exceptional dedication to Health, Safety, and Environmental (HS&E) practices. This initiative is part of RAKEZ's commitment to promoting compliance with regulations, enhancing standards, and fostering a culture of safety and sustainability within the economic zone. The HS&E Appreciation Awards serve to encourage businesses to continuously improve their HS&E practices while supporting RAKEZ's mission of…

Dubai - Alibaba Cloud, the digital technology and intelligence arm of Alibaba Group, has inaugurated the Alibaba Cloud Academy Training Centre in the MEA region. This facility, located in Dubai Internet City, aims to serve as a central hub for customers and partners seeking to enhance their digital capabilities. The training center, situated within the vibrant tech ecosystem of TECOM Group PJSC, is designed to empower Alibaba Cloud's ecosystem partners and customers by offering comprehensive…

The Family Care Authority (FCA) has forged a partnership with the UAE Equestrian and Racing Federation to introduce equine-assisted therapy, expanding FCA's services into the equestrian domain. This collaboration aims to integrate innovative therapies, utilizing horses in mental health and trauma recovery services, marking a significant advancement for community well-being. Dr. Bushra Al Mulla, Director-General of FCA, emphasized the importance of this partnership in diversifying FCA's service offerings and committing to bringing innovative therapies to…

In a strategic move towards enhancing customer service excellence, the Federal Tax Authority (FTA) has upgraded three key services to align with the UAE's pioneering ‘Government Services 2.0’ framework. This initiative, part of the Government Services Quality Charter, aims to elevate the efficiency and effectiveness of public services, ensuring a seamless and user-friendly experience for all customers. In a press release today, the FTA announced the successful implementation of three transformative strategies aimed at improving…

Dubai - His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, will recognize the winners of the Dubai Government Excellence Programme 2024 at an awards ceremony set for March 25 at the Dubai World Trade Centre. The list of recipients includes both government entities and individuals. The announcement of the winners follows a thorough performance evaluation process involving 30 government entities in Dubai, spanning 12 institutional categories and…

Saudi Arabia's poultry sector is celebrating a significant milestone with a remarkable production of 100 million kilograms in February 2024. This achievement underscores a collaborative effort between the government and the private sector, marking a pivotal moment in the industry's growth trajectory. The Ministry of Environment, Water and Agriculture (MEWA) has attributed this success to the crucial support and funding provided by the Agricultural Development Fund for poultry projects. Moreover, MEWA emphasizes the implementation of…

In a significant move towards bolstering regional cooperation, Saudi Arabia and Bahrain have recently inked two pivotal memoranda of understanding (MoUs) concerning the future of transportation and road maintenance and safety. The primary objective of these MoUs is to enhance collaboration between the two nations in the transportation and logistics services sector, fostering mutual growth and development. The signing ceremony saw the participation of key officials from both sides, including Saudi Minister of Transport and…

Abu Dhabi - Despite predictions of slower growth in the real estate market this year, property projects in the UAE continue to experience remarkable sales, often within days or even hours of their launch. High-net-worth individuals, foreign investors, and residents are driving this demand, eager to seize opportunities presented by luxury projects offered at comparatively lower prices than those in other major cities worldwide. For instance, Wasl, a leading property development and management company, sold…

The Middle East and Africa, excluding Israel, are poised for a surge in spending on IT security products and services, with a forecasted growth of 10.3% in 2024 to reach $6.2 billion. This upward trend is fueled by significant initiatives underway in the UAE and Saudi Arabia, driven by the introduction of stricter compliance regulations across the region. According to the International Data Corporation (IDC), this growth trajectory is expected to continue, with spending projected…

Dubai - Emirates has secured the prestigious 'Best Inflight Entertainment Award' on a global scale at the 2024 Airline Excellence Awards, announced online this week. The airline emerged as the global winner from a distinguished list of finalists, owing to its unparalleled offering of 6,500 channels of high-quality content, making it the undisputed leader in inflight entertainment. Passengers onboard Emirates flights are treated to a world-class entertainment library, boasting over 2,000 Hollywood and internationally acclaimed…

Abu Dhabi - The Central Bank of the UAE (CBUAE) has announced its decision to keep the Base Rate unchanged at 5.40%, aligning with the US Federal Reserve's stance on interest rates. The decision to maintain the Base Rate, which applies to the Overnight Deposit Facility (ODF), comes in the wake of the US Federal Reserve's announcement on 20 March to keep the Interest on Reserve Balances (IORB) unchanged. Furthermore, the CBUAE has opted to…

Abu Dhabi - The Abu Dhabi Real Estate Centre (ADREC), an affiliate of the Department of Municipalities and Transport (DMT), has disclosed a record-breaking total of approximately AED87.1 billion in real estate transactions for the year 2023. The value of buying and selling activities experienced a remarkable surge of 159.5%, amounting to AED61 billion compared to 2022. ADREC reported this surge based on 15,653 transactions, marking a significant increase of 73.7% from the previous year.…

In Islamabad on March 22, 2024, Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), signed two significant development agreements with Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs of the Islamic Republic of Pakistan. These agreements, totaling $101 million, aim to finance the Shounter and Jagran-IV Hydropower Projects, boosting Pakistan's clean energy sector. The first agreement allocates $66 million to construct the Shounter Hydropower station, enhancing Pakistan's national electricity grid…

AD Ports Group, a prominent player in global trade, logistics, and industry, has unveiled its 2023 Annual Report, highlighting a year of significant achievements and expansion. The report underscores the Group's remarkable international footprint expansion in 2023, particularly with the integration of Noatum, a global logistics platform operating in 27 countries and a leader in automotive logistics services in Europe. This integration, along with strategic agreements in ports, terminals, maritime, and shipping sectors across several…

QatarEnergy has reached a significant milestone in its LNG fleet expansion program by signing long-term time charter party (TCP) agreements with four international shipowners. The agreements, part of QatarEnergy's historic LNG fleet expansion initiative, involve the operation of 19 new, ultra-modern conventional size LNG vessels. Under these agreements, six vessels will be operated by CMES LNG Carrier Investment Inc., another six by Shandong Marine Energy (Singapore) Pte Ltd., and three by MISC Berhad. The remaining…

The Central Bank of the United Arab Emirates (CBUAE) has projected significant growth for the country's Gross Domestic Product (GDP) in the coming years. According to their quarterly economic review report for the fourth quarter (Q4) of 2023, the CBUAE expects the UAE's GDP to increase by 4.2 percent in 2024, with a further rise to 5.2 percent in 2025. This outlook maintains the CBUAE's estimate of a 3.1 percent growth in 2023. The report…

Suez Canal Economic Zone (SCEZ) Invests $3 Billion in Infrastructure to Expand as a Hub for Global Trade and Green Energy

GCC Secretary General Highlights Youth Empowerment and AI-Driven Challenges at International Workshop in Bahrain

GCC Leaders Reaffirm Support for SMEs as Pillars of Economic Growth and Innovation at Doha Summit

MENA Investment Banking Fees Surge to $1 Billion in 2024, HSBC Leads the Pack

Saudi Fund for Development Signs $205 Million Loan Agreements with Serbia to Boost Agriculture, Education, and Energy Sectors

Borouge and Etihad Rail Achieve Major Milestone: Over 700,000 Tonnes of Polyolefins Transported in First Year

Future Blockchain Summit 2024 Kicks Off in Dubai, Showcasing Global Innovation and Investment Opportunities

Dr. Sultan Al Jaber Calls for Global Unity to Build on UAE Consensus at Pre-COP Meeting in Baku

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Kuwait's Civil Service Evolution: A Roadmap for Productivity and Modernization

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GCC Secretary General Calls for Immediate International Action to Address Israeli Escalation in the Region

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UAE Mandates Female Representation on Private Joint-Stock Company Boards by 2025

13th EU-GCC Economic Dialogue in Doha Tackles Global Challenges, Strengthens Bilateral Cooperation

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Qatari Businesswomen Association Advocates for Women's Digital Empowerment at WTO Public Forum

UK Trade Ministers Begin Crucial Gulf Visit to Discuss Prospective Free Trade Deal with GCC

Saudi Ports Authority Launches New "LMX" Shipping Service at Jubail to Enhance Global Connectivity

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Saudi Arabia Strengthens Global Space Cooperation at G20 Space Economy Leaders Meeting

OPEC Celebrates 64 Years of Global Oil Market Leadership and Cooperation

GCC Central Bank Governors Highlight Success of Fixed Exchange Rate Policy in Ensuring Financial Stability

UAE GCAA and Volar Air Mobility Partner to Develop Nation's First Green Aviation Technology Hub

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GCC Central Bank Governors Meeting Boosts Financial Integration and Cooperation Across Member States

Dubai Integrated Economic Zones Authority Reports Strong Growth in H1 2024, Strengthening Dubai’s Role as Global Investment Hub

GCC Secretary General Highlights Environmental Protection as Key Focus in Regional Cooperation

Qatar Central Bank Governor and HSBC Regional CEO Discuss Global Banking and Financial Developments

Saudi Minister of Industry Strengthens Ties with Chinese Firms, Explores Joint Ventures in Lithium and Copper Processing

UAE’s Peaceful Nuclear Energy Programme Achieves Major Milestone with Barakah Plant Fully Operational

OPEC+ Extends Voluntary Oil Production Cuts by 2.2 Million Barrels Per Day Until November 2024

Understanding VAT in the UAE: A Comprehensive Guide for 2024

Trump Triumphs in 2024 Presidential Election, Sealing His Return to the White House

EU Contributes €28.6 Billion in Public Climate Financing to Support Developing Countries' Efforts in Mitigating Climate Change

Global Markets Brace as U.S. Election Unfolds, Investors Lean Toward Trump Win

Urgent Climate Investment Gaps Threaten Global Net-Zero Goals by 2050, Report Warns

World Bank Launches "Gender Strategy 2030" to Enhance Global Economic Opportunities for Women

Arab Americans Poised for High Turnout in US Presidential Election with Palestine as Top Priority

SpaceX Makes History as Starship Booster Successfully Caught in Mid-Air Landing

IMF Announces $1.2 Billion Annual Reduction in Borrowing Costs for Member Nations

Tesla Unveils $30,000 Cybercab and Autonomous Driving Plans for 2026

U.S. Justice Department Weighs Breaking Up Google After Search Monopoly Ruling

Ratan Tata, Visionary Leader Who Transformed Tata Group and Indian Industry, Passes Away at 86

IATA and Aircraft Manufacturers Establish Principles for Access to Operational Data

US Dollar Surges Amid Middle East Tensions; Other Currencies Experience Volatility

Mark Zuckerberg Joins $200 Billion Club as Meta Shares Surge in 2024

European Council Approves Internal Market Emergency and Resilience Act to Strengthen Crisis Preparedness

GCC Secretary General Urges International Support for UN Resolutions on Palestine in Meeting with UN Chief

Yellen Calls US Rate Cut a "Positive Sign" of Economic Recovery as Biden Highlights Progress

Lagarde Warns of Economic Parallels Between the 1920s and 2020s, Urges Caution Amid Global Uncertainty

13th EU-GCC Economic Dialogue in Doha Tackles Global Challenges, Strengthens Bilateral Cooperation

World Utilities Congress 2024 Opens in Abu Dhabi, Showcasing Global Innovations in Energy and Water Sustainability

Expand North Star 2024: World's Largest Startup and Investor Event Gears Up for October Showcase

Qatari Businesswomen Association Advocates for Women's Digital Empowerment at WTO Public Forum

Saudi Delegation, Led by GACA President, Visits BETA Technologies to Explore Advanced Air Mobility Innovations

10th World Green Economy Summit Set to Drive Global Climate Action and Sustainable Economic Transition

ACRES Real Estate Exhibition Set to Enrich Dubai's Property Landscape

The Gulf Cooperation Council (GCC) has issued a strong condemnation of the recent terrorist attack at a train station in Quetta, Balochistan, southwestern Pakistan. The attack tragically claimed many lives and left numerous others injured, causing widespread grief and alarm. His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, expressed deep sorrow over the loss of lives and the injuries sustained in the attack. He affirmed the unwavering solidarity of GCC member states…

Doha – The Gulf Cooperation Council (GCC) is witnessing remarkable progress in developing an interconnected and advanced transportation system that will revolutionize regional trade and travel. During the 26th meeting of the Committee of GCC Ministers of Transport and Communications, held on November 7, 2024, in the Qatari capital of Doha, His Excellency Jasem Mohamed Albudaiwi, Secretary General of the GCC, provided an update on ongoing achievements, especially the Gulf railway project. Chaired by His…

KUWAIT CITY: The Secretary General of the Gulf Cooperation Council (GCC), His Excellency Dr. Jasem Mohamed Albudaiwi, has highlighted education as a fundamental pillar for achieving the sustainable development goals (SDGs) in the GCC region. He emphasized the importance of developing educated national cadres equipped with modern knowledge and skills to address the demands and challenges of the contemporary era. These individuals, Dr. Albudaiwi noted, will be essential in contributing effectively to the sustainable development…

MANAMA – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), underscored the vital role of young people in building the future amidst mounting challenges related to economic shifts, education, social change, and emerging technologies like artificial intelligence. His remarks came during his participation in the “Global Initiatives Supporting Youth: Opportunities and Challenges” workshop, a prominent event hosted by Bahrain as part of the “Global Network Supporting Youth Competitiveness,” also…

KUWAIT CITY – In a significant gesture of regional solidarity, His Highness Sheikh Sabah Khaled Al Hamad Al Sabah, Crown Prince of the State of Kuwait, warmly received His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), on November 4, 2024. The meeting was held at Bayan Palace during the fourth High-Level Conference on "Strengthening International Counter-Terrorism Cooperation and Building Agile Border Security Mechanisms," part of the Dushanbe Process. During…

DOHA – Gulf industry leaders and innovators gathered on Wednesday, October 30, 2024, in Doha for the opening of the second Gulf Industrial Exhibition, where prominent factories and inventors were honored for their contributions to the region's industrial sector. Under the patronage of His Excellency Shaikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry of Qatar, the event brought together ministers of commerce and industry from across the GCC to underscore…

Doha - His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), emphasized the continued commitment of the GCC nations to bolster small and medium-sized enterprises (SMEs), highlighting their essential role in economic growth and innovation across the region. His remarks were made at the fourth meeting between GCC Ministers of Commerce and Industry and Gulf entrepreneurs on Wednesday, October 30, 2024, held in Doha, Qatar. The meeting, chaired by Qatar’s…

DOHA – At the sixteenth annual meeting of the Attorneys General and Public Prosecutors of Gulf Cooperation Council (GCC) states, His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, commended the remarkable strides taken by the Council to strengthen Gulf judicial collaboration. Held in Doha on October 29, 2024, under the chairmanship of H.E. Dr. Issa bin Saad Al Jafali Al Nuaimi, Attorney General of Qatar, the meeting focused on bolstering public prosecution…

In Washington D.C., His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), highlighted the significance of a pioneering GCC economic event held in collaboration with the World Bank. Organized alongside the International Monetary Fund (IMF) and World Bank annual meetings, the event underscored the Council's commitment to expanding its influence and showcasing its regional and international economic contributions. On Thursday, October 24, 2024, distinguished finance ministers, economy officials, and central…

Washington, D.C. – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed the significance of the special ministerial meeting held on October 23, 2024, between the governors of central banks and finance ministers of the GCC and the Caucasus and Central Asia. The meeting is part of the annual gatherings of the International Monetary Fund (IMF) and the World Bank and aims to explore trade and investment opportunities while…

Washington, D.C. – His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has commended the significant contribution of GCC member states to the development and decision-making processes of the World Bank. His remarks came during his participation in a panel discussion titled "Reflections on the World Bank Group's Evolution Journey," held on the sidelines of the International Monetary Fund (IMF) and World Bank meetings on October 22, 2024, in Washington, D.C.…

Washington, D.C. – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), held a pivotal meeting with Ms. Hela Cheikhrouhou, Regional Vice President of the International Finance Corporation (IFC) for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan. The meeting took place on the sidelines of the International Monetary Fund (IMF) and World Bank meetings in Washington, D.C. During the session, both parties discussed strategies to enhance economic cooperation…

Washington – His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), reiterated the GCC General Secretariat’s commitment to strengthening its relationship with the World Bank Group. This enhanced partnership aims to support the shared economic development goals of the GCC countries. The reaffirmation of this commitment came during a high-level meeting with Mr Abdulaziz Al Mulla, Executive Director at the World Bank Group, and Mr Suhail Saeed, Executive Director for the…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has lauded the United Arab Emirates' (UAE) mediation efforts in facilitating the exchange of 190 prisoners between Russia and Ukraine. The latest achievement, marking the ninth successful mediation by the UAE in the ongoing conflict, highlights the nation's commitment to promoting peace and dialogue on the international stage. His Excellency expressed deep appreciation for the UAE's prominent diplomatic and…

London – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met today, October 17, 2024, with His Excellency Mr. Hamish Falconer, UK Minister of State for the Middle East and North Africa, at the British Foreign Office in London. The high-level talks focused on strengthening the strategic partnership between the GCC and the United Kingdom, addressing pressing regional issues, and exploring further cooperation in various sectors. During the meeting,…

The first-ever joint summit between the Gulf Cooperation Council (GCC) and the European Union (EU), held on October 16, 2024, in Brussels, marked a significant milestone in fostering stronger political, economic, and security relations between the two regions. His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, highlighted the importance of this gathering, stressing that the enhanced cooperation will further mutual goals and advance the strategic partnership between the GCC and EU across…

Brussels, Belgium – In a historic development for international diplomacy, the first-ever summit between the leaders of the Gulf Cooperation Council (GCC) and the European Union (EU) will take place on Wednesday, October 16, 2024, in the Belgian capital, Brussels. The summit will be co-chaired by His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar and President of the current session of the GCC Supreme Council, alongside His Excellency Charles…

Doha – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), emphasized the critical role of the GCC region in the global economy, highlighting the expansion and accelerated growth that have made the region a focal point for international attention. His remarks came during the sixth meeting of the Permanent Preparatory Committee at the ministerial level for the Economic and Development Affairs Authority of the GCC, held in Doha on…

Doha – The Gulf Cooperation Council (GCC) continues to solidify its status as a global leader in postal and telecommunications advancements, with member countries earning high global rankings in these sectors. This achievement was celebrated during the 28th meeting of the Ministerial Committee for Post and Telecommunications of the GCC countries, held in Doha, Qatar. The meeting, chaired by His Excellency Mr. Mohammed bin Ali Al Mannai, Qatar’s Minister of Communications and Information Technology, and…

CAIRO – The Arab League has raised an alarm over the adverse effects of persistent natural resource depletion and land degradation on food security and stability across the Arab region. During a celebration of Arab Environment Day at the Arab League’s headquarters in Cairo, officials stressed the need for urgent action to address these growing environmental threats. Ambassador Dr. Ali bin Ibrahim Al Maliki, Assistant Secretary-General and Head of the Economic Affairs Sector at the…

Abu Dhabi: The Gulf Cooperation Council (GCC) continues to make significant progress in fostering regional cooperation and integration, with the GCC Railway Project taking center stage. His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, highlighted the concerted efforts of member states to unify their policies and implement collective frameworks aimed at fulfilling the aspirations of their citizens. Speaking at the Global Rail Transport Infrastructure Exhibition & Conference in Abu Dhabi on October…

Doha, Qatar – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), underscored the critical role that enhanced financial transparency and advanced accounting monitoring systems have played in positioning GCC member states as leaders on both regional and global platforms. His remarks were delivered during the 21st meeting of Their Excellencies the Heads of Financial and Accounting Audit Bureaus of the GCC, which took place on Monday, October 7, 2024,…

DOHA – His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has called for a collective effort to address the growing global phenomenon of Islamophobia. Speaking at the 10th meeting of the Ministers responsible for Islamic Affairs and Endowments in the GCC countries, held in Doha on Sunday, October 6, 2024, Albudaiwi proposed the creation of a GCC Scientific Observatory to Combat Extremism, aimed at highlighting the true image of Islam…

MUSCAT – His Excellency Mr. Jasem Mohamed Albudaiwi, the Secretary General of the Gulf Cooperation Council (GCC), delivered a significant lecture on October 2, 2024, titled “Four Decades of Achievements Toward Integration and Facing Challenges” at the National Defense College in Oman. During his address, HE Albudaiwi underscored the critical importance of integration and cooperation among GCC member states, highlighting how these efforts have set a benchmark for others to emulate on both regional and…

Cairo – The Secretary General of the Arab League, Dr. Ahmed Aboul Gheit, has praised the pivotal role played by the Arab Monetary Fund (AMF) in bolstering the economic, financial, and monetary stability of Arab nations. His remarks were made during the opening of the 48th ordinary meeting of the Council of Arab Central Banks and Monetary Authorities' Governors, held in Cairo. In his address, Dr. Aboul Gheit underscored the responsibility of central banks across…

Abu Dhabi, UAE – Sovereign wealth funds (SWFs) from the Gulf Cooperation Council (GCC) deployed an impressive $55 billion in capital across 126 transactions in the first nine months of 2024, according to a new report from Global SWF, an industry tracker and data platform. This amount represents 40% of all sovereign investor transactions worldwide, maintaining the level of activity seen in 2023. The bulk of these investments originated from the region's top five sovereign…

VIENNA – In a bid to strengthen Armenia’s economic growth and climate resilience, the OPEC Fund for International Development (the OPEC Fund) has signed a $10 million loan agreement with Evocabank CJSC. The loan aims to provide critical financial support to Armenia’s micro, small, and medium-sized enterprises (MSMEs), particularly women-led businesses, while also promoting energy efficiency and renewable energy projects in the country. The agreement comes as part of the OPEC Fund’s broader commitment to…

NEW YORK – The United Arab Emirates (UAE) delegation, led by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, played a pivotal role in high-level discussions during the 79th United Nations General Assembly (UNGA79). The UAE participated in a series of significant bilateral and multilateral meetings, focusing on global cooperation across a range of critical issues, including climate change, humanitarian aid, and global economic stability. During these meetings,…

New York – The Secretary General of the Gulf Cooperation Council (GCC), His Excellency Mr. Jasem Mohamed Albudaiwi, affirmed the Council’s dedication to forging strong, strategic alliances with nations and organizations around the world. His comments came during a high-profile joint ministerial meeting between the GCC and the Community of Latin American and Caribbean States (CELAC), held on the sidelines of the United Nations General Assembly in New York on Friday, September 27, 2024. The…

New York: His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has expressed his strong support for the formation of the International Coalition for a Two-State Solution, voicing optimism that this coalition will help secure the Palestinian people’s legitimate rights to establish an independent state and live in peace and security. This statement was delivered during his address at a high-level ministerial meeting titled “The Situation in Gaza and Implementing…

New York: In a historic gathering aimed at bolstering international relations, the first joint ministerial meeting between the Gulf Cooperation Council (GCC) and Northern European countries was held on Wednesday, September 26, 2024, on the sidelines of the 79th session of the United Nations General Assembly in New York. The meeting was chaired by His Excellency Sheikh Mohammed bin Abdulrahman Al Thani, alongside Foreign Ministers from the GCC states and Northern Europe, including Norway, Denmark,…

New York: In a significant event marking two decades of collaboration, the 20th anniversary of the Istanbul Cooperation Initiative (ICI) was celebrated on Wednesday, September 25, 2024, at the United Nations General Assembly headquarters in New York, USA. The event, held on the sidelines of the 79th session of the General Assembly, was hosted under the patronage and in the presence of His Highness Sheikh Sabah Khaled Al Hamad Al Sabah, Crown Prince of the…

New York: His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has called for urgent international intervention in response to the escalating Israeli violations in Palestinian and Lebanese territories. He emphasized the need for serious and immediate measures to safeguard civilians and uphold international law. This appeal was made during a meeting with the U.S. Assistant Secretary of State for Near Eastern Affairs on Tuesday, September 24, 2024, on the…

New York — His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stressed the critical importance of the Future Summit in fostering international cooperation to tackle global challenges and achieve peace and sustainable development. His remarks came during a speech on Monday, September 23, 2024, at the United Nations headquarters in New York, delivered on the sidelines of the high-level week of the 79th session of the UN General Assembly.…

New York — His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), highlighted the significance of the coordinating meeting of the GCC Ministerial Council, held on the sidelines of the 79th session of the United Nations (UN) General Assembly. This meeting aims to synchronize the efforts of member states on various regional and international matters. The meeting took place on Sunday, September 22, 2024, at the Permanent Mission of Qatar…

NEW YORK — His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), called for the international community to intensify its support for the United Nations in implementing its resolutions, particularly those concerning the Palestinian issue. This call to action was made during a high-level meeting with His Excellency António Guterres, Secretary General of the United Nations, on Saturday, September 21, 2024, on the sidelines of the 79th session of the United…

NEW YORK — His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met with His Excellency Abbas Araghchi, Minister of Foreign Affairs of the Islamic Republic of Iran, on Saturday, September 21, 2024. The meeting took place on the sidelines of the 79th session of the United Nations General Assembly in New York, USA. The high-level discussion centered on several key issues, with both officials reviewing the status of relations between…

Doha – The Gulf Cooperation Council (GCC) is making significant strides in establishing a unified definition for Gulf national products, a crucial step in achieving "economic citizenship" across the region and promoting greater industrial cooperation. This development was the key focus of the fifth extraordinary meeting of the Undersecretaries of Industry Ministries from GCC countries, held in Doha. During the meeting, Mohamed bin Hassan Al-Malki, Qatar’s Undersecretary of the Ministry of Commerce and Industry, stressed…

Sharjah – The Board of Directors of the Federation of GCC Chambers (FGCCC) held the 64th session of their meeting in Sharjah, United Arab Emirates, under the chairmanship of Faisal Abdullah Al Rowas, Chairman of the Oman Chamber of Commerce and Industry (OCCI). The high-level meeting focused on strengthening economic cooperation and advancing strategic collaboration between the public and private sectors across the Gulf Cooperation Council (GCC) region. During the meeting, the Board discussed a…

Abu Dhabi – Lieutenant General His Highness Shaikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior of the UAE, welcomed His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), at the Ministry of Interior headquarters in Abu Dhabi. The high-level meeting underscored the importance of enhancing security cooperation between GCC member states to meet the aspirations of their leaders and address regional challenges. The discussion focused on…

Doha – The 13th EU-GCC Economic Dialogue opened on Monday in Doha, bringing together high-level representatives from the Gulf Cooperation Council (GCC) and the European Union (EU) to discuss pressing global economic challenges, regional risks, and policy priorities. This year’s discussions focused heavily on security, stability, and the evolving dynamics of the international economic landscape. The meeting was chaired by Saud bin Abdullah Al Attiyah, Assistant Undersecretary for Economic Affairs at Qatar’s Ministry of Finance,…

Vienna – The United Arab Emirates (UAE) is participating in the 68th Regular Session of the General Conference of the International Atomic Energy Agency (IAEA), held from 16th to 20th September 2024, at the IAEA headquarters in Vienna, Austria. The event, themed "Global Cooperation in the Nuclear Field," brings together key international players to discuss advancements in nuclear safety, security, and cooperation. Leading the UAE delegation is Ambassador Hamad Al Kaabi, the UAE Permanent Representative…

ABU DHABI – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), underscored the need for a unified Gulf strategy to combat the growing threat of drug smuggling and abuse, highlighting its far-reaching impact on individuals, families, and societies. His remarks were made during a workshop held in Abu Dhabi, UAE, from 16 to 19 September 2024, focused on developing a comprehensive Gulf strategy to tackle the menace of drugs.…

DOHA – The Qatari Businesswomen Association (QBWA) successfully concluded its participation in the World Trade Organization's (WTO) Public Forum, held under the theme "Re-Globalization: Better Trade for a Better World" in Geneva. This marked an important step in QBWA’s ongoing efforts to empower women in global trade, with the association playing a central role in key discussions on the digital empowerment of women and showcasing Qatari culture through art. In a statement today, QBWA emphasized…

Muscat – Oman, through its aviation authority Oman Airports, is set to host the inaugural GCC Airports CEOs Forum at the St Regis Hotel in Al Mouj Muscat on Wednesday. This landmark event will see the participation of CEOs from major airports across the Gulf Cooperation Council (GCC) countries, marking a significant step in the region's efforts to deepen collaboration within the aviation sector. The forum, which is part of a broader strategy to strengthen…

London – In a pivotal step to strengthen economic ties, Britain's new trade ministers, Trade Secretary Jonathan Reynolds and Minister for Trade Policy Douglas Alexander, arrived in the Gulf region on Monday. This marks their first joint visit as they engage in discussions with the Gulf Cooperation Council (GCC) regarding a potential free trade agreement. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The visit comes at a time…

Abu Dhabi – His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), welcomed His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), at Qasr Al Bahr in Abu Dhabi on Monday, September 16, 2024. The meeting comes as part of ongoing efforts to further solidify regional cooperation and strengthen the bonds between GCC member states. During the meeting, the GCC Secretary General received valuable directives…

VIENNA: The Organisation of the Petroleum Exporting Countries (OPEC) celebrated its 64th anniversary today, marking more than six decades of monumental achievements, international collaboration, and influential contributions to the global oil market. OPEC’s journey began between September 10th and 14th, 1960, when representatives from five founding oil-producing nations—Dr. Fuad Rouhani from Iran, Dr. Tala’at al-Shaibani from Iraq, Ahmed Sayed Omar from Kuwait, Abdullah Al-Tariki from Saudi Arabia, and Dr. Juan Pablo Pérez Alfonzo from Venezuela—convened…

DOHA – The Gulf Cooperation Council (GCC) countries have successfully maintained financial and monetary stability through the implementation of a fixed exchange rate policy, according to HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of Qatar Central Bank (QCB). Speaking at the first annual conference of GCC Central Bank Governors in Doha, HE Sheikh Bandar outlined how this policy has proven to be the most effective for the region, contributing significantly to economic stability…

Oil prices are projected to stabilize below $70 per barrel in the coming months, influenced by interest rate cuts, political uncertainty surrounding the US elections, and potential increases in OPEC production by the end of the year. While traditionally, oil price fluctuations had a direct and significant impact on GCC economies and their stock markets, the dynamics have shifted over recent years due to economic diversification efforts across the region. Historically, the performance of GCC…

DOHA – The outcomes and recommendations of the 83rd meeting of the Committee of Governors of Central Banks of the Gulf Cooperation Council (GCC) are set to significantly strengthen financial and economic integration across the GCC member states, according to His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the GCC. The meeting, held on Thursday, September 12, 2024, in the Qatari capital, Doha, was chaired by His Excellency Shaikh Bandar bin Mohammed bin Saoud…

DOHA – The Universal Postal Union (UPU) Strategy Forum for the Arab Region commenced in Doha under the patronage of HE Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology. Hosted by Qatar’s Communications Regulatory Authority (CRA) in partnership with the UPU’s Regional Office for the Arab Region, the two-day forum gathered postal industry leaders, regulatory authorities, and key stakeholders from across the Arab world to address the evolving postal landscape and set…

DOHA – Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank (QCB), officially inaugurated the Arab Banking Conference 2024 in Doha on September 10-11. The high-profile event, organized by the Union of Arab Banks under the patronage of the QCB, centers around the theme "Sustainable Development Requirements & the Role of Banks." It brings together prominent banking executives from the region and around the world to discuss how financial institutions…

RIYADH — His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), confirmed that discussions between the GCC and China have focused on enhancing cooperation and deepening ties. These talks, held on Wednesday in Riyadh, underscored the strong relationship between the two sides, building upon the outcomes of the inaugural Gulf-Chinese Summit held in Saudi Arabia in December 2022. The meeting was chaired by Mr. Li Qiang, Premier of the State Council…

Doha – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), reaffirmed the GCC's commitment to environmental protection and addressing the impacts of climate change as integral parts of the national visions of its member states. His remarks came during the 26th meeting of the Ministers Responsible for Environmental Affairs in the GCC, held in Doha on Tuesday. The meeting, hosted by His Excellency Dr. Abdullah bin Abdulaziz Al Subaie, Qatar's…

DOHA — His Excellency Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of Qatar Central Bank (QCB), held a meeting on Tuesday with Stephen Moss, the Regional Chief Executive Officer for the Middle East, North Africa, and Turkiye at HSBC. The discussions focused on the latest developments in the global banking and financial sectors, underscoring Qatar’s role as a growing financial hub in the region. During the meeting, both leaders explored the implications of global…

Doha – In a show of regional economic solidarity and commitment to sustainable growth, His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), commended the Qatar Central Bank for its leadership in hosting the 2024 Arab Banking Conference. The event, which took place in Doha from September 10-11, 2024, under the theme "Sustainable Development Requirements and the Role of Banks," served as a platform for dialogue on the evolving role…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), reaffirmed the strong and historic relationship between the GCC member states and the Russian Federation, emphasizing the importance of accelerating joint initiatives. This was expressed during the seventh joint ministerial meeting of the strategic dialogue between the GCC and Russia, held on Monday, September 9, 2024, under the chairmanship of His Excellency Shaikh Mohammed bin Abdulrahman Al Thani, Prime Minister…

Muscat – The Oman Chamber of Commerce and Industry (OCCI) and the Bahrain Chamber of Commerce and Industry held a pivotal coordination meeting on Monday to finalize the procedures for establishing the Oman-Bahrain Investment Company. This joint venture aims to strengthen economic cooperation between the two nations by exploring and developing key projects within their respective private sectors. The meeting focused on several important topics, including a review of prominent sectors with high economic feasibility for…

Hong Kong  – The Saudi Ministry of Tourism took center stage at the International Hospitality Investment Forum (IHIF Asia), held from September 9 to 11 in Hong Kong, as it sought to attract international investors by showcasing the Kingdom’s rapidly growing tourism sector and its diverse investment opportunities. The forum provided a platform for Saudi Arabia to highlight its remarkable tourism achievements and outline the strategic initiatives designed to foster further growth and international investment.…

Riyadh – The General Authority of Foreign Trade (GAFT), represented by its Deputy Governor Fareed bin Saeed Al-Asali, led the Saudi delegation in the first round of Free Trade Agreement (FTA) negotiations between the Gulf Cooperation Council (GCC) and the Republic of Indonesia. The talks, held in Jakarta from September 9 to 31, are aimed at establishing stronger trade ties and enhancing economic cooperation between the two regions. The Saudi delegation, under the leadership of Al-Asali,…

RIYADH – stc Group, the region’s leading digital enabler, has confirmed its participation in the highly anticipated Global AI Summit (GAIN), taking place in Riyadh from September 10 to 12. The event, which gathers top-tier experts, academics, corporations, and policymakers from around the world, serves as a premier platform for advancing global discourse on artificial intelligence (AI). According to the company’s press release, stc Group will leverage the GAIN Summit to unveil a range of…

Vienna – The OPEC+ alliance, comprising the Organization of the Petroleum Exporting Countries and its allies, led by Russia, announced on Thursday that it has decided to delay its planned oil output increase for October and November 2024. The decision comes in response to declining crude oil prices, which have reached their lowest point in nine months, driven by concerns over a weakening global economy and softening demand from China, the world's largest oil importer. In…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has announced the convening of the 161st Ministerial Council meeting of the GCC today at the General Secretariat headquarters in Riyadh. The meeting, chaired by His Excellency Shaikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar, who is the current President of the Ministerial Council, will see the participation of Foreign Ministers…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), welcomed Her Excellency Ms. Alexandra Papadopoulou, Deputy Minister of Foreign Affairs of the Hellenic Republic, at the GCC General Secretariat headquarters in Riyadh on Sunday. The meeting served as a platform for discussing critical regional issues and enhancing bilateral relations. The two officials extensively reviewed the current situation in Gaza, highlighting the dire conditions resulting from ongoing Israeli occupation and…

RIYADH – The Saudi General Authority for Statistics (GASTAT) has successfully won the bid to host the United Nations World Data Forum in Riyadh in 2026, following a competitive bidding process that involved multiple countries. The decision was made by the High-level Group for Partnership, Coordination and Capacity-Building for Statistics for the 2030 Agenda for Sustainable Development (HLG-PCCB), as confirmed by the Saudi Press Agency. The Kingdom's bid, presented by GASTAT President Dr. Fahad Aldossari, emphasized…

Riyadh – The Kingdom of Saudi Arabia will actively participate in the first round of negotiations for a Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) countries and the Republic of Indonesia. This significant round of discussions is scheduled to take place in Jakarta, Indonesia, from September 9 to 31, 2024. Key topics on the agenda for these negotiations include trade in goods and services, investment policies, customs procedures, rules of origin, technical barriers…

DOHA – The State of Qatar, represented by the Ministry of Endowments (Awqaf) and Islamic Affairs, will host the 9th meeting of Their Excellencies Assistant Ministers of Islamic Affairs and Endowments from the Gulf Cooperation Council (GCC) countries on Sunday. The gathering marks an important occasion for regional cooperation on key issues concerning Islamic affairs, endowments, and religious development across the GCC. The meeting is set to address several matters of mutual interest, fostering deeper…

VIENNA – OPEC+ countries have collectively agreed to extend their additional voluntary oil production cuts of 2.2 million barrels per day (bpd) for another two months, pushing the expiration date to the end of November 2024. The decision came during a virtual meeting held on September 5, 2024, where the group reiterated its strong commitment to stabilizing global oil markets through coordinated production adjustments. The extension follows the earlier voluntary cuts announced in April and November…

GUANGZHOU – Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, has extended an official invitation to Chinese companies to invest in a range of strategic industrial sectors that are critical to the Kingdom's economic growth. Speaking at a roundtable organized by the Federation of Chambers of Commerce in Guangzhou, Al-Khorayef outlined the vast opportunities available under Saudi Arabia's National Industrial Strategy, emphasizing sectors such as automotive, aviation, food, pharmaceuticals, machinery, and…

SHARJAH, UAE – The Sharjah Chamber of Commerce and Industry (SCCI) held a productive meeting to explore ways of strengthening trade and investment relations between Sharjah's business community and its counterpart in Nepal. The discussions, which underscored the UAE's commitment to diversifying its investment portfolio, focused on identifying strategic partnerships between the private sectors of both countries. The meeting took place between Sheikh Majid Faisal Khalid Al Qasemi, First Vice Chairman of SCCI, and Tej Bahadur,…

ABU DHABI, UAE - Gulf Cooperation Council (GCC) banks are poised to maintain their robust performance throughout 2024, driven by increasing lending volumes, higher fee income, stable profit margins, and strong cost efficiency, according to a recent report by Standard & Poor's (S&P) Global Ratings. The report, released today, highlights the positive trajectory of the region's banking sector, which has benefited from the growth of non-oil sectors, particularly in Saudi Arabia and the United Arab…

Al-Alamein, Egypt - The "Saudi Group" is making a significant impact at the first annual Egypt International Air Show, currently being held at Al-Alamein International Airport in northern Egypt. The group is showcasing its cutting-edge services and capabilities through an interactive pavilion that highlights the offerings of Saudia Aerospace Engineering Industries (SAEI) and the Saudi Academy. The pavilion has attracted a large number of visitors, drawn by the extensive range of services and innovative solutions presented…

OSLO, Norway – In a significant step towards bolstering diplomatic and economic relations, the State of Qatar and the Kingdom of Norway have signed two key Memoranda of Understanding (MoUs) during the official visit of His Highness Sheikh Tamim bin Hamad Al Thani, Amir of Qatar, to Norway. The agreements, which aim to enhance cooperation in military, peace, and reconciliation efforts, as well as tax regulation, underscore the growing partnership between the two nations. The…

DOHA, Qatar – His Excellency Jasem Mohamed Abudaiwi, Secretary General of the Gulf Cooperation Council (GCC), lauded the distinguished administrative talents, pioneering projects, and notable figures in the fields of labour, social affairs, and civil service, during an honouring ceremony in Doha. The event, held on the sidelines of the 21st meeting of Ministers and Heads of Civil Service Agencies, celebrated exceptional contributions from public and private sectors, reflecting the directives of the GCC leaders…

Doha, Qatar - The tenth meeting of the Gulf Cooperation Council (GCC) Ministers of Labour convened today in Doha, Qatar, where His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the GCC, reiterated the Council's commitment to enhancing job opportunities for citizens and equipping them with the necessary skills to excel in the private sector. The meeting, chaired by His Excellency Dr. Ali bin Samikh Al Marri, Qatar's Minister of Labour and President of the…

Doha, Qatar - In a significant gathering that underscores the Gulf Cooperation Council’s (GCC) commitment to enhancing civil service and human resource development, the 20th meeting of the ministers and heads of civil service authorities of GCC member states was held in Doha, Qatar. The meeting, which took place on Tuesday, brought together key leaders and decision-makers from across the region to discuss the progress and future direction of civil service initiatives. His Excellency Mr.…

Cairo – Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the UAE Ministry of Economy, has underscored the United Arab Emirates' unwavering dedication to bolstering Arab cooperation and driving economic progress across the region. His remarks were delivered during the opening session of the 114th regular meeting of the Arab Economic and Social Council (AESC), held at the General Secretariat of the Arab League headquarters in Cairo. In his address, Al Kait…

Prague – His Excellency Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaifi, Minister of State at the Ministry of Foreign Affairs of Qatar, met with His Excellency Jan Lipavsky, Minister of Foreign Affairs of the Czech Republic, on the sidelines of the GLOBSEC Forum held in Prague. The high-level meeting focused on strengthening the ties between Qatar and the Czech Republic, as well as addressing pressing global issues. The two ministers engaged in a detailed…

Doha – The State of Qatar's Public Prosecution recently chaired the 15th virtual meeting of Assistant Attorneys General and Prosecutors from the Gulf Cooperation Council (GCC) member states. This meeting served as a crucial preparatory session for the upcoming 16th meeting of Attorneys General and Prosecutors, scheduled to take place in Doha on October 29. The meeting was presided over by Prime Solicitor General and Director of Judicial Inspection Administration, Ibrahim Abdullah Al Qubaisi, and…

Singapore – In a significant move to bolster bilateral relations, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, met with Singapore's Minister for Manpower and Second Minister for Trade and Industry, Dr. Tan See Leng, during his official visit to Singapore. The meeting underscores the growing partnership between the two nations, particularly in the industrial and mineral resources sectors. Minister Al-Khorayef emphasized Saudi Arabia's strategic position as a bridge connecting Asia, Africa,…

ABU DHABI — The UAE's recent accession to the BRICS group underscores its commitment to multilateralism and constructive dialogue, aimed at fostering global development, prosperity, and wellbeing. This strategic move aligns with the UAE’s approach of forging robust partnerships with nations and international organizations to boost economic competitiveness and explore new growth avenues. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, emphasized that the UAE’s new role within BRICS reflects the nation’s dedication…

Riyadh – In a significant step towards enhancing bilateral relations, Saudi Arabia’s Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, and Qatar’s Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, co-chaired a crucial meeting of the Executive Committee of the Saudi-Qatari Coordination Council in Riyadh on Sunday. The meeting, held at the Ministry of Foreign Affairs in Riyadh, was marked by a strong emphasis on reinforcing…

Riyadh, Saudi Arabia – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has lauded the pivotal role of the Arab Bureau of Education for the Gulf States in fostering coordination, collaboration, and integration among GCC member states to achieve shared educational objectives. His remarks came during an official visit to the bureau's headquarters in Riyadh on Thursday, August 29, 2024. During the visit, His Excellency reviewed the bureau's significant…

Abu Dhabi, UAE – In a significant diplomatic exchange, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, held a phone call today with José Manuel Albares, Minister of Foreign Affairs of the Kingdom of Spain. The conversation focused on deepening the robust bilateral relations between the two nations, particularly in the economic and trade sectors. The discussion underscored the ongoing commitment of both…

Cairo - The United Arab Emirates (UAE) is presiding over the 114th regular session of the Arab Economic and Social Council (AESC), which begins today, Sunday, and will continue through Thursday at the General Secretariat of the Arab League headquarters in Cairo. This session of the AESC is focused on enhancing joint Arab cooperation across economic and social fields. It brings together ministers, officials, and experts from various Arab nations to address priority issues crucial…

Riyadh, Saudi Arabia – Saudi Arabia, in collaboration with the United Nations Industrial Development Organization (UNIDO), is set to host the second Multilateral Industrial Policy Forum (MIPF) this October in Riyadh. This significant event will highlight the Kingdom's ongoing industrial transformation efforts, aligned with the ambitious goals of Vision 2030. The forum is expected to further expand Saudi Arabia’s industrial base, positioning the Kingdom as a leading global industrial hub. The MIPF is organized by…

CAPE TOWN — The United Arab Emirates, represented by the Ministry of Finance, actively participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries, held on 30th August in Cape Town, South Africa. The meeting, themed “Investing in a Sustainable Future,” underscored the significance of sustainable development and the essential role of financial innovation in achieving global sustainability goals. The UAE delegation was led by Mohamed bin Hadi…

CAPE TOWN, South Africa — The United Arab Emirates, represented by the Ministry of Finance, actively participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries, held on 30th August in Cape Town, South Africa. The meeting, themed “Investing in a Sustainable Future,” underscored the significance of sustainable development and the essential role of financial innovation in achieving global sustainability goals. The UAE delegation was led by Mohamed…

Riyadh, Saudi Arabia - His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, held a significant meeting today with Charles Michel, President of the European Council, in Riyadh. The discussions underscored the importance of strengthening relations and enhancing cooperation between Saudi Arabia and the countries of the European Union. During the meeting, both leaders explored a wide range of topics, focusing on…

Riyadh, Saudi Arabia - The 23rd Scientific Forum of the Gulf Society for History and Archaeology, representing the Gulf Cooperation Council (GCC) countries, was officially inaugurated today in Riyadh. This prestigious event is being hosted by the Heritage Commission in partnership with the King Abdulaziz Foundation for Research and Archives (Darah). The forum has drawn significant attention, attracting 300 researchers specializing in history and archaeology from across the region. Turki bin Mohammad Al-Shuwaier, CEO of…

Riyadh, Saudi Arabia – His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, held a significant meeting with President Mahmoud Abbas of the State of Palestine in Riyadh. The discussions focused on the ongoing military escalation in Gaza and its surrounding areas, with HRH the Crown Prince emphasizing Saudi Arabia's persistent efforts to engage with international and regional stakeholders to de-escalate the…

Riyadh, Saudi Arabia – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), lauded the significant contributions of the Gulf Health Council and the Gulf Centre for Disease Prevention and Control in fostering health cooperation and integration among GCC member states. His remarks underscored the commitment of these institutions to aligning with the directives of Their Majesties and Highnesses, the leaders of the GCC countries, in achieving shared health care…

Riyadh, Saudi Arabia – His Royal Highness Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior of the Kingdom of Saudi Arabia, received His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), at the Ministry’s headquarters in Riyadh. The meeting, held on [insert specific date], focused on bolstering security cooperation across GCC member states. At the outset of the meeting, HE the GCC Secretary General expressed…

Riyadh, Saudi Arabia – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), welcomed Her Excellency Ms. Maryam bint Abdullah Al Attiyah, Chairperson of the Global Alliance of National Human Rights Institutions (GANHRI) and Chairperson of the National Human Rights Committee (NHRC) in Qatar, at the GCC General Secretariat’s headquarters in Riyadh on Tuesday, August 27, 2024. During the meeting, the two leaders engaged in a comprehensive discussion focused on…

DUBAI – The first international edition of the Dubai Business Forum – China, organized by Dubai Chambers, took place in Beijing, highlighting the vast opportunities emerging for the Chinese business community in Dubai, fueled by the Dubai Economic Agenda (D33). The event, held under the theme "China, Dubai and Beyond: Igniting Global Trade and Investment," showcased Dubai's dynamic economy, competitive advantages, and key initiatives that provide quality investment opportunities for both Chinese and global investors.…

Fujairah Natural Resources Corporation (FNRC) has signed a significant cooperation agreement with Kuwait’s Ministry of Public Works to bolster investment and development in mineral resources and mining sciences. The agreement, formalized today, marks a key step in enhancing bilateral cooperation between the two entities. The signing ceremony took place with Eid Al Rashidi, Undersecretary of the Kuwaiti Ministry of Public Works, and Ali Qassim, Director-General of FNRC, at the helm. The event was attended by…

The International Government Communication Forum (IGCF) 2024, organized by the Sharjah Government Media Bureau, is set to inspire and empower youth and university students through a dynamic agenda that includes 29 discussion sessions and workshops. Scheduled for September 4-5 at Expo Centre Sharjah, the event will offer a unique platform for young minds to enhance their communication skills and explore innovative technologies. A highlight of IGCF 2024 is the dedicated Youth Hall, which will host…

The UAE Ministry of Industry and Advanced Technology (MoIAT) has announced its participation in a groundbreaking initiative with its BRICS counterparts to launch a Centre for Industrial Competences. This collaborative effort, carried out in partnership with the United Nations Industrial Development Organisation (UNIDO), aims to bolster industrial skills and capabilities among member nations. The announcement was made during the 8th BRICS Industry Ministers Meeting, which gathered industry, trade, and technology leaders from across the BRICS…

London – Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi has confirmed an agreement between the GCC and the United Kingdom (UK) to expedite the finalization of negotiations for a free-trade agreement (FTA), with the goal of signing the accord by the end of this year. Albudaiwi’s announcement came following his meeting today in London with the UK Secretary of State for Business and Trade, Jonathan Reynolds. He noted a robust interest from the new…

Cairo  — The Secretary General of the Arab League, Ahmed Aboul Gheit, is set to attend the fifth Japan-Arab Economic Forum, scheduled to take place from July 10 to 11 in Japan. This prominent event is organized by the Arab League Secretariat General in collaboration with the Japanese Ministry of Economy, Trade and Industry and the Japan External Trade Organization. The forum will primarily focus on enhancing trade relations between Arab countries and Japan, while…

RIYADH – The Public Investment Fund (PIF) of Saudi Arabia has achieved significant recognition in the 2024 Governance, Sustainability, and Resilience (GSR) Scoreboard, published by data platform Global SWF. The PIF has retained its position as the leading sovereign wealth fund in the Middle East and has climbed five places to tie for second globally in a ranking of 100 sovereign wealth entities. The PIF’s overall assessment score improved to an impressive 96 percent, up…

Abu Dhabi, UAE – In a significant diplomatic engagement, President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates held a crucial meeting with His Highness Sheikh Tamim bin Hamad Al-Thani, Emir of Qatar, in Abu Dhabi. The leaders focused on enhancing fraternal relations and exploring avenues for cooperation to further mutual interests and support sustainable development and prosperity in both nations. Key Discussions and Regional Focus During their discussions, the…

In a significant move to enhance economic cooperation, Saudi Arabia and Qatar have signed a Double Taxation Avoidance Agreement (DTAA) aimed at preventing tax evasion and avoiding double taxation on income. The agreement was signed today in Doha by Saudi Arabia's Minister of Finance, Mohammed Aljadaan, and his Qatari counterpart, Minister of Finance Ali Al Kuwari. The signing ceremony, according to a press release from the Ministry of Finance, marks a crucial step in fostering…

The State of Qatar actively participated in the Economic and Investment Conference of the Gulf Cooperation Council (GCC) countries and the Association of Southeast Asian Nations (ASEAN), held on May 28 in Riyadh. The conference saw the involvement of Their Excellencies the Ministers of Trade, Industry, and Investment from the GCC countries, relevant ministers from ASEAN countries, and senior officials from both sides. Leading Qatar’s delegation was HE Mohammed bin Hassan Al Maliki, Undersecretary of…

The ninth session of the Saudi-Austrian Joint Committee convened yesterday in Vienna, marking a significant step towards strengthening bilateral economic and investment relations between Saudi Arabia and Austria. The meeting was co-chaired by Albara Alaskandarani, Undersecretary for International Economic Affairs at Saudi Arabia's Ministry of Economy and Planning, and Florian Frauscher, Director General of Economic Affairs, Innovation, and International Policy at Austria's Federal Ministry of Labour and Economy. During the session, both parties explored various…

The European Union (EU) has recently harmonized Schengen visa rules for Gulf Cooperation Council (GCC) citizens, a move expected to boost the influx of Gulf students, entrepreneurs, and tourists to the continent. The EU's special representative to the Gulf region, Luigi di Maio, announced this development on Monday, highlighting its potential to foster stronger ties between the EU and GCC countries. Key Changes and Benefits 1. Expanded Visa Access for GCC Citizens Who Benefits? Citizens…

In a significant move towards bolstering economic ties, the United Arab Emirates (UAE) and Oman have solidified investment partnerships valued at Dh129 billion ($35.12 billion) spanning various sectors such as renewable energy, railway infrastructure, green metals, and technology. The collaborative efforts were announced following the state visit of Oman's Sultan Haitham to the UAE this week, showcasing a mutual commitment to enhancing economic cooperation between the two nations. Industrial and Energy Mega Project One of…

Dr. Ali Rashid Al Nuaimi, Chairman of the Defence, Interior, and Foreign Affairs Committee at the Federal National Council (FNC), recently participated in significant meetings with representatives of the BRICS Group of Nations in Moscow. The discussions included engagements with Valentina Matvienko, Chairwoman of the Federation Council of the Federal Assembly of the Russian Federation; Vyacheslav Volodin, Chairman of the State Duma; and Sergei Lavrov, Minister of Foreign Affairs of the Russian Federation. The purpose…

According to a recent report by Reuters, the Organisation of the Petroleum Exporting Countries (OPEC) has projected a significant increase in world oil demand. The report, released on Thursday, suggests that oil demand is expected to rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. OPEC's monthly report indicates a positive outlook for fuel consumption, particularly during the upcoming summer months. The organization maintains its forecast for…

In a significant move towards bolstering regional cooperation, Saudi Arabia and Bahrain have recently inked two pivotal memoranda of understanding (MoUs) concerning the future of transportation and road maintenance and safety. The primary objective of these MoUs is to enhance collaboration between the two nations in the transportation and logistics services sector, fostering mutual growth and development. The signing ceremony saw the participation of key officials from both sides, including Saudi Minister of Transport and…

The Middle East and Africa, excluding Israel, are poised for a surge in spending on IT security products and services, with a forecasted growth of 10.3% in 2024 to reach $6.2 billion. This upward trend is fueled by significant initiatives underway in the UAE and Saudi Arabia, driven by the introduction of stricter compliance regulations across the region. According to the International Data Corporation (IDC), this growth trajectory is expected to continue, with spending projected…

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Dubai – At the Google AI Connect Event held at the Etihad Museum, Google launched its most significant AI endeavor for the Middle East and North Africa (MENA), the "AI Opportunity Initiative," dedicated to fostering AI skills, promoting inclusive research, and offering access to advanced AI technologies. The initiative is set to equip MENA’s emerging workforce with essential AI competencies, supported by $15 million in funding from Google.org, Google’s philanthropic division, and strategic collaborations across…

DUBAI – In a major stride towards government efficiency, the Ministry of Energy and Infrastructure (MoEI) has announced a significant reduction in bureaucracy across 21 services, eliminating over 745,000 procedural steps and shortening service delivery times by 75%. This achievement has saved 21 million hours of customer time, reduced ministry visits by 75%, and boosted customer satisfaction to an impressive 91%. This announcement was made during the awards ceremony for the Minister of Energy and…

ABU DHABI – The United Arab Emirates (UAE) continues to play a transformative role in the global technology sector, establishing itself as a thriving center for innovation, digital transformation, and entrepreneurial growth. Recognized as a preferred destination for global tech companies and talent, the UAE has embedded technology and innovation within its strategic framework, underpinning its rise as a beacon for tech advancements in the region and beyond. The UAE’s commitment to fostering an advanced…

MUSCAT – The Ministry of Transport, Communications, and Information Technology (MTCIT) of Oman, through the National Centre for Space, Artificial Intelligence, and Advanced Technologies, recently welcomed a distinguished delegation from the United States. This delegation included representatives from notable institutions such as NASA, SpaceX, Planet, Maxar, and other leading companies in the space industry. The primary objective of this visit was to strengthen bilateral ties between Oman and the United States in the burgeoning space…

Dubai – GITEX Global 2024, the world’s largest tech and startup event, held the Middle East’s most significant data centre gathering on Thursday at the Dubai World Trade Centre (DWTC). The event highlighted the region's dedication to establishing itself as a global leader in the rapidly growing data centre market, driven by the increasing influence of artificial intelligence (AI). As AI continues to reshape industries, the demand for enhanced data infrastructure is soaring. GITEX Global…

The UAE Ministry of Energy and Infrastructure (MoEI) is making a significant impact at GITEX GLOBAL 2024 with its lineup of state-of-the-art technologies and digital innovations. These advancements are aimed at transforming the Ministry’s operations, enhancing customer experiences, and driving efficiency across the energy and infrastructure sectors. Fahad Al Hammadi, Assistant Undersecretary for the Support Services Sector at MoEI, emphasized the importance of digital transformation in reshaping government services. He noted that the Ministry's presence…

Dubai, UAE – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, toured the opening day of GITEX Global 2024, the world’s largest technology and startup event, which began at the Dubai World Trade Centre (DWTC) on October 14. The 44th edition of the event runs until October 18 and has drawn over 6,500 exhibitors from more than 180 countries, making it a key platform for global collaboration…

Texas, USA – SpaceX has achieved a monumental milestone in spaceflight technology with its fifth test flight of the Starship rocket, as the lower half of the vehicle, known as the Super Heavy booster, was captured mid-air by a pair of giant mechanical arms. This world-first maneuver took place beside the launch tower at SpaceX’s Boca Chica site in Texas, bringing the company one step closer to developing a fully reusable and rapidly deployable rocket…

Dubai – The highly anticipated Future Blockchain Summit 2024 has officially commenced at Dubai Harbour, drawing an impressive array of participants from across the global blockchain and cryptocurrency community. As one of the premier gatherings for blockchain enthusiasts, industry leaders, and innovators, the summit sets the stage for discussions on the latest trends and future opportunities in the ever-evolving blockchain ecosystem. With a rich and diverse agenda, the event focuses on the integration of blockchain…

Dubai - Dubai Electricity and Water Authority (DEWA) continues to push the boundaries of innovation and digital transformation, following a high-profile meeting between Saeed Mohammed Al Tayer, MD and CEO of DEWA, and Ana Paula Assis, Chair and General Manager of IBM for Europe, the Middle East, and Africa (EMEA). During the meeting, both leaders explored new avenues of collaboration and discussed how IBM’s advanced technologies, particularly in artificial intelligence (AI), data analytics, and cloud-based…

Muscat – In a bid to boost workforce capabilities and provide personalized career guidance, Oman’s Ministry of Labour has introduced ‘Nadeem,’ an innovative AI-powered tool designed to assist employees in navigating career challenges. This interactive assistant is part of the Ministry’s ambitious Smart Management Project and is specifically tailored to the Omani context, factoring in the country’s values and cultural nuances. 'Nadeem' aims to enhance employees' skills and improve performance by engaging users with insightful…

Abu Dhabi, UAE: The first edition of the Global Rail Transport Infrastructure Exhibition & Conference (Global Rail) 2024 was officially inaugurated in Abu Dhabi under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court. His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, and Chairman of Etihad Rail, presided…

DUBAI – The highly anticipated 7th edition of the Forex Expo Dubai 2024 is set to kick off tomorrow at the Dubai World Trade Centre, running for two days. The event will feature participation from more than 200 exhibitors from across the globe, presenting cutting-edge technologies, market trends, and lucrative opportunities in the world of trading. The Forex Expo Dubai 2024 has earned its reputation as a premier event for the global trading community, providing…

Dubai – The 26th edition of the Water, Energy, Technology, and Environment Exhibition (WETEX) successfully concluded at the Dubai World Trade Centre, attracting an impressive 50,598 visitors from around the globe. Organized by the Dubai Electricity and Water Authority (DEWA) under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, and held under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of…

Abu Dhabi – Masdar, the Abu Dhabi Future Energy Company, has finalized the acquisition of a 50% stake in Terra-Gen Power Holdings II, LLC, one of the largest independent renewable energy producers in the United States, from Energy Capital Partners (ECP). This strategic move underscores Masdar’s commitment to expanding its presence in the US and scaling its global renewable energy portfolio. Energy Capital Partners, one of the US's leading private investors in power and renewable…

As the global race to combat climate change gathers pace, Saudi Arabia is emerging as a world leader in green hydrogen production, setting the stage for a major shift towards renewable energy. The Kingdom is harnessing its vast natural resources of wind and solar energy to produce green hydrogen—a clean, zero-emissions energy source that is central to the future of sustainable energy. At the core of this transformation is the NEOM Green Hydrogen Company (NGHC),…

Dubai – In a bid to strengthen its position as a global leader in advanced air transport technologies, the UAE’s General Civil Aviation Authority (GCAA), led by Director General Saif Mohammed Al Suwaidi, has engaged in strategic talks with Kyle Clark, Founder, Chairman, and CEO of Beta Technologies. The discussions focused on enhancing cooperation, exchanging expertise, and sharing best practices in the rapidly evolving field of electric aircraft. The dialogue took place during a high-profile…

New York – Dr. Mohammed bin Saud Al-Tamimi, Governor of Saudi Arabia’s Communications, Space and Technology Commission (CST), participated in the annual meeting of the UN Broadband Commission for Sustainable Development. As a committee member, Dr. Al-Tamimi joined key global decision-makers to advance the agenda of digital transformation, promote a resilient digital future, and address the growing digital divide. Held in New York City under the theme "Towards a Resilient, Safe, and Inclusive Digital Future,"…

Abu Dhabi – Microsoft Corporation and G42 have taken a significant step forward in their collaboration by announcing the establishment of two new cutting-edge centers in Abu Dhabi. These centers are designed to advance the shared vision of Responsible Artificial Intelligence (AI), further cementing Abu Dhabi’s role as a global hub for AI innovation. The initiative comes as part of a larger partnership that the two companies launched earlier this year, with the endorsement of the…

Doha – The Ministry of Commerce and Industry (MoCI) of Qatar played a pivotal role in the ConteQ Expo 2024, a modern technology exhibition focused on innovation in the construction and services sectors. Held at the Qatar National Convention Center (QNCC), the event attracted global attention for its emphasis on digital transformation and the integration of modern technologies across industries. The expo, which concludes this Wednesday, saw the Ministry taking center stage with an extensive pavilion…

ABU DHABI – In a significant move toward enhancing the management of water resources in Abu Dhabi, Awaidha Murshed Al Marar, Chairman of the Department of Energy (DoE), revealed that the department is preparing to unveil a new unified water management strategy. Speaking at the World Utilities Congress 2024, Al Marar emphasized that this strategy, developed in collaboration with various stakeholders, seeks to align the sector's current practices with future objectives, ultimately improving the utilization of…

Thuwal — Aramco, one of the world’s largest integrated energy and chemicals companies, has joined forces with Saudi Lithium Infinity (Lihytech), an innovative startup incubated by King Abdullah University of Science and Technology (KAUST), to accelerate the development of Direct Lithium Extraction (DLE) technology in Saudi Arabia. This partnership is set to play a pivotal role in supporting the Kingdom’s increasing demand for lithium, a key element needed to advance electric vehicle (EV) initiatives, a…

Abu Dhabi – Under the patronage of H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the World Utilities Congress 2024 has officially opened at the ADNEC Centre, Abu Dhabi, running from 16th to 18th September. The prestigious event was inaugurated by Sheikh Khalifa bin Tahnoon bin Mohammed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court. Sheikh Khalifa bin Tahnoon…

SHARJAH – The 7th edition of the Sharjah Investment Forum (SIF 2024), organized by the Sharjah FDI Office (Invest in Sharjah), commenced on Wednesday, marking the start of a two-day event dedicated to fostering discussions on the future of smart economies. With over 80 renowned speakers from around the world, the forum promises to delve into cutting-edge solutions that leverage Artificial Intelligence (AI) to revolutionize industries and drive economic growth. Themed “A Futuristic Vision for…

ABU DHABI – Etihad Rail Freight, a subsidiary of Etihad Rail, the developer and operator of the UAE National Rail Network, has announced a strategic partnership with Trojan General Contracting, one of the UAE’s leading construction companies. The partnership aims to deliver comprehensive transportation and logistics services for Trojan’s aggregate products, further enhancing the UAE’s supply chain efficiency and logistics connectivity. The Haulage Services Agreement will see Etihad Rail Freight providing end-to-end transportation solutions for…

ABU DHABI – EDGE, a prominent global leader in advanced technology and defence solutions, is set to make its debut appearance at the 5th Azerbaijan International Defence Exhibition (ADEX). The event, scheduled to take place from 24th to 26th September at the Baku Expo Centre, will provide EDGE with an opportunity to showcase its cutting-edge defence technologies, specifically tailored to meet the operational needs of its customers. As part of its comprehensive exhibit, EDGE will…

DUBAI: The 26th Water, Energy, Technology, and Environment Exhibition (WETEX), hosted from 1st to 3rd October 2024 at the Dubai World Trade Centre, will see strong participation from companies specializing in digital transformation, cybersecurity, and information system security, alongside a diverse range of industry leaders in energy, sustainability, water management, green buildings, smart grids, and electric vehicles. The event is organized by the Dubai Electricity and Water Authority (DEWA) under the directives of H.H. Sheikh…

RIYADH: Dr. Mohammed Altamimi, Vice Chairman and CEO of the Saudi Space Agency, led the Kingdom’s delegation to the fifth edition of the G20 Space Economy Leaders Meeting, held from September 11 to 13 in Foz do Iguaçu, Brazil. The meeting, which was initiated during Saudi Arabia’s G20 presidency, focused on the theme “Space Economy and Climate Change: Challenges and Opportunities.” In his address, Dr. Altamimi highlighted Saudi Arabia’s ongoing advancements in the space sector,…

MONTREAL – In a landmark move towards sustainable aviation, the UAE’s General Civil Aviation Authority (GCAA) has signed a Memorandum of Understanding (MoU) with Volar Air Mobility during the International Civil Aviation Organisation’s (ICAO) Advanced Air Mobility (AAM) Symposium 2024. This collaboration sets the stage for the creation of the UAE's first Green Aviation Technology Hub, a cutting-edge facility aimed at promoting clean energy solutions, fostering research and development in sustainable aviation, and encouraging collaboration…

DUBAI – In a landmark move towards digital transformation, the UAE Ministry of Energy and Infrastructure (MoEI) has launched its ‘Data Bridge’ initiative. The project is designed to create a seamless digital connection with all entities involved in the Ministry’s services, aligning with the federal government performance agreements for . Data Bridge represents a transformative step towards eliminating bureaucracy within the Ministry’s processes. Through this innovative project, MoEI will provide proactive services, request data from…

South Burlington, Vermont – On September 12, 2024, a high-level Saudi delegation, led by Abdulaziz bin Abdullah Al-Duailej, President of the General Authority of Civil Aviation (GACA), visited BETA Technologies, a cutting-edge electric and vertical takeoff and landing (VTOL) aircraft manufacturer based in South Burlington, Vermont. The delegation comprised officials from GACA, the Ministry of Investment, the Public Investment Fund (PIF), the Ministry of Industry and Mineral Resources, and representatives from major Saudi private-sector firms,…

DUBAI – The Dubai AI and Web3 Festival officially commenced today at Madinat Jumeirah, welcoming 6,000 participants from 100 countries to explore the transformative potential of AI and Web3 technologies in advancing the global digital economy. Organized by the Dubai AI Campus, an initiative of the Dubai International Financial Centre (DIFC), the festival underscores Dubai’s leadership in AI-driven innovation and its commitment to promoting sustainable economic growth through cutting-edge technology. The festival is set to…

Al-Khobar — EnergyTech, a pioneering national institute established to meet the evolving demands of Saudi Arabia’s energy sector, has announced the launch of a comprehensive new training strategy aimed at fulfilling industry needs and supporting the Kingdom’s Vision 2030. The initiative focuses on expanding national human capabilities and fostering innovation within the energy sector, driving forward the country's strategic goals of sustainability and industry growth. During the announcement, Assistant Energy Minister for Development and Excellence…

RIYADH – Saudi Arabia continues to bolster its position as a leader in industrial innovation and artificial intelligence (AI) with a series of strategic visits by Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, to Singapore, China, and Hong Kong. These visits reflect the Kingdom's commitment to leveraging technology and innovation to enhance its industrial sector and establish itself as a regional AI hub. During his official tour, Alkhorayef met with several industry leaders…

DUBAI – The Dubai Multi Commodities Centre (DMCC), the world’s leading free zone and Government of Dubai Authority focused on commodities trade, has unveiled its latest Future of Trade report, a special edition dedicated to advancing traceability within the global diamond supply chain. Titled "Provenance, Traceability and Technology," the report stresses the urgency of integrating advanced, technology-driven solutions to enhance transparency and ensure sustainability in diamond trading. The report comes at a critical time for…

MONTRÉAL – The United Arab Emirates (UAE) is making a strong impact at the International Civil Aviation Organisation’s (ICAO) first Advanced Air Mobility Symposium (AAM 2024), which commenced today in Montréal, Canada. The symposium, running until September 12th, brings together key global players to discuss the future of Advanced Air Mobility (AAM), with a focus on electric vertical take-off and landing (eVTOL) aircraft, airspace integration, and infrastructure development. The UAE delegation, led by Saif Mohammed…

ABU DHABI – Mira Aerospace, a global leader in High Altitude Platform Station (HAPS) technology, has announced the successful completion of a series of test flights in the UAE. The company, a joint venture between Bayanat, a leading provider of AI-powered geospatial analytics, and UAVOS, a US-based developer of advanced unmanned systems, conducted the flights from Abu Al Abyad Island. These groundbreaking missions reinforce the UAE’s commitment to advancing its aerospace capabilities and enhancing its…

RIYADH – stc Group, the region’s leading digital enabler, has confirmed its participation in the highly anticipated Global AI Summit (GAIN), taking place in Riyadh from September 10 to 12. The event, which gathers top-tier experts, academics, corporations, and policymakers from around the world, serves as a premier platform for advancing global discourse on artificial intelligence (AI). According to the company’s press release, stc Group will leverage the GAIN Summit to unveil a range of…

SHARJAH, UAE – The Sharjah Research, Technology, and Innovation Park (SRTI Park) has confirmed its sponsorship of the upcoming Sharjah Investment Forum (SIF) 2024, a prestigious annual gathering of global investors, business leaders, and innovators. The event, scheduled to take place from September 18th to 19th, aims to showcase the expanding investment landscape of Sharjah, focusing on its pivotal role in regional and global economic development. The Sharjah Investment Forum 2024 will serve as a…

RIYADH, Saudi Arabia – Bandar bin Ibrahim Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, held high-level discussions with Chinese mining companies today, focusing on enhancing cooperation in the mining sector and exploring joint investment opportunities in lithium and copper processing. These minerals are essential for various industries, particularly the production of electric vehicle (EV) batteries. The meeting included prominent figures such as Abdullah Ali Alahmari, Assistant Minister for Planning and Development; Saleh Al-Solami,…

ABU DHABI: The UAE's Peaceful Nuclear Energy Programme has reached a significant milestone with the commencement of commercial operations at Unit 4 of the Barakah Nuclear Energy Plant in 2024, marking the full operational capacity of the plant. Mohamed Ibrahim Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Corporation (ENEC), praised the programme as a "remarkable success story," highlighting its crucial role in enhancing the UAE’s energy security and accelerating the country’s…

Al-Alamein, Egypt - The "Saudi Group" is making a significant impact at the first annual Egypt International Air Show, currently being held at Al-Alamein International Airport in northern Egypt. The group is showcasing its cutting-edge services and capabilities through an interactive pavilion that highlights the offerings of Saudia Aerospace Engineering Industries (SAEI) and the Saudi Academy. The pavilion has attracted a large number of visitors, drawn by the extensive range of services and innovative solutions presented…

DUBAI – The Italian pavilion at the upcoming 26th Water, Energy, Technology, and Environment Exhibition (WETEX) will highlight the participation of 44 leading companies from Italy, specializing in a wide range of sectors crucial to the future of sustainable development. These sectors include renewable energy systems, environmental health and food sanitation, integrated waste treatments, environmental rehabilitation plants, water treatments, dewatering equipment, chemical dosing, seawater desalination plants, alternative fuels, metering pumps, laboratory testing, and infrastructure for…

Abu Dhabi – In a groundbreaking medical achievement, the Abu Dhabi Stem Cells Centre (ADSCC) has successfully conducted the UAE’s first ovarian tissue preservation procedure on a 7-year-old Emirati girl diagnosed with acute lymphoblastic leukemia. This significant milestone was achieved in collaboration with ART Fertility Clinic, marking a major step forward in pediatric oncology care and fertility preservation. The young patient, who has been battling a relapsed and refractory form of leukemia, initially faced significant challenges…

Abu Dhabi, UAE – ADNOC announced on 27th August 2024 the deployment of a groundbreaking artificial intelligence (AI)-enabled process optimization technology known as Neuron 5. This advanced solution, developed in-house by ADNOC, represents a significant leap forward in the oil and gas industry, combining AI and deep learning to autonomously monitor and optimize critical equipment across ADNOC's operations. Neuron 5 has been initially deployed at ADNOC Onshore’s Northeast Bab (NEB) field and ADNOC Gas’s Taweelah…

Al Alamein, Egypt — The UAE National Pavilion is set to make a significant impact at the inaugural Egypt International Airshow, taking place in Al Alamein city from 3rd to 5th September 2024. The Pavilion, with a dedicated exhibition space, will showcase the UAE's advanced defence capabilities and technological innovations, reinforcing the nation’s position as a leading hub for aerospace and defence industries in the Middle East and Africa. The Egypt International Airshow, held under…

Al Alamein, Egypt — The UAE National Pavilion is set to make a significant impact at the inaugural Egypt International Airshow, taking place in Al Alamein city from 3rd to 5th September 2024. The Pavilion, with a dedicated exhibition space, will showcase the UAE's advanced defence capabilities and technological innovations, reinforcing the nation’s position as a leading hub for aerospace and defence industries in the Middle East and Africa. The Egypt International Airshow, held under…

Bayanat AI PLC (ADX: BAYANAT), a leading provider of AI-powered geospatial solutions, and Al Yah Satellite Communications Company PJSC (ADX: Yahsat), the UAE’s premier satellite solutions provider, have successfully launched the UAE’s first Low Earth Orbit (LEO) Synthetic Aperture Radar (SAR) satellite into orbit. The launch took place on August 16, 2024, in partnership with ICEYE, a global pioneer in SAR satellite operations focused on earth observation, persistent monitoring, and natural catastrophe solutions. The SAR…

Riyadh is set to host the first-ever 24 Fintech Conference, an international event dedicated to advancing the financial technology sector. The conference will take place from September 3 to 5 at the Riyadh Front Exhibition & Conference Center. It is organized by a coalition of major Saudi institutions, including the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority, in collaboration with Fintech Saudi and Tahaluf, a…

Dubai Electricity and Water Authority (DEWA) has set a new standard in customer service by integrating the latest disruptive technologies, including generative artificial intelligence (AI) and ChatGPT, into its operations. This technological advancement underscores DEWA’s commitment to delivering exceptional value and enhancing stakeholder satisfaction. Since the introduction of Rammas, DEWA’s virtual employee powered by AI, in 2017, the system has been significantly enhanced with generative AI and ChatGPT as of April 2023. Rammas has efficiently…

ADNOC has announced the signing of a significant Heads of Agreement (LNG agreement) with Osaka Gas, a leading Japanese utility company, for the delivery of up to 0.8 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG). This long-term agreement marks a major milestone in the energy partnership between the UAE and Japan and highlights ADNOC’s commitment to providing secure and sustainable energy solutions. The LNG will be sourced from ADNOC’s forthcoming Ruwais…

ADNOC Drilling Company has reported record-breaking financial results for the second quarter and first half of 2024, showcasing robust growth and operational excellence. For the second quarter, the company achieved a net profit of $295 million, marking a 29% increase year-on-year and a 7% rise from the previous quarter. This impressive growth was driven by a substantial increase in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which rose by 37% year-on-year and 8% sequentially…

Dubai Chamber of Digital Economy, operating under the umbrella of Dubai Chambers, has announced a remarkable achievement in the first half of 2024. The chamber successfully supported 215 high-potential digital startups in establishing and growing their businesses within the emirate, marking a significant year-over-year (YoY) growth of 212% compared to the 69 companies supported during the same period last year. The total market value of these companies is estimated at around US$ 7 billion, highlighting…

Dubai, UAE – Aldar Properties has set a new benchmark in sustainable real estate by securing the UAE's first LEED Platinum certification for community planning and design for its Athlon residential project in Dubai. This prestigious recognition by the US Green Building Council underscores Athlon's commitment to environmental stewardship and sustainable living. LEED (Leadership in Energy and Environmental Design) is a globally recognized certification that employs a rigorous, data-driven rating framework to evaluate sustainable development…

Riyadh, Saudi Arabia – In a significant move towards bolstering the aerospace industry in Saudi Arabia, Minister of Industry and Mineral Resources, Bandar Alkhorayef, met with Dimas Douglas Tomelin, Vice President of Strategy and Innovation at Embraer. The meeting focused on exploring cooperative opportunities to enhance and localize the aerospace industry within the Kingdom. The discussions between Alkhorayef and Tomelin centered on leveraging Embraer's extensive expertise in aircraft manufacturing, assembly, and maintenance to boost the…

Abu Dhabi, UAE – In a landmark development for the fintech industry, Astra Tech’s wholly-owned subsidiary, Quantix Technology Projects LLC (Quantix), has been granted a full Finance Company Licence by the Central Bank of the UAE (CBUAE). This historic milestone establishes Quantix as the first fintech platform to receive this prestigious licence, underscoring its rapid rise as the UAE’s first officially licensed fintech operator with this distinction. This significant achievement allows Quantix, and by extension…

In a groundbreaking move towards digital transformation, the National Housing Company (NHC) of Saudi Arabia has signed a contract with South Korea's NAVER Cloud Platform to implement advanced smart city solutions on the digital twin platform "Baladi." The signing ceremony, which marked a significant step in the Kingdom's technological advancements, was attended by the Minister of Municipalities and Housing, Majed bin Abdullah Al-Hogail. This strategic collaboration aims to integrate global best practices within the municipal…

The Ministry of Industry and Mineral Resources has announced the launch of its most extensive mineralized belts to date, encompassing an impressive 4,788 km². This initiative includes five exploration licenses and aims to unlock the vast mineral wealth within these belts. The ministry is calling on major local and international mining and exploration companies to participate in the ongoing Exploration Licensing Rounds. According to Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, this initiative underscores…

Sanad, the global leader in aerospace engineering and leasing solutions, wholly owned by Abu Dhabi’s Mubadala Investment Company PJSC, has announced a robust financial performance for the first half of 2024. This milestone underscores the company’s strategic initiatives and its growth trajectory within the global aviation industry. For H1 2024, Sanad Group reported a revenue of AED2.3 billion, with significant contributions from its core Maintenance, Repair, and Overhaul (MRO) and Leasing divisions. The company is…

Abu Dhabi Energy Services (ADES), a subsidiary of TAQA (Abu Dhabi National Energy Company), has announced the commencement of a groundbreaking 9000-kilowatt peak (kWp) solar photovoltaic (PV) project for the United Arab Emirates University (UAEU) in Al Ain. This initiative marks the largest solar energy project in the UAE's education sector and represents the first large-scale renewable energy venture for the UAEU. The ambitious project will see the installation of over 14,000 solar ground-mounted modules…

Dubai South, the leading urban development focusing on aviation, logistics, and real estate, has announced the successful completion of the first stage of autonomous vehicle trials in collaboration with Evocargo. The trials took place within the closed area of the Dubai South Logistics District, marking a significant milestone in the UAE's advancement towards autonomous transportation. Evocargo conducted rigorous checks on its unmanned electric truck, the Evocargo N1, validating hardware, software, and reliability for future deployment…

Etihad Water and Electricity (EtihadWE) has reaffirmed its commitment to national efforts aimed at streamlining government processes and enhancing customer experience by implementing 43 new measures. These initiatives emerged from a series of internal, idea-generating workshops, part of the broader UAE Zero Bureaucracy (ZGB) programme. The ZGB programme, launched in November 2023, targets the cancellation of at least 2,000 government measures, aiming to halve the time required for procedures and eliminate unnecessary bureaucracy by the…

Dubai, UAE – In a strategic move to enhance the logistics infrastructure of Dubai, Aldar Properties and DP World have signed an agreement to develop a state-of-the-art, Grade A logistics park at the National Industries Park (NIP) in Jebel Ali. This significant development will cover an area of 1.55 million square feet (144,000 square meters) and aims to cater to the growing demand for high-quality warehousing facilities. This collaboration marks a major step for Aldar…

Abu Dhabi, UAE – The Ministry of Energy and Infrastructure (MoEI), represented by UAEV, and Emirates Transport have announced a collaborative initiative to install and operate electric vehicle (EV) charging stations at Emirates Transport buildings. This strategic move aligns with UAEV’s mission to support the transition to green mobility and contributes to the UAE’s ambitious goal of increasing the share of EVs to 50% of total vehicles on the country’s roads by 2050. Sharif Al…

Fertiglobe announced today its selection as the winning bidder in the H2Global pilot auction to supply renewable ammonia to the European Union (EU). This initiative, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), marks a significant milestone in advancing sustainable ammonia production. Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has committed to supplying renewable ammonia beginning with 19,500 tonnes in 2027, scaling up to 397,000 tonnes…

ADNOC has announced the groundbreaking deployment of RoboWell, AIQ’s advanced artificial intelligence (AI) autonomous well-control solution, in its offshore operations at the NASR field. This marks the world's first offshore deployment of RoboWell, showcasing ADNOC's commitment to leveraging cutting-edge technologies to enhance operational efficiency and ensure a secure, reliable, and responsible energy supply. Developed in collaboration with AIQ, a leading Abu Dhabi-based AI innovator in the energy sector, RoboWell employs cloud-based AI algorithms to autonomously…

Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital, has announced the publication of its comprehensive whistleblowing framework. This initiative, a coordinated effort among ADGM Authorities, aims to bolster transparency, accountability, and market integrity within the center. This framework is designed to complement ADGM’s existing regulatory environment, promoting a progressive business atmosphere. The newly published whistleblowing framework includes several key components: Dedicated Regulations for Protected Disclosures: ADGM has established regulations that…

The Saudi Authority for Data and Artificial Intelligence (SDAIA) has made history by becoming the first global entity to achieve the ISO 42001:2023 certification for Artificial Intelligence Management Systems. This prestigious certification acknowledges SDAIA's implementation of high standards and best practices in managing artificial intelligence (AI). This milestone underscores Saudi Arabia's prowess and leadership in the fields of data and AI on the global stage. In a press release, Dr. Abdullah bin Sharaf Al-Ghamdi, President…

DUBAI — The Ministry of Energy and Infrastructure (MoEI) has unveiled the innovative Satgate project in collaboration with the Mohammed bin Rashid Space Centre (MBRSC). This cutting-edge initiative aims to leverage satellite and artificial intelligence (AI) technologies to significantly enhance maritime mapping and monitoring, reinforcing the UAE's status as a premier global maritime hub. The Satgate project is designed to improve the efficiency of locating ships, monitoring sea conditions, and forecasting weather, thereby enhancing maritime…

DUBAI - In a move set to revolutionize the automotive trade sector, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has directed the development of the 'Dubai Car Market,' which will be the largest and most advanced car market in the world. This ambitious initiative is designed to reinforce Dubai's position as a leading global hub for the automotive industry. The project will be overseen by H.H.…

Emirates Global Aluminium (EGA) has made history with the world's first bauxite shipment transported using a Liquefied Natural Gas (LNG)-fuelled vessel. The cargo, transported aboard a Capesize ship, comprises bauxite mined by EGA's subsidiary, Guinea Alumina Corporation, and is en route to a customer in China. LNG-fuelled ships, according to SEA-LNG—a multi-sector industry coalition—can achieve up to 28% lower greenhouse gas emissions on a tank-to-wake basis compared to vessels using traditional marine bunker fuel. This…

ADNOC and e&, a global technology group, have announced a groundbreaking initiative to construct the energy industry’s largest private 5G wireless network, covering an expansive 11,000 square kilometers in Abu Dhabi. This ambitious project aims to revolutionize ADNOC’s operational efficiency across both onshore and offshore facilities by providing high-bandwidth connectivity. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, emphasized the significance of this collaboration…

Abu Dhabi - The Chief Sustainability Officers (CSO) Network has announced the launch of the 'AI for Sustainability Hub' at the second edition of the Global Sustainability Forum, held at the Abu Dhabi Energy Centre. This event was organized in collaboration with the New York Stock Exchange, part of Intercontinental Exchange, Inc., and ADNOC. The AI for Sustainability Hub will serve as a vital platform for governments, the private sector, and academia to collaborate on…

Doha, Qatar – In November, Doha will host the Qatar Investment and Innovation Conference 2024: Investing in the Future at Barahat Msheireb, Downtown Doha. This pivotal event aims to bolster regional and local cooperation and coordination, enhancing innovative investment and entrepreneurial capacities. The conference, organized by The Business Year Group (TBY) - a global media organization with 15 years of experience providing insights into dynamic markets - marks the 10th anniversary of TBY's operations in…

SAN FRANCISCO – Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, recently concluded a productive visit to San Francisco and Silicon Valley. This visit aimed to bolster economic cooperation and explore advanced technology partnerships between the United Arab Emirates and the United States. During his trip, Dr. Al Zeyoudi engaged in several high-level discussions with key stakeholders, leading technology companies, and local entrepreneurs. The minister focused on identifying potential…

RIYADH: Saudi Arabia is extending an invitation to global players in the artificial intelligence sector to establish operations within the Kingdom, emphasizing its readiness to support and nurture emerging technologies. Faisal Al-Ibrahim, Saudi Arabia's Minister of Economy and Planning, made this announcement during the World Economic Forum’s 15th Annual Meeting of the New Champions, also known as Summer Davos, held in Dalian, China, from June 25 to 27. Al-Ibrahim highlighted Saudi Arabia's commitment to equitable…

Muscat: The Public Authority for Special Economic Zones and Free Zones (Opaz), in collaboration with the Ministry of Agricultural, Fisheries and Water Resources, along with various economic, free, and industrial zones under its supervision, hosted the second edition of the 'National Equal Opportunities' initiative. The event took place at Opaz's headquarters in Muscat and highlighted 11 innovative business ventures spearheaded by Omani entrepreneurs and small and medium enterprises (SMEs). The initiative aimed to bolster Oman's…

DUBAI, UAE – du, part of Emirates Integrated Telecommunications Company (EITC), has formed a strategic partnership with the DIFC Innovation Hub to launch the 'du Business Entrepreneurship Programme.' This initiative aims to support entrepreneurs and start-ups through innovative programs that enhance the UAE’s business ecosystem. Anchored at the DIFC Innovation Hub within 'Innovation One,' the 'Entrepreneurship Hub' will serve as a professional center for SMEs and start-ups. The program includes a series of workshops tailored…

In a significant move to advance Bahrain's digital sector, Bahrain Mumtalakat Holding Company (Mumtalakat), the country's sovereign wealth fund, has signed an agreement to launch ARRAY Innovation (ARRAY), a new digital solutions provider. This initiative, supported by the Bahrain Economic Development Board (Bahrain EDB), aims to leverage cutting-edge technologies to deliver premium digital services both locally and globally. The signing ceremony was attended by Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, and Alaa…

In a strategic move to expand its global operations, Milrem Robotics, a leading developer of robotics and autonomous systems under the EDGE Group, has announced the opening of a new office in Abu Dhabi. This office is strategically located to support local customers and leverage the region's burgeoning technology landscape. The Abu Dhabi office will serve as a center of excellence in the UAE, focusing on research and development, product development, and strategic collaborations with…

In a remarkable achievement underscoring Saudi Arabia's commitment to diversifying its economy, the Saudi Export Development Authority (Saudi Exports) announced that the Kingdom's communications and information technology exports surpassed SAR 6 billion in 2023. This milestone highlights the effectiveness of a comprehensive suite of programs and capabilities designed to enhance the sector's global reach. Saudi Exports has been instrumental in fostering growth in the services export sector, which is pivotal in increasing Saudi Arabia's non-oil…

World Wide Technology (WWT) and NXT Global have signed a Memorandum of Understanding (MoU) to create the UAE's first AI Integration Center in Abu Dhabi. This collaboration, branded as WWT NXT Global in the region, aims to position the UAE as a key player in the global AI landscape by exporting advanced AI infrastructure from Abu Dhabi. The AI Integration Center will be located in Masdar City, a leading example of sustainable urban development and…

In a groundbreaking achievement, the Abu Dhabi Stem Cells Centre (ADSCC) has become the first healthcare institution in the UAE to receive the prestigious accreditation from the Foundation for the Accreditation of Cellular Therapy (FACT). This recognition, announced today by FACT, underscores ADSCC's commitment to advancing cellular therapy and establishing the UAE as a leader in cutting-edge medical technologies. ADSCC's CEO, Prof. Yendry Ventura, has steered the centre to this historic milestone, making it one…

The third edition of the "Make It in the Emirates Forum" commenced today in Abu Dhabi, organized by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC Group. Under the theme "Invest. Innovate. Grow.," the forum showcases both local and international participation, drawing senior government decision-makers, officials, CEOs, entrepreneurs, investors, industrialists, experts, innovators, and representatives from financial institutions. Building on the success of…

The Future Aviation Forum 2024, held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and organized by the General Authority of Civil Aviation (GACA), achieved significant milestones on its second day, far exceeding expectations. The event, which took place from May 20-22 in Riyadh, witnessed the signing of 102 memoranda of understanding (MoUs), agreements, and deals, collectively valued at over SAR 75 billion. These agreements spanned…

Masdar City has been chosen by Attentive Science as its Middle East hub, marking a significant milestone in the company's global expansion. Attentive Science, a renowned provider of non-clinical research services to the biotech, pharmaceutical, and animal health industries, will establish its regional headquarters in Masdar City, Abu Dhabi. Attentive Science specializes in early-stage drug testing using "in vivo" methodologies, which involve testing drugs on living organisms to ensure their safety and efficacy before advancing…

The Dubai FinTech Summit commenced on Monday, May 6, 2024, at Madinat Jumeirah, heralding a gathering of industry luminaries and innovators under the esteemed patronage of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of the Dubai International Financial Centre (DIFC). Organized by the DIFC, the Summit has drawn a formidable assembly of 8,000 decision-makers, over 300 thought leaders, and more than…

Dubai, renowned for its unwavering commitment to technological advancement and innovation, has embarked on a groundbreaking endeavor with the unveiling of the Dubai Universal Blueprint for Artificial Intelligence. Championed by Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Executive Council, this initiative signifies the city's relentless pursuit of becoming the world's fastest, most agile, and future-ready metropolis. In line with the visionary directives of His Highness Sheikh Mohammed bin Rashid Al…

The Saudi Space Agency has inked a deal with the World Economic Forum to establish the Centre for Space Futures, slated to open its doors this autumn. The center, hosted by the Saudi Space Agency, aims to serve as a platform for public-private dialogues on space collaboration. It will incorporate best practices from the forum and its communities into the global space sector while generating forward-thinking contributions to accelerate space technologies. Dr. Mohammed Altamimi, CEO…

Yahsat Group CEO, Ali Al Hashemi, announced a groundbreaking merger with Bayanat to establish Space42, marking a pivotal transitional shift in the space technology and artificial intelligence (AI) sector across the UAE and the wider region. Set to be headquartered in the Middle East North Africa (MENA) region, Space42 is poised to become a global leader in AI-powered space technology and geospatial solutions, boasting a market value exceeding AED 15 billion (US$4 billion). Following shareholder…

The General Civil Aviation Authority (GCAA) has officially granted operational approval for the UAE's inaugural vertiport, marking a significant milestone in the country's pursuit of innovative transportation solutions. The vertiport, debuting at the DRIFTx event in Abu Dhabi, highlights the UAE's commitment to advancing autonomous technologies in the transport industry. Organized as part of the DRIFTx event, with support from the Abu Dhabi Investment Office (ADIO) and the Emirate's Smart & Autonomous Vehicle Industry (SAVI)…

Dubai Chambers has received prestigious recognition from the International Chamber of Commerce (ICC) for its pioneering role in developing the Chamber Model Innovation (CMI) framework. This innovative framework, designed to accelerate innovation at chambers worldwide, has earned praise for its ability to enhance agility and proactivity in serving members. During the ceremony, John Denton, Secretary General of the International Chamber of Commerce, presented a certificate of honour to Mohammad Ali Rashed Lootah, President and CEO…

The 15th Gulf Water Conference is slated to convene on April 28, hosted by the Qatar General Electricity and Water Corporation "Kahramaa" in collaboration with the Water Science and Technology Association and the Secretariat General of the Gulf Cooperation Council. Under the patronage of HE Minister of State for Energy Affairs Eng. Saad bin Sharida Al Kaabi, the conference promises a comprehensive exploration of advancements in water management and sustainability. With twenty speakers participating in…

In a significant move to bolster artificial intelligence (AI) development and expand its global footprint, Microsoft has announced a strategic investment of $1.5 billion in G42, a prominent UAE-based AI technology holding company. This landmark investment underscores the commitment of both companies to advance AI technologies and drive digital transformation initiatives worldwide. The collaboration between Microsoft and G42 aims to leverage the latest AI innovations and skilling initiatives, extending their benefits to the UAE and…

The Ministry of Energy and Infrastructure (MoEI) is gearing up to showcase the UAE's significant strides towards energy transition and climate neutrality at the upcoming World Future Energy Summit (WFES) 2024. Scheduled to take place from April 16th to 18th at the Abu Dhabi National Exhibition Centre, the event serves as a platform for the exchange of ideas and innovations in the clean energy sector. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at…

Sanad, a leading global provider of aerospace engineering and leasing solutions owned by Mubadala Investment Company PJSC, has further strengthened its partnership with Asiana Airlines, South Korea's second-largest airline. The five-year contract extension, valued at USD 145 million (AED 532 million), underscores Sanad's commitment to delivering top-tier Maintenance, Repair, and Overhaul (MRO) services for V2500 engines. The announcement of this agreement took place at the prestigious MRO Americas event in Chicago, a renowned gathering in…

Masdar is set to host the second annual Green Hydrogen Summit on April 16, 2024, at ADNEC in Abu Dhabi as part of the World Future Energy Summit. The summit, organized by the Abu Dhabi Future Energy Company (Masdar), aims to accelerate the development of the global green hydrogen economy and support the energy transition. With green hydrogen gaining momentum as a key component in achieving net-zero emissions, the Green Hydrogen Summit will convene diverse…

Commercial Bank International Ventures into AI-Powered Lending with Investment in zypl.ai. Commercial Bank International (CBI) has taken a significant step forward in embracing cutting-edge financial technology by leading an investment round in zypl.ai, a pioneering fintech startup specializing in generative artificial intelligence (AI) for lending applications. The partnership between CBI and zypl.ai represents a strategic move for CBI to leverage AI-driven solutions for advanced credit scoring. Through zypl.ai's innovative synthetic data AI-powered algorithms, CBI aims…

BEEAH, a pioneering force in utilizing Artificial Intelligence (AI) to advance sustainability endeavors across the region, has embarked on a groundbreaking initiative to develop an innovative "AI Executive." This cutting-edge platform aims to revolutionize business decision-making processes, highlighting BEEAH's steadfast commitment to fostering agility, efficiency, and data-driven operations. The introduction of the AI Executive signifies BEEAH's proactive approach towards harnessing AI capabilities to streamline operations and drive informed decision-making across all organizational levels. Powered by…

Riyadh Air, Saudi Arabia's flagship airline owned by the Public Investment Fund (PIF), has announced a strategic partnership with Artefact, a renowned global consultancy specializing in data and AI transformation services. The collaboration aims to revolutionize the aviation industry through innovative AI applications, as stated in a press release from Riyadh Air. The partnership will primarily focus on enhancing Riyadh Air's data analytics platform and developing AI solutions across its key business and corporate functions,…

Investopia 2024, in collaboration with EMIR, a prominent emerging markets research center, has launched the "Next50" initiative, aiming to create new investment opportunities for the UAE's most innovative companies. The initiative was officially introduced in the presence of Abdullah bin Touq Al Marri, Minister of Economy and Chairman of Investopia. The Next50 initiative serves as a dedicated platform for 50 exceptional CEOs and founders who have demonstrated remarkable success in the UAE market. These leaders…

Apple is poised to revolutionize the retail experience with significant changes planned for its stores, particularly focusing on updating iPhones wirelessly through a new mechanism known as "Presto." According to a report by Bloomberg News, this innovative mechanism will enable iPhones to be updated wirelessly while still inside their purchase boxes, eliminating the need to open them. The rollout of this technology is set to commence in Apple stores across the United States from April,…

Emirates Global Aluminium (EGA) has taken a significant step towards its Industry 4.0 transformation by upgrading its core enterprise resource planning solution to SAP’s latest S/4HANA software. This move aims to enhance key functions and unlock the potential for digital capabilities such as artificial intelligence and real-time data analytics. EGA relies on SAP software solutions to manage various functions across its global business, including marketing, sales, supply chain, finance, human capital, production planning, scheduling, and…

The UAE Council for Artificial Intelligence and Blockchain has unveiled the UAE Artificial Intelligence Award, marking a significant step towards enhancing competitiveness in future sectors. His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, underscored the UAE government's commitment to embracing digital transformation and harnessing the potential of AI solutions to empower individuals and communities. The launch of the award aims to promote the adoption of…

Apple has introduced macOS 14.4.1, a dedicated update aimed at resolving various issues in the macOS Sonoma operating system on Mac computers. This release follows closely behind its predecessor, macOS Sonoma 14.4, which sparked numerous complaints due to multiple issues encountered by Mac users after its launch. In response to user feedback, Apple's release notes outline the fixes incorporated in macOS Sonoma 14.4.1. The update targets issues such as failure to recognize USB hubs connected…

Dubai - Alibaba Cloud, the digital technology and intelligence arm of Alibaba Group, has inaugurated the Alibaba Cloud Academy Training Centre in the MEA region. This facility, located in Dubai Internet City, aims to serve as a central hub for customers and partners seeking to enhance their digital capabilities. The training center, situated within the vibrant tech ecosystem of TECOM Group PJSC, is designed to empower Alibaba Cloud's ecosystem partners and customers by offering comprehensive…

The Family Care Authority (FCA) has forged a partnership with the UAE Equestrian and Racing Federation to introduce equine-assisted therapy, expanding FCA's services into the equestrian domain. This collaboration aims to integrate innovative therapies, utilizing horses in mental health and trauma recovery services, marking a significant advancement for community well-being. Dr. Bushra Al Mulla, Director-General of FCA, emphasized the importance of this partnership in diversifying FCA's service offerings and committing to bringing innovative therapies to…

The Middle East and Africa, excluding Israel, are poised for a surge in spending on IT security products and services, with a forecasted growth of 10.3% in 2024 to reach $6.2 billion. This upward trend is fueled by significant initiatives underway in the UAE and Saudi Arabia, driven by the introduction of stricter compliance regulations across the region. According to the International Data Corporation (IDC), this growth trajectory is expected to continue, with spending projected…

Dubai - Emirates has secured the prestigious 'Best Inflight Entertainment Award' on a global scale at the 2024 Airline Excellence Awards, announced online this week. The airline emerged as the global winner from a distinguished list of finalists, owing to its unparalleled offering of 6,500 channels of high-quality content, making it the undisputed leader in inflight entertainment. Passengers onboard Emirates flights are treated to a world-class entertainment library, boasting over 2,000 Hollywood and internationally acclaimed…

The Federation of Saudi Chambers hosted a significant forum today, bringing together leading healthcare companies from Canada to explore investment and partnership opportunities in Saudi Arabia. The event saw the participation of over 26 Canadian firms and was attended by key figures, including Hassan bin Mujib Al-Huwaizi, Chairman of the Federation of Saudi Chambers, and Jean-Philippe Linteau, the Canadian Ambassador to Saudi Arabia. A major highlight of the forum was the announcement by three Canadian…

The Zayed Sustainability Prize, the UAE's prestigious award honoring groundbreaking solutions to global sustainability challenges, has revealed the finalists for its 2025 edition. The winners will be announced on 14th January 2025 during the Zayed Sustainability Prize Awards Ceremony, held as part of Abu Dhabi Sustainability Week. The announcement follows rigorous deliberations by the Prize's esteemed Jury, which selected 33 finalists from 5,980 entries across six categories: Health, Food, Energy, Water, Climate Action, and Global…

Salalah – Dhofar Pharmaceutical Industries Company has inaugurated a state-of-the-art pharmaceutical plant in Raysut Industrial City, Salalah. The new facility, with an investment of RO 15 million, is expected to play a pivotal role in enhancing the Sultanate of Oman's drug security by producing essential medical solutions for local and international markets. The grand opening, held on Wednesday, was presided over by Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, and…

Jeddah – In a significant boost to Indonesia's healthcare infrastructure, President Joko Widodo inaugurated two state-of-the-art hospitals and over 1,000 beds across six new hospitals on Friday, with financing provided by the Islamic Development Bank (IsDB). The inauguration ceremony was attended by prominent figures, including Dr. Muhammad Al Jasser, President of the IsDB, who emphasized the transformative impact these new medical facilities will have on public health in Indonesia. The newly inaugurated hospitals, which include specialized…

Abu Dhabi – In a groundbreaking medical achievement, the Abu Dhabi Stem Cells Centre (ADSCC) has successfully conducted the UAE’s first ovarian tissue preservation procedure on a 7-year-old Emirati girl diagnosed with acute lymphoblastic leukemia. This significant milestone was achieved in collaboration with ART Fertility Clinic, marking a major step forward in pediatric oncology care and fertility preservation. The young patient, who has been battling a relapsed and refractory form of leukemia, initially faced significant challenges…

Riyadh, Saudi Arabia – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), lauded the significant contributions of the Gulf Health Council and the Gulf Centre for Disease Prevention and Control in fostering health cooperation and integration among GCC member states. His remarks underscored the commitment of these institutions to aligning with the directives of Their Majesties and Highnesses, the leaders of the GCC countries, in achieving shared health care…

Mubadala Investment Company has announced a significant acquisition in partnership with CBC Group, Asia’s largest healthcare-dedicated asset management group. The companies have secured 100% ownership of the carve-out of UCB Pharma’s mature business in China. This strategic move highlights Mubadala’s commitment to expanding its presence in Asia’s growing healthcare sector. UCB Pharma, a leading global biopharmaceutical company based in Belgium, holds a prominent position in China’s expanding immunology, neurology, and rare disease markets. The acquisition…

PureHealth has achieved a significant milestone with the successful initial public offering (IPO) of its subsidiary, Ardent Health Partners, on the New York Stock Exchange (NYSE). Ardent Health offered 14,300,000 shares of its common stock at $16 per share, with trading beginning on July 18, 2024, under the ticker symbol ARDT. The listing of Ardent Health on the NYSE not only underscores Abu Dhabi's pivotal role as a key investor in the US market but…

In a groundbreaking achievement, the Abu Dhabi Stem Cells Centre (ADSCC) has become the first healthcare institution in the UAE to receive the prestigious accreditation from the Foundation for the Accreditation of Cellular Therapy (FACT). This recognition, announced today by FACT, underscores ADSCC's commitment to advancing cellular therapy and establishing the UAE as a leader in cutting-edge medical technologies. ADSCC's CEO, Prof. Yendry Ventura, has steered the centre to this historic milestone, making it one…

PureHealth and SEHA, in collaboration with Cincinnati Children's Hospital, are poised to transform paediatric healthcare in Abu Dhabi with the establishment of a Paediatric Centre of Excellence. This groundbreaking initiative, approved by H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, aims to elevate Abu Dhabi's healthcare landscape, positioning the city as a global leader in children's health services. The partnership underscores a commitment to providing top-tier medical care and fostering innovation in paediatric medicine.…

In a significant move aimed at enhancing strategic and financial flexibility, Aster DM Healthcare Limited has successfully concluded the separation of its India and GCC businesses. The separation establishes two distinct regional healthcare champions, each poised to address the unique demands and opportunities within their respective markets. Under the separation plan, a consortium led by Fajr Capital, a sovereign-backed private equity firm, has acquired a majority 65% stake in Aster GCC, while the Moopen family,…

Abu Dhabi - Dr. Shamsheer Vayalil, the Founder and Chairman of Burjeel Holdings, has announced a generous contribution of AED1 million to the Mothers' Endowment campaign. Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, the campaign aims to honor mothers by establishing a AED 1 billion endowment fund dedicated to supporting education initiatives worldwide. The Mothers' Endowment campaign invites individuals to make donations in tribute…

The Family Care Authority (FCA) has forged a partnership with the UAE Equestrian and Racing Federation to introduce equine-assisted therapy, expanding FCA's services into the equestrian domain. This collaboration aims to integrate innovative therapies, utilizing horses in mental health and trauma recovery services, marking a significant advancement for community well-being. Dr. Bushra Al Mulla, Director-General of FCA, emphasized the importance of this partnership in diversifying FCA's service offerings and committing to bringing innovative therapies to…

BRUSSELS: The European Union and its member states have committed a total of €28.6 billion in public climate financing in 2023, aimed at supporting developing countries in their efforts to reduce greenhouse gas emissions and adapt to the impacts of climate change. In addition to the public financing, the EU also facilitated the mobilization of €7.2 billion in private investments, further enhancing global efforts to address climate change. This announcement comes as the European Council…

ABU DHABI – The International Renewable Energy Agency (IRENA) commenced its 28th Council meeting in Abu Dhabi today, marking a significant gathering ahead of the 29th Conference of the Parties (COP29). This two-day meeting brings together IRENA Members to address vital topics concerning the global energy transition. Central to the discussions will be the progress towards ambitious targets: tripling renewable energy capacity and doubling energy efficiency by 2030, as highlighted in the Outcome of the…

Dubai – The Dubai Chamber of Commerce, one of the three chambers under the Dubai Chambers umbrella, recently hosted the third quarterly meeting for Business Groups and Councils in 2024, bringing together representatives from private sector companies across the emirate. The meeting focused on the latest economic developments in Dubai, future growth prospects, and the vast business and investment opportunities the emirate offers in a wide array of sectors. During the meeting, the chamber provided…

Muscat – Kuwait Petroleum International (KPI) CEO, Engineer Shafi Al-Ajmi, emphasized the company’s dedication to fostering a more sustainable future through leading efforts in energy transformation. Speaking at the fifth Duqm Forum, which took place in Muscat today, Al-Ajmi outlined KPI’s strategic goals and addressed the challenges facing the energy sector in an era of global transition. The forum, organized by the Omani Chamber of Industry and Commerce, gathered experts from various fields to discuss…

Hamburg, Germany – Representing President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Mariam Almheiri, Head of the International Affairs Office at the Presidential Court, led the United Arab Emirates' delegation to the inaugural Hamburg Sustainability Conference (HSC). The event, inaugurated by Germany’s Federal Chancellor Olaf Scholz, emphasized global collaboration on pressing sustainability challenges, with the UAE taking a proactive role in international dialogue. Almheiri was joined by officials from the Ministry of Climate Change…

Baku – October 10, 2024: Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President, called on nations to “unite, act, and deliver” at the upcoming COP29 in Baku, Azerbaijan, as a means of advancing global climate goals. Speaking at the opening session of Pre-COP, a ministerial meeting designed to set the stage for next month’s summit, Dr. Al Jaber emphasized that COP29 must build on the momentum of…

CAIRO – The Arab League has raised an alarm over the adverse effects of persistent natural resource depletion and land degradation on food security and stability across the Arab region. During a celebration of Arab Environment Day at the Arab League’s headquarters in Cairo, officials stressed the need for urgent action to address these growing environmental threats. Ambassador Dr. Ali bin Ibrahim Al Maliki, Assistant Secretary-General and Head of the Economic Affairs Sector at the…

The Zayed Sustainability Prize, the UAE's prestigious award honoring groundbreaking solutions to global sustainability challenges, has revealed the finalists for its 2025 edition. The winners will be announced on 14th January 2025 during the Zayed Sustainability Prize Awards Ceremony, held as part of Abu Dhabi Sustainability Week. The announcement follows rigorous deliberations by the Prize's esteemed Jury, which selected 33 finalists from 5,980 entries across six categories: Health, Food, Energy, Water, Climate Action, and Global…

Kuwait City, Kuwait – A newly formed ministerial committee in Kuwait convened on Monday to explore the sustainable development and usage of treated water, a vital resource for the nation’s growing environmental needs. According to a statement from the Ministry of Electricity, Water, and Renewable Energy, the meeting was led by Minister Dr. Mahmoud Bushehri, who was joined by Minister of Public Works Dr. Noura Al-Mashaan. The committee, which includes representatives from various state bodies,…

Riyadh, Saudi Arabia – In a significant step toward enhancing international development cooperation in the water sector, the Saudi Fund for Development (SFD) and the Global Water Organization signed a memorandum of cooperation today. The agreement was signed by Sultan Al-Marshad, CEO of SFD, and Dr. Fahad Abu Mouti, head of the founding team of the Global Water Organization, at a formal ceremony in Riyadh. The agreement establishes a general framework for collaboration in financing…

Dubai, UAE – In a major step toward advancing agricultural development and sustainable food security, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has launched the "Plant the Emirates" national programme. The initiative seeks to revitalize the UAE's agricultural sector, promote sustainability, and foster a culture of farming throughout the nation. The programme was officially announced during the UAE Cabinet meeting held at Al Marmoom, Dubai. The…

Dubai – Dubai has once again cemented its status as the world's leading destination for attracting Greenfield Foreign Direct Investment (FDI) projects, maintaining the top global position for the sixth consecutive half-year period, according to fDi Markets, part of the Financial Times Ltd. The emirate attracted 508 Greenfield FDI projects in the first half of 2024, representing a 6.2% global share, an increase from 5.7% during the same period in 2023. The city’s sustained appeal…

ABU DHABI – The United Arab Emirates (UAE), represented by the Ministry of Energy and Infrastructure (MoEI), took part in the recent BRICS Ministers of Energy meeting held in Moscow, Russia. This participation underscores the UAE's dedication to multilateral cooperation as an effective strategy to address energy security challenges and foster a sustainable future for all. Eng. Sharif Al Olama, Undersecretary of Energy and Petroleum Affairs at MoEI, articulated the UAE's vision, stating, “As a…

DUBAI – Etihad Credit Insurance (ECI) played a pivotal role as the official sponsor and Export Acceleration Partner at the 6th edition of the Future Food Forum, the largest annual gathering for stakeholders in the Middle East’s food and beverage sectors. The two-day event, which concludes today in Dubai, was organized in collaboration with Dubai Chambers and received support from Food Tech Valley, alongside sponsorship from various UAE-based food and beverage manufacturers. The forum centered…

MUSCAT – The Ministry of Energy and Minerals of Oman has reaffirmed its commitment to sustainable energy practices by hosting a workshop aimed at advancing the World Bank’s Zero Routine Flaring by 2030 initiative. This significant event, organized in collaboration with key oil and gas sector operators, addressed innovative methods for reducing gas flaring and contributing to Oman’s broader environmental goals. The workshop served as a platform for the industry to exchange ideas and explore…

Abu Dhabi – Masdar, the Abu Dhabi Future Energy Company, has finalized the acquisition of a 50% stake in Terra-Gen Power Holdings II, LLC, one of the largest independent renewable energy producers in the United States, from Energy Capital Partners (ECP). This strategic move underscores Masdar’s commitment to expanding its presence in the US and scaling its global renewable energy portfolio. Energy Capital Partners, one of the US's leading private investors in power and renewable…

NEW YORK – The United Arab Emirates (UAE) delegation, led by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, played a pivotal role in high-level discussions during the 79th United Nations General Assembly (UNGA79). The UAE participated in a series of significant bilateral and multilateral meetings, focusing on global cooperation across a range of critical issues, including climate change, humanitarian aid, and global economic stability. During these meetings,…

As the global race to combat climate change gathers pace, Saudi Arabia is emerging as a world leader in green hydrogen production, setting the stage for a major shift towards renewable energy. The Kingdom is harnessing its vast natural resources of wind and solar energy to produce green hydrogen—a clean, zero-emissions energy source that is central to the future of sustainable energy. At the core of this transformation is the NEOM Green Hydrogen Company (NGHC),…

New York — The Kingdom of Saudi Arabia’s Minister of Economy and Planning, His Excellency Faisal Alibrahim, held a key meeting with Jeffrey Sachs, President of the United Nations Sustainable Development Solutions Network (SDSN), on the sidelines of the Summit of the Future at the United Nations headquarters in New York. The discussion aimed to strengthen cooperation and review progress in achieving global sustainable development goals. During the meeting, both officials explored ways to further…

New York — His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stressed the critical importance of the Future Summit in fostering international cooperation to tackle global challenges and achieve peace and sustainable development. His remarks came during a speech on Monday, September 23, 2024, at the United Nations headquarters in New York, delivered on the sidelines of the high-level week of the 79th session of the UN General Assembly.…

Riyadh – In a major stride toward sustainable agriculture, the National Center for Palm and Dates, in partnership with the Ministry of Environment, Water, and Agriculture, has successfully launched the region’s first biochar product. This pioneering effort, using palm waste as the key raw material, represents a breakthrough in environmental innovation, aligning with Saudi Arabia’s long-term goals for sustainability and economic diversification. Biochar, a carbon-rich and porous material, is a transformative addition to the agricultural…

New York – Dr. Mohammed bin Saud Al-Tamimi, Governor of Saudi Arabia’s Communications, Space and Technology Commission (CST), participated in the annual meeting of the UN Broadband Commission for Sustainable Development. As a committee member, Dr. Al-Tamimi joined key global decision-makers to advance the agenda of digital transformation, promote a resilient digital future, and address the growing digital divide. Held in New York City under the theme "Towards a Resilient, Safe, and Inclusive Digital Future,"…

ABU DHABI – In a significant move toward enhancing the management of water resources in Abu Dhabi, Awaidha Murshed Al Marar, Chairman of the Department of Energy (DoE), revealed that the department is preparing to unveil a new unified water management strategy. Speaking at the World Utilities Congress 2024, Al Marar emphasized that this strategy, developed in collaboration with various stakeholders, seeks to align the sector's current practices with future objectives, ultimately improving the utilization of…

Thuwal — Aramco, one of the world’s largest integrated energy and chemicals companies, has joined forces with Saudi Lithium Infinity (Lihytech), an innovative startup incubated by King Abdullah University of Science and Technology (KAUST), to accelerate the development of Direct Lithium Extraction (DLE) technology in Saudi Arabia. This partnership is set to play a pivotal role in supporting the Kingdom’s increasing demand for lithium, a key element needed to advance electric vehicle (EV) initiatives, a…

Abu Dhabi – Under the patronage of H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the World Utilities Congress 2024 has officially opened at the ADNEC Centre, Abu Dhabi, running from 16th to 18th September. The prestigious event was inaugurated by Sheikh Khalifa bin Tahnoon bin Mohammed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court. Sheikh Khalifa bin Tahnoon…

DUBAI: The 26th Water, Energy, Technology, and Environment Exhibition (WETEX), hosted from 1st to 3rd October 2024 at the Dubai World Trade Centre, will see strong participation from companies specializing in digital transformation, cybersecurity, and information system security, alongside a diverse range of industry leaders in energy, sustainability, water management, green buildings, smart grids, and electric vehicles. The event is organized by the Dubai Electricity and Water Authority (DEWA) under the directives of H.H. Sheikh…

Abu Dhabi: Suhail bin Mohammed Al Mazrouei, UAE’s Minister of Energy and Infrastructure, announced the country's significant achievements in boosting clean energy’s contribution to its overall energy mix, reaching 27.83 percent in 2023. This progress comes as the UAE aims to achieve 32 percent clean energy by 2030, under its long-term strategy to transition to renewable and sustainable energy sources. In an exclusive interview with the Emirates News Agency (WAM), ahead of the World Utilities…

MONTREAL – In a landmark move towards sustainable aviation, the UAE’s General Civil Aviation Authority (GCAA) has signed a Memorandum of Understanding (MoU) with Volar Air Mobility during the International Civil Aviation Organisation’s (ICAO) Advanced Air Mobility (AAM) Symposium 2024. This collaboration sets the stage for the creation of the UAE's first Green Aviation Technology Hub, a cutting-edge facility aimed at promoting clean energy solutions, fostering research and development in sustainable aviation, and encouraging collaboration…

Doha – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), reaffirmed the GCC's commitment to environmental protection and addressing the impacts of climate change as integral parts of the national visions of its member states. His remarks came during the 26th meeting of the Ministers Responsible for Environmental Affairs in the GCC, held in Doha on Tuesday. The meeting, hosted by His Excellency Dr. Abdullah bin Abdulaziz Al Subaie, Qatar's…

DUBAI – The 10th edition of the World Green Economy Summit (WGES) is scheduled to take place from October 2 to 3, 2024, at the Dubai World Trade Centre. This highly anticipated event will convene global experts, government officials, international organizations, academics, and media representatives to foster dialogue on critical environmental and economic objectives. The summit will focus on enhancing international cooperation and paving the way for a sustainable and inclusive future. WGES 2024 is…

RIYADH, Saudi Arabia – Bandar bin Ibrahim Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, held high-level discussions with Chinese mining companies today, focusing on enhancing cooperation in the mining sector and exploring joint investment opportunities in lithium and copper processing. These minerals are essential for various industries, particularly the production of electric vehicle (EV) batteries. The meeting included prominent figures such as Abdullah Ali Alahmari, Assistant Minister for Planning and Development; Saleh Al-Solami,…

ABU DHABI: The UAE's Peaceful Nuclear Energy Programme has reached a significant milestone with the commencement of commercial operations at Unit 4 of the Barakah Nuclear Energy Plant in 2024, marking the full operational capacity of the plant. Mohamed Ibrahim Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Corporation (ENEC), praised the programme as a "remarkable success story," highlighting its crucial role in enhancing the UAE’s energy security and accelerating the country’s…

ABU DHABI — The UAE's recent accession to the BRICS group underscores its commitment to multilateralism and constructive dialogue, aimed at fostering global development, prosperity, and wellbeing. This strategic move aligns with the UAE’s approach of forging robust partnerships with nations and international organizations to boost economic competitiveness and explore new growth avenues. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, emphasized that the UAE’s new role within BRICS reflects the nation’s dedication…

Doha, Qatar – Qatar has emerged as a leading tourist destination in the Gulf, particularly known for its innovative approach to tackling the region's intense summer heat. Over the past few years, the country's air-conditioned parks, markets, and public spaces have become increasingly popular among tourists, citizens, and residents alike, offering a unique blend of entertainment, culture, and comfort in the harsh summer climate. Qatar has successfully leveraged technological advancements to create outdoor spaces that…

Dubai, UAE – The Dubai Chamber of Commerce, one of the three chambers operating under the Dubai Chambers umbrella, has announced the launch of a pioneering Environmental, Social, and Governance (ESG) Label. This initiative aims to promote sustainable business practices across the emirate and is strategically aligned with the UAE’s ‘Year of Sustainability.’ The ESG Label, developed by the Chamber’s Centre for Responsible Business, is designed to assist organizations in evaluating their ESG readiness and…

DP World Limited has announced its financial results for the first half of 2024, showcasing resilience amid global economic and geopolitical challenges. For the six months ending June 30, 2024, the company reported a 3.3% increase in revenue, reaching $9.335 billion. Despite the revenue growth, adjusted EBITDA3 decreased by 4.3% to $2.497 billion, with an adjusted EBITDA margin of 26.8%. The company's gross container volumes on a like-for-like basis grew by 6.1%, driven by robust…

ADNOC has announced the signing of a significant Heads of Agreement (LNG agreement) with Osaka Gas, a leading Japanese utility company, for the delivery of up to 0.8 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG). This long-term agreement marks a major milestone in the energy partnership between the UAE and Japan and highlights ADNOC’s commitment to providing secure and sustainable energy solutions. The LNG will be sourced from ADNOC’s forthcoming Ruwais…

Abu Dhabi, UAE – Arabian Gulf Steel Industries LLC (AGSI), a leading national company specializing in sustainable steel manufacturing, has announced that it has achieved "Net Zero" emissions at its steel plant in Abu Dhabi. This milestone is part of AGSI's ongoing commitment to environmental responsibility and sustainable manufacturing practices. The company’s efforts are in alignment with the UAE's National Strategy for Industry and Advanced Technology, which emphasizes innovation and the adoption of advanced technologies…

The UAE, represented by the Ministry of Finance (MoF) and the Central Bank of the UAE (CBUAE), actively participated in the third meeting of Finance Ministers and Central Bank Governors of the G20 (G20 FMCBG). The event, held on July 25-26, 2024, took place in Rio de Janeiro under Brazil's presidency for the year. The meeting brought together representatives from G20 member countries, invited nations, and international financial organizations. The UAE’s delegation was led by…

Dubai, UAE – Aldar Properties has set a new benchmark in sustainable real estate by securing the UAE's first LEED Platinum certification for community planning and design for its Athlon residential project in Dubai. This prestigious recognition by the US Green Building Council underscores Athlon's commitment to environmental stewardship and sustainable living. LEED (Leadership in Energy and Environmental Design) is a globally recognized certification that employs a rigorous, data-driven rating framework to evaluate sustainable development…

Dubai, UAE – The Dubai Electricity and Water Authority (DEWA) Research and Development (R&D) Centre has released its fourth Transactions Report, showcasing a notable expansion in its research output. The report, which highlights the centre's Scopus Indexed scientific papers presented at international conferences and journals throughout 2023, reveals a 14.5% increase in research publications compared to the previous year. In 2023, DEWA's R&D Centre produced 71 research papers covering a diverse range of topics. These…

Abu Dhabi Energy Services (ADES), a subsidiary of TAQA (Abu Dhabi National Energy Company), has announced the commencement of a groundbreaking 9000-kilowatt peak (kWp) solar photovoltaic (PV) project for the United Arab Emirates University (UAEU) in Al Ain. This initiative marks the largest solar energy project in the UAE's education sector and represents the first large-scale renewable energy venture for the UAEU. The ambitious project will see the installation of over 14,000 solar ground-mounted modules…

The UAE's emerging energy sector has seen significant growth, with financing volumes reaching more than AED 110.2 million by the end of the first half of 2024. This data comes from the International Energy Agency (IEA), which tracks early financing for innovative energy companies. Companies focused on energy storage and batteries attracted the largest share of this financing, constituting approximately 33.3 percent of the total. Solar energy startups followed, securing 25 percent, while wind energy…

Dubai South, the leading urban development focusing on aviation, logistics, and real estate, has announced the successful completion of the first stage of autonomous vehicle trials in collaboration with Evocargo. The trials took place within the closed area of the Dubai South Logistics District, marking a significant milestone in the UAE's advancement towards autonomous transportation. Evocargo conducted rigorous checks on its unmanned electric truck, the Evocargo N1, validating hardware, software, and reliability for future deployment…

In a strategic move to bolster its renewable energy footprint, Saudi-listed ACWA Power, the world's largest private water desalination company, has announced the completion of a Sale and Purchase Agreement with China Southern Power Grid International (HK) Co. Ltd (CSGIHK). The agreement involves the sale of a 35% stake in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company Limited. The agreement was celebrated in a closing ceremony…

In a significant step towards achieving the goals of Saudi Vision 2030, the Ministry of Energy, in collaboration with the Public Investment Fund (PIF), has signed three major agreements to localize renewable energy industries within the Kingdom. These agreements, which focus on wind turbines, solar cells and panels, and solar wafers and ingots, aim to bolster the Kingdom's renewable energy supply chains and establish Saudi Arabia as a global hub for renewable energy technology. The…

Khalifa Economic Zones Abu Dhabi (KEZAD) Group has announced the commissioning of a new natural gas network with a capacity of 311,100 MMBTU per day in KEZAD Area A - Al Ma'mourah. This strategic infrastructure development aims to enhance the services provided to KEZAD’s industrial clients and solidify the region’s position as a key driver of industrial growth and innovation in Abu Dhabi. The new network, developed by KEZAD Group’s subsidiary, KEZAD Utilities & Facilities…

Saudi Arabia is set to bolster its food security with the announcement of five new investment projects in the Al-Baha region. These initiatives aim to achieve self-sufficiency and align with the ambitious goals of Vision 2030. The Ministry of Environment, Water, and Agriculture revealed these opportunities through its FURAS portal, as reported by the Saudi Press Agency. The projects encompass a diverse range of agricultural activities, including the cultivation of orchards, coffee, palm trees, flowers,…

Abu Dhabi, UAE – The Ministry of Energy and Infrastructure (MoEI), represented by UAEV, and Emirates Transport have announced a collaborative initiative to install and operate electric vehicle (EV) charging stations at Emirates Transport buildings. This strategic move aligns with UAEV’s mission to support the transition to green mobility and contributes to the UAE’s ambitious goal of increasing the share of EVs to 50% of total vehicles on the country’s roads by 2050. Sharif Al…

Fertiglobe announced today its selection as the winning bidder in the H2Global pilot auction to supply renewable ammonia to the European Union (EU). This initiative, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), marks a significant milestone in advancing sustainable ammonia production. Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has committed to supplying renewable ammonia beginning with 19,500 tonnes in 2027, scaling up to 397,000 tonnes…

ADNOC has announced the groundbreaking deployment of RoboWell, AIQ’s advanced artificial intelligence (AI) autonomous well-control solution, in its offshore operations at the NASR field. This marks the world's first offshore deployment of RoboWell, showcasing ADNOC's commitment to leveraging cutting-edge technologies to enhance operational efficiency and ensure a secure, reliable, and responsible energy supply. Developed in collaboration with AIQ, a leading Abu Dhabi-based AI innovator in the energy sector, RoboWell employs cloud-based AI algorithms to autonomously…

The Saudi Authority for Data and Artificial Intelligence (SDAIA) has made history by becoming the first global entity to achieve the ISO 42001:2023 certification for Artificial Intelligence Management Systems. This prestigious certification acknowledges SDAIA's implementation of high standards and best practices in managing artificial intelligence (AI). This milestone underscores Saudi Arabia's prowess and leadership in the fields of data and AI on the global stage. In a press release, Dr. Abdullah bin Sharaf Al-Ghamdi, President…

New York, USA - The United Arab Emirates (UAE) delegation to the United Nations High-Level Political Forum (HLPF) on Sustainable Development engaged in pivotal discussions with the UN’s Deputy Secretary-General to strategize on accelerating progress towards the Sustainable Development Goals (SDGs) over the next six years. On Wednesday, UN Deputy Secretary-General Amina Mohammed met with the UAE delegation, led by Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange and Chairman…

Dubai – Dubai's Roads and Transport Authority (RTA) has been honored with the Global Gold Winner category at the esteemed Green World Awards, hosted by the UK-based The Green Organisation. This accolade highlights the outstanding achievements of RTA's Route 2020 project in environmental performance, effective resource use, support for sustainable development goals, and significant carbon reduction efforts. The Route 2020 project, which extends from Jabal Ali Station to the Expo 2020 site, spans 15 kilometers—11.8 km…

Abu Dhabi, UAE – President His Highness Sheikh Mohamed bin Zayed Al Nahyan has welcomed a consortium of global partners and investors who have joined forces with ADNOC in its innovative lower-carbon intensity liquefied natural gas (LNG) project in Ruwais. The announcement marks a significant milestone in the UAE's ongoing commitment to clean energy initiatives. The meeting, held at Qasr Al Shati in Abu Dhabi, was attended by H.H. Sheikh Khaled bin Mohamed bin Zayed…

TOKYO - The Abu Dhabi National Oil Company (ADNOC) has signed a landmark $3 billion (AED 11 billion) green financing facility agreement with the Japan Bank for International Cooperation (JBIC). This significant financial arrangement follows a Heads of Agreement (HOA) signed between ADNOC and JBIC in January, building upon their long-standing successful partnership. The agreement was signed in Tokyo in the presence of several high-ranking officials, including Dr. Sultan bin Ahmed Al Jaber, UAE Minister…

ADNOC and e&, a global technology group, have announced a groundbreaking initiative to construct the energy industry’s largest private 5G wireless network, covering an expansive 11,000 square kilometers in Abu Dhabi. This ambitious project aims to revolutionize ADNOC’s operational efficiency across both onshore and offshore facilities by providing high-bandwidth connectivity. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, emphasized the significance of this collaboration…

ABU DHABI - ADNOC Group, an early adopter of artificial intelligence (AI) technologies for sustainability, has achieved significant milestones through the implementation of over 30 AI tools. According to Ibrahim Al-Zu'bi, Group Chief Sustainability & ESG Officer at ADNOC Group, these advancements have resulted in savings of up to $500 million and a reduction of over one million tonnes of carbon emissions. Speaking to the Emirates News Agency (WAM) at the Global Sustainability Forum in…

Abu Dhabi - The Chief Sustainability Officers (CSO) Network has announced the launch of the 'AI for Sustainability Hub' at the second edition of the Global Sustainability Forum, held at the Abu Dhabi Energy Centre. This event was organized in collaboration with the New York Stock Exchange, part of Intercontinental Exchange, Inc., and ADNOC. The AI for Sustainability Hub will serve as a vital platform for governments, the private sector, and academia to collaborate on…

Jebel Ali Free Zone (JAFZA) and Eaton, a leading global intelligent power management company, have announced a strategic partnership to construct a state-of-the-art sustainable campus. This new facility will consolidate Eaton's Dubai-based commercial, manufacturing, and support functions, while also providing ample capacity for future growth. The agreement was formalized in a signing ceremony at JAFZA in Dubai, attended by Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, and Craig Arnold, Chairman and CEO…

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the 'Tasreef' project, an ambitious initiative aimed at significantly enhancing Dubai's rainwater drainage network. With a total investment of AED30 billion, the project represents one of the largest strategic infrastructure undertakings in the emirate's history. Project Overview The 'Tasreef' project will expand the capacity of Dubai’s rainwater drainage system by 700%, ensuring comprehensive…

In a relentless pursuit of a diversified and sustainable economy, the State of Qatar has made significant strides in establishing a green economy capable of adapting to global changes. By launching a series of strategies and initiatives across all sectors of its national economy, Qatar is advancing its vision of sustainable development as outlined in its National Vision 2030. Key Initiatives and Investments 1. Green Bonds Issuance: The Ministry of Finance recently announced the issuance…

Riyadh, Saudi Arabia – In a notable dialogue session at the FII PRIORITY Rio de Janeiro Summit, organized by the Future Investment Initiative (FII) Institute, Saudi Arabia's Minister of State for Foreign Affairs, Cabinet Member, and Envoy for Climate Affairs, Adel Al-Jubeir, underscored the Kingdom's robust commitment to energy development and climate change mitigation. The session, held in Rio de Janeiro, Brazil, highlighted Saudi Arabia’s strategic efforts to become a leading global energy supplier, encompassing…

Masdar City has been chosen by Attentive Science as its Middle East hub, marking a significant milestone in the company's global expansion. Attentive Science, a renowned provider of non-clinical research services to the biotech, pharmaceutical, and animal health industries, will establish its regional headquarters in Masdar City, Abu Dhabi. Attentive Science specializes in early-stage drug testing using "in vivo" methodologies, which involve testing drugs on living organisms to ensure their safety and efficacy before advancing…

A distinguished delegation from the United Arab Emirates (UAE) actively participated in the 26th edition of the World Energy Congress, held in Rotterdam, the Netherlands. Co-hosted by the World Energy Council and the Netherlands Ministry of Economic Affairs and Climate Policy, the congress brought together over 7,000 international energy stakeholders, including 200 C-suite speakers and 70 ministers. The aim was to facilitate crucial government-to-government dialogues to drive the global energy transition agenda forward. Led by…

Masdar, the Abu Dhabi Future Energy Company, is intensifying its commitment to green hydrogen projects by establishing a dedicated unit to spearhead specialized initiatives in this burgeoning sector on a local, regional, and global scale. This strategic move underscores Masdar's leading position in the development of renewable and clean energy projects worldwide, further solidifying Abu Dhabi's pivotal role as a key player in the green hydrogen industry. Mohammad Abdelqader El Ramahi, Chief Green Hydrogen Officer…

The 15th Gulf Water Conference is slated to convene on April 28, hosted by the Qatar General Electricity and Water Corporation "Kahramaa" in collaboration with the Water Science and Technology Association and the Secretariat General of the Gulf Cooperation Council. Under the patronage of HE Minister of State for Energy Affairs Eng. Saad bin Sharida Al Kaabi, the conference promises a comprehensive exploration of advancements in water management and sustainability. With twenty speakers participating in…

Ahmed Bakhoum, the CEO of Masdar City, has unveiled ambitious plans for projects worth AED3-4 billion, targeting critical sectors such as energy, artificial intelligence, space, life sciences, and agriculture. Speaking to the Emirates News Agency (WAM) during the World Future Energy Summit, hosted by Masdar, Bakhoum emphasized the city's commitment to driving innovation and sustainability in Abu Dhabi and the UAE. Currently, Masdar City is witnessing significant progress, with projects valued at approximately AED1 billion…

At the World Future Energy Summit (WFES), ADNEC Group and Terrax Environmental Limited unveiled TerraTile, a revolutionary 100% recycled modular flooring system designed to support sustainability in the events industry. TerraTile represents a significant step forward in environmental sustainability, being crafted entirely from 100% waste materials and being fully recyclable. Each TerraTile, equivalent to over five kilograms of recycled waste, offers a sustainable alternative to conventional flooring solutions and actively contributes to environmental conservation. Manufactured…

The Ministry of Energy and Infrastructure (MoEI) is gearing up to showcase the UAE's significant strides towards energy transition and climate neutrality at the upcoming World Future Energy Summit (WFES) 2024. Scheduled to take place from April 16th to 18th at the Abu Dhabi National Exhibition Centre, the event serves as a platform for the exchange of ideas and innovations in the clean energy sector. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at…

A recent report from the Organisation for Economic Co-operation and Development (OECD) highlights the urgent need for substantial investment in sustainable infrastructure to mitigate the impacts of climate change. The report, titled "Infrastructure for a Climate-Resilient Future," underscores the growing pressure on infrastructure worldwide due to extreme weather events such as heatwaves, floods, wildfires, and droughts. Released during the OECD Infrastructure Forum, the report emphasizes the importance of integrating climate resilience into infrastructure planning and…

Masdar is set to host the second annual Green Hydrogen Summit on April 16, 2024, at ADNEC in Abu Dhabi as part of the World Future Energy Summit. The summit, organized by the Abu Dhabi Future Energy Company (Masdar), aims to accelerate the development of the global green hydrogen economy and support the energy transition. With green hydrogen gaining momentum as a key component in achieving net-zero emissions, the Green Hydrogen Summit will convene diverse…

Sharjah - H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, marked a significant milestone by inaugurating Al Hefaiyah Lake in Kalba on Saturday. The inauguration ceremony was attended by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and H.H. Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah. Situated along the Sharjah-Kalba Road, the lake, positioned following…

Ras Al Khaimah - Ras Al Khaimah Economic Zone (RAKEZ) has introduced the HS&E Appreciation Awards, aiming to honor companies demonstrating exceptional dedication to Health, Safety, and Environmental (HS&E) practices. This initiative is part of RAKEZ's commitment to promoting compliance with regulations, enhancing standards, and fostering a culture of safety and sustainability within the economic zone. The HS&E Appreciation Awards serve to encourage businesses to continuously improve their HS&E practices while supporting RAKEZ's mission of…

In Islamabad on March 22, 2024, Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), signed two significant development agreements with Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs of the Islamic Republic of Pakistan. These agreements, totaling $101 million, aim to finance the Shounter and Jagran-IV Hydropower Projects, boosting Pakistan's clean energy sector. The first agreement allocates $66 million to construct the Shounter Hydropower station, enhancing Pakistan's national electricity grid…

The Sharjah Real Estate Registration Department has announced impressive growth in the emirate's real estate sector, with the Central and Eastern regions recording a total cash trading volume of AED 1.3 billion during the first nine months of 2024. This represents a remarkable 57.6% increase compared to the same period last year, according to a newly released report detailing the movement of real estate transactions. The department noted that a total of 22,059 real estate…

Cairo – At the 12th World Urban Forum (WUF12) held in Cairo, the Real Estate General Authority (REGA) of Saudi Arabia reinforced its commitment to sustainable, forward-looking urban development, aligned with the Kingdom’s ambitious Vision 2030 objectives. REGA’s Chief Executive, Eng. Abdullah bin Saud Al-Hammad, emphasized Saudi Arabia’s steady advancement towards this vision, underscoring its dedication to fostering cities that balance human-centered design with sustainability and resilience to environmental challenges. Al-Hammad stated that REGA’s active…

Riyadh – Saudi Arabia’s General Authority for Statistics (GASTAT) has published its Real Estate Price Index for the third quarter of 2024, revealing a 2.6% year-on-year increase in overall real estate prices. The growth has been largely driven by both the residential and commercial sectors, indicating continued demand in these areas amid the Kingdom’s evolving economic landscape. In the residential sector, prices rose by 1.6% over Q3 2023. Key contributors to this growth were residential…

Dubai Investments has announced that construction of Violet Tower, its latest residential development in the bustling Jumeirah Village Circle (JVC), is progressing at a steady pace. This AED300 million ($82 million) project is set to elevate the urban living experience, offering residents contemporary and thoughtfully designed spaces in one of Dubai's prime residential areas. Strategically positioned in the heart of JVC, Violet Tower is designed to meet the growing demand for modern urban residences. Once…

Doha, Qatar – The Qatari real estate market continues to showcase robust growth during the third quarter (Q3) of 2024, with total transaction values amounting to QR3.351bn across 798 real estate deals. Although slightly lower than the same period in 2023, where QR3.597bn was recorded over 855 transactions, the sector remains a key pillar of the country’s economy, contributing to its ongoing diversification efforts. September 2024 marked the peak of Q3 real estate transactions with…

Kuwait is making substantial progress on several large-scale housing developments aimed at addressing the increasing need for residential units. The projects, spearheaded by the Public Authority for Housing Welfare (PAHW), include the development of Al-Mutlaa City, South Saad Al-Abdullah City, and South Sabah Al-Ahmad City. These initiatives are set to provide homes for thousands of Kuwaiti citizens, while also offering considerable opportunities for foreign companies specializing in infrastructure and construction. Al-Mutlaa City Development Al-Mutlaa City,…

Abu Dhabi – In a significant move to drive innovation and growth in its real estate sector, Abu Dhabi Global Market (ADGM) has introduced a new set of Real Property Regulations and launched a cutting-edge digital platform, AccessRP. These initiatives follow ADGM's recent strategic expansion to Al Reem Island and aim to position the global financial center as a top-tier destination for real estate investment. The enhanced regulatory framework and the AccessRP platform aim to…

Riyadh, Saudi Arabia – Kuwait Municipality proudly displayed its forward-thinking national urban projects at the Gulf Municipal Work Conference's side exhibition, held in the Saudi capital. The exhibition featured the participation of all Gulf Cooperation Council (GCC) member countries, each showcasing their distinctive urban development efforts through dedicated pavilions. Kuwait’s pavilion, titled “Sustainable Urban Planning and Design,” offered an in-depth look at the country’s groundbreaking urban projects that underscore its commitment to modernization and sustainability.…

ABU DHABI – Jubail Island Investment Company (JIIC) has officially awarded the construction contract for the highly anticipated Jubail Town Centre, located in Souk Al Jubail, the commercial and retail nucleus of Jubail Island. The contract, valued at approximately AED400 million, has been granted to Bright Accord General Contracting Company. Strategically positioned at the heart of Jubail Island within the Souk Al Jubail village, the Jubail Town Centre aims to serve as a family-friendly lifestyle…

RIYADH, September – In his annual address at the Shoura Council, Crown Prince Mohammed bin Salman hailed the transformative progress made by Saudi Arabia as part of its Vision 2030 initiative, underscoring the Kingdom’s significant achievements in tourism, employment, economic diversification, and renewable energy. The speech, delivered after inaugurating the first year of the ninth session of the council, highlighted key milestones across various sectors as Saudi Arabia continues its push toward reducing dependence on oil…

AJMAN – The Department of Lands and Real Estate Regulation in Ajman reported a robust performance for the emirate’s real estate sector in August 2024, with a total of 1,264 transactions valued at over AED 1.57 billion. This represents a 4.6% growth compared to the same period last year, reflecting the sector's sustained momentum and investor confidence. According to Omar bin Omair Al Muhairi, Director-General of Ajman’s Department of Lands and Real Estate Regulation, the…

KUWAIT CITY: The conversation around Kuwait's major infrastructure projects has resurfaced, rekindling plans and ambitions dating back to the early 2000s, particularly following the fall of Saddam Hussein’s regime in Iraq. In recent weeks, the Kuwaiti government has ramped up efforts to advance a number of significant projects that have long been on the national agenda. These projects include the Mubarak Al-Kabeer Port, the development of Kuwaiti islands, and revitalization efforts in the northern region.…

Sharjah – Alef Group, a prominent real estate development company in Sharjah, has announced a significant milestone in its Hayyan development project, with 90% of the units in the Arim and Alma neighbourhoods now sold. This achievement underscores the strong market demand and confidence in Alef Group’s innovative vision for Hayyan, a community that is rapidly becoming one of the most sought-after residential destinations in Sharjah. The successful sale of 1,131 units across both neighbourhoods…

The Sharjah Real Estate Registration Department has released its semi-annual report, revealing robust growth in the emirate's real estate sector. The report indicates that the total value of real estate transactions in Sharjah's Central and Eastern regions reached AED 646 million during the first half of 2024, marking a 17.7% increase compared to the same period last year. The total number of transactions recorded across the department's branches amounted to 14,395, with the traded area…

ROSHN Group has announced the release of 1,251 new homes for sale in Phase 4 of the SEDRA development, further enhancing its flagship Riyadh project, renowned as one of the city's most sought-after residential communities. This latest phase is strategically located north of SEDRA's third phase, offering residents unparalleled convenience and connectivity. The new development enjoys a prime position with easy access to key shopping and office hubs within the ROSHN Front. It is also…

Dubai, UAE – Aldar Properties has set a new benchmark in sustainable real estate by securing the UAE's first LEED Platinum certification for community planning and design for its Athlon residential project in Dubai. This prestigious recognition by the US Green Building Council underscores Athlon's commitment to environmental stewardship and sustainable living. LEED (Leadership in Energy and Environmental Design) is a globally recognized certification that employs a rigorous, data-driven rating framework to evaluate sustainable development…

In a groundbreaking move towards digital transformation, the National Housing Company (NHC) of Saudi Arabia has signed a contract with South Korea's NAVER Cloud Platform to implement advanced smart city solutions on the digital twin platform "Baladi." The signing ceremony, which marked a significant step in the Kingdom's technological advancements, was attended by the Minister of Municipalities and Housing, Majed bin Abdullah Al-Hogail. This strategic collaboration aims to integrate global best practices within the municipal…

Diriyah, Saudi Arabia – Diriyah Company has announced a groundbreaking construction contract with El Seif Engineering Contracting Co. Ltd (ESEC) in partnership with China State Construction Engineering Corporation Limited (CSCEC). This project, valued at over SAR7.8 billion ($2 billion), marks the largest construction contract in the history of Diriyah Company. The ambitious project will transform the northern part of Diriyah into a vibrant mixed-use district, featuring advanced educational institutions, cultural venues, modern office spaces, and…

Beijing – Amna bint Ahmed Al Romaihi, Minister of Housing and Urban Planning of Bahrain, held a meeting with Zhang Hui, Vice President at SINOSURE, a Chinese export and credit insurance corporation, during her visit to the People’s Republic of China. The meeting focused on enhancing cooperation between Bahrain's Housing Ministry and SINOSURE, particularly in relation to the ongoing partnership with China Machinery Engineering Corporation (CMEC) for the Sitra Housing Project. Both parties discussed the progress…

AJMAN – The Department of Land and Real Estate Regulation in Ajman is set to launch an extensive building classification process across the emirate beginning July 1st, 2024. This initiative, aimed at enhancing the quality and compliance of buildings, will span three months and involve a team of specialized and qualified professionals. The primary objective of this classification is to thoroughly assess the readiness of buildings and real estate facilities, ensuring they meet established standards…

HE Mansoor bin Ebrahim Al Mahmoud, CEO of the Qatar Investment Authority (QIA), announced on Tuesday that the QIA will continue its strategic investments in artificial intelligence (AI) technologies. This commitment encompasses various sectors including data centers, data categorization, software and applications, and chip manufacturing. Speaking at the "Investing for the Next Generation" panel during the first day of the 4th Qatar Economic Forum, Al Mahmoud highlighted Qatar's diversified investment portfolio in AI technologies. He…

Dubai is gearing up to host the highly anticipated ACRES Real Estate Exhibition from May 16th to 19th at the esteemed Dubai World Trade Centre. This premier event, launched in strategic collaboration with the Sharjah Chamber of Commerce and Industry (SCCI), the Sharjah Real Estate Registration Department (SRERD), and sponsored by the Department of Land and Real Estate Regulation in Ajman, promises to redefine the real estate landscape in the region. ACRES stands out as…

Abu Dhabi has surged into the top 25 maritime cities globally, securing an impressive 10-spot leap since 2022 to claim the 22nd position, the highest advancement among all cities, according to the prestigious 2024 Leading Maritime City (LMC) Report unveiled in Singapore. The bi-annual benchmarking study, jointly produced by DNV and Menon Economics, evaluates the performance of 50 leading maritime cities across crucial sectors such as shipping, finance and law, maritime technology, and port and…

In a report released by the Sharjah Real Estate Registration Department, the Emirate of Sharjah witnessed a thriving real estate market in March 2024, with a total of 2,606 transactions valued at AED 3.1 billion. These transactions spanned across 8.1 million square feet of land, indicating a robust activity within the sector. Among the transactions recorded, sales transactions accounted for 32.1 percent of the total, with 837 transactions, while mortgage transactions amounted to 333, representing…

The Sheikh Zayed Housing Programme has announced its approval of 4,334 housing decisions in 2023, with a total value of AED 3.34 billion. These decisions encompassed 3,015 housing finance approvals amounting to AED 2,380,551,000 and 1,025 housing grants valued at AED 682,300,000. Mohammed Al Mansoori, Director-General of the Sheikh Zayed Housing Programme, highlighted that active loan decisions reached AED 17.502 billion, constituting 90.6% of the total, while the percentage of closed loan files stood at…

Abu Dhabi - Despite predictions of slower growth in the real estate market this year, property projects in the UAE continue to experience remarkable sales, often within days or even hours of their launch. High-net-worth individuals, foreign investors, and residents are driving this demand, eager to seize opportunities presented by luxury projects offered at comparatively lower prices than those in other major cities worldwide. For instance, Wasl, a leading property development and management company, sold…

Abu Dhabi - The Abu Dhabi Real Estate Centre (ADREC), an affiliate of the Department of Municipalities and Transport (DMT), has disclosed a record-breaking total of approximately AED87.1 billion in real estate transactions for the year 2023. The value of buying and selling activities experienced a remarkable surge of 159.5%, amounting to AED61 billion compared to 2022. ADREC reported this surge based on 15,653 transactions, marking a significant increase of 73.7% from the previous year.…

ABU DHABI: The rapid advancement of artificial intelligence (AI) is encouraging the world’s largest oil companies to significantly ramp up their investments in renewable energy, according to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, as well as Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC). In a recent interview, Dr. Al Jaber revealed that the potential of AI in transforming global energy landscapes became especially…

ABU DHABI – The UAE Ministry of Energy and Infrastructure (MoEI) organized the 12th Harbor Masters Meeting, a pivotal gathering aimed at enhancing port efficiency, refining maritime processes, and identifying key challenges within the sector. Hosted by Abu Dhabi Ports Group, the event provided an opportunity for UAE’s maritime leaders to collaborate on advancing port operations and sustainability, showcasing the latest technological advancements in the field. Under the leadership of Hessa Al Malek, Advisor to…

KUWAIT – During a significant two-day meeting of environmental and climate change experts in Kuwait, Jamal Al-Loughani, the Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC), underscored the vital need to balance energy security with the efforts to mitigate climate change. In his address, Al-Loughani highlighted that OAPEC member states are committed to an inclusive approach that embraces a wide range of energy sources and technologies for future energy initiatives. This all-encompassing…

ABU DHABI – The International Renewable Energy Agency (IRENA) commenced its 28th Council meeting in Abu Dhabi today, marking a significant gathering ahead of the 29th Conference of the Parties (COP29). This two-day meeting brings together IRENA Members to address vital topics concerning the global energy transition. Central to the discussions will be the progress towards ambitious targets: tripling renewable energy capacity and doubling energy efficiency by 2030, as highlighted in the Outcome of the…

Dubai, UAE – His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy (DSCE), chaired the 84th meeting of the Council, held virtually, alongside Saeed Mohammed Al Tayer, Vice Chairman of the DSCE. The meeting highlighted Dubai’s remarkable progress in reducing carbon emissions, a key goal in the emirate’s environmental strategy. One of the meeting’s focal points was the review of Dubai’s annual carbon emissions inventory, which revealed an…

Saudi Aramco CEO, Amin Nasser, expressed confidence in the continued growth of China’s oil demand, bolstered by the country’s latest economic stimulus package aimed at boosting growth. Speaking on the sidelines of the Singapore International Energy Week conference, Nasser remarked that China, the world’s second-largest oil importer, will see increased demand, particularly for jet fuel and naphtha, driven by its expanding liquid-to-chemical projects. “China’s need for chemicals, especially in the context of its electric vehicle…

Muscat – Kuwait Petroleum International (KPI) CEO, Engineer Shafi Al-Ajmi, emphasized the company’s dedication to fostering a more sustainable future through leading efforts in energy transformation. Speaking at the fifth Duqm Forum, which took place in Muscat today, Al-Ajmi outlined KPI’s strategic goals and addressed the challenges facing the energy sector in an era of global transition. The forum, organized by the Omani Chamber of Industry and Commerce, gathered experts from various fields to discuss…

Dubai - Dubai Electricity and Water Authority (DEWA) continues to push the boundaries of innovation and digital transformation, following a high-profile meeting between Saeed Mohammed Al Tayer, MD and CEO of DEWA, and Ana Paula Assis, Chair and General Manager of IBM for Europe, the Middle East, and Africa (EMEA). During the meeting, both leaders explored new avenues of collaboration and discussed how IBM’s advanced technologies, particularly in artificial intelligence (AI), data analytics, and cloud-based…

Muscat - The Gulf Cooperation Council (GCC) has formalized a pivotal agreement to link the Gulf Electricity Market with the Republic of Iraq, marking a significant advancement in regional energy cooperation. The contract was signed at the GCC Interconnection Authority (GCCIA) headquarters in Dammam, under the patronage of His Royal Highness Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province. This groundbreaking initiative is part of a wider regional strategy to enhance…

Dubai – The 26th edition of the Water, Energy, Technology, and Environment Exhibition (WETEX) successfully concluded at the Dubai World Trade Centre, attracting an impressive 50,598 visitors from around the globe. Organized by the Dubai Electricity and Water Authority (DEWA) under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, and held under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of…

Dubai – Dubai has once again cemented its status as the world's leading destination for attracting Greenfield Foreign Direct Investment (FDI) projects, maintaining the top global position for the sixth consecutive half-year period, according to fDi Markets, part of the Financial Times Ltd. The emirate attracted 508 Greenfield FDI projects in the first half of 2024, representing a 6.2% global share, an increase from 5.7% during the same period in 2023. The city’s sustained appeal…

ABU DHABI – The United Arab Emirates (UAE), represented by the Ministry of Energy and Infrastructure (MoEI), took part in the recent BRICS Ministers of Energy meeting held in Moscow, Russia. This participation underscores the UAE's dedication to multilateral cooperation as an effective strategy to address energy security challenges and foster a sustainable future for all. Eng. Sharif Al Olama, Undersecretary of Energy and Petroleum Affairs at MoEI, articulated the UAE's vision, stating, “As a…

MUSCAT – The Ministry of Energy and Minerals of Oman has reaffirmed its commitment to sustainable energy practices by hosting a workshop aimed at advancing the World Bank’s Zero Routine Flaring by 2030 initiative. This significant event, organized in collaboration with key oil and gas sector operators, addressed innovative methods for reducing gas flaring and contributing to Oman’s broader environmental goals. The workshop served as a platform for the industry to exchange ideas and explore…

Abu Dhabi – Masdar, the Abu Dhabi Future Energy Company, has finalized the acquisition of a 50% stake in Terra-Gen Power Holdings II, LLC, one of the largest independent renewable energy producers in the United States, from Energy Capital Partners (ECP). This strategic move underscores Masdar’s commitment to expanding its presence in the US and scaling its global renewable energy portfolio. Energy Capital Partners, one of the US's leading private investors in power and renewable…

Singapore – Oil prices saw little movement on Tuesday, as the market balanced stronger supply prospects and weak global demand growth against rising concerns over escalating tensions in the Middle East that could potentially disrupt output from the critical oil-exporting region. As of 9:15 a.m. Saudi time, Brent crude futures for December delivery were up by 13 cents or 0.18%, reaching $71.83 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures for November delivery…

VIENNA – In a bid to strengthen Armenia’s economic growth and climate resilience, the OPEC Fund for International Development (the OPEC Fund) has signed a $10 million loan agreement with Evocabank CJSC. The loan aims to provide critical financial support to Armenia’s micro, small, and medium-sized enterprises (MSMEs), particularly women-led businesses, while also promoting energy efficiency and renewable energy projects in the country. The agreement comes as part of the OPEC Fund’s broader commitment to…

As the global race to combat climate change gathers pace, Saudi Arabia is emerging as a world leader in green hydrogen production, setting the stage for a major shift towards renewable energy. The Kingdom is harnessing its vast natural resources of wind and solar energy to produce green hydrogen—a clean, zero-emissions energy source that is central to the future of sustainable energy. At the core of this transformation is the NEOM Green Hydrogen Company (NGHC),…

KUWAIT CITY: In a significant step toward optimizing operational efficiency, Kuwait Oil Company (KOC) has unveiled an extensive series of organizational changes across seven of its major directorates. The restructuring, led by CEO Ahmad Al-Eidan, is part of KOC’s strategic initiative to strengthen its management framework and streamline key functions. The revamp includes strategic appointments of experienced leaders to pivotal roles within the company. One of the notable appointments is Nasser Al-Hajri, who will take…

Oil prices surged over 2% on Tuesday, fueled by significant monetary stimulus from China, which is the world's top oil importer, and increasing concerns regarding potential disruptions in the Middle East that could impact regional supply. Additionally, another hurricane threatening U.S. oil production added to the volatility in the market. Brent crude futures climbed by $1.76, marking a 2.4% increase to reach $75.66 per barrel, while U.S. WTI crude futures experienced a rise of $1.84,…

ABU DHABI — ADNOC Distribution has announced that its Board of Directors has approved an interim dividend of $350 million (AED 1.285 billion) for the first half of 2024, translating to 10.285 fils per share. This decision underscores the company’s commitment to delivering consistent and attractive returns to its shareholders. Shareholders must purchase shares by September 26, 2024, to qualify for this interim dividend payment. Eligibility will be determined based on the shareholder register on September…

ABU DHABI – In a significant move toward enhancing the management of water resources in Abu Dhabi, Awaidha Murshed Al Marar, Chairman of the Department of Energy (DoE), revealed that the department is preparing to unveil a new unified water management strategy. Speaking at the World Utilities Congress 2024, Al Marar emphasized that this strategy, developed in collaboration with various stakeholders, seeks to align the sector's current practices with future objectives, ultimately improving the utilization of…

Thuwal — Aramco, one of the world’s largest integrated energy and chemicals companies, has joined forces with Saudi Lithium Infinity (Lihytech), an innovative startup incubated by King Abdullah University of Science and Technology (KAUST), to accelerate the development of Direct Lithium Extraction (DLE) technology in Saudi Arabia. This partnership is set to play a pivotal role in supporting the Kingdom’s increasing demand for lithium, a key element needed to advance electric vehicle (EV) initiatives, a…

Abu Dhabi – Under the patronage of H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the World Utilities Congress 2024 has officially opened at the ADNEC Centre, Abu Dhabi, running from 16th to 18th September. The prestigious event was inaugurated by Sheikh Khalifa bin Tahnoon bin Mohammed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court. Sheikh Khalifa bin Tahnoon…

Vienna – The United Arab Emirates (UAE) is participating in the 68th Regular Session of the General Conference of the International Atomic Energy Agency (IAEA), held from 16th to 20th September 2024, at the IAEA headquarters in Vienna, Austria. The event, themed "Global Cooperation in the Nuclear Field," brings together key international players to discuss advancements in nuclear safety, security, and cooperation. Leading the UAE delegation is Ambassador Hamad Al Kaabi, the UAE Permanent Representative…

RIYADH – In a significant move to strengthen collaboration in the field of nuclear sciences and support the growing role of women in STEM (science, technology, engineering, and mathematics) disciplines, a memorandum of understanding (MoU) was signed today between the International Atomic Energy Agency (IAEA) and the Women and Energy Association of Saudi Arabia. The ceremony took place in the presence of His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, the Minister of Energy,…

DUBAI: The 26th Water, Energy, Technology, and Environment Exhibition (WETEX), hosted from 1st to 3rd October 2024 at the Dubai World Trade Centre, will see strong participation from companies specializing in digital transformation, cybersecurity, and information system security, alongside a diverse range of industry leaders in energy, sustainability, water management, green buildings, smart grids, and electric vehicles. The event is organized by the Dubai Electricity and Water Authority (DEWA) under the directives of H.H. Sheikh…

Abu Dhabi: Suhail bin Mohammed Al Mazrouei, UAE’s Minister of Energy and Infrastructure, announced the country's significant achievements in boosting clean energy’s contribution to its overall energy mix, reaching 27.83 percent in 2023. This progress comes as the UAE aims to achieve 32 percent clean energy by 2030, under its long-term strategy to transition to renewable and sustainable energy sources. In an exclusive interview with the Emirates News Agency (WAM), ahead of the World Utilities…

VIENNA: The Organisation of the Petroleum Exporting Countries (OPEC) celebrated its 64th anniversary today, marking more than six decades of monumental achievements, international collaboration, and influential contributions to the global oil market. OPEC’s journey began between September 10th and 14th, 1960, when representatives from five founding oil-producing nations—Dr. Fuad Rouhani from Iran, Dr. Tala’at al-Shaibani from Iraq, Ahmed Sayed Omar from Kuwait, Abdullah Al-Tariki from Saudi Arabia, and Dr. Juan Pablo Pérez Alfonzo from Venezuela—convened…

Oil prices are projected to stabilize below $70 per barrel in the coming months, influenced by interest rate cuts, political uncertainty surrounding the US elections, and potential increases in OPEC production by the end of the year. While traditionally, oil price fluctuations had a direct and significant impact on GCC economies and their stock markets, the dynamics have shifted over recent years due to economic diversification efforts across the region. Historically, the performance of GCC…

DUBAI – In a landmark move towards digital transformation, the UAE Ministry of Energy and Infrastructure (MoEI) has launched its ‘Data Bridge’ initiative. The project is designed to create a seamless digital connection with all entities involved in the Ministry’s services, aligning with the federal government performance agreements for . Data Bridge represents a transformative step towards eliminating bureaucracy within the Ministry’s processes. Through this innovative project, MoEI will provide proactive services, request data from…

DHAHRAN – Saudi Aramco, a global leader in integrated energy and chemicals, has cemented its longstanding relationship with China by announcing new strategic agreements with key Chinese partners during the recent visit of Chinese Premier Li Qiang to the Kingdom of Saudi Arabia. These agreements are part of Aramco’s ongoing commitment to bolstering China’s long-term energy security, fostering economic cooperation, and promoting technology innovation between the two nations. Among the signed agreements are a Development…

Al-Khobar — EnergyTech, a pioneering national institute established to meet the evolving demands of Saudi Arabia’s energy sector, has announced the launch of a comprehensive new training strategy aimed at fulfilling industry needs and supporting the Kingdom’s Vision 2030. The initiative focuses on expanding national human capabilities and fostering innovation within the energy sector, driving forward the country's strategic goals of sustainability and industry growth. During the announcement, Assistant Energy Minister for Development and Excellence…

SHANGHAI – QatarEnergy has taken another significant step towards expanding its LNG shipping capabilities by signing an agreement with China State Shipbuilding Corporation (CSSC) for the construction of six additional state-of-the-art QC-Max LNG vessels. The deal, finalized on Monday, brings QatarEnergy's total LNG fleet expansion to 128 vessels, including 24 of the world’s largest LNG carriers, the QC-Max mega vessels. The QC-Max vessels, to be constructed at China’s Hudong-Zhonghua Shipyard, a wholly-owned subsidiary of CSSC,…

Vienna – The OPEC+ alliance, comprising the Organization of the Petroleum Exporting Countries and its allies, led by Russia, announced on Thursday that it has decided to delay its planned oil output increase for October and November 2024. The decision comes in response to declining crude oil prices, which have reached their lowest point in nine months, driven by concerns over a weakening global economy and softening demand from China, the world's largest oil importer. In…

Kuwait City – The price of Kuwaiti crude oil dropped by one cent on Friday, settling at $74.64 per barrel, compared to $74.65 the previous day, according to the Kuwait Petroleum Corporation (KPC). This minor decrease comes amid broader global fluctuations in oil prices as markets respond to a range of geopolitical and economic factors. On the international stage, the price of Brent crude futures experienced a sharper decline, falling by $1.63 to $71.06 per barrel,…

RIYADH, Saudi Arabia – Bandar bin Ibrahim Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, held high-level discussions with Chinese mining companies today, focusing on enhancing cooperation in the mining sector and exploring joint investment opportunities in lithium and copper processing. These minerals are essential for various industries, particularly the production of electric vehicle (EV) batteries. The meeting included prominent figures such as Abdullah Ali Alahmari, Assistant Minister for Planning and Development; Saleh Al-Solami,…

ABU DHABI: The UAE's Peaceful Nuclear Energy Programme has reached a significant milestone with the commencement of commercial operations at Unit 4 of the Barakah Nuclear Energy Plant in 2024, marking the full operational capacity of the plant. Mohamed Ibrahim Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Corporation (ENEC), praised the programme as a "remarkable success story," highlighting its crucial role in enhancing the UAE’s energy security and accelerating the country’s…

VIENNA – OPEC+ countries have collectively agreed to extend their additional voluntary oil production cuts of 2.2 million barrels per day (bpd) for another two months, pushing the expiration date to the end of November 2024. The decision came during a virtual meeting held on September 5, 2024, where the group reiterated its strong commitment to stabilizing global oil markets through coordinated production adjustments. The extension follows the earlier voluntary cuts announced in April and November…

DUBAI – The Italian pavilion at the upcoming 26th Water, Energy, Technology, and Environment Exhibition (WETEX) will highlight the participation of 44 leading companies from Italy, specializing in a wide range of sectors crucial to the future of sustainable development. These sectors include renewable energy systems, environmental health and food sanitation, integrated waste treatments, environmental rehabilitation plants, water treatments, dewatering equipment, chemical dosing, seawater desalination plants, alternative fuels, metering pumps, laboratory testing, and infrastructure for…

Abu Dhabi – The NMDC Group – P.J.S.C. (ADX: NMDC) announced today that the Initial Public Offering (IPO) of its wholly owned subsidiary, NMDC Energy – P.J.S.C. (NMDC Energy), has been met with overwhelming demand, with the offering oversubscribed within hours of the subscription period opening. This significant interest underscores investor confidence in the company's robust financial performance and future growth potential. NMDC Energy, formerly known as the National Petroleum Construction Company (NPCC), is a…

Abu Dhabi, UAE – ADNOC announced on 27th August 2024 the deployment of a groundbreaking artificial intelligence (AI)-enabled process optimization technology known as Neuron 5. This advanced solution, developed in-house by ADNOC, represents a significant leap forward in the oil and gas industry, combining AI and deep learning to autonomously monitor and optimize critical equipment across ADNOC's operations. Neuron 5 has been initially deployed at ADNOC Onshore’s Northeast Bab (NEB) field and ADNOC Gas’s Taweelah…

Abu Dhabi, UAE – ADNOC has achieved a major milestone in advancing the UAE’s industrial sector through its In-Country Value (ICV) programme, establishing eight new industrial centres in under a year. This initiative, supported by commercial agreements, has not only generated over AED700 million in value but also created approximately 800 job opportunities for UAE nationals. The industrial facilities, which include both UAE-based and international enterprises, contribute significantly to ADNOC's expanded target of manufacturing AED90…

Fujairah Natural Resources Corporation (FNRC) has signed a significant cooperation agreement with Kuwait’s Ministry of Public Works to bolster investment and development in mineral resources and mining sciences. The agreement, formalized today, marks a key step in enhancing bilateral cooperation between the two entities. The signing ceremony took place with Eid Al Rashidi, Undersecretary of the Kuwaiti Ministry of Public Works, and Ali Qassim, Director-General of FNRC, at the helm. The event was attended by…

ADNOC has announced the signing of a significant Heads of Agreement (LNG agreement) with Osaka Gas, a leading Japanese utility company, for the delivery of up to 0.8 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG). This long-term agreement marks a major milestone in the energy partnership between the UAE and Japan and highlights ADNOC’s commitment to providing secure and sustainable energy solutions. The LNG will be sourced from ADNOC’s forthcoming Ruwais…

ADNOC Drilling Company has reported record-breaking financial results for the second quarter and first half of 2024, showcasing robust growth and operational excellence. For the second quarter, the company achieved a net profit of $295 million, marking a 29% increase year-on-year and a 7% rise from the previous quarter. This impressive growth was driven by a substantial increase in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which rose by 37% year-on-year and 8% sequentially…

The General Command of Abu Dhabi Police, in collaboration with ADNOC Distribution, has announced a new initiative to provide a free inspection service for light vehicles throughout the summer months. This initiative, aimed at enhancing road safety and ensuring vehicle readiness during the hot season, will be available at 12 designated ADNOC Distribution service and vehicle inspection centers across Abu Dhabi. The comprehensive inspection service will include checks of critical vehicle components such as engine…

Dubai, UAE – The Dubai Electricity and Water Authority (DEWA) Research and Development (R&D) Centre has released its fourth Transactions Report, showcasing a notable expansion in its research output. The report, which highlights the centre's Scopus Indexed scientific papers presented at international conferences and journals throughout 2023, reveals a 14.5% increase in research publications compared to the previous year. In 2023, DEWA's R&D Centre produced 71 research papers covering a diverse range of topics. These…

The Ministry of Industry and Mineral Resources has announced the launch of its most extensive mineralized belts to date, encompassing an impressive 4,788 km². This initiative includes five exploration licenses and aims to unlock the vast mineral wealth within these belts. The ministry is calling on major local and international mining and exploration companies to participate in the ongoing Exploration Licensing Rounds. According to Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, this initiative underscores…

In a strategic move to bolster the UAE's private sector employment, ADNOC and the Emirati Talent Competitiveness Council (ETCC) have inked a collaboration agreement under the Nafis leadership programme. This ambitious partnership aims to create 13,500 new job opportunities for UAE nationals within ADNOC’s supply chain by 2028, aligning with the UAE's broader goal of generating 100,000 private sector jobs for Emiratis over the next three years. The agreement will unlock high-skilled positions in advanced…

Dubai International Chamber, one of the three chambers operating under the Dubai Chambers umbrella, has successfully supported the expansion of Kilimanjaro Energy into the Chinese market. This significant development marks a milestone for the Dubai-based renewable energy group as it broadens its international footprint. The chamber's strategic efforts culminated in the signing of a Memorandum of Understanding (MoU) between Kilimanjaro Energy and Skyworth Photovoltaic Technology, a leading Shenzhen-based company specializing in residential and commercial solar…

Abu Dhabi Energy Services (ADES), a subsidiary of TAQA (Abu Dhabi National Energy Company), has announced the commencement of a groundbreaking 9000-kilowatt peak (kWp) solar photovoltaic (PV) project for the United Arab Emirates University (UAEU) in Al Ain. This initiative marks the largest solar energy project in the UAE's education sector and represents the first large-scale renewable energy venture for the UAEU. The ambitious project will see the installation of over 14,000 solar ground-mounted modules…

The UAE's emerging energy sector has seen significant growth, with financing volumes reaching more than AED 110.2 million by the end of the first half of 2024. This data comes from the International Energy Agency (IEA), which tracks early financing for innovative energy companies. Companies focused on energy storage and batteries attracted the largest share of this financing, constituting approximately 33.3 percent of the total. Solar energy startups followed, securing 25 percent, while wind energy…

In a strategic move to bolster its renewable energy footprint, Saudi-listed ACWA Power, the world's largest private water desalination company, has announced the completion of a Sale and Purchase Agreement with China Southern Power Grid International (HK) Co. Ltd (CSGIHK). The agreement involves the sale of a 35% stake in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company Limited. The agreement was celebrated in a closing ceremony…

In a significant step towards achieving the goals of Saudi Vision 2030, the Ministry of Energy, in collaboration with the Public Investment Fund (PIF), has signed three major agreements to localize renewable energy industries within the Kingdom. These agreements, which focus on wind turbines, solar cells and panels, and solar wafers and ingots, aim to bolster the Kingdom's renewable energy supply chains and establish Saudi Arabia as a global hub for renewable energy technology. The…

Khalifa Economic Zones Abu Dhabi (KEZAD) Group has announced the commissioning of a new natural gas network with a capacity of 311,100 MMBTU per day in KEZAD Area A - Al Ma'mourah. This strategic infrastructure development aims to enhance the services provided to KEZAD’s industrial clients and solidify the region’s position as a key driver of industrial growth and innovation in Abu Dhabi. The new network, developed by KEZAD Group’s subsidiary, KEZAD Utilities & Facilities…

Abu Dhabi, UAE – ADNOC Gas plc has announced the award of engineering, procurement, and construction (EPC) contracts valued at $550 million (AED2 billion) for the next phase of the UAE's sales gas pipeline network enhancement, known as the "ESTIDAMA Project." These contracts, pivotal for the strategic expansion of the nation's gas infrastructure, have been awarded to NMDC Energy P.J.S.C and Galfar Engineering & Contracting W.L.L Emirates. In a strategic move to optimize capital efficiency,…

Abu Dhabi, UAE – The Ministry of Energy and Infrastructure (MoEI), represented by UAEV, and Emirates Transport have announced a collaborative initiative to install and operate electric vehicle (EV) charging stations at Emirates Transport buildings. This strategic move aligns with UAEV’s mission to support the transition to green mobility and contributes to the UAE’s ambitious goal of increasing the share of EVs to 50% of total vehicles on the country’s roads by 2050. Sharif Al…

Fertiglobe announced today its selection as the winning bidder in the H2Global pilot auction to supply renewable ammonia to the European Union (EU). This initiative, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), marks a significant milestone in advancing sustainable ammonia production. Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has committed to supplying renewable ammonia beginning with 19,500 tonnes in 2027, scaling up to 397,000 tonnes…

ADNOC has announced the groundbreaking deployment of RoboWell, AIQ’s advanced artificial intelligence (AI) autonomous well-control solution, in its offshore operations at the NASR field. This marks the world's first offshore deployment of RoboWell, showcasing ADNOC's commitment to leveraging cutting-edge technologies to enhance operational efficiency and ensure a secure, reliable, and responsible energy supply. Developed in collaboration with AIQ, a leading Abu Dhabi-based AI innovator in the energy sector, RoboWell employs cloud-based AI algorithms to autonomously…

Abu Dhabi, UAE – President His Highness Sheikh Mohamed bin Zayed Al Nahyan has welcomed a consortium of global partners and investors who have joined forces with ADNOC in its innovative lower-carbon intensity liquefied natural gas (LNG) project in Ruwais. The announcement marks a significant milestone in the UAE's ongoing commitment to clean energy initiatives. The meeting, held at Qasr Al Shati in Abu Dhabi, was attended by H.H. Sheikh Khaled bin Mohamed bin Zayed…

Riyadh: In a significant financial move, Saudi Aramco, the world's leading energy giant, has announced the issuance of US dollar-denominated international bonds under its Global Medium Term Note Program. This marks the state-owned oil firm’s return to the global debt market after a three-year hiatus. According to a statement released on Tadawul, the Saudi stock exchange, Aramco revealed that the bonds have a minimum subscription of $200,000, with the offering price and value to be…

ABU DHABI — Intercontinental Exchange, Inc. (NYSE:ICE) announced a significant surge in trading activity for Murban crude oil during the second quarter of 2024. This milestone reflects the continued success and growing influence of ICE Futures Abu Dhabi (IFAD), which launched in March 2021 in partnership with ADNOC and nine of the world’s leading energy traders. Murban crude, the UAE’s flagship crude grade supplied by ADNOC, is renowned for its low carbon emissions and high…

TOKYO - The Abu Dhabi National Oil Company (ADNOC) has signed a landmark $3 billion (AED 11 billion) green financing facility agreement with the Japan Bank for International Cooperation (JBIC). This significant financial arrangement follows a Heads of Agreement (HOA) signed between ADNOC and JBIC in January, building upon their long-standing successful partnership. The agreement was signed in Tokyo in the presence of several high-ranking officials, including Dr. Sultan bin Ahmed Al Jaber, UAE Minister…

Emirates Global Aluminium (EGA) has made history with the world's first bauxite shipment transported using a Liquefied Natural Gas (LNG)-fuelled vessel. The cargo, transported aboard a Capesize ship, comprises bauxite mined by EGA's subsidiary, Guinea Alumina Corporation, and is en route to a customer in China. LNG-fuelled ships, according to SEA-LNG—a multi-sector industry coalition—can achieve up to 28% lower greenhouse gas emissions on a tank-to-wake basis compared to vessels using traditional marine bunker fuel. This…

ADNOC and e&, a global technology group, have announced a groundbreaking initiative to construct the energy industry’s largest private 5G wireless network, covering an expansive 11,000 square kilometers in Abu Dhabi. This ambitious project aims to revolutionize ADNOC’s operational efficiency across both onshore and offshore facilities by providing high-bandwidth connectivity. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, emphasized the significance of this collaboration…

ABU DHABI – ADNOC Drilling Company has confirmed the award of a substantial contract, valued at approximately $733 million, by ADNOC Offshore for the provision of three new island drilling rigs. These rigs will support expanding operations at the offshore Zakum field, a critical component of the UAE's energy infrastructure. Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, expressed the company’s honor in receiving this significant award, highlighting it as a pivotal moment…

ABU DHABI - ADNOC Group, an early adopter of artificial intelligence (AI) technologies for sustainability, has achieved significant milestones through the implementation of over 30 AI tools. According to Ibrahim Al-Zu'bi, Group Chief Sustainability & ESG Officer at ADNOC Group, these advancements have resulted in savings of up to $500 million and a reduction of over one million tonnes of carbon emissions. Speaking to the Emirates News Agency (WAM) at the Global Sustainability Forum in…

Aramco, one of the world's foremost integrated energy and chemicals companies, has announced the awarding of contracts worth over $25 billion to advance its strategic gas expansion. This ambitious initiative aims to increase sales gas production by more than 60% by 2030, compared to 2021 levels. These contracts cover several major projects, including the phase two development of the expansive Jafurah unconventional gas field, the phase three expansion of Aramco’s Master Gas System, new gas…

Muscat: Petroleum Development Oman (PDO) has been lauded for its exceptional contributions to corporate social responsibility, receiving five prestigious awards at the Second GCC International Corporate Social Responsibility (CSR) Conference and Awards 2024. The event, held in the Kingdom of Bahrain, was organized by the Bahrain CSR Society in collaboration with the Eastern Province Council for Social Responsibility from Saudi Arabia. PDO distinguished itself by securing first place in two key categories: Excellence in International…

RIYADH: Saudi Aramco, the energy giant of Saudi Arabia, has been recognized as the world leader among oil companies in terms of proven reserves, boasting figures that are 15 times greater than its nearest competitor. This remarkable status is highlighted by newly calculated figures from Statista, a German online platform specializing in data gathering and visualization. According to Statista, Saudi Aramco's oil and gas reserves were estimated at approximately 259 billion barrels of oil equivalent…

The Abu Dhabi Department of Economic Development (ADDED) has announced a significant step towards bolstering its industrial and sustainability goals by signing a Memorandum of Understanding (MoU) with Broaden Energy, a global leader in hydrogen energy solutions. This agreement paves the way for the establishment of Abu Dhabi's first hydrogen equipment manufacturing complex, a project that aligns with the broader vision of the Abu Dhabi Industrial Strategy (ADIS). Valued at over AED 1 billion, this…

Riyadh, Saudi Arabia – In a notable dialogue session at the FII PRIORITY Rio de Janeiro Summit, organized by the Future Investment Initiative (FII) Institute, Saudi Arabia's Minister of State for Foreign Affairs, Cabinet Member, and Envoy for Climate Affairs, Adel Al-Jubeir, underscored the Kingdom's robust commitment to energy development and climate change mitigation. The session, held in Rio de Janeiro, Brazil, highlighted Saudi Arabia’s strategic efforts to become a leading global energy supplier, encompassing…

St. Petersburg, Russia – Suhail bin Mohammed Al Mazrouei, the UAE's Minister of Energy and Infrastructure, reaffirmed the UAE’s commitment to enhancing global transport cooperation during the Meeting of BRICS Ministers of Transport held in St. Petersburg, Russia. The event aimed at fostering international collaboration and sharing expertise in the transport sector. In his address, Al Mazrouei highlighted the UAE’s readiness to work with BRICS countries to improve connectivity, diversify logistics supply chains, and develop…

Dubai's commitment to sustainability and green mobility took center stage as H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy (DSCE), chaired the Council’s 82nd meeting, held virtually. Attendees included key figures such as Saeed Mohammed Al Tayer, Vice Chairman of the DSCE, Ahmed Buti Al Muhairbi, Secretary-General of the DSCE, and other prominent board members like Dawood Al Hajri, Director General of Dubai Municipality; Abdulla bin Kalban, Managing…

Saudi Arabian Oil Company (Aramco) has made a significant stride in its global retail expansion by acquiring a 40% equity stake in Gas & Oil Pakistan Ltd. (GO), a leading diversified downstream fuels, lubricants, and retail store operator in Pakistan. This move marks Aramco's first downstream retail investment in Pakistan, further cementing its presence in high-value international markets. The acquisition, initially announced in December 2023, enhances GO's robust network of over 1,200 retail fuel stations…

Dubai Electricity and Water Authority (DEWA) has officially opened the application process for exhibitors and companies interested in participating in the 26th edition of the Water, Energy, Technology, and Environment Exhibition (WETEX). The event is scheduled to take place from October 1 to 3, 2024, at the Dubai World Trade Centre. WETEX is a prominent event in the fields of sustainability, energy, water, smart cities, sustainable real estate development, and green mobility. It attracts significant…

Abu Dhabi, UAE — Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), welcomed United States Energy Secretary Jennifer Granholm at ADNOC’s headquarters for high-level discussions aimed at bolstering the strategic energy partnership between the UAE and the US. This meeting underscores the importance of the US-UAE Partnership for Accelerating Clean Energy (PACE). Dr. Al Jaber emphasized the…

The Sharjah Petroleum Council (SPC), a governmental body overseeing oil and gas activities in Sharjah, has unveiled a significant breakthrough in the energy sector. SPC announced the discovery of new gas reserves in the Al Hadiba field, situated north of the Al Sajaa Industrial Area in Sharjah, with promising quantities deemed economically viable. The discovery came after the Sharjah National Oil Corporation (SNOC) conducted drilling operations over recent months. Subsequent testing of the well is…

A recent Brand Finance report has spotlighted Adnoc as the UAE's most valuable brand, with etisalat by e& securing the title of the strongest brand both in the Middle East and globally. Adnoc witnessed a 7% increase in its brand value, reaching $15.2 billion. This growth was attributed to its initiatives in decarbonization and diversification, which also boosted its Brand Strength Index score to 80.2. Meanwhile, etisalat by e& achieved a remarkable Brand Strength Index…

According to OPEC Secretary-General Haitham Al Ghais, the global oil industry is a significant contributor to employment, supporting approximately 70 million jobs worldwide. Al Ghais emphasized the crucial role of the oil and gas sector in providing employment opportunities and bolstering national economies across the globe. He highlighted that jobs within the industry encompass a wide range of skill levels, spanning from high-skilled positions to various roles within the supply chain, including manufacturing, transportation, hospitality,…

A distinguished delegation from the United Arab Emirates (UAE) actively participated in the 26th edition of the World Energy Congress, held in Rotterdam, the Netherlands. Co-hosted by the World Energy Council and the Netherlands Ministry of Economic Affairs and Climate Policy, the congress brought together over 7,000 international energy stakeholders, including 200 C-suite speakers and 70 ministers. The aim was to facilitate crucial government-to-government dialogues to drive the global energy transition agenda forward. Led by…

Aramco, a global leader in integrated energy and chemicals, has announced its discussions with Hengli Group Co., Ltd. (Hengli Group) regarding a potential acquisition of a 10% stake in Hengli Petrochemical Co., Ltd. (Hengli Petrochemical). This move, subject to due diligence and regulatory approvals, signifies Aramco's strategic focus on expanding its downstream presence in key markets and advancing its liquids-to-chemicals program. The memorandum of understanding (MoU) signed between Aramco and Hengli Group outlines their intent…

Masdar, the Abu Dhabi Future Energy Company, is intensifying its commitment to green hydrogen projects by establishing a dedicated unit to spearhead specialized initiatives in this burgeoning sector on a local, regional, and global scale. This strategic move underscores Masdar's leading position in the development of renewable and clean energy projects worldwide, further solidifying Abu Dhabi's pivotal role as a key player in the green hydrogen industry. Mohammad Abdelqader El Ramahi, Chief Green Hydrogen Officer…

Saudi Arabia's mining industry is undergoing a profound transformation, positioning itself as a cornerstone of the nation's economic diversification efforts outlined in Vision 2030. With abundant mineral wealth estimated at SAR9.4 trillion ($2.5 trillion), the Kingdom sees a pivotal opportunity to expand non-oil revenue streams alongside its established oil and petrochemical sectors. To accelerate exploration and development, the Kingdom has bolstered its commitment, investing SAR682.5 million ($182 million) in exploration incentives by the end of…

At the World Future Energy Summit (WFES), ADNEC Group and Terrax Environmental Limited unveiled TerraTile, a revolutionary 100% recycled modular flooring system designed to support sustainability in the events industry. TerraTile represents a significant step forward in environmental sustainability, being crafted entirely from 100% waste materials and being fully recyclable. Each TerraTile, equivalent to over five kilograms of recycled waste, offers a sustainable alternative to conventional flooring solutions and actively contributes to environmental conservation. Manufactured…

The Ministry of Energy and Infrastructure (MoEI) is gearing up to showcase the UAE's significant strides towards energy transition and climate neutrality at the upcoming World Future Energy Summit (WFES) 2024. Scheduled to take place from April 16th to 18th at the Abu Dhabi National Exhibition Centre, the event serves as a platform for the exchange of ideas and innovations in the clean energy sector. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at…

According to a recent report by Reuters, the Organisation of the Petroleum Exporting Countries (OPEC) has projected a significant increase in world oil demand. The report, released on Thursday, suggests that oil demand is expected to rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. OPEC's monthly report indicates a positive outlook for fuel consumption, particularly during the upcoming summer months. The organization maintains its forecast for…

Masdar is set to host the second annual Green Hydrogen Summit on April 16, 2024, at ADNEC in Abu Dhabi as part of the World Future Energy Summit. The summit, organized by the Abu Dhabi Future Energy Company (Masdar), aims to accelerate the development of the global green hydrogen economy and support the energy transition. With green hydrogen gaining momentum as a key component in achieving net-zero emissions, the Green Hydrogen Summit will convene diverse…

On Tuesday, Oman's oil price for June delivery in 2024 saw a notable increase, reaching USD 88.93. This marked a rise of USD 1.25 compared to Monday's price, which stood at USD 87.68. Additionally, the average price of Oman oil for April delivery in 2024 remained stable at USD 80.85 per barrel. This indicates a noteworthy increase of USD 2.10 per barrel compared to the March delivery in 2024. The fluctuation in oil prices reflects…

ADNOC Distribution, in its recent Annual General Assembly Meeting (AGM), confirmed the approval of all agenda items, including a new five-year dividend policy and the appointment of new Board members. The company reiterated its commitment to a growth strategy enabled by artificial intelligence (AI), digitalization, and advanced technology. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of ADNOC Distribution, highlighted the company's track record of providing shareholders with a 90%…

In Islamabad on March 22, 2024, Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), signed two significant development agreements with Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs of the Islamic Republic of Pakistan. These agreements, totaling $101 million, aim to finance the Shounter and Jagran-IV Hydropower Projects, boosting Pakistan's clean energy sector. The first agreement allocates $66 million to construct the Shounter Hydropower station, enhancing Pakistan's national electricity grid…

QatarEnergy has reached a significant milestone in its LNG fleet expansion program by signing long-term time charter party (TCP) agreements with four international shipowners. The agreements, part of QatarEnergy's historic LNG fleet expansion initiative, involve the operation of 19 new, ultra-modern conventional size LNG vessels. Under these agreements, six vessels will be operated by CMES LNG Carrier Investment Inc., another six by Shandong Marine Energy (Singapore) Pte Ltd., and three by MISC Berhad. The remaining…

RIYADH – The Saudi Arabian Monetary Authority (SAMA) has announced its second interest rate cut of the year, lowering the benchmark Repurchase Agreement (Repo) rate by 25 basis points to 5.25 percent and the Reverse Repo rate to 4.75 percent. This strategic monetary move mirrors the latest decision by the US Federal Reserve, which also reduced rates by 25 basis points to a target range of 4.5 to 4.75 percent. In a formal statement, SAMA…

The National Bank of Bahrain (NBB), a prominent financial institution in the kingdom, has taken significant steps in its exploration of a potential merger with the Bank of Bahrain and Kuwait (BBK). The two banks have been in talks for several months, and NBB has officially begun the preliminary proceedings toward this strategic merger. Earlier this year, NBB confirmed that it had appointed Goldman Sachs as its financial adviser to assist in the merger negotiations…

Sharjah, 23rd October 2024 – Sharjah Islamic Bank (SIB) has been honored with the prestigious Quality Award from Deutsche Bank, recognizing the bank’s exceptional performance in Straight Through Payment (STP) processing. This award highlights SIB’s dedication to maintaining the highest levels of accuracy, security, and efficiency in executing financial payments and facilitating external transfers. The award was presented during a special ceremony held at SIB’s headquarters, where Ahmed Saad, Deputy CEO of the bank, received…

The investment banking sector in the Middle East and North Africa (MENA) has experienced significant growth in 2024, with total fees reaching an estimated $1 billion during the first nine months of the year. This marks a 27% increase compared to the same period in 2023, signaling strong performance across various financial markets. According to LSEG Deals Intelligence, HSBC emerged as the top earner in the region, raking in $80.4 million in fees, representing 7.8%…

Muscat – Oman's banking sector experienced steady growth in both credit extension and deposits during the past year, according to recent data released by the Central Bank of Oman. The figures show a 3.3 percent overall increase in credit extended to the economy compared to the previous year, with credit to the private sector specifically rising by 2.8 percent, reaching an impressive RO 26.3 billion. The private sector, a key driver of this growth, continues…

Manama, Bahrain – The Central Bank of Bahrain (CBB) has reported an increase in the kingdom’s money supply, banking sector performance, and overall financial growth, with significant developments noted by the end of August 2024. During the CBB’s fourth board meeting of the year, chaired by Hassan Khalifa Al Jalahma, the board reviewed the financial indicators and the bank’s performance for the third quarter. The report revealed that Bahrain’s money supply rose by BD0.6 million,…

Doha, Qatar: In a significant move aligned with Qatar National Vision 2030 and the Third National Development Strategy, the Qatar Central Bank (QCB) unveiled its new strategy for the period on Wednesday, October 9, 2024. This visionary roadmap is designed to transform Qatar's financial sector by fostering resilience, innovation, and sustainability, all while promoting national economic diversification and stability. The new strategy supports the overarching goals of the Third Financial Sector Strategy, guiding Qatar's…

MANAMA – The Bahrain Association of Banks (BAB) has announced its new Board of Directors for the term during its annual general meeting, presided over by outgoing Chairman Adnan Yousif. The election ushers in a fresh wave of leadership, setting the stage for the continued growth and development of Bahrain's banking sector. The newly elected board members include key figures from Bahrain’s banking industry: Yaser Alsharifi, Ahmed Alkharji, Dalal Al Qais, Rafik Nayed, Hisham…

Doha, Qatar – In a significant exchange of financial expertise and insights, the Governor of Qatar Central Bank (QCB), Sheikh Bandar bin Mohammed bin Saoud Al Thani, met with Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority (HKMA), on Thursday. The high-level meeting focused on reviewing the latest global developments in the banking and finance sectors, further strengthening the ties between the two financial hubs. Both leaders discussed critical issues impacting the…

DUBAI – Etihad Credit Insurance (ECI) played a pivotal role as the official sponsor and Export Acceleration Partner at the 6th edition of the Future Food Forum, the largest annual gathering for stakeholders in the Middle East’s food and beverage sectors. The two-day event, which concludes today in Dubai, was organized in collaboration with Dubai Chambers and received support from Food Tech Valley, alongside sponsorship from various UAE-based food and beverage manufacturers. The forum centered…

Cairo – Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), participated in the 48th regular session of the Council of Arab Central Banks and Monetary Authorities' Governors held in Cairo. The high-level meeting, which took place under the patronage of Egyptian President Abdel Fattah El-Sisi, was also attended by Egyptian Prime Minister Dr. Mostafa Madbouly, along with other key financial leaders from across the Arab world. The meeting, which serves as…

Abu Dhabi – In a significant move to support citizens in obtaining suitable housing, the Abu Dhabi Housing Authority (ADHA) has partnered with Abu Dhabi Commercial Bank (ADCB) to introduce top-up loans on existing housing loans for beneficiaries of ADHA’s Housing Loan Programme. The initiative provides eligible UAE nationals with additional financing of up to AED500,000, furthering their access to homes that better suit their needs, with options for both interest-based and Murabaha (Islamic finance)…

Doha – Qatar National Bank (QNB) has projected a significant rise in copper prices over the coming years, fueled by a convergence of supply shortages, increasing demand from green energy projects, and an expected adjustment in the US dollar's value. The bank highlighted that the base metal's role in various key industries, such as construction, infrastructure, and automotive, makes it a critical component of the global economy. In its latest market outlook, QNB emphasized that commodities,…

WASHINGTON — US Treasury Secretary Janet Yellen described the Federal Reserve's decision to cut interest rates by half a percentage point as a "very positive sign" for the world’s largest economy, following the Fed’s first aggressive rate cut since 2020. Speaking on Thursday, Yellen highlighted the Fed's confidence that inflation is significantly cooling, suggesting that the US is on a solid path to economic stability. "The rate cut reflects the Federal Reserve’s confidence that inflation…

Abu Dhabi – The Abu Dhabi Securities Exchange (ADX) has introduced a new directive requiring listed companies to disclose the agenda and schedule of their Board of Directors meetings at least two business days before the meeting date, particularly when matters affecting the company’s stock price are to be discussed. In a circular issued today, ADX emphasized the importance of disclosure and transparency in corporate governance, highlighting that any decisions made during these meetings must…

Riyadh, Saudi Arabia – The Saudi EXIM Bank, in collaboration with the Global Association of Risk Professionals (GARP), hosted a crucial meeting to explore the best practices for managing financial risks in the Kingdom’s international financial operations. The meeting gathered leading experts and decision-makers to promote cooperation, exchange insights, and address the evolving challenges in risk management. The meeting featured an engaging dialogue session that brought together top professionals in the financial sector, including Saudi EXIM…

Abu Dhabi – The Central Bank of the UAE (CBUAE) has announced the auction of Monetary Bills (M-Bills) today, comprising four distinct issues of treasury bonds. This initiative aims to further strengthen liquidity management in the UAE banking sector and support the country's overall financial stability. According to data released by the CBUAE, the auction includes four separate issues of M-Bills, each with varying terms and values. The details are as follows: 28-day M-Bills: Valued…

Doha: Qatar Development Bank (QDB) has been recognized as the Best Digital Bank in Qatar at the 2024 Banking Excellence Awards, presented by the MEED research and media platform. This accolade underscores QDB's outstanding achievements in the realm of digital transformation and its ongoing commitment to innovation in the banking industry. The award acknowledges QDB's comprehensive efforts in digitalization, going beyond traditional online banking services to foster digital transformation across the banking sector, with a…

Doha: In its latest report, Moody's Credit Rating Agency has praised the resilience of Qatari banks, highlighting their impressive growth, asset quality, and ability to navigate a variety of economic challenges. According to the report, the banks have maintained robust liquidity coverage ratios and successfully attracted substantial financial inflows through diverse deposit structures, underscoring their solid foundation in the global financial landscape. As of June 2024, customer deposits accounted for approximately 52% of total assets…

Riyadh: The General Authority for Statistics (GASTAT) announced today that Saudi Arabia's annual inflation rate remained unchanged at 1.6% in August 2024. This consistency in inflation reflects the Kingdom's strong economic resilience, as it continues to maintain one of the most stable inflation rates globally, amidst a volatile international economic climate. The Consumer Price Index (CPI), which tracks the cost of a fixed basket of goods and services, serves as a key indicator of inflation.…

DOHA – The Gulf Cooperation Council (GCC) countries have successfully maintained financial and monetary stability through the implementation of a fixed exchange rate policy, according to HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of Qatar Central Bank (QCB). Speaking at the first annual conference of GCC Central Bank Governors in Doha, HE Sheikh Bandar outlined how this policy has proven to be the most effective for the region, contributing significantly to economic stability…

RIYADH – Standard & Poor’s (S&P) has affirmed Saudi Arabia’s credit rating at "A/A-1" for both local and foreign currencies, while also upgrading the Kingdom’s outlook from "stable" to "positive," citing significant progress in economic reforms and non-oil sector development. The credit rating agency highlighted that Saudi Arabia's ongoing comprehensive reforms and strategic investments are key factors contributing to the sustainability of its public finances and the diversification of its economy away from oil dependency.…

Riyadh: Mohammed bin Abdullah Elkuwaiz, Chairman of the Capital Market Authority (CMA), has unveiled the CMA’s new strategic plan for , designed to capitalize on the success of previous initiatives and position the Saudi financial market as a global leader. The announcement, made on September 12, 2024, emphasizes a forward-looking approach to solidify the capital market’s critical role in the Kingdom’s economic development, further enhancing its standing among the top-ten financial markets in the world.…

Sharjah – The Sharjah Finance Department (SFD) successfully hosted the Third Financial Forum of 2024 at the prestigious Holy Quran Academy on Thursday, bringing together representatives from over 100 government and independent entities. The forum aimed to discuss advanced methodologies for pricing government services and unveiled an innovative electronic system designed to determine service fees with greater efficiency and accuracy. Attendees included senior directors, financial experts, and managers from various Sharjah institutions and government bodies, reflecting…

DOHA – The outcomes and recommendations of the 83rd meeting of the Committee of Governors of Central Banks of the Gulf Cooperation Council (GCC) are set to significantly strengthen financial and economic integration across the GCC member states, according to His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the GCC. The meeting, held on Thursday, September 12, 2024, in the Qatari capital, Doha, was chaired by His Excellency Shaikh Bandar bin Mohammed bin Saoud…

KUWAIT CITY – Kuwait International Bank (KIB) has announced the establishment of a dedicated booth at The Warehouse Mall as part of its ongoing efforts to enhance financial literacy and raise awareness about safe banking practices. This initiative aligns with the "Let's Be Aware" (Diraya) campaign, launched by the Central Bank of Kuwait (CBK) in collaboration with the Kuwait Banking Association (KBA) and other local banks, aiming to educate the public on critical banking topics…

Doha: Commercial Bank, a leader in Qatar’s digital banking sector, participated as the innovation partner at the prestigious Arab Banking Conference 2024, organized by the Union of Arab Banks. The conference, held under the esteemed patronage of H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, attracted top banking and financial institutions from across the Arab world. The event focused on key trends shaping the future of the region’s banking…

DOHA – Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank (QCB), officially inaugurated the Arab Banking Conference 2024 in Doha on September 10-11. The high-profile event, organized by the Union of Arab Banks under the patronage of the QCB, centers around the theme "Sustainable Development Requirements & the Role of Banks." It brings together prominent banking executives from the region and around the world to discuss how financial institutions…

DOHA — His Excellency Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of Qatar Central Bank (QCB), held a meeting on Tuesday with Stephen Moss, the Regional Chief Executive Officer for the Middle East, North Africa, and Turkiye at HSBC. The discussions focused on the latest developments in the global banking and financial sectors, underscoring Qatar’s role as a growing financial hub in the region. During the meeting, both leaders explored the implications of global…

Doha, Qatar – In a landmark initiative towards enhancing environmental sustainability, QNB Group, the largest financial institution in the Middle East and Africa, has teamed up with global logistics leader DHL Express to integrate Sustainable Aviation Fuel (SAF) into its shipping operations. This partnership makes QNB one of the first institutions in Qatar to adopt sustainable shipping practices, underscoring its commitment to reducing carbon emissions and promoting eco-friendly business solutions. The collaboration forms a part of…

DOHA – Qatar Development Bank (QDB), in partnership with the Ministry of Commerce and Industry, has officially launched the SME Guidebook 2024. This initiative is designed to support small and medium-sized enterprises (SMEs) by providing them with crucial information and resources needed to start, grow, and manage their businesses successfully. The guidebook aligns with Qatar’s broader economic strategy of fostering entrepreneurship, diversifying the economy, and driving innovation within the private sector. The SME Guidebook 2024…

Doha – In a show of regional economic solidarity and commitment to sustainable growth, His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), commended the Qatar Central Bank for its leadership in hosting the 2024 Arab Banking Conference. The event, which took place in Doha from September 10-11, 2024, under the theme "Sustainable Development Requirements and the Role of Banks," served as a platform for dialogue on the evolving role…

Riyadh – The Debt Markets and Financial Derivatives (DMDF 2024) Forum concluded today in Riyadh, marking a significant step forward in efforts to enhance the Saudi financial markets and attract increased foreign investment. The two-day event brought together experts and specialists from various sectors, both local and regional, who shared valuable insights through a series of dialogue sessions and workshops. The forum focused on bolstering participation in Saudi markets and further strengthening the Kingdom’s position on…

Muscat – National Finance, Oman’s leading finance company, recently expanded its reach and reaffirmed its commitment to its local partners by hosting a series of high-profile gatherings for new and used auto dealer partners at its newly relocated branches in Sur and Nizwa. The events highlighted the company’s dedication to building strong business relationships while enhancing accessibility for customers and showcasing its comprehensive financial solutions. The gatherings attracted a diverse group of new and established auto…

DOHA – Qatar Islamic Bank (QIB) has been recognized by the Ministry of Labour for its outstanding commitment to Qatarization and its ongoing efforts to support community development initiatives. The award was presented during a prestigious ceremony celebrating exceptional contributions by individuals, companies, and organizations in labor, social development, and social work across the GCC. The event was held alongside ministerial meetings on civil service, labor, and social affairs, bringing together key figures from across the…

DOHA – Qatar National Bank (QNB), in its latest weekly note, has warned that the fiscal conditions of G-7 countries are set to deteriorate in the near future. The bank cites a combination of increased demand for government spending, high nominal policy rates, and ongoing fiscal-monetary coordination as key factors driving this downturn. QNB emphasized that while Keynesian economic policies have been instrumental in helping economies recover from recessions and depressions, they also contribute to a…

SHARJAH – The Bank of Sharjah has successfully priced a US$500 million senior unsecured bond in international markets, attracting overwhelming interest from global investors. The issuance was significantly oversubscribed, receiving orders totaling US$1.4 billion, almost three times the original offering. The bond, which carries a five-year tenor, offers a competitive coupon rate of 5.25% per annum. The strong demand allowed the bank to tighten the final pricing by 25 basis points from the initial price…

Kuwait City - Kuwait Finance House (KFH) has been recognized by the Council of Ministers of Labor and Social Affairs in GCC States for its outstanding efforts in implementing manpower nationalization and workforce qualification programs in the private sector. The prestigious honor was presented during a special ceremony held in Doha, Qatar, under the patronage of the GCC Ministers of Labor and Social Affairs. Zeyad Abdullah AlOmar, Group Chief Human Resources and Transformation Officer at KFH,…

ABU DHABI, UAE - Gulf Cooperation Council (GCC) banks are poised to maintain their robust performance throughout 2024, driven by increasing lending volumes, higher fee income, stable profit margins, and strong cost efficiency, according to a recent report by Standard & Poor's (S&P) Global Ratings. The report, released today, highlights the positive trajectory of the region's banking sector, which has benefited from the growth of non-oil sectors, particularly in Saudi Arabia and the United Arab…

The Central Bank of the UAE (CBUAE) has announced the auction of Monetary Bills (M-Bills) scheduled for August 19, 2024. This auction will feature four separate issues of M-Bills Treasury bonds, collectively valued at AED19.5 billion. According to the CBUAE's official data, the auction will include the following issues: First Issue: A 28-day M-Bill with a value of up to AED2.5 billion, maturing on September 18, 2024. Second Issue: A 56-day M-Bill with a value…

Dubai Chamber of Digital Economy, operating under the umbrella of Dubai Chambers, has announced a remarkable achievement in the first half of 2024. The chamber successfully supported 215 high-potential digital startups in establishing and growing their businesses within the emirate, marking a significant year-over-year (YoY) growth of 212% compared to the 69 companies supported during the same period last year. The total market value of these companies is estimated at around US$ 7 billion, highlighting…

Bank of Sharjah has announced its financial results for the period ending 30th June 2024, showcasing a robust performance and maintaining strong momentum from the beginning of the year. The bank's net profit surged to AED 171 million, a significant turnaround from a loss of AED 144 million during the same period last year. This remarkable recovery is attributed to substantially higher net interest income, stringent credit underwriting practices, and reduced operating costs. The 233…

The UAE, represented by the Ministry of Finance (MoF) and the Central Bank of the UAE (CBUAE), actively participated in the third meeting of Finance Ministers and Central Bank Governors of the G20 (G20 FMCBG). The event, held on July 25-26, 2024, took place in Rio de Janeiro under Brazil's presidency for the year. The meeting brought together representatives from G20 member countries, invited nations, and international financial organizations. The UAE’s delegation was led by…

Kuwait City, Kuwait – Kuwait's public finances have slipped back into deficit, recording a budget shortfall of KD 1.6 billion for the fiscal year 2023/2024, which ended on March 31. The deficit, announced by the finance ministry on Wednesday, follows a previous fiscal year where the nation posted its first surplus after eight consecutive years of deficits. The primary driver behind the deficit was a significant 19.4 percent decline in oil revenues, dropping to KD…

Dubai, UAE – In a significant move to enhance human capital and drive excellence in the tax sector, the Federal Tax Authority (FTA) has unveiled the Tax Professionals Qualification Initiative. This ambitious program aims to cultivate a new generation of highly qualified tax experts, aligning with the Authority's vision of investing in human capital and fostering a work environment that promotes lifelong learning and development. The initiative is designed to boost the efficiency of the…

Qatar Development Bank (QDB) has signed a memorandum of understanding with the United Nations Economic and Social Commission for Western Asia (ESCWA) to enhance support for small and medium-sized enterprises (SMEs) in Qatar and the broader Arab region. This partnership aligns with QDB's strategic goal of fostering economic growth and innovation through entrepreneurship. As part of this agreement, QDB will host the third Arab SME Summit during the 10th edition of the Rowad Qatar Entrepreneurship…

RIYADH: The International Monetary Fund (IMF) has welcomed recent recalibrations and adjustments by Saudi Arabia on several of its megaprojects under Vision 2030. This endorsement comes as the Kingdom approaches the midpoint of its ambitious economic diversification strategy. “We are almost at a midpoint in Vision 2030,” stated Jihad Azour, IMF Director for the Middle East and Central Asia. “Those recalibrations are part of the classical revision of any medium-term strategy.” Saudi Arabia is currently…

Mashreq Bank has announced an additional AED 1 billion in financing solutions aimed at bolstering the UAE's industrial sector, enhancing its growth, competitiveness, and productivity. This move aligns with the objectives of the National Strategy for Industry and Advanced Technology, known as Operation 300Bn. The additional funding is designed to stimulate industrial companies in the UAE by providing them with enhanced financing solutions under the "Make it in the Emirates" (MIITE) initiative. This initiative underscores…

The Federal Tax Authority (FTA) of the UAE has unveiled its latest digital initiative, the 'Maskan' smart application, aimed at facilitating VAT recovery for UAE citizens on home construction expenses. This initiative is part of the FTA's ongoing efforts to enhance digital transformation and streamline tax services in alignment with national priorities. 'Maskan' offers a paperless, digital process allowing UAE citizens to reclaim Value Added Tax (VAT) incurred during the construction of their new homes.…

The Ministry of Finance (MoF) of the UAE has unveiled the Public-Private Partnership (PPP) Manual for Projects and Execution during a workshop held at the Waldorf Astoria Hotel in Dubai International Financial Centre. The event was attended by Saeed Rashid Al Yateem, Assistant Under Secretary of Resource and Budget Sector, along with leaders from the Ministry and various federal entities. The workshop introduced federal entities with selected partnership projects to the key themes and stages…

In an impressive display of economic activity, the Kingdom of Saudi Arabia witnessed a total of 197,524,000 point-of-sale (POS) transactions from July 7 to 13, amounting to a staggering SAR 11,994,930,000. This data, released by the Saudi Central Bank (SAMA) in its weekly POS bulletin, highlights the robust consumer spending patterns across various sectors. During this period, the clothing and footwear sector recorded 5,409,000 transactions, valued at SAR 677,641,000. The construction and building materials sector…

In a significant move to bolster economic ties, Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Mamo E. Mihretu, Governor of the National Bank of Ethiopia (NBE), have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr. The two central banks also entered into two Memoranda of Understanding (MoUs) aimed at enhancing financial cooperation and facilitating cross-border transactions between the UAE and Ethiopia. The currency swap…

Abu Dhabi, UAE: Al Maryah Community Bank (Mbank), a leading digital banking institution in the UAE, has entered into a strategic partnership with First Abu Dhabi Bank (FAB) to broaden Mbank’s geographical reach and enhance its service offerings. This collaboration aims to provide both retail and corporate customers with seamless access to cash and cheque deposit services through FAB’s extensive network of ATMs and Cash Deposit Machines (CDMs). In an announcement made on Tuesday, Mbank…

Abu Dhabi, UAE – Investments by banks operating within the United Arab Emirates have continued their steady upward trajectory, reaching AED 666.2 billion by the end of April 2024, according to the latest indicators issued by the Central Bank of the UAE (CBUAE). This represents a monthly growth of 0.3% and an impressive 5% increase since the beginning of the year. When compared to the same period last year, investments have surged by 21%, underscoring…

Nasdaq Dubai celebrated the listing of a US$500 million Sukuk issued by Sharjah Islamic Bank (SIB), underscoring the dynamic appeal of the UAE’s capital market. This listing is the sixth issuance under SIB’s USD 3 billion Trust Certificate Issuance Programme, established in 2013. The Sukuk, which will mature in 2029, garnered robust demand from both global and regional investors, being oversubscribed three times with orders totaling US$1.5 billion. Ahmed Saad Ibrahim, Deputy CEO of Sharjah…

The Central Bank of the UAE (CBUAE) has announced a significant milestone, reporting that its balance sheet reached an unprecedented AED789.82 billion by the end of April 2024. This marks a remarkable year-over-year growth of 25 percent, rising from approximately AED631.63 billion in April 2023, according to the latest CBUAE report released today. On a month-to-month basis, the apex bank's balance sheet saw a 2.4 percent increase, equating to AED18.6 billion, from AED771.23 billion in…

Doha - The Qatar Central Bank (QCB) has reported a notable increase in its foreign currency reserves and foreign currency liquidity, which surged by 3.88 percent year-on-year, reaching QR 250.091 billion in June 2024. This is a significant rise compared to the QR 240.742 billion recorded in the same period in 2023. According to the figures released by QCB on Sunday, the bank’s official reserves experienced a substantial boost. By the end of June 2024,…

RIYADH – The Public Investment Fund (PIF) of Saudi Arabia has achieved significant recognition in the 2024 Governance, Sustainability, and Resilience (GSR) Scoreboard, published by data platform Global SWF. The PIF has retained its position as the leading sovereign wealth fund in the Middle East and has climbed five places to tie for second globally in a ranking of 100 sovereign wealth entities. The PIF’s overall assessment score improved to an impressive 96 percent, up…

KUWAIT: The National Bank of Kuwait (NBK) has signed a strategic Memorandum of Understanding (MoU) with Kuwait Clearing Company (KCC) aimed at enhancing and developing the banking services offered by the bank in collaboration with KCC. The MoU was formalized at NBK Headquarters in the presence of key executives from both organizations, including Mohammed Al-Kharafi, COO – Head of Group Operations and Information Technology at NBK, and Duaij Al-Saleh, CEO of KCC. The primary objective…

HSBC has announced the launch of "WorldTrader" in the UAE, a cutting-edge digital trading platform designed to provide customers with extensive access to international investments. This innovative platform is a response to the growing demand for global investment opportunities among UAE investors. WorldTrader boasts an extensive network, covering up to 77 exchanges across 25 markets, directly addressing the needs of customers seeking diverse international investments. According to HSBC's press release, the platform will enable HSBC…

In a robust display of financial growth, savings deposits in the UAE's banking sector, excluding interbank deposits, surged by AED 13.8 billion during the first quarter of 2024. This data comes from the latest statistics released by the Central Bank of the UAE (CBUAE). By the end of March 2024, savings deposits reached AED 286.67 billion, marking an 8.9 percent increase compared to AED 263.14 billion in March 2023, a rise equivalent to AED 23.5…

In a significant recognition of its technological advancements, Oman's State Audit Institution has been acknowledged by the United Nations Economic and Social Commission for Western Asia (ESCWA) for its innovative Complaint and Report Window. This commendation places the institution among the best distinguished Arab practices as part of the ESCWA-launched ENACT project, which aims to enhance the efficiency of Arab public institutions through technology and innovation. The Complaint and Report Window was selected from a…

The State of Qatar, represented by the Ministry of Finance (MoF), has signed a significant memorandum of understanding (MoU) with the Islamic Development Bank (IsDB) Group, marking a pivotal step towards enhanced development cooperation. This agreement was formalized on the sidelines of the 4th Qatar Economic Forum, highlighting the ongoing commitment of both parties to foster sustainable development and economic transformation. The MoU was signed by HE Minister of Finance Ali bin Ahmed Al Kuwari…

Dubai International Financial Centre (DIFC) has announced its proposal to revise the Prescribed Company Regulations, aiming to streamline and broaden the existing Prescribed Company (PC) regime within the DIFC. Jacques Visser, Chief Legal Officer at DIFC Authority, emphasized the commitment to regularly reviewing the Prescribed Company Regulations since their introduction in 2019. The proposed amendments come in response to ongoing market demands for greater accessibility to holding company vehicles for structuring purposes within and beyond…

The Islamic Development Bank (IsDB) Institute has announced the 18th edition of the IsDB Global Forum on Islamic Finance, slated to take place in Riyadh, Kingdom of Saudi Arabia, on April 28, 2024. This forum, a flagship side event of the IsDB Group Annual Meetings and Golden Jubilee Celebration, will convene thought leaders, policymakers, financial experts, and stakeholders in the Islamic finance industry to discuss innovative approaches to foster sustainable development. Themed "Innovation, Entrepreneurship, and…

Mohammed Aljadaan, the Finance Minister of Saudi Arabia, is set to lead the Kingdom's delegation to the International Monetary Fund (IMF) and World Bank Group (WBG) 2024 Spring Meetings in Washington D.C., USA, scheduled from April 15 to 20, 2024. Joining Minister Aljadaan in the delegation are prominent figures from Saudi Arabia's financial sector, including Central Bank Governor Ayman Alsayari and Saudi Fund for Development CEO Sultan Almarshad. The delegation also comprises Assistant Finance Minister…

During the Ramadan period, the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) experienced notable activity, recording a total of nine large direct deals valued at AED 1.6 billion. At ADX, five significant transactions took place, totaling 243.4 million shares with a combined worth of AED 683.3 million. Among these deals was a noteworthy transaction worth AED 509.8 million involving 27.7 million e& shares, traded at AED 18.34 per share. Additionally, transactions on…

Commercial Bank International Ventures into AI-Powered Lending with Investment in zypl.ai. Commercial Bank International (CBI) has taken a significant step forward in embracing cutting-edge financial technology by leading an investment round in zypl.ai, a pioneering fintech startup specializing in generative artificial intelligence (AI) for lending applications. The partnership between CBI and zypl.ai represents a strategic move for CBI to leverage AI-driven solutions for advanced credit scoring. Through zypl.ai's innovative synthetic data AI-powered algorithms, CBI aims…

In a strategic move aimed at bolstering trade finance in the UAE, RAKBANK has announced a collaboration with DP World, a global leader in logistics and trade solutions. The partnership aims to introduce innovative and cost-effective trade finance solutions catering to businesses of all sizes across the Emirates. This alliance capitalizes on DP World's extensive trade network and real-time data insights, empowering RAKBANK with advanced risk assessment capabilities and simplified access to financing options for…

The banking sector in the UAE has experienced a substantial increase in savings deposits over the past 12 months, signaling a robust growth trajectory. According to the latest data from the Central Bank of the UAE (CBUAE), savings deposits, excluding interbank deposits, surged by approximately AED 25 billion, reaching AED 270.48 billion by the end of January 2024, compared to around AED 245.54 billion in January 2023, marking a significant annual growth rate of 10.2…

The Saudi Central Bank (SAMA) has announced a significant milestone in the country's financial landscape, revealing that electronic payments accounted for 70% of total retail payments in 2023. This marks a notable increase from 62% recorded in 2022, aligning with one of the key performance indicators (KPIs) of the Financial Sector Development Program. This achievement stems from the substantial growth in payments processed through national payment systems, with transactions reaching 10.8 billion in 2023 compared…

The Central Bank of Kuwait (CBK) has recently disclosed the issuance of Bonds and associated Tawarruq, amounting to a total value of KWD 240 million (equivalent to US$792 million). According to reports from the Kuwait News Agency (KUNA), the central bank has stated that the issuance is valid for a period of three months, offering a Rate of Return of 4.375 percent. This move by the CBK signifies a strategic financial maneuver aimed at raising…

Qatar National Bank (QNB) anticipates a deceleration in the growth of the economies belonging to the Association of Southeast Asian Nations (ASEAN-6) in 2024 compared to pre-pandemic levels. This projection is attributed to subdued external demand and tightening financial conditions domestically and internationally. According to the bank's weekly report, while the economic performance of ASEAN-6 countries remains robust by global standards, it falls short of pre-pandemic levels. Historically, Southeast Asia has been hailed as a…

The Indian rupee showed signs of recovery on Tuesday, bouncing back from its recent record low. The rebound was supported by likely intervention from the Reserve Bank of India (RBI) and a slight uptick in the offshore Chinese yuan. As of 9:15 UAE time, the Indian rupee was trading at 83.3375 against the US dollar and 22.71 against the UAE dirham, marking a 0.1% increase compared to the previous session's closing rate of 83.4250 (22.73…

In a strategic move towards enhancing customer service excellence, the Federal Tax Authority (FTA) has upgraded three key services to align with the UAE's pioneering ‘Government Services 2.0’ framework. This initiative, part of the Government Services Quality Charter, aims to elevate the efficiency and effectiveness of public services, ensuring a seamless and user-friendly experience for all customers. In a press release today, the FTA announced the successful implementation of three transformative strategies aimed at improving…

Abu Dhabi - The Central Bank of the UAE (CBUAE) has announced its decision to keep the Base Rate unchanged at 5.40%, aligning with the US Federal Reserve's stance on interest rates. The decision to maintain the Base Rate, which applies to the Overnight Deposit Facility (ODF), comes in the wake of the US Federal Reserve's announcement on 20 March to keep the Interest on Reserve Balances (IORB) unchanged. Furthermore, the CBUAE has opted to…

In Islamabad on March 22, 2024, Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), signed two significant development agreements with Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs of the Islamic Republic of Pakistan. These agreements, totaling $101 million, aim to finance the Shounter and Jagran-IV Hydropower Projects, boosting Pakistan's clean energy sector. The first agreement allocates $66 million to construct the Shounter Hydropower station, enhancing Pakistan's national electricity grid…

The Central Bank of the United Arab Emirates (CBUAE) has projected significant growth for the country's Gross Domestic Product (GDP) in the coming years. According to their quarterly economic review report for the fourth quarter (Q4) of 2023, the CBUAE expects the UAE's GDP to increase by 4.2 percent in 2024, with a further rise to 5.2 percent in 2025. This outlook maintains the CBUAE's estimate of a 3.1 percent growth in 2023. The report…

SHARJAH – The Sharjah Investment and Development Authority (Shurooq) made a significant impact at the World Travel Market (WTM) 2024, held in London, by presenting some of the emirate’s most ambitious eco-luxury and heritage tourism projects. The event served as a global platform for showcasing the unique blend of Sharjah’s rich cultural history and its breathtaking natural landscapes, encapsulated in two standout projects: Mleiha National Park and the Nomad luxury retreat. Shurooq’s exhibition was part…

In alignment with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of the Dubai Executive Council, and Chairman of the Higher Committee for Development and Citizen Affairs, has approved an ambitious master plan for the Saih Al Salam Scenic Route. The plan, which includes…

Dubai - With just five days left until the grand opening of Dubai’s Global Village, the iconic festival park has launched its online ticketing platform, allowing eager visitors to purchase their passes in advance. Season 29 will officially commence on Wednesday, October 16, 2024, and promises an array of new attractions, including the highly anticipated 'Restaurant Plaza' and three more cultural pavilions, aimed at enriching the cultural and culinary experiences for guests. Entry tickets are…

Dubai, UAE – Passengers traveling to, from, or transiting through Dubai on Emirates Airlines are now subject to a new regulation that strictly prohibits the transportation of pagers and walkie talkies in their checked or cabin baggage. This policy, which is effective immediately, applies to all flights passing through Dubai’s airports as part of heightened security measures aimed at safeguarding aviation operations. Under the new rule, any pagers or walkie talkies discovered in passenger luggage,…

DUBAI – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has given the green light to a substantial AED10 billion expansion of the Dubai Exhibition Centre (DEC) at Expo City Dubai. This initiative, aligned with the Dubai 2040 Urban Master Plan, aims to position the DEC as the largest purpose-built indoor events and exhibitions venue in the region. The expansion is a key component of Expo City…

ABU DHABI, September – Scott Livermore, Chief Economist and Managing Director of Oxford Economics Middle East and Economic Advisor to the Institute of Chartered Accountants in England and Wales (ICAEW), has projected a robust growth trajectory for the UAE economy. According to Livermore, the UAE is on course to achieve a 4.8% growth in 2025, largely driven by the expanding non-oil sector, tourism, and substantial government-backed investment initiatives. In an exclusive statement to the Emirates News…

RIYADH, September – In his annual address at the Shoura Council, Crown Prince Mohammed bin Salman hailed the transformative progress made by Saudi Arabia as part of its Vision 2030 initiative, underscoring the Kingdom’s significant achievements in tourism, employment, economic diversification, and renewable energy. The speech, delivered after inaugurating the first year of the ninth session of the council, highlighted key milestones across various sectors as Saudi Arabia continues its push toward reducing dependence on oil…

Abu Dhabi – Etihad Airways has announced a significant milestone, welcoming over 12 million passengers in 2024, representing a 36% increase compared to the previous year. According to the airline’s latest traffic statistics for August 2024, the rolling 12-month passenger count surpassed 17 million, marking a staggering 70% growth compared to the full year of 2022. During August alone, Etihad carried 1.7 million passengers, achieving an impressive passenger load factor of 89%. This robust performance underscores…

DUBAI - Emirates Airline and the Museum of the Future are proud to announce the inaugural Aviation Future Week, scheduled to take place from October 15 to 17 in Dubai. This landmark event aims to gather UAE ministers, senior government officials, and industry leaders from various sectors of the aviation and aerospace ecosystem, including airfreight, Maintenance, Overhaul & Repair (MRO), and logistics. Aviation Future Week promises to be an unparalleled platform for discussing critical insights…

AJMAN: The Ajman Tourism Development Department (ATDD) has initiated a promotional tour targeting the Commonwealth of Independent States (CIS), led by Mahmood Khaleel Alhashmi, Director-General of ATDD. The tour, taking place from 14th September to 21st September 2024, seeks to reinforce strategic collaborations and attract more tourists from the CIS region to the emirate of Ajman. The tour covers key cities in Kazakhstan, Uzbekistan, and Azerbaijan, including Almaty, Tashkent, and Baku. During these visits, the…

Hong Kong  – The Saudi Ministry of Tourism took center stage at the International Hospitality Investment Forum (IHIF Asia), held from September 9 to 11 in Hong Kong, as it sought to attract international investors by showcasing the Kingdom’s rapidly growing tourism sector and its diverse investment opportunities. The forum provided a platform for Saudi Arabia to highlight its remarkable tourism achievements and outline the strategic initiatives designed to foster further growth and international investment.…

Riyadh – The International Monetary Fund (IMF) has recognized Saudi Arabia’s burgeoning tourism sector as a cornerstone of the Kingdom’s economic diversification efforts in its latest 2024 Article IV Consultation report. According to the report, Saudi Arabia has made remarkable progress in transforming its tourism industry, far surpassing its Vision 2030 goals years ahead of schedule. The IMF report highlights the Kingdom’s achievement of attracting over 100 million visitors annually by 2023, seven years ahead of…

Abu Dhabi – The United Arab Emirates' tourism sector continues to witness exceptional growth, reinforcing its position as a global travel destination. The sector's remarkable performance aligns with the UAE Tourism Strategy 2031, which seeks to attract AED 100 billion in tourism investments and boost the sector's contribution to the nation's GDP to AED 450 billion by 2031. In 2023, the tourism sector contributed AED 220 billion to the UAE's GDP, accounting for 11.7 percent of…

Doha, Qatar – Qatar has emerged as a leading tourist destination in the Gulf, particularly known for its innovative approach to tackling the region's intense summer heat. Over the past few years, the country's air-conditioned parks, markets, and public spaces have become increasingly popular among tourists, citizens, and residents alike, offering a unique blend of entertainment, culture, and comfort in the harsh summer climate. Qatar has successfully leveraged technological advancements to create outdoor spaces that…

Sharjah, UAE  – Al Noor Island, Sharjah's iconic family-friendly destination, has been named one of the top 10 attractions in the Middle East, earning the prestigious 'Best of the Best' title for 2024 on TripAdvisor. This accolade, awarded by the leading travel review platform, places Al Noor Island in the top 1% of the 8 million listings on TripAdvisor. Developed and managed by the Sharjah Investment and Development Authority (Shurooq), Al Noor Island has consistently…

DUBAI — H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has approved the Master Plan for the Jebel Ali Beach Development Project. This approval aligns with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to develop the world’s best public beaches within the emirate. The Jebel Ali Beach Development Project spans…

Musandam Governorate is experiencing a surge in development, construction, and expansion of various infrastructure and tourism projects, aimed at boosting the number of tourists and attracting more local and foreign investments. This wave of development is in line with the governorate’s strategic objectives to enhance its economic and social landscape. Sayyid Ibrahim bin Said Al Busaidi, Governor of Musandam, highlighted that the governorate is witnessing significant development across multiple sectors, including residential areas and urban…

In a remarkable achievement, the United Arab Emirates (UAE) has ascended to the 6th position globally among the top earners from international tourism, according to the latest data from the United Nations World Tourism Organization's (UNWTO) May 2024 World Tourism Barometer. The UAE saw a substantial rise from its previous 13th place, recording US$51.9 million in international tourism receipts for 2023. The UNWTO's report highlights that the rankings for international tourism receipts are led by…

The Emirate of Ajman has witnessed a notable upswing in its tourism sector, reporting a 7% increase in total revenue during the first quarter of 2024. This growth has been fueled by a 3% uptick in occupancy rates and a substantial 9% surge in visitor numbers compared to the same period in 2023. According to a statement released by the Ajman Tourism Development Department, the average duration of hotel stays also saw a notable rise…

In February 2024, Qatar experienced a notable surge in inbound visitors, with the total number reaching approximately 596,000. While this marked a monthly decrease of 15.2% compared to January 2024, it represented a significant annual increase of 53.1% compared to February 2023. According to data published in the latest issue of the Qatar Monthly Statistics bulletin by the Planning and Statistics Authority (PSA), visitors from the Gulf Cooperation Council (GCC) constituted the highest proportion at…

Abu Dhabi - Abu Dhabi is set to witness a surge in job opportunities, with around 178,000 positions expected to emerge over the next six years, following the announcement of the Abu Dhabi Tourism Strategy 2030. Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, also Chairman of the Abu Dhabi Executive Council, introduced the emirate's ambitious tourism strategy. Geared towards positioning Abu Dhabi as one of the fastest-growing global destinations for international visitors,…

Saudi Arabia has achieved a significant milestone in its tourism sector, setting a new record for spending by foreign visitors in 2023. According to preliminary data from the Saudi Central Bank, foreign visitors spent SAR135 billion, marking the highest expenditure in the Kingdom's history. This represents an impressive growth rate of 42.8% compared to the previous year. The surge in spending underscores a series of successes in Saudi Arabia's tourism industry. In 2023, the Kingdom…

In a recent meeting organized by the Qatar Chamber (QC), Saad bin Ali bin Saad Al Kharji, Chairman of Qatar Tourism, emphasized the organization's commitment to addressing obstacles within the tourism sector by developing strategic plans and streamlining regulations. Al Kharji highlighted the importance of supporting and empowering the private sector to drive growth in the tourism industry, which plays a crucial role in Qatar's economic diversification efforts outlined in the Qatar National Vision 2030.…

Cairo – Egypt’s Suez Canal Economic Zone (SCEZ) has invested $3 billion in infrastructure over recent years and plans to match this amount in upcoming developments, according to Chairman Gamal El-Dein. In an interview, he explained that the SCEZ's ongoing expansion and modernization efforts aim to draw increased investor interest by capitalizing on the vast international shipping volumes that pass through the Suez Canal, one of the world’s most critical maritime routes. The SCEZ is…

Abu Dhabi – Abu Dhabi Maritime, a subsidiary of AD Ports Group, has announced a strong global response to the second edition of the Abu Dhabi Maritime Awards (Marina Edition), which celebrates leadership and innovation in the maritime sector. In collaboration with the Integrated Transport Centre (Abu Dhabi Mobility) under the Department of Municipalities and Transport, the awards program received 120 submissions from marinas across eight countries, highlighting an enthusiastic engagement from the sector. The…

Riyadh, Saudi Arabia – In a significant step towards enhancing regional cooperation in the maritime sector, Saudi Arabia's Minister of Transport and Logistic Services, Saleh Al-Jasser, and Egypt’s Minister of Transport and Industry, Lieutenant General Kamel Al-Wazir, have signed a Memorandum of Understanding (MoU) on maritime connectivity. The agreement was formalized during the inaugural Global Logistics Forum, held from October 12 to 14 in Riyadh, under the theme “Reshaping the Global Map of Logistics.” The…

Riyadh, Saudi Arabia – The strategic significance of the Red Sea in global trade and the far-reaching impacts of disruptions in the region were key points discussed by Deputy Minister of Transport and Logistic Services, Eng. Rumaih bin Mohammed Al-Rumaih, during a panel at the World Logistics Forum 2024, held in Riyadh. The panel, titled “Resilience of Logistics Services in the Face of Disruptions in the Red Sea Region”, addressed the critical challenges faced by…

Jebel Ali Free Zone (Jafza), a leading global hub for trade and logistics, has once again reinforced its status as a premier free zone with a remarkable performance at the fDi Global Free Zones of the Year 2024 awards. Jafza not only claimed the top spot in the overall global ranking of free zones but also garnered four additional accolades, cementing its position as an international leader in industrial innovation and sustainability. At the prestigious…

Dammam – The fifth edition of the Saudi Maritime and Logistics Congress opened today in Dammam under the patronage of Eng. Saleh Al-Jasser, Minister of Transport and Logistics Services and Chairman of the Transport General Authority (TGA). The event was inaugurated by Dr. Rumaih Al-Rumaih, Vice Minister of Transport and President of TGA, highlighting Saudi Arabia's ambitious strides toward becoming a global logistics hub. In his keynote speech, Dr. Al-Rumaih emphasized the importance of strategic initiatives…

DOHA, QATAR – QTerminals, the operator of Hamad Port, continues to set new benchmarks in both worker safety and sustainability. As the port rapidly transforms into a regional trade hub, the company remains steadfast in maintaining the highest standards of safety for its employees, contractors, and visitors. In a recent update shared via the company's X (formerly Twitter) platform, QTerminals reported significant progress in ensuring a safe working environment. As of August 2024, the port…

RIYADH: The Saudi Ports Authority (Mawani) has announced the introduction of the "LMX" shipping service, operated by the international shipping giant CMA CGM, at Jubail Commercial Port. This strategic initiative is part of Saudi Arabia's broader efforts to boost national exports and improve the Kingdom's connectivity to global markets. By expanding its maritime capabilities, Saudi Arabia aims to solidify its position as a global logistics hub and enhance its standing in the maritime network connectivity…

ABU DHABI – NMDC Energy PJSC, a prominent provider of engineering, procurement, and construction (EPC) services for both offshore and onshore energy sectors, officially began trading on the Abu Dhabi Securities Exchange (ADX) today following a highly successful Initial Public Offering (IPO). The IPO, which saw a staggering oversubscription rate of 31.3 times, underscores the strong investor confidence in the company’s future growth potential. The listing ceremony was led by Mohamed Hamad Ghanem Hamad Almehairi,…

DUBAI – In a strategic move to expand its capacity for handling large-scale offshore projects, Drydocks World has signed a landmark contract with Shanghai Zhenhua Heavy Industries Co. Ltd. (ZPMC) to acquire a new generation 5,000-tonne floating sheerleg crane. This acquisition is poised to significantly enhance the company’s heavy-lifting capabilities and support its growing portfolio of major projects in the maritime and offshore energy sectors. The signing ceremony took place in Dubai, attended by Sultan…

SHANGHAI – QatarEnergy has taken another significant step towards expanding its LNG shipping capabilities by signing an agreement with China State Shipbuilding Corporation (CSSC) for the construction of six additional state-of-the-art QC-Max LNG vessels. The deal, finalized on Monday, brings QatarEnergy's total LNG fleet expansion to 128 vessels, including 24 of the world’s largest LNG carriers, the QC-Max mega vessels. The QC-Max vessels, to be constructed at China’s Hudong-Zhonghua Shipyard, a wholly-owned subsidiary of CSSC,…

Dubai – DP World's Jebel Ali Port has set a new benchmark in container handling, recording an impressive 1.4 million TEUs (Twenty-Foot Equivalent Units) in July 2024, surpassing its previous monthly throughput record set in 2015. This milestone underscores Jebel Ali's status as one of the world's leading and most efficient ports, playing a crucial role in global trade and the economic growth of Dubai and the wider region. This achievement follows a strong performance…

Abu Dhabi, UAE - AD Ports Group has achieved a significant milestone by breaking into the global top 20 ranks of world port operators for the first time, according to a new industry survey by Drewry, a UK-based firm specializing in tracking the container ports sector. The Group secured the 19th position globally, reflecting its rapid expansion and growing influence within the global maritime and logistics industries. The ascent of AD Ports Group in the…

Jeddah — The Saudi Ports Authority (Mawani) has announced the introduction of a new shipping service, ECRC, by Emirates Shipping Line (ESL) at Jeddah Islamic Port. This strategic addition significantly enhances the Kingdom of Saudi Arabia's maritime connectivity with major global markets, reinforcing the port's standing as a key player in international trade. The ECRC service is set to establish a vital link between Jeddah Islamic Port and several prominent ports in Asia and the…

Jeddah — The Saudi Ports Authority (Mawani) has announced the introduction of a new shipping service, ECRC, by Emirates Shipping Line (ESL) at Jeddah Islamic Port. This strategic addition significantly enhances the Kingdom of Saudi Arabia's maritime connectivity with major global markets, reinforcing the port's standing as a key player in international trade. The ECRC service is set to establish a vital link between Jeddah Islamic Port and several prominent ports in Asia and the…

Asyad Line, a subsidiary of Asyad Group, is set to enhance its presence in Asia with a significant upgrade to its Far East Express (FEX) service. Beginning in August 2024, the upgraded service will now offer fortnightly sailings, connecting major ports in China, India, and the GCC region. This strategic move not only strengthens Oman's connectivity to vital global markets but also solidifies its role as a key transshipment hub for cargo in the region.…

DP World Limited has announced its financial results for the first half of 2024, showcasing resilience amid global economic and geopolitical challenges. For the six months ending June 30, 2024, the company reported a 3.3% increase in revenue, reaching $9.335 billion. Despite the revenue growth, adjusted EBITDA3 decreased by 4.3% to $2.497 billion, with an adjusted EBITDA margin of 26.8%. The company's gross container volumes on a like-for-like basis grew by 6.1%, driven by robust…

AD Ports Group announced robust financial results for the second quarter of 2024, with a total net profit of AED439 million, marking a significant 42% increase year-on-year (YoY). The company's net profit after accounting for minority interests reached AED333 million, reflecting a 16% YoY rise. This performance underscores the effectiveness of AD Ports Group's strategic focus on both organic growth and targeted acquisitions. In its official statement, the company revealed that its Q2 2024 revenues…

The Saudi Ports Authority (Mawani) has announced the launch of a new maritime service by MSC Mediterranean Shipping Company, named "Clanga," aimed at enhancing trade connectivity between Saudi Arabia and key ports in Singapore and China. The service, which will operate on a weekly basis, directly links King Abdul Aziz Port in Dammam with several strategic ports across the Far East, including Ningbo, Shanghai, and Shekou in China, as well as Singapore. This initiative is…

AD Ports Group announced robust financial results for the second quarter of 2024, with a total net profit of AED439 million, marking a significant 42% increase year-on-year (YoY). The company's net profit after accounting for minority interests reached AED333 million, reflecting a 16% YoY rise. This performance underscores the effectiveness of AD Ports Group's strategic focus on both organic growth and targeted acquisitions. In its official statement, the company revealed that its Q2 2024 revenues…

DP World and the Turkish Evyap Group have announced the successful completion of their strategic merger, which unites two prominent ports on the Marmara Sea to form a new international logistics hub. This merger, which has received regulatory approval from the Turkish Competition Authority, is set to significantly bolster Türkiye's role in global trade. The newly established entity, DP World Evyap, sees DP World taking a 58% stake in Evyapport, while the Evyap Group holds…

Dubai, UAE – In a strategic move to enhance the logistics infrastructure of Dubai, Aldar Properties and DP World have signed an agreement to develop a state-of-the-art, Grade A logistics park at the National Industries Park (NIP) in Jebel Ali. This significant development will cover an area of 1.55 million square feet (144,000 square meters) and aims to cater to the growing demand for high-quality warehousing facilities. This collaboration marks a major step for Aldar…

DUBAI — The Ministry of Energy and Infrastructure (MoEI) has unveiled the innovative Satgate project in collaboration with the Mohammed bin Rashid Space Centre (MBRSC). This cutting-edge initiative aims to leverage satellite and artificial intelligence (AI) technologies to significantly enhance maritime mapping and monitoring, reinforcing the UAE's status as a premier global maritime hub. The Satgate project is designed to improve the efficiency of locating ships, monitoring sea conditions, and forecasting weather, thereby enhancing maritime…

Riyadh - The Ministry of Commerce has registered a notable increase in new commercial files for container handling services, with 2,457 files recorded in the second quarter of 2024. This marks a significant 48% increase compared to the 1,658 files registered during the same period last year, as highlighted in the ministry's latest quarterly bulletin for the business sector. According to the report, Riyadh led the surge with 1,027 new records. This was followed by…

DUBAI - In a move to enhance trade logistics and shipping routes between the United Arab Emirates and China, DP World and Zhejiang Seaport Group have entered into a strategic partnership. This collaboration is set to bolster port operations and maritime connectivity between Jebel Ali Port in Dubai and Ningbo-Zhoushan Port in China. The new alliance aims to attract more shipping companies to establish additional maritime routes between the two key ports. This initiative will…

AD Ports Group, a global leader in trade, logistics, and industry facilitation, has signed a Memorandum of Understanding (MoU) with Saif Powertec Ltd. to potentially collaborate on various port projects in Bangladesh. The MoU was signed by Ahmed Al Mutawa, Regional CEO of AD Ports Group, and Tarafder Md Ruhul Amin, Managing Director of Saif Powertec Ltd., in the presence of senior officials from both organizations. The agreement aims to explore joint operational and developmental…

DP World has successfully completed a significant US$400 million expansion project at the Port of Callao in Peru, marking a major milestone in enhancing the port’s capacity and operational efficiency. This expansion, which significantly boosts container handling capacity at the South Terminal by 80 percent, reinforces Callao’s strategic position as the principal gateway for global trade on the west coast of South America. The Bicentennial Pier expansion project, a key component of this development, extends…

NMDC Group, a prominent player in the industry, has unveiled impressive financial results for the first quarter of 2024 (Q1 2024), showcasing remarkable growth in both revenues and net profits. The company reported a substantial 67% surge in revenues and an astounding 112% increase in net profits compared to the same period last year. This outstanding performance underscores NMDC Group's robust competitive position in both local and international markets, as it continues to execute strategic…

AD Ports Group, a prominent global facilitator of logistics, industry, and trade, has announced the establishment of its "Youth Council" in partnership with the Federal Youth Authority. This initiative aligns with the directives of the UAE's visionary leadership to empower young individuals, tap into their potential, invest in their skills, and foster their leadership capabilities, recognizing them as a national priority crucial for sustaining the country's development journey. The newly formed AD Ports Group Youth…

AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, has forged a significant preliminary agreement with the General Company for Ports of Iraq to embark on the development of Al Faw Grand Port and its associated economic zone. This collaboration between the UAE and Iraq marks a pivotal step toward enhancing bilateral ties and fostering economic growth. Under the terms of the agreement, both entities will establish a joint venture…

In a strategic move aimed at bolstering trade finance in the UAE, RAKBANK has announced a collaboration with DP World, a global leader in logistics and trade solutions. The partnership aims to introduce innovative and cost-effective trade finance solutions catering to businesses of all sizes across the Emirates. This alliance capitalizes on DP World's extensive trade network and real-time data insights, empowering RAKBANK with advanced risk assessment capabilities and simplified access to financing options for…

Abu Dhabi - AD Ports Group, in collaboration with Archireef, pioneers in nature-tech solutions, have announced the deployment of Eco Sea Wall Panels at two strategic locations in Abu Dhabi: the Al Aliah Ferry Terminal and Saadiyat Marina and Ferry Terminal. The initiative aims to restore marine biodiversity to shorelines impacted by development projects. Constructed from eco-friendly materials such as oyster shell powder, the Eco Sea Wall Panels serve as a proof of concept to…

The Saudi Ports Authority, known as Mawani, has announced the launch of a new shipping service named "RGI" by Unifeeder at Jeddah Islamic Port. This move aims to establish a crucial connection between the Kingdom of Saudi Arabia and Indian ports, facilitating trade and providing efficient solutions for exporters and suppliers. The introduction of the RGI service underscores growing confidence in the Kingdom's ports, further bolstering maritime transport and logistics services while highlighting the capabilities…

AD Ports Group, a prominent player in global trade, logistics, and industry, has unveiled its 2023 Annual Report, highlighting a year of significant achievements and expansion. The report underscores the Group's remarkable international footprint expansion in 2023, particularly with the integration of Noatum, a global logistics platform operating in 27 countries and a leader in automotive logistics services in Europe. This integration, along with strategic agreements in ports, terminals, maritime, and shipping sectors across several…

DUBAI – In a significant move to boost tourism and trade links between the UAE and Vietnam, Emirates has signed two new Memoranda of Understanding (MoUs) with Vietnam Airlines and VietJet. These agreements, signed during the Vietnam - UAE Business Forum at the Hilton Dubai Palm Jumeirah hotel, aim to strengthen connectivity and expand travel options between Dubai and Vietnam's major gateways, Ho Chi Minh City and Hanoi. The signing ceremony saw key leaders and…

DUBAI – The Emirates Group and Dubai Airports have released a comprehensive economic impact study, revealing the vital role that the aviation sector plays in Dubai’s economy. Compiled by the renowned research firm Oxford Economics, the study not only quantifies aviation's contributions to the local economy but also projects an optimistic growth trajectory for the sector based on anticipated increases in passenger traffic and financial performance. The study examines three key dimensions of the aviation…

MANAMA – The Saudi Air Connectivity Program successfully concluded its participation at the Routes World 2024 conference and exhibition, held in Bahrain, where it made significant strides in forging new partnerships and exploring opportunities for expanding Saudi Arabia’s aviation network. Over the course of the three-day event, the program conducted 116 high-level meetings with global aviation leaders, airline executives, and airport representatives to discuss potential collaborations, industry trends, and future developments aimed at enhancing air…

GENEVA – The International Air Transport Association (IATA) has joined forces with leading aircraft manufacturers Airbus, Embraer, and Rolls-Royce to establish five fundamental principles governing the access to and use of Aircraft Operational Data (AOD). This initiative aims to enhance data governance within the aviation sector, ensuring that airlines maintain control over their operational data. The first principle, consent, mandates that AOD can only be extracted with the explicit written consent of the airline. This…

Doha – Qatar Airways is set to deepen its partnership with Virgin Australia by acquiring a 25% stake in the Australian airline, a move that will further integrate the two carriers' operations and expand their global reach. The stake will be acquired from Bain Capital, Virgin Australia’s current owner, pending regulatory approval, the companies confirmed in a joint statement on Monday. While the terms of the agreement have not been disclosed, this acquisition marks a…

Dammam, Saudi Arabia – King Fahd International Airport has been awarded the prestigious Level 3 Customer Experience Accreditation by the Airports Council International (ACI), marking a significant milestone in the airport's ongoing efforts to enhance passenger satisfaction through seamless, innovative, and sustainable services. The accreditation was officially presented to Engineer Hisham Hakimi, Vice President for Projects and Technical Affairs at Dammam Airports Company, during the US Customer Experience Summit and Exhibition held in Atlanta, USA,…

Dubai – In a bid to strengthen its position as a global leader in advanced air transport technologies, the UAE’s General Civil Aviation Authority (GCAA), led by Director General Saif Mohammed Al Suwaidi, has engaged in strategic talks with Kyle Clark, Founder, Chairman, and CEO of Beta Technologies. The discussions focused on enhancing cooperation, exchanging expertise, and sharing best practices in the rapidly evolving field of electric aircraft. The dialogue took place during a high-profile…

Abu Dhabi – Etihad Airways has announced a significant milestone, welcoming over 12 million passengers in 2024, representing a 36% increase compared to the previous year. According to the airline’s latest traffic statistics for August 2024, the rolling 12-month passenger count surpassed 17 million, marking a staggering 70% growth compared to the full year of 2022. During August alone, Etihad carried 1.7 million passengers, achieving an impressive passenger load factor of 89%. This robust performance underscores…

DUBAI - Emirates Airline and the Museum of the Future are proud to announce the inaugural Aviation Future Week, scheduled to take place from October 15 to 17 in Dubai. This landmark event aims to gather UAE ministers, senior government officials, and industry leaders from various sectors of the aviation and aerospace ecosystem, including airfreight, Maintenance, Overhaul & Repair (MRO), and logistics. Aviation Future Week promises to be an unparalleled platform for discussing critical insights…

Abu Dhabi – Air Arabia Abu Dhabi has partnered with Morafiq, a renowned leader in airport service innovations, to introduce a new Home Check-In service for passengers flying out of Abu Dhabi. This new initiative is aimed at providing greater convenience and streamlining the travel experience by allowing passengers to check in from the comfort of their homes. The Home Check-In service enables passengers to complete their check-in process, including luggage drop-off and receiving their…

Muscat – Oman, through its aviation authority Oman Airports, is set to host the inaugural GCC Airports CEOs Forum at the St Regis Hotel in Al Mouj Muscat on Wednesday. This landmark event will see the participation of CEOs from major airports across the Gulf Cooperation Council (GCC) countries, marking a significant step in the region's efforts to deepen collaboration within the aviation sector. The forum, which is part of a broader strategy to strengthen…

MONTREAL – In a landmark move towards sustainable aviation, the UAE’s General Civil Aviation Authority (GCAA) has signed a Memorandum of Understanding (MoU) with Volar Air Mobility during the International Civil Aviation Organisation’s (ICAO) Advanced Air Mobility (AAM) Symposium 2024. This collaboration sets the stage for the creation of the UAE's first Green Aviation Technology Hub, a cutting-edge facility aimed at promoting clean energy solutions, fostering research and development in sustainable aviation, and encouraging collaboration…

RIYADH – Saudi Arabia's new airline, Riyadh Air, announced that it will begin test flights on Thursday, September 12, flying from Riyadh to Jeddah as part of its efforts to secure an Air Operator Certificate (AOC). The certificate is required by the Kingdom's General Authority of Civil Aviation (GACA) before the airline can launch its commercial services, slated for 2025. The first test flight, RX5001, will depart from King Khalid International Airport in Riyadh, heading…

ABU DHABI – Etihad Airways, the national airline of the United Arab Emirates, has announced a significant expansion of its services to Paris, with double daily flights set to begin on January 15, 2025. This development enhances the airline’s offerings for both business and leisure travelers, providing greater connectivity and convenience between the UAE capital and France’s vibrant capital city. The new services will see the return of Etihad’s flagship A380 aircraft to the Paris…

DOHA – Qatar Airways has announced the expansion of its operations in the Kingdom of Saudi Arabia with the resumption of flights to Abha International Airport, starting January 2, 2025. The airline will operate two weekly flights to Abha, marking a significant milestone in its commitment to expanding its footprint in the region. In addition, Qatar Airways will increase its weekly services to NEOM from two to four flights during the winter season, further enhancing…

MONTRÉAL – The United Arab Emirates (UAE) is making a strong impact at the International Civil Aviation Organisation’s (ICAO) first Advanced Air Mobility Symposium (AAM 2024), which commenced today in Montréal, Canada. The symposium, running until September 12th, brings together key global players to discuss the future of Advanced Air Mobility (AAM), with a focus on electric vertical take-off and landing (eVTOL) aircraft, airspace integration, and infrastructure development. The UAE delegation, led by Saif Mohammed…

ABU DHABI – Mira Aerospace, a global leader in High Altitude Platform Station (HAPS) technology, has announced the successful completion of a series of test flights in the UAE. The company, a joint venture between Bayanat, a leading provider of AI-powered geospatial analytics, and UAVOS, a US-based developer of advanced unmanned systems, conducted the flights from Abu Al Abyad Island. These groundbreaking missions reinforce the UAE’s commitment to advancing its aerospace capabilities and enhancing its…

Muscat – Oman Airports is ramping up efforts to attract more international airlines as part of its strategic initiative to increase passenger traffic at Muscat International Airport and other airports across the Sultanate. Sheikh Ayman bin Ahmed Al Hosni, CEO of Oman Airports, confirmed that the company is actively exploring new markets and evaluating opportunities to launch direct flights through Oman’s national carrier as well as other international airlines. In 2024, Oman Airports successfully attracted…

ABU DHABI – Etihad Airways, the national airline of the UAE, has announced the launch of two new European routes, adding Warsaw, Poland, and Prague, Czechia, to its expanding network. This marks the first time the airline will operate direct flights to these countries, further strengthening its presence in Europe. Beginning on 2nd June 2025, Etihad will offer four weekly flights to both Warsaw and Prague. The new routes are part of the airline's broader strategy…

Al-Alamein, Egypt - The "Saudi Group" is making a significant impact at the first annual Egypt International Air Show, currently being held at Al-Alamein International Airport in northern Egypt. The group is showcasing its cutting-edge services and capabilities through an interactive pavilion that highlights the offerings of Saudia Aerospace Engineering Industries (SAEI) and the Saudi Academy. The pavilion has attracted a large number of visitors, drawn by the extensive range of services and innovative solutions presented…

DUBAI – Emirates has significantly expanded its global reach over the past year, doubling the number of cities available beyond its established network and opening up travel opportunities to nearly 1,700 additional destinations worldwide. This strategic growth has enabled over 61,000 passengers each week to seamlessly connect across the shared networks of Emirates and its numerous partners, enhancing travel convenience and options for customers. Through a combination of forging new alliances and strengthening existing partnerships across…

Al Alamein, Egypt — The UAE National Pavilion is set to make a significant impact at the inaugural Egypt International Airshow, taking place in Al Alamein city from 3rd to 5th September 2024. The Pavilion, with a dedicated exhibition space, will showcase the UAE's advanced defence capabilities and technological innovations, reinforcing the nation’s position as a leading hub for aerospace and defence industries in the Middle East and Africa. The Egypt International Airshow, held under…

Dubai, UAE – Dubai Aerospace Enterprise (DAE), a leading global aviation services company, has announced its financial results for the first half of 2024, showcasing a strong year-on-year (YoY) performance. The company reported a notable increase in revenue, reaching US$679.2 million, highlighting a continued robust demand for leased aircraft and airframe maintenance services. DAE's profit before tax surged by 22.7% YoY, amounting to $154.3 million in H1 2024. The pre-tax return on equity also demonstrated…

King Khalid International Airport in Riyadh has been recognized as the world’s top airport for on-time performance in June 2024, maintaining its leading position for the second consecutive month. This accolade comes from Cirium Diio, a premier aviation analytics firm renowned for its comprehensive flight data and analysis, which plays a crucial role in improving flight planning efficiency and enhancing the travel experience with accurate and up-to-date flight information. Ayman Abdulaziz AboAbah, CEO of Riyadh…

Riyadh, Saudi Arabia – In a landmark move, Saudi Arabia-headquartered flynas announced on Thursday the signing of a Memorandum of Understanding (MoU) with France’s Airbus for the purchase of 160 aircraft. This significant order includes 75 A320neo family aircraft and 15 A330-900 widebodies, with additional options for 55 A320neos and 15 A330s. The deal, valued at a catalogue price of $13 billion, marks a major step in the airline's expansion strategy. Airbus and flynas, both…

Riyadh, Saudi Arabia – In a significant move towards bolstering the aerospace industry in Saudi Arabia, Minister of Industry and Mineral Resources, Bandar Alkhorayef, met with Dimas Douglas Tomelin, Vice President of Strategy and Innovation at Embraer. The meeting focused on exploring cooperative opportunities to enhance and localize the aerospace industry within the Kingdom. The discussions between Alkhorayef and Tomelin centered on leveraging Embraer's extensive expertise in aircraft manufacturing, assembly, and maintenance to boost the…

On the second day of the Farnborough International Airshow 2024, Qatar Airways made a major announcement, expanding its significant order of Boeing 777X aircraft to include an additional 20 Boeing 777-9s. This expansion brings the airline's total order to an impressive 94 commercial and cargo Boeing 777X aircraft, solidifying its commitment to maintaining one of the youngest and most advanced fleets in the industry. In addition to the aircraft order, Qatar Airways has committed to…

Sanad, the global leader in aerospace engineering and leasing solutions, wholly owned by Abu Dhabi’s Mubadala Investment Company PJSC, has announced a robust financial performance for the first half of 2024. This milestone underscores the company’s strategic initiatives and its growth trajectory within the global aviation industry. For H1 2024, Sanad Group reported a revenue of AED2.3 billion, with significant contributions from its core Maintenance, Repair, and Overhaul (MRO) and Leasing divisions. The company is…

The UAE General Civil Aviation Authority (GCAA) has entered into a significant contract with Global Air Navigation Services (GANS) to provide specialized training services for Air Traffic Controllers. This collaboration marks a major step in enhancing the skills and capabilities of the UAE's air traffic management personnel. Under the terms of the agreement, GANS will deliver comprehensive training services to GCAA's ab-initio air traffic controllers at its state-of-the-art training center in Al Ain. The training…

Dubai, UAE - Emirates SkyCargo, the cargo division of Emirates airline, has announced a significant expansion of its fleet with a firm order for an additional five Boeing 777 freighters. The deal, valued at approximately $1 billion, will see the delivery of these new aircraft between 2025 and 2026, bolstering Emirates SkyCargo’s capacity to meet growing global demand. This new order brings the airline’s total order book to 315 wide-body aircraft, underscoring its commitment to maintaining…

Abu Dhabi, UAE – Etihad Airways has reported a significant 38% increase in passenger numbers for the first half of 2024, transporting 8.7 million passengers amid expanding its route network to meet soaring demand for air travel. The Abu Dhabi-based airline achieved a passenger load factor of 85% during this period, reflecting strong demand and efficient seat utilization. In June alone, the airline carried 1.5 million passengers, marking a 34% year-on-year increase, with a load…

Cairo  — The Secretary General of the Arab League, Ahmed Aboul Gheit, is set to attend the fifth Japan-Arab Economic Forum, scheduled to take place from July 10 to 11 in Japan. This prominent event is organized by the Arab League Secretariat General in collaboration with the Japanese Ministry of Economy, Trade and Industry and the Japan External Trade Organization. The forum will primarily focus on enhancing trade relations between Arab countries and Japan, while…

Riyadh — The Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, met with the Chinese Ambassador to the Kingdom, Chang Hua, at the ministry's headquarters in Riyadh. The meeting, attended by officials from both sides, focused on strengthening bilateral relations and exploring new avenues for cooperation in the municipal and housing sectors. Discussion Highlights During the discussions, both parties reviewed the existing bilateral relations across various fields and identified opportunities to enhance cooperation…

DUBAI - In a move to enhance trade logistics and shipping routes between the United Arab Emirates and China, DP World and Zhejiang Seaport Group have entered into a strategic partnership. This collaboration is set to bolster port operations and maritime connectivity between Jebel Ali Port in Dubai and Ningbo-Zhoushan Port in China. The new alliance aims to attract more shipping companies to establish additional maritime routes between the two key ports. This initiative will…

ABU DHABI - Abu Dhabi's airports experienced a significant surge in passenger traffic in 2023, with approximately 22.4 million travelers passing through, according to the latest data released by Abu Dhabi Airports and published in the Key Transport Statistics 2023 report by the Statistics Centre - Abu Dhabi (SCAD). The report revealed that annual arrivals through the emirate's airports reached over 11.1 million, while departures stood at 11.3 million. The Indian subcontinent led the list…

Tunisia, represented by the Civil Aviation Authority (CAA), and the Sultanate of Oman have officially signed a comprehensive air services agreement in Tunis. This significant accord was formalized by Naif Ali Al Abri, Chairman of the CAA, according to the Oman News Agency (ONA). The newly signed agreement updates the previous arrangement from 1985, which was originally established to regulate air services between the two countries. This modernization aligns with the principles of open skies,…

Shanghai — In a significant move to enhance air cargo operations, Saudi Arabian Logistics (SAL) has signed a comprehensive service contract with Air China. This agreement, announced today, underscores SAL's role as a leading national logistics provider and a trusted partner in the aviation industry. Under the terms of the contract, SAL will provide extensive air cargo handling services for Air China. In addition to handling air cargo, SAL will facilitate ground transportation connections between…

Abu Dhabi, UAE – Etihad Cargo, the cargo and logistics arm of Etihad Airways, is set to expand its freighter network with the introduction of a new route to Madrid. Beginning on July 15, 2024, the carrier will operate two weekly Boeing 777 freighter flights between Abu Dhabi and Madrid, boosting its cargo capacity to Europe by over 200 tonnes. The new service will significantly increase the total number of Etihad Cargo's flights to Spain…

Sharjah, UAE – The ambitious expansion project for Sharjah International Airport is progressing on schedule, according to Ali Salim Al Midfa, Chairman of Sharjah Airport Authority (SAA). This initiative, valued at AED 2.4 billion, aims to significantly enhance the airport's infrastructure and capacity. The project includes the expansion of the passenger terminal and the central facilities station, which are part of a comprehensive plan consisting of 18 distinct packages. These packages cover a range of…

Qatar Airways has been awarded the prestigious title of Airline of the Year for 2024 by Airline Ratings, a leading industry organization. This recognition highlights Qatar Airways' commitment to excellence and innovation in the aviation sector. Additionally, the airline has secured the Best Business Class award for the fifth consecutive year and the Best Catering award, further cementing its reputation for exceptional service. The annual Airline Ratings awards encompass several critical categories including Best In-flight…

The Future Aviation Forum 2024, held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and organized by the General Authority of Civil Aviation (GACA), achieved significant milestones on its second day, far exceeding expectations. The event, which took place from May 20-22 in Riyadh, witnessed the signing of 102 memoranda of understanding (MoUs), agreements, and deals, collectively valued at over SAR 75 billion. These agreements spanned…

Under the auspices of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, the third Future Aviation Forum (FAF) has commenced in Riyadh. Hosted by the General Authority of Civil Aviation (GACA) from May 20 to 22, the forum carries the theme "Elevating Global Connectivity" and aims to attract investments exceeding $100 billion to Saudi Arabia's aviation sector. Aligned with the Saudi Vision 2030 plan to position the country as a leading logistics…

Dubai, known for its ambitious infrastructure projects and forward-thinking initiatives, is once again making waves in the aviation industry with the expansion of Al Maktoum International Airport. This monumental endeavor, spearheaded by the visionary leadership of Sheikh Mohammed bin Rashid, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is set to redefine the city's role as a global aviation hub. A Giant Leap Forward The decision to transfer all operations from Dubai…

Qatar Airways and the UN Refugee Agency (UNHCR) have reaffirmed their commitment to aiding the world's most vulnerable populations by renewing their partnership to facilitate the transportation of relief items. The agreement, signed in the presence of UN High Commissioner for Refugees Filippo Grandi, underscores the ongoing collaboration between the two entities in addressing the needs of refugees and internally displaced persons worldwide. Engr. Badr Mohammed Al Meer, Group Chief Executive Officer of Qatar Airways,…

Joby Aviation, Inc. (NYSE: JOBY), a leading developer of all-electric aircraft for commercial passenger service, has entered into a groundbreaking multilateral Memorandum of Understanding (MoU) with the Department of Municipalities and Transport - Abu Dhabi (DMT), the Abu Dhabi Department of Economic Development (DED), and the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi). This strategic partnership, announced at the DRIFTx international thought-leadership and exhibition platform in Abu Dhabi, lays the foundation…

Etihad Airways, the flagship carrier of the United Arab Emirates, has reported welcoming over 1.4 million passengers on board in March 2024 alone, achieving an average monthly passenger load factor of 84 percent. This data, outlined in the airline's March 2024 traffic report, reflects a significant year-on-year growth of 43 percent in customer numbers, a testament to the success of Etihad's strategic expansion efforts. Antonoaldo Neves, CEO of Etihad Airways, highlighted this remarkable achievement, attributing…

Dubai International Airport (DXB) has once again secured its position as the world's busiest international airport for the 10th consecutive year, as announced by the Airports Council International (ACI). In 2023, DXB welcomed a staggering 86.9 million passengers, reaffirming its status as a global aviation hub. ACI, an organization dedicated to setting industry standards for airport operations, released its latest rankings, placing DXB at the forefront of international passenger traffic. Notably, Dubai also attained the…

As the Eid Al Fitr holidays draw to a close, UAE residents eyeing post-celebration getaways are in for a treat as flight fares to key holiday destinations are projected to decrease significantly. Travelers can anticipate a notable drop of at least 60 to 70% in fares, particularly to popular European and Indian destinations. The anticipated decline in ticket rates comes as welcome news for holidaymakers seeking to explore international destinations following the festive season. With…

Sanad, a leading global provider of aerospace engineering and leasing solutions owned by Mubadala Investment Company PJSC, has further strengthened its partnership with Asiana Airlines, South Korea's second-largest airline. The five-year contract extension, valued at USD 145 million (AED 532 million), underscores Sanad's commitment to delivering top-tier Maintenance, Repair, and Overhaul (MRO) services for V2500 engines. The announcement of this agreement took place at the prestigious MRO Americas event in Chicago, a renowned gathering in…

Air travel between the UAE and Saudi Arabia has seen a significant uptick, with weekly flights soaring by 13.3% to 383 during the holy month of Ramadan. This surge is attributed to a growing demand from individuals seeking to perform Umrah rituals, particularly peaking during the last ten days of Ramadan. According to the General Civil Aviation Authority (GCAA), there was a noticeable increase in flight numbers between the UAE and Saudi Arabia, rising from…

flynas, the prominent Saudi air carrier and a leading low-cost airline in the Middle East and globally, celebrated a significant achievement as it received its 50th Airbus A320neo jetliner. The milestone was commemorated at a special reception held at King Khalid International Airport in Riyadh, underscoring the airline's commitment to growth, expansion, and fleet enhancement. This delivery is part of flynas' extensive order of 120 Airbus A320neo aircraft, valued at over 32 billion riyals. The…

Riyadh Air, Saudi Arabia's flagship airline owned by the Public Investment Fund (PIF), has announced a strategic partnership with Artefact, a renowned global consultancy specializing in data and AI transformation services. The collaboration aims to revolutionize the aviation industry through innovative AI applications, as stated in a press release from Riyadh Air. The partnership will primarily focus on enhancing Riyadh Air's data analytics platform and developing AI solutions across its key business and corporate functions,…

Etihad Airways marked a significant milestone with the inaugural flight to Boston on Sunday, heralding the commencement of regular services between Abu Dhabi and the esteemed US city, thereby fostering stronger ties and expanding travel options for passengers. The inaugural flight, EY147, was commemorated with festivities at Abu Dhabi Airport prior to departure. Upon arrival in Massachusetts, Etihad's captains proudly displayed UAE and US flags from the cockpit, symbolizing the commencement of the airline's fourth…

Dubai - Emirates has secured the prestigious 'Best Inflight Entertainment Award' on a global scale at the 2024 Airline Excellence Awards, announced online this week. The airline emerged as the global winner from a distinguished list of finalists, owing to its unparalleled offering of 6,500 channels of high-quality content, making it the undisputed leader in inflight entertainment. Passengers onboard Emirates flights are treated to a world-class entertainment library, boasting over 2,000 Hollywood and internationally acclaimed…

Cairo – Egypt’s Suez Canal Economic Zone (SCEZ) has invested $3 billion in infrastructure over recent years and plans to match this amount in upcoming developments, according to Chairman Gamal El-Dein. In an interview, he explained that the SCEZ's ongoing expansion and modernization efforts aim to draw increased investor interest by capitalizing on the vast international shipping volumes that pass through the Suez Canal, one of the world’s most critical maritime routes. The SCEZ is…

Qatar Airways Cargo and Qatar Postal Services Company (Qatar Post) have signed a landmark cooperation agreement to bolster their strategic partnership in postal activities and mail transportation to and from Doha. This collaboration, designed to meet customer needs efficiently and in accordance with international postal union standards, underscores both entities' commitment to enhancing logistical infrastructure and ensuring smooth coordination in postal operations. The agreement outlines competitive rates specifically tailored for postal shipments transported via Qatar…

Riyadh, Saudi Arabia – In a significant step towards enhancing regional cooperation in the maritime sector, Saudi Arabia's Minister of Transport and Logistic Services, Saleh Al-Jasser, and Egypt’s Minister of Transport and Industry, Lieutenant General Kamel Al-Wazir, have signed a Memorandum of Understanding (MoU) on maritime connectivity. The agreement was formalized during the inaugural Global Logistics Forum, held from October 12 to 14 in Riyadh, under the theme “Reshaping the Global Map of Logistics.” The…

Riyadh, Saudi Arabia – The strategic significance of the Red Sea in global trade and the far-reaching impacts of disruptions in the region were key points discussed by Deputy Minister of Transport and Logistic Services, Eng. Rumaih bin Mohammed Al-Rumaih, during a panel at the World Logistics Forum 2024, held in Riyadh. The panel, titled “Resilience of Logistics Services in the Face of Disruptions in the Red Sea Region”, addressed the critical challenges faced by…

Riyadh, Saudi Arabia – Kuwait is set to advance its logistics infrastructure by expanding the land freight route to northern Kuwait, home to the Mubarak Al-Kabeer Port, according to the country’s Minister of Public Works, Dr. Noura Al-Mashaan. Speaking at the Global Logistics Forum 2024, Dr. Al-Mashaan emphasized Kuwait’s commitment to developing sustainable logistics services as part of its national strategy for 2035. During her address at the forum, themed “Redrawing the Map of Global…

ABU DHABI - Borouge Plc, a leading provider of innovative polyolefin solutions, has announced a major milestone in its logistics operations with the successful transportation of over 700,000 tonnes of polyolefins via Etihad Rail in the first year of their collaboration. This milestone marks the significant progress achieved since the service launched in September 2023, transporting over 36,000 containers from Borouge’s rail freight terminal in Al Ruwais Industrial City to Khalifa Port in Abu Dhabi.…

Jebel Ali Free Zone (Jafza), a leading global hub for trade and logistics, has once again reinforced its status as a premier free zone with a remarkable performance at the fDi Global Free Zones of the Year 2024 awards. Jafza not only claimed the top spot in the overall global ranking of free zones but also garnered four additional accolades, cementing its position as an international leader in industrial innovation and sustainability. At the prestigious…

Dammam – The fifth edition of the Saudi Maritime and Logistics Congress opened today in Dammam under the patronage of Eng. Saleh Al-Jasser, Minister of Transport and Logistics Services and Chairman of the Transport General Authority (TGA). The event was inaugurated by Dr. Rumaih Al-Rumaih, Vice Minister of Transport and President of TGA, highlighting Saudi Arabia's ambitious strides toward becoming a global logistics hub. In his keynote speech, Dr. Al-Rumaih emphasized the importance of strategic initiatives…

DOHA, QATAR – QTerminals, the operator of Hamad Port, continues to set new benchmarks in both worker safety and sustainability. As the port rapidly transforms into a regional trade hub, the company remains steadfast in maintaining the highest standards of safety for its employees, contractors, and visitors. In a recent update shared via the company's X (formerly Twitter) platform, QTerminals reported significant progress in ensuring a safe working environment. As of August 2024, the port…

RIYADH: The Saudi Ports Authority (Mawani) has announced the introduction of the "LMX" shipping service, operated by the international shipping giant CMA CGM, at Jubail Commercial Port. This strategic initiative is part of Saudi Arabia's broader efforts to boost national exports and improve the Kingdom's connectivity to global markets. By expanding its maritime capabilities, Saudi Arabia aims to solidify its position as a global logistics hub and enhance its standing in the maritime network connectivity…

DUBAI – In a strategic move to expand its capacity for handling large-scale offshore projects, Drydocks World has signed a landmark contract with Shanghai Zhenhua Heavy Industries Co. Ltd. (ZPMC) to acquire a new generation 5,000-tonne floating sheerleg crane. This acquisition is poised to significantly enhance the company’s heavy-lifting capabilities and support its growing portfolio of major projects in the maritime and offshore energy sectors. The signing ceremony took place in Dubai, attended by Sultan…

JEDDAH, Saudi Arabia – Jeddah University, in collaboration with the Transport General Authority (TGA), is set to host a forum titled "Empowering Women in Transport and Logistics Services" this Sunday at the university's conference center. The event is part of the university's Research and Development Office initiatives and aims to shed light on the growing role of women in the transport and logistics sector, while exploring avenues to enhance their participation and career growth. The…

Jeddah — The Saudi Ports Authority (Mawani) has announced the introduction of a new shipping service, ECRC, by Emirates Shipping Line (ESL) at Jeddah Islamic Port. This strategic addition significantly enhances the Kingdom of Saudi Arabia's maritime connectivity with major global markets, reinforcing the port's standing as a key player in international trade. The ECRC service is set to establish a vital link between Jeddah Islamic Port and several prominent ports in Asia and the…

DP World Limited has announced its financial results for the first half of 2024, showcasing resilience amid global economic and geopolitical challenges. For the six months ending June 30, 2024, the company reported a 3.3% increase in revenue, reaching $9.335 billion. Despite the revenue growth, adjusted EBITDA3 decreased by 4.3% to $2.497 billion, with an adjusted EBITDA margin of 26.8%. The company's gross container volumes on a like-for-like basis grew by 6.1%, driven by robust…

DP World and the Turkish Evyap Group have announced the successful completion of their strategic merger, which unites two prominent ports on the Marmara Sea to form a new international logistics hub. This merger, which has received regulatory approval from the Turkish Competition Authority, is set to significantly bolster Türkiye's role in global trade. The newly established entity, DP World Evyap, sees DP World taking a 58% stake in Evyapport, while the Evyap Group holds…

Dubai, UAE – In a strategic move to enhance the logistics infrastructure of Dubai, Aldar Properties and DP World have signed an agreement to develop a state-of-the-art, Grade A logistics park at the National Industries Park (NIP) in Jebel Ali. This significant development will cover an area of 1.55 million square feet (144,000 square meters) and aims to cater to the growing demand for high-quality warehousing facilities. This collaboration marks a major step for Aldar…

Riyadh, Saudi Arabia – Saudi Arabia’s logistics sector experienced remarkable growth in the second quarter of 2024, registering a 76% increase in active commercial registrations compared to the same period last year. According to the Ministry of Commerce's latest bulletin, the number of active registrations in the logistics sector reached 11,928, a significant rise from the previous year's 6,742. This impressive growth underscores the sector's pivotal role in supporting the Kingdom's gross domestic product (GDP)…

Riyadh - The Ministry of Commerce has registered a notable increase in new commercial files for container handling services, with 2,457 files recorded in the second quarter of 2024. This marks a significant 48% increase compared to the 1,658 files registered during the same period last year, as highlighted in the ministry's latest quarterly bulletin for the business sector. According to the report, Riyadh led the surge with 1,027 new records. This was followed by…

Emirates Global Aluminium (EGA) has made history with the world's first bauxite shipment transported using a Liquefied Natural Gas (LNG)-fuelled vessel. The cargo, transported aboard a Capesize ship, comprises bauxite mined by EGA's subsidiary, Guinea Alumina Corporation, and is en route to a customer in China. LNG-fuelled ships, according to SEA-LNG—a multi-sector industry coalition—can achieve up to 28% lower greenhouse gas emissions on a tank-to-wake basis compared to vessels using traditional marine bunker fuel. This…

Shanghai — In a significant move to enhance air cargo operations, Saudi Arabian Logistics (SAL) has signed a comprehensive service contract with Air China. This agreement, announced today, underscores SAL's role as a leading national logistics provider and a trusted partner in the aviation industry. Under the terms of the contract, SAL will provide extensive air cargo handling services for Air China. In addition to handling air cargo, SAL will facilitate ground transportation connections between…

The Saudi Ports Authority, known as Mawani, has announced the launch of a new shipping service named "RGI" by Unifeeder at Jeddah Islamic Port. This move aims to establish a crucial connection between the Kingdom of Saudi Arabia and Indian ports, facilitating trade and providing efficient solutions for exporters and suppliers. The introduction of the RGI service underscores growing confidence in the Kingdom's ports, further bolstering maritime transport and logistics services while highlighting the capabilities…

DUBAI – Etihad Credit Insurance (ECI) played a pivotal role as the official sponsor and Export Acceleration Partner at the 6th edition of the Future Food Forum, the largest annual gathering for stakeholders in the Middle East’s food and beverage sectors. The two-day event, which concludes today in Dubai, was organized in collaboration with Dubai Chambers and received support from Food Tech Valley, alongside sponsorship from various UAE-based food and beverage manufacturers. The forum centered…

Abu Dhabi – In a significant move to support citizens in obtaining suitable housing, the Abu Dhabi Housing Authority (ADHA) has partnered with Abu Dhabi Commercial Bank (ADCB) to introduce top-up loans on existing housing loans for beneficiaries of ADHA’s Housing Loan Programme. The initiative provides eligible UAE nationals with additional financing of up to AED500,000, furthering their access to homes that better suit their needs, with options for both interest-based and Murabaha (Islamic finance)…

VIENNA – OPEC+ countries have collectively agreed to extend their additional voluntary oil production cuts of 2.2 million barrels per day (bpd) for another two months, pushing the expiration date to the end of November 2024. The decision came during a virtual meeting held on September 5, 2024, where the group reiterated its strong commitment to stabilizing global oil markets through coordinated production adjustments. The extension follows the earlier voluntary cuts announced in April and November…

Cairo – Egypt’s Suez Canal Economic Zone (SCEZ) has invested $3 billion in infrastructure over recent years and plans to match this amount in upcoming developments, according to Chairman Gamal El-Dein. In an interview, he explained that the SCEZ's ongoing expansion and modernization efforts aim to draw increased investor interest by capitalizing on the vast international shipping volumes that pass through the Suez Canal, one of the world’s most critical maritime routes. The SCEZ is…

RIYADH – The Biban24 forum, organized by Saudi Arabia's Small and Medium Enterprises General Authority (Monsha'at), launched on Tuesday in Riyadh under the theme "Global Destination for Opportunities." This prominent event aims to establish the Kingdom as a global hub for entrepreneurship, innovation, and investment by fostering a dynamic, supportive ecosystem for entrepreneurs and investors alike. The forum will run through November 9, drawing thousands of participants from around the world. The forum brings together…

Riyadh – Under the esteemed patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the 8th edition of the Future Investment Initiative (FII) conference has commenced in Riyadh, gathering global leaders, innovators, and investors to discuss sustainable growth, technological advancement, and economic inclusivity. Themed "Infinite Horizons: Investing Today, Shaping Tomorrow," this year’s event reaffirms Saudi Arabia’s commitment to shaping a resilient future through strategic investments in green technologies, healthcare, and…

Muscat – In a significant diplomatic meeting, Sayyid Badr Hamad Al Busaidi, Oman’s Foreign Minister, welcomed Andrii Sybiha, Ukraine's Minister of Foreign Affairs, marking Sybiha’s inaugural visit to Muscat. The discussions included an in-depth exchange on the ongoing Ukraine-Russia crisis, as well as other pressing regional and global issues, aiming to foster a framework for peace and cooperation. Central to the meeting was a discussion on the need for a just and comprehensive peace in…

Washington, D.C. – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed the significance of the special ministerial meeting held on October 23, 2024, between the governors of central banks and finance ministers of the GCC and the Caucasus and Central Asia. The meeting is part of the annual gatherings of the International Monetary Fund (IMF) and the World Bank and aims to explore trade and investment opportunities while…

Moscow – President His Highness Sheikh Mohamed bin Zayed Al Nahyan arrived in Moscow today for an official visit to the Russian Federation, marking another significant step in the ongoing diplomatic engagement between the two nations. Upon his arrival at Vnukovo International Airport, a grand reception ceremony was held, where the national anthems of both the UAE and Russia were played, and an honour guard was assembled to welcome His Highness. The visit is set…

Rome – Saqr Ghobash, Speaker of the UAE Federal National Council (FNC), held an official meeting with Lorenzo Fontana, President of Italy's Chamber of Deputies, at the Chamber’s headquarters in Rome as part of his official visit to Italy. The discussions centered on strengthening the long-standing bilateral ties between the two nations and enhancing cooperation in various sectors, including political, economic, and parliamentary collaboration. Both leaders emphasized the depth of UAE-Italy relations, which have flourished…

Madrid – Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, held high-level meetings in Madrid with Spanish officials, focusing on enhancing economic cooperation and attracting Spanish investments into the Kingdom. During his official visit to Spain, Alkhorayef met with Jordi Hereu, Spain's Minister of Industry and Tourism, and Carlos Cuerpo, Minister of Economy, Trade, and Business, to explore new avenues of collaboration, particularly in the industrial and mining sectors. In his discussions with…

London – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met today, October 17, 2024, with His Excellency Mr. Hamish Falconer, UK Minister of State for the Middle East and North Africa, at the British Foreign Office in London. The high-level talks focused on strengthening the strategic partnership between the GCC and the United Kingdom, addressing pressing regional issues, and exploring further cooperation in various sectors. During the meeting,…

Dubai, UAE – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, toured the opening day of GITEX Global 2024, the world’s largest technology and startup event, which began at the Dubai World Trade Centre (DWTC) on October 14. The 44th edition of the event runs until October 18 and has drawn over 6,500 exhibitors from more than 180 countries, making it a key platform for global collaboration…

Budapest, Hungary – Kuwait is deepening its economic and technical cooperation with Hungary, with both nations identifying new areas of collaboration in information technology, energy, and water treatment. This was announced during the fifth session of the Kuwaiti-Hungarian Joint Committee for Economic and Technical Cooperation, held in Budapest. The meeting was co-chaired by Aseel Al-Munifi, Assistant Undersecretary of the Ministry of Finance of Kuwait, and Tamás Vargha, Hungarian State Secretary of the Ministry of Defense.…

Riyadh, Saudi Arabia – The strategic significance of the Red Sea in global trade and the far-reaching impacts of disruptions in the region were key points discussed by Deputy Minister of Transport and Logistic Services, Eng. Rumaih bin Mohammed Al-Rumaih, during a panel at the World Logistics Forum 2024, held in Riyadh. The panel, titled “Resilience of Logistics Services in the Face of Disruptions in the Red Sea Region”, addressed the critical challenges faced by…

Riyadh, Saudi Arabia – Kuwait is set to advance its logistics infrastructure by expanding the land freight route to northern Kuwait, home to the Mubarak Al-Kabeer Port, according to the country’s Minister of Public Works, Dr. Noura Al-Mashaan. Speaking at the Global Logistics Forum 2024, Dr. Al-Mashaan emphasized Kuwait’s commitment to developing sustainable logistics services as part of its national strategy for 2035. During her address at the forum, themed “Redrawing the Map of Global…

ABU DHABI - Borouge Plc, a leading provider of innovative polyolefin solutions, has announced a major milestone in its logistics operations with the successful transportation of over 700,000 tonnes of polyolefins via Etihad Rail in the first year of their collaboration. This milestone marks the significant progress achieved since the service launched in September 2023, transporting over 36,000 containers from Borouge’s rail freight terminal in Al Ruwais Industrial City to Khalifa Port in Abu Dhabi.…

Doha – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), emphasized the critical role of the GCC region in the global economy, highlighting the expansion and accelerated growth that have made the region a focal point for international attention. His remarks came during the sixth meeting of the Permanent Preparatory Committee at the ministerial level for the Economic and Development Affairs Authority of the GCC, held in Doha on…

Dubai – The highly anticipated Future Blockchain Summit 2024 has officially commenced at Dubai Harbour, drawing an impressive array of participants from across the global blockchain and cryptocurrency community. As one of the premier gatherings for blockchain enthusiasts, industry leaders, and innovators, the summit sets the stage for discussions on the latest trends and future opportunities in the ever-evolving blockchain ecosystem. With a rich and diverse agenda, the event focuses on the integration of blockchain…

Riyadh, Saudi Arabia – The Kingdom of Saudi Arabia, through its General Authority of Foreign Trade, has taken a significant step in fostering regional trade relations by hosting the Regional Trade Policy Course for Middle Eastern countries. The course, organized in collaboration with the World Trade Organization (WTO) and King Saud University, will run from October 13 to December 5, 2024. This eight-week intensive program is designed specifically for government officials from Middle Eastern nations,…

DUBAI – In a significant move to enhance trade relations, the Dubai International Chamber, one of the three chambers under the Dubai Chambers umbrella, has successfully arranged 180 bilateral business meetings between Dubai-based companies and their Serbian counterparts. The meetings took place in Belgrade during the first leg of the chamber's trade mission to Serbia and Türkiye, part of the New Horizons initiative aimed at connecting local companies with opportunities in promising global markets. The…

Oslo, Norway – H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, held a strategic meeting with top executives from leading Norwegian companies during the UAE-Norway Investment Forum in Oslo. This forum took place as part of Sheikh Khaled's official visit to the Kingdom of Norway, highlighting the growing importance of bilateral economic ties between the two nations. In his discussions with Norwegian business leaders, H.H. Sheikh Khaled underscored the…

Doha, Qatar – The International Chamber of Commerce (ICC) Qatar, in collaboration with MERGE, recently held its first-ever “Qatar Trade and Treasury Thought Leaders Roundtable,” bringing together prominent financial experts, corporate leaders, and regulators to discuss the future trajectory of trade and treasury in Qatar. The roundtable, which addressed vital issues such as economic diversification, trade digitalisation, sustainability, Islamic finance, and regulatory developments, served as a prelude to the highly anticipated Qatar Trade and Treasury…

SHARJAH – The Sharjah Economic Development Department (SEDD) recently convened a high-level meeting with factory owners and investors from diverse sectors as part of its ongoing initiative, SEDD Majlis, held at the department’s main branch. The gathering aimed to fortify relationships with investors, establish effective communication channels, and enhance partnerships between SEDD and the business community in the emirate. This initiative aligns with SEDD’s broader strategic plans, designed to position Sharjah as a competitive and…

DUBAI – The highly anticipated 7th edition of the Forex Expo Dubai 2024 is set to kick off tomorrow at the Dubai World Trade Centre, running for two days. The event will feature participation from more than 200 exhibitors from across the globe, presenting cutting-edge technologies, market trends, and lucrative opportunities in the world of trading. The Forex Expo Dubai 2024 has earned its reputation as a premier event for the global trading community, providing…

ABU DHABI – In a move to deepen economic ties and enhance bilateral trade relations, the Federation of UAE Chambers of Commerce and Industry (UAE Chambers) and the Malta Chamber of Commerce have initiated discussions about establishing a joint business council. This proposal, along with plans for a UAE trade mission to Malta in 2025, was a key topic during a recent meeting held in Abu Dhabi. The meeting, attended by Humaid Mohamed bin Salem,…

Doha, Qatar – The QatarDebate Center, a vital member of Qatar Foundation for Education, Science, and Community Development, convened a thought-provoking roundtable discussion on the topic of 'Sovereign Wealth Funds for the Gulf Cooperation Council (GCC) Countries'. The event was organized in cooperation with the Gulf International Forum in Washington, D.C., aiming to delve into the role of sovereign wealth funds (SWFs) in driving economic and social transformations across the Gulf region. The roundtable brought…

Doha, Qatar – In a significant diplomatic engagement, Prime Minister and Minister of Foreign Affairs of Qatar, HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, met with the Minister for Europe and Foreign Affairs of France, HE Jean-Noel Barrot, during the latter's official visit to Doha on Saturday. The meeting underscored the deep-rooted ties between Qatar and France, with both sides discussing strategies to further develop and strengthen their bilateral relations. The discussions between…

Belgrade, Serbia – In a significant step toward deepening economic ties, the United Arab Emirates (UAE) and Serbia have exchanged a Comprehensive Economic Partnership Agreement (CEPA), marking a milestone in the bilateral relationship between the two countries. The agreement is set to foster increased trade, investment flows, and enhance private sector collaboration in various high-growth sectors. The exchange was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His…

Tbilisi, Georgia – In a major step toward enhancing economic cooperation, the Saudi-Georgian Business Forum was held today in Tbilisi, resulting in several landmark trade agreements and partnerships between Saudi and Georgian investors. Organized by the Federation of Saudi Chambers (FSC), the forum saw participation from more than 200 companies from both countries, demonstrating the strong interest in fostering bilateral trade and investment opportunities. Among the notable attendees were Hassan bin Moejeb Al-Huwaizi, President of…

Ras Al Khaimah, UAE – In a significant development aimed at fostering stronger economic ties between the United Arab Emirates and China, the Ras Al Khaimah Economic Zone (RAKEZ) has signed a Strategic Cooperation Agreement with China’s Tianjin Pilot Free Trade Zone (Tianjin FTZ), marking the start of a long-term partnership to enhance trade, investment, and industrial collaboration. The formal agreement was sealed through two key signings: a Strategic Cooperation Agreement between Zhu Changcun, Director-General…

Doha – Mohammed Aljadaan, Saudi Arabia's Minister of Finance, led the Kingdom's delegation during the 122nd meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Thursday, October 3, 2024, in Doha, Qatar. The high-level meeting saw the participation of finance ministers from all GCC member states, along with GCC Secretary-General Jassim Mohammed Albudaiwi, to discuss strategies for enhancing financial and economic cooperation across the Gulf region. Key issues on the…

Moscow – The United Arab Emirates (UAE), through the Federal Tax Authority (FTA), actively participated in the BRICS tax officials and experts meeting, held from 24th to 26th September 2024 in Moscow, Russia. The sessions brought together tax delegations from BRICS nations to discuss key financial and tax-related strategies aimed at enhancing global prosperity. The UAE delegation, led by Khalid Ali Al Bustani, Director General of the FTA, emphasized the significance of these meetings in…

Doha – H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry of Qatar, met with key representatives of various countries yesterday as part of the ongoing Second Business Forum of the Asian Cooperation Dialogue (ACD) countries. The meetings underscored Qatar’s efforts to foster bilateral and multilateral ties across trade, investment, and industrial sectors within the Asian region. The Minister engaged in productive talks with H.E. Zavqi Zavqizoda, Minister of Economic…

DUBAI – Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has finalized preparations for its upcoming trade mission to Serbia and Türkiye, scheduled to take place from 6th to 11th October 2024. The mission forms part of the Chamber’s ‘New Horizons’ initiative, which focuses on assisting Dubai-based businesses in expanding into priority global markets. Ahead of the mission, the Chamber hosted a briefing session at its headquarters, welcoming the delegation set…

Berlin – On the sidelines of the Berlin Global Dialogue, Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, engaged in key discussions with prominent private-sector leaders, focusing on investment opportunities in Saudi Arabia under the ambitious framework of Saudi Vision 2030. The minister met with several high-profile business figures, including Siemens Chief Executive Roland Busch, Globant Co-Founder and President of the Europe, Middle East, and Africa (EMEA) region Martin Umaran, and Mercedes-Benz Group Chairman…

Madrid – The Sultanate of Oman, represented by the Oman Chamber of Commerce and Industry (OCCI), participated in the Oman-Spain Business Forum, held in Madrid. Hosted by the Spanish Chamber of Commerce, the event sought to strengthen economic ties between Oman and Spain, focusing on enhancing collaboration in the private sector. The Omani delegation was led by Eng. Hussain Hassan Abdul Hussain, a member of the OCCI Board of Directors, who played a key role…

WELLINGTON, NEW ZEALAND – Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates (UAE), has successfully wrapped up a high-profile visit to New Zealand and Australia, further solidifying the UAE’s economic partnerships within the Oceania region. A key outcome of the visit was the finalization of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and New Zealand, marking a significant milestone in advancing bilateral trade and…

DOHA, Qatar – Qatar has achieved a significant milestone in global innovation, securing 49th place in the Global Innovation Index (GII) 2024, moving up 21 places since 2020. The annual ranking, compiled by the World Intellectual Property Organisation (WIPO), measures the innovation capabilities of 133 world economies based on 80 different indicators. Qatar's progress on the index reflects the country’s continued emphasis on fostering innovation-driven growth. This year’s ranking marks a one-place improvement from 2023,…

New York – The Secretary General of the Gulf Cooperation Council (GCC), His Excellency Mr. Jasem Mohamed Albudaiwi, affirmed the Council’s dedication to forging strong, strategic alliances with nations and organizations around the world. His comments came during a high-profile joint ministerial meeting between the GCC and the Community of Latin American and Caribbean States (CELAC), held on the sidelines of the United Nations General Assembly in New York on Friday, September 27, 2024. The…

DOHA: Qatar’s Minister of Finance, HE Ali bin Ahmed Al Kuwari, held a key meeting with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), on Thursday, aiming to bolster collaboration in the realms of investment, finance, and economic development. The discussions took place on the sidelines of the 9th Annual Meeting of the Board of Governors of the AIIB, which was held in Uzbekistan, bringing together global financial leaders. During the meeting, both…

MANAMA: In a bid to enhance economic collaboration, Bahrain and Thailand have taken significant steps to strengthen their trade ties, particularly in the booming halal products sector. The growing relationship between the two nations was underscored during a high-profile business matching event held in Bahrain, where officials emphasized the opportunities for collaboration in halal food production, expos, and the broader halal ecosystem. Shaikh Rashid bin Khalifa Al Khalifa, Vice Chairman of Bahrain Chamber’s Food Sector…

SAMARKAND, Uzbekistan: The United Arab Emirates (UAE) actively participated in the annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) held in Samarkand, Uzbekistan. The UAE delegation was led by Mohamed Saif Al Suwaidi, Director-General of the Abu Dhabi Development Fund for Development (ADFD) and the UAE’s Alternate Governor on the AIIB Board of Governors. The meeting provided an opportunity to reflect on the achievements of the past year while…

NEW YORK: The Sultanate of Oman, represented by Foreign Minister Sayyid Badr Hamad Al Busaidi, participated in the GCC-US Ministerial Meeting and the G20 Foreign Ministers' Meeting, both held on the sidelines of the 79th session of the United Nations (UN) General Assembly in New York. The discussions at these meetings emphasized the need for international cooperation in addressing regional conflicts and advancing global governance reforms. At the GCC-US Ministerial Meeting, the ministers exchanged views…

RIYADH: The Saudi Infrastructure Summit and Expo successfully wrapped up its three-day event in Riyadh, attracting over 25,000 participants from more than 35 countries and featuring 70 expert speakers. The event served as a major platform for addressing key topics in the infrastructure sector, while also showcasing Saudi Arabia’s significant progress and pioneering efforts in this vital industry. The summit brought together a high-level mix of senior Saudi officials and international experts, providing a forum…

Dubai – The World Free Zones Organisation (World FZO) concluded its landmark 10th Annual Congress in Dubai, an event that attracted over 2,000 participants from 136 countries. This year’s congress, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, coincided with the 10th anniversary of the organisation’s founding. His Highness Sheikh Mohammed bin Rashid Al Maktoum had personally witnessed the establishment of the World…

Doha – The Gulf Cooperation Council (GCC) is making significant strides in establishing a unified definition for Gulf national products, a crucial step in achieving "economic citizenship" across the region and promoting greater industrial cooperation. This development was the key focus of the fifth extraordinary meeting of the Undersecretaries of Industry Ministries from GCC countries, held in Doha. During the meeting, Mohamed bin Hassan Al-Malki, Qatar’s Undersecretary of the Ministry of Commerce and Industry, stressed…

MOSCOW – In a pivotal move to strengthen economic ties, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, held high-level talks with Andrey Slepnev, Minister in charge of Trade for the Eurasian Economic Commission, in Moscow. The discussions focused on expanding trade and investment opportunities between the UAE and the Eurasian Economic Union (EAEU), which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. A key highlight of the talks was the…

Riyadh – In a major stride toward sustainable agriculture, the National Center for Palm and Dates, in partnership with the Ministry of Environment, Water, and Agriculture, has successfully launched the region’s first biochar product. This pioneering effort, using palm waste as the key raw material, represents a breakthrough in environmental innovation, aligning with Saudi Arabia’s long-term goals for sustainability and economic diversification. Biochar, a carbon-rich and porous material, is a transformative addition to the agricultural…

Abu Dhabi – The Abu Dhabi Securities Exchange (ADX) has introduced a new directive requiring listed companies to disclose the agenda and schedule of their Board of Directors meetings at least two business days before the meeting date, particularly when matters affecting the company’s stock price are to be discussed. In a circular issued today, ADX emphasized the importance of disclosure and transparency in corporate governance, highlighting that any decisions made during these meetings must…

DUBAI - In a significant move to enhance economic ties, the Dubai Chamber of Commerce has announced the establishment of the Georgian Business Council. This initiative is designed to foster collaboration between the private sectors of Dubai and Georgia, thereby supporting the growth of bilateral trade and investment. The creation of the council underscores Dubai's increasing appeal to Georgian companies and investors. In the previous year, non-oil bilateral trade between Dubai and Georgia rose by…

Ajman – In a step towards fostering stronger economic ties, Salem Al Suwaidi, Director General of the Ajman Chamber of Commerce and Industry, met with Hussain Muhammad, Consul General of the Islamic Republic of Pakistan, to explore ways to enhance bilateral trade and promote mutual investment between Ajman and Pakistan. The discussions, held in Ajman, aimed at unlocking new opportunities in the manufacturing industry, agricultural products, and renewable energy sectors. The meeting, attended by senior…

Sharjah – The Board of Directors of the Federation of GCC Chambers (FGCCC) held the 64th session of their meeting in Sharjah, United Arab Emirates, under the chairmanship of Faisal Abdullah Al Rowas, Chairman of the Oman Chamber of Commerce and Industry (OCCI). The high-level meeting focused on strengthening economic cooperation and advancing strategic collaboration between the public and private sectors across the Gulf Cooperation Council (GCC) region. During the meeting, the Board discussed a…

ABU DHABI – The GCC region is poised for robust economic growth, with a new report from the Institute of Chartered Accountants in England and Wales (ICAEW) forecasting that growth will more than double to 4.4% by 2025. The ICAEW Economic Insight: Middle East report, prepared by Oxford Economics, also projects that while economic growth in the broader Middle East will be a modest 2.1% in 2024, it will accelerate to 3.7% in 2025, largely…

Dubai – The Dubai International Chamber, operating under the umbrella of Dubai Chambers, recently hosted an ‘In Focus’ event, aimed at presenting expansion opportunities for Dubai-based businesses in Tanzania and Uganda. Attended by more than 100 representatives from various private sector companies in the emirate, the session underscored Dubai’s growing interest in strengthening economic ties with key markets in Africa. The event served as a platform to explore cross-border trade and investment possibilities between Dubai and…

Abu Dhabi – The United Arab Emirates (UAE) and Australia have concluded negotiations on a historic Comprehensive Economic Partnership Agreement (CEPA), a groundbreaking trade deal that, once ratified, will be Australia’s first with a country in the Middle East and North Africa (MENA) region. This agreement is expected to revolutionize the economic relationship between the two nations by streamlining trade processes, eliminating tariffs on a wide array of goods and services, and creating new avenues for…

Doha – The Ministry of Commerce and Industry (MoCI) of Qatar played a pivotal role in the ConteQ Expo 2024, a modern technology exhibition focused on innovation in the construction and services sectors. Held at the Qatar National Convention Center (QNCC), the event attracted global attention for its emphasis on digital transformation and the integration of modern technologies across industries. The expo, which concludes this Wednesday, saw the Ministry taking center stage with an extensive pavilion…

Riyadh – In a bid to enhance the competitiveness of the industrial sector and support ongoing development projects, Saudi Arabia's Ministry of Industry and Mineral Resources has launched a customs exemption service for industrial facilities engaged in experimental production. The service, now available on the Senaei platform, aims to assist facilities holding industrial licenses that are still in the construction phase. This new initiative removes customs duties on specified quantities of raw materials required for experimental…

MANAMA – Export Bahrain, representing the Kingdom’s vibrant trade sector, participated in the prestigious 9th Belt and Road Summit in Hong Kong, hosted by the Hong Kong Trade Development Council (HKTDC). The event, held in September 2024, brought together global leaders, business executives, and policymakers under the theme "Building a Connected, Innovative, and Green Belt and Road." The summit provided a critical platform for discussing collaboration, investment opportunities, and strategic partnerships aligned with the Belt and…

MUSCAT – Qais Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, held a meeting today with Douglas Alexander, Minister of State for Trade Policy and Economic Security of the United Kingdom, to explore avenues for boosting collaboration between Oman and the UK across various sectors. The meeting emphasized the enhancement of commerce, industry, and investments, with both sides expressing a strong commitment to building on existing ties. Key discussions centered around bolstering intra-trade…

Abu Dhabi – H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the UAE, hosted a high-level meeting with Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, in the capital on Monday. The meeting, which also included Luigi Di Maio, EU Special Representative for the Gulf region, focused on expanding cooperation between the UAE and the European Union (EU), particularly in sectors…

Riyadh – Saudi Arabia is set to intensify its investments in emerging industries, such as tourism, manufacturing, logistics, and mining, as the kingdom pushes forward with its ambitious economic diversification strategy under Vision 2030, according to a recent report by S&P Global. The global ratings agency upgraded its outlook on the kingdom’s economy from “stable” to “positive,” affirming A/A-1 long- and short-term foreign and local currency unsolicited sovereign credit ratings. S&P’s outlook revision is based…

Doha – The 13th EU-GCC Economic Dialogue opened on Monday in Doha, bringing together high-level representatives from the Gulf Cooperation Council (GCC) and the European Union (EU) to discuss pressing global economic challenges, regional risks, and policy priorities. This year’s discussions focused heavily on security, stability, and the evolving dynamics of the international economic landscape. The meeting was chaired by Saud bin Abdullah Al Attiyah, Assistant Undersecretary for Economic Affairs at Qatar’s Ministry of Finance,…

Abu Dhabi – The United Arab Emirates has officially unveiled its ambitious global initiative, "Invest in the Emirates," aimed at attracting top innovators, entrepreneurs, and business leaders from around the world to explore the vast opportunities within the country’s thriving business ecosystem. The campaign, which will be showcased across major cities such as Cannes, Munich, Paris, London, Zurich, Geneva, and New York, is designed to position the UAE as a premier destination for investment and…

Doha – In a bid to strengthen bilateral economic ties, Qatar Chamber recently hosted a Malaysian trade delegation led by Tengku Sulaiman Shah al-Haj, the Prince of the State of Selangor. The delegation, consisting of representatives from 10 Malaysian companies, aimed to showcase the vast investment opportunities in Malaysia, particularly in Selangor, across sectors including infrastructure, tourism, renewable energy, telecommunication, food security, real estate, and pharmaceuticals. Mohammed bin Ahmed bin Towar al-Kuwari, the chamber’s first…

London – In a pivotal step to strengthen economic ties, Britain's new trade ministers, Trade Secretary Jonathan Reynolds and Minister for Trade Policy Douglas Alexander, arrived in the Gulf region on Monday. This marks their first joint visit as they engage in discussions with the Gulf Cooperation Council (GCC) regarding a potential free trade agreement. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The visit comes at a time…

Doha – On Monday, Qatar Chamber (QC) welcomed a delegation from the China Council for the Promotion of International Trade (CCPIT) and the China Chamber of International Commerce, led by CCPIT Vice-Chairman Yu Jilanlong. The meeting aimed to enhance economic and commercial ties, explore investment opportunities, and promote collaboration between Qatari and Chinese private sectors. Speaking at the event, QC First Vice-Chairman Mohamed bin Ahmed bin Twar Al Kuwari praised the long-standing relations between Qatar…

RIYADH – In a significant step towards reinforcing bilateral economic ties, Saudi Minister of Commerce Dr. Majid Al-Kassabi held discussions with the UK’s Secretary of State for Business and Trade, Jonathan Reynolds, in Riyadh. The meeting, which is part of the broader efforts of the Saudi-British Strategic Partnership Council, focused on expanding economic collaboration across various sectors, especially those aligned with Saudi Vision 2030. The talks centered on enhancing partnerships in priority areas, encouraging British…

SHARJAH – The Sharjah Airport International Free Zone (SAIF Zone) successfully concluded its participation in the prestigious 70th Bangkok Gems and Jewelry Fair, held from 9th to 13th September in Bangkok, Thailand. This highly anticipated event, featuring over 1,100 exhibitors from more than 110 countries, offered a valuable platform for SAIF Zone to highlight its extensive range of services and investment opportunities, particularly within its Gold, Diamonds, and Commodities Park. SAIF Zone's delegation leveraged the…

DOHA, QATAR – QTerminals, the operator of Hamad Port, continues to set new benchmarks in both worker safety and sustainability. As the port rapidly transforms into a regional trade hub, the company remains steadfast in maintaining the highest standards of safety for its employees, contractors, and visitors. In a recent update shared via the company's X (formerly Twitter) platform, QTerminals reported significant progress in ensuring a safe working environment. As of August 2024, the port…

MONTEVIDEO: The Saudi Minister of Environment, Water, and Agriculture, Eng. Abdulrahman Alfadley, and his delegation held a series of discussions with Uruguay’s Minister of Livestock, Agriculture, and Fisheries, Fernando Mattos Costa, on Tuesday. The talks, part of an official visit by the Saudi delegation to Uruguay, centered on enhancing cooperation in the fields of agriculture, fisheries, and food security. The discussions focused on creating new investment opportunities and broadening bilateral cooperation through the exchange of…

RIYADH – Standard & Poor’s (S&P) has affirmed Saudi Arabia’s credit rating at "A/A-1" for both local and foreign currencies, while also upgrading the Kingdom’s outlook from "stable" to "positive," citing significant progress in economic reforms and non-oil sector development. The credit rating agency highlighted that Saudi Arabia's ongoing comprehensive reforms and strategic investments are key factors contributing to the sustainability of its public finances and the diversification of its economy away from oil dependency.…

Doha: HH Prince Tengku Sulaiman Shah Al-Haj, Prince of the Malaysian State of Selangor, extended an invitation to Qatari business leaders to visit Malaysia and explore a wide range of investment opportunities across key sectors. The invitation was made during a visit to Qatar Chamber (QC) in Doha, where the Prince, along with an official Malaysian delegation, met with QC First Vice Chairman Mohammed bin Ahmed bin Twar Al Kuwari. The delegation, which included representatives…

RIYADH – The Federation of Saudi Chambers (FSC), under the leadership of Chairman Hassan Alhwaizy, has significantly expanded the number of its national committees, growing from 37 to 60. This development underscores the increasing importance of these committees in driving the Kingdom's economic progress and aligns with the ambitious goals set forth by Vision 2030. Speaking at the first meeting of the National Committees Development Project, Alhwaizy emphasized the strategic role of the committees in…

MANAMA – Bahrain is looking to bolster its economic partnership with Hong Kong through collaboration in critical sectors such as education, healthcare, technology, and industry, a senior official from the Bahrain Chamber of Commerce has revealed. During a visit to the Hong Kong General Chamber of Commerce (HKGCC), Mohammed Al Kooheji, Second Vice Chairman of the Bahrain Chamber, highlighted the shared opportunities and synergies between the two economies. He pointed out that Bahrain and Hong…

KUWAIT CITY – Sheikh Mubarak Abdullah Mubarak Al-Sabah, Vice Chairman of the Board of Directors of Action Group Holdings, highlighted the distinctiveness of Malaysia’s economic model, praising it as a unique experience within Asia and the Islamic world. During a prestigious dinner reception at the White Palace in honor of His Highness Tengku Sulaiman Shah Al-Haj, Head of the Diwan of the Ruler of the State of Selangor, Sheikh Mubarak emphasized the growing strength of…

DHAHRAN – Saudi Aramco, a global leader in integrated energy and chemicals, has cemented its longstanding relationship with China by announcing new strategic agreements with key Chinese partners during the recent visit of Chinese Premier Li Qiang to the Kingdom of Saudi Arabia. These agreements are part of Aramco’s ongoing commitment to bolstering China’s long-term energy security, fostering economic cooperation, and promoting technology innovation between the two nations. Among the signed agreements are a Development…

Muscat – In a strategic move to bolster Oman’s economy and drive development across key sectors, the Ministry of Housing and Urban Planning (MHUP) has approved 151 new projects. These ventures will be executed by companies selected through auctions, as announced on the Tatweer platform. This initiative aims to accelerate commercial and agricultural growth, optimize land use, and improve sectoral output across the various regions of the sultanate. The Ministry’s latest announcement highlights a collaborative…

SHARJAH - The Sharjah Entrepreneurship Centre (Sheraa) has made a major leap forward in its mission to foster regional entrepreneurship by convening its newly appointed Board of Advisors under the leadership of Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sheraa. This marks a critical step towards advancing Sheraa’s vision of innovation, sustainability, and positioning Sharjah as a leading hub for entrepreneurship in the UAE and beyond. Sheraa’s Board of Advisors consists of 17 visionary…

Muscat — His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, successfully led a high-level Omani delegation to the United States from September 5 to 13, 2024. The visit aimed to deepen trade and investment ties between Oman and the U.S., with a strong focus on promoting investment opportunities in line with Oman Vision 2040. The delegation sought to capitalize on the Free Trade Agreement (FTA) between the two countries,…

RIYADH — His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), confirmed that discussions between the GCC and China have focused on enhancing cooperation and deepening ties. These talks, held on Wednesday in Riyadh, underscored the strong relationship between the two sides, building upon the outcomes of the inaugural Gulf-Chinese Summit held in Saudi Arabia in December 2022. The meeting was chaired by Mr. Li Qiang, Premier of the State Council…

HONG KONG — The Ninth Belt and Road Summit commenced today in Hong Kong under the theme “Building a Connected, Innovative and Green Belt and Road.” Hosted by the Hong Kong Special Administrative Region Government and the Hong Kong Trade Development Council, the summit runs for two days at the Hong Kong Convention and Exhibition Centre, gathering over 80 top officials and business leaders from Belt and Road Initiative (BRI) countries and regions. This year's…

Mumbai – The India-UAE Business Forum opened today in Mumbai, bringing together top government officials, industry leaders, and entrepreneurs to explore new avenues for economic cooperation and innovation. Held under the theme “Beyond CEPA: Innovation and Future-Ready Economies”, the forum is a key initiative aimed at expanding bilateral ties beyond the landmark Comprehensive Economic Partnership Agreement (CEPA) signed between India and the UAE. The forum, organized by the UAE Ministry of Economy in partnership with…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), reaffirmed the strong and historic relationship between the GCC member states and the Russian Federation, emphasizing the importance of accelerating joint initiatives. This was expressed during the seventh joint ministerial meeting of the strategic dialogue between the GCC and Russia, held on Monday, September 9, 2024, under the chairmanship of His Excellency Shaikh Mohammed bin Abdulrahman Al Thani, Prime Minister…

Muscat – The Oman Chamber of Commerce and Industry (OCCI) and the Bahrain Chamber of Commerce and Industry held a pivotal coordination meeting on Monday to finalize the procedures for establishing the Oman-Bahrain Investment Company. This joint venture aims to strengthen economic cooperation between the two nations by exploring and developing key projects within their respective private sectors. The meeting focused on several important topics, including a review of prominent sectors with high economic feasibility for…

Riyadh – The General Authority of Foreign Trade (GAFT), represented by its Deputy Governor Fareed bin Saeed Al-Asali, led the Saudi delegation in the first round of Free Trade Agreement (FTA) negotiations between the Gulf Cooperation Council (GCC) and the Republic of Indonesia. The talks, held in Jakarta from September 9 to 31, are aimed at establishing stronger trade ties and enhancing economic cooperation between the two regions. The Saudi delegation, under the leadership of Al-Asali,…

Vienna – The OPEC+ alliance, comprising the Organization of the Petroleum Exporting Countries and its allies, led by Russia, announced on Thursday that it has decided to delay its planned oil output increase for October and November 2024. The decision comes in response to declining crude oil prices, which have reached their lowest point in nine months, driven by concerns over a weakening global economy and softening demand from China, the world's largest oil importer. In…

Riyadh – His Excellency Mr. Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), welcomed Her Excellency Ms. Alexandra Papadopoulou, Deputy Minister of Foreign Affairs of the Hellenic Republic, at the GCC General Secretariat headquarters in Riyadh on Sunday. The meeting served as a platform for discussing critical regional issues and enhancing bilateral relations. The two officials extensively reviewed the current situation in Gaza, highlighting the dire conditions resulting from ongoing Israeli occupation and…

CAIRO – Abdullah bin Touq Al Marri, the UAE Minister of Economy, held a series of bilateral meetings with Egypt’s top officials, Lieutenant General Kamel El Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, and Dr. Rania Al Mashat, Minister of Planning, Economic Development, and International Cooperation. The discussions centered around enhancing economic cooperation between the two nations across sectors such as the new economy, transportation, entrepreneurship, infrastructure, circular economy, agriculture,…

Riyadh – The Kingdom of Saudi Arabia will actively participate in the first round of negotiations for a Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) countries and the Republic of Indonesia. This significant round of discussions is scheduled to take place in Jakarta, Indonesia, from September 9 to 31, 2024. Key topics on the agenda for these negotiations include trade in goods and services, investment policies, customs procedures, rules of origin, technical barriers…

KUWAIT CITY – Kuwait’s Minister of Finance and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, met with Hungary’s Minister of Foreign Affairs and Commerce, Peter Szijjarto, on Thursday to discuss enhancing trade and business relations between the two nations. The discussions, which took place during Szijjarto’s official visit to Kuwait, focused on key economic issues, investment opportunities, and plans for closer cooperation in the future, Kuwait News Agency (KUNA) reported. During the…

GUANGZHOU – Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, held a strategic meeting with executives from Foton Motor Company in Guangzhou, China, to explore opportunities for expanding vehicle manufacturing and localizing the production of buses, trucks, and light transport vehicles in Saudi Arabia. The high-level meeting was also attended by representatives from Saudi Arabia’s Ministry of Investment, Ministry of Transport and Logistic Services, and key figures from the industrial and mineral resources…

Kuwait City – The price of Kuwaiti crude oil dropped by one cent on Friday, settling at $74.64 per barrel, compared to $74.65 the previous day, according to the Kuwait Petroleum Corporation (KPC). This minor decrease comes amid broader global fluctuations in oil prices as markets respond to a range of geopolitical and economic factors. On the international stage, the price of Brent crude futures experienced a sharper decline, falling by $1.63 to $71.06 per barrel,…

RIYADH, Saudi Arabia – Bandar bin Ibrahim Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, held high-level discussions with Chinese mining companies today, focusing on enhancing cooperation in the mining sector and exploring joint investment opportunities in lithium and copper processing. These minerals are essential for various industries, particularly the production of electric vehicle (EV) batteries. The meeting included prominent figures such as Abdullah Ali Alahmari, Assistant Minister for Planning and Development; Saleh Al-Solami,…

VIENNA – OPEC+ countries have collectively agreed to extend their additional voluntary oil production cuts of 2.2 million barrels per day (bpd) for another two months, pushing the expiration date to the end of November 2024. The decision came during a virtual meeting held on September 5, 2024, where the group reiterated its strong commitment to stabilizing global oil markets through coordinated production adjustments. The extension follows the earlier voluntary cuts announced in April and November…

GUANGZHOU – Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, has extended an official invitation to Chinese companies to invest in a range of strategic industrial sectors that are critical to the Kingdom's economic growth. Speaking at a roundtable organized by the Federation of Chambers of Commerce in Guangzhou, Al-Khorayef outlined the vast opportunities available under Saudi Arabia's National Industrial Strategy, emphasizing sectors such as automotive, aviation, food, pharmaceuticals, machinery, and…

Helsinki – His Excellency Sheikh Mohammed bin Hamad bin Qassim Al-Thani, Minister of Commerce and Industry of Qatar, has called on Finnish companies and investors to capitalize on Qatar's thriving economic landscape. Speaking at the Qatar-Finland Business Roundtable in Helsinki, HE Sheikh Mohammed highlighted the various incentives and legislative measures Qatar has enacted to encourage foreign investments and boost non-oil exports. The roundtable was held on the sidelines of the official visit of His Highness the…

SHARJAH, UAE – The Sharjah Chamber of Commerce and Industry (SCCI) held a productive meeting to explore ways of strengthening trade and investment relations between Sharjah's business community and its counterpart in Nepal. The discussions, which underscored the UAE's commitment to diversifying its investment portfolio, focused on identifying strategic partnerships between the private sectors of both countries. The meeting took place between Sheikh Majid Faisal Khalid Al Qasemi, First Vice Chairman of SCCI, and Tej Bahadur,…

OSLO, Norway – In a significant step towards bolstering diplomatic and economic relations, the State of Qatar and the Kingdom of Norway have signed two key Memoranda of Understanding (MoUs) during the official visit of His Highness Sheikh Tamim bin Hamad Al Thani, Amir of Qatar, to Norway. The agreements, which aim to enhance cooperation in military, peace, and reconciliation efforts, as well as tax regulation, underscore the growing partnership between the two nations. The…

Muscat, September 4, 2024 - His Excellency Qais bin Mohammed Al-Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, held a virtual meeting with His Excellency Douglas Alexander, the United Kingdom’s newly appointed Minister of State for Trade Policy and Economic Security. The discussions focused on enhancing bilateral cooperation in trade and investment, reflecting the strong and enduring partnership between the two nations. At the outset of the meeting, Minister Al-Yousef extended his warm congratulations…

Cairo – Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the UAE Ministry of Economy, has underscored the United Arab Emirates' unwavering dedication to bolstering Arab cooperation and driving economic progress across the region. His remarks were delivered during the opening session of the 114th regular meeting of the Arab Economic and Social Council (AESC), held at the General Secretariat of the Arab League headquarters in Cairo. In his address, Al Kait…

Singapore – In a significant move to bolster bilateral relations, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, met with Singapore's Minister for Manpower and Second Minister for Trade and Industry, Dr. Tan See Leng, during his official visit to Singapore. The meeting underscores the growing partnership between the two nations, particularly in the industrial and mineral resources sectors. Minister Al-Khorayef emphasized Saudi Arabia's strategic position as a bridge connecting Asia, Africa,…

ABU DHABI — The UAE's recent accession to the BRICS group underscores its commitment to multilateralism and constructive dialogue, aimed at fostering global development, prosperity, and wellbeing. This strategic move aligns with the UAE’s approach of forging robust partnerships with nations and international organizations to boost economic competitiveness and explore new growth avenues. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, emphasized that the UAE’s new role within BRICS reflects the nation’s dedication…

Abu Dhabi, UAE – In a significant diplomatic exchange, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, held a phone call today with José Manuel Albares, Minister of Foreign Affairs of the Kingdom of Spain. The conversation focused on deepening the robust bilateral relations between the two nations, particularly in the economic and trade sectors. The discussion underscored the ongoing commitment of both…

Cairo - The United Arab Emirates (UAE) is presiding over the 114th regular session of the Arab Economic and Social Council (AESC), which begins today, Sunday, and will continue through Thursday at the General Secretariat of the Arab League headquarters in Cairo. This session of the AESC is focused on enhancing joint Arab cooperation across economic and social fields. It brings together ministers, officials, and experts from various Arab nations to address priority issues crucial…

Introduction to VAT in the UAE The United Arab Emirates (UAE) introduced Value Added Tax (VAT) on January 1, 2018, as part of the government’s strategic move to diversify its revenue streams and reduce its dependence on oil. VAT is an indirect tax applied at different points in the supply chain, with the final consumer bearing the cost. The revenue generated from VAT contributes to the UAE’s continued provision of high-quality public services, such as…

Riyadh, Saudi Arabia – Saudi Arabia, in collaboration with the United Nations Industrial Development Organization (UNIDO), is set to host the second Multilateral Industrial Policy Forum (MIPF) this October in Riyadh. This significant event will highlight the Kingdom's ongoing industrial transformation efforts, aligned with the ambitious goals of Vision 2030. The forum is expected to further expand Saudi Arabia’s industrial base, positioning the Kingdom as a leading global industrial hub. The MIPF is organized by…

CAPE TOWN — The United Arab Emirates, represented by the Ministry of Finance, actively participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries, held on 30th August in Cape Town, South Africa. The meeting, themed “Investing in a Sustainable Future,” underscored the significance of sustainable development and the essential role of financial innovation in achieving global sustainability goals. The UAE delegation was led by Mohamed bin Hadi…

DOHA – His Highness the Amir Sheikh Tamim bin Hamad Al-Thani engaged in a significant phone conversation on Friday with His Excellency Olaf Scholz, Chancellor of the Federal Republic of Germany. The discussions centered on strengthening the longstanding bilateral relations between Qatar and Germany, exploring avenues to further enhance cooperation across various sectors. During the call, HH the Amir and Chancellor Scholz exchanged views on deepening the partnership between the two nations, underscoring the importance of…

SHARJAH – The Sharjah Chamber of Commerce and Industry (SCCI) has reiterated its commitment to bolstering economic cooperation, expanding joint investments, and reinforcing partnerships between the business communities of Sharjah and Uzbekistan. This initiative is part of the broader goal to facilitate greater trade exchanges and collaborative ventures between the two regions. During a high-level meeting held at the SCCI headquarters, Abdallah Sultan Al Owais, Chairman of SCCI, engaged in discussions with Abdulaziz Akkulov, the…

Abu Dhabi, UAE - AD Ports Group has achieved a significant milestone by breaking into the global top 20 ranks of world port operators for the first time, according to a new industry survey by Drewry, a UK-based firm specializing in tracking the container ports sector. The Group secured the 19th position globally, reflecting its rapid expansion and growing influence within the global maritime and logistics industries. The ascent of AD Ports Group in the…

Riyadh, Saudi Arabia - His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, held a significant meeting today with Charles Michel, President of the European Council, in Riyadh. The discussions underscored the importance of strengthening relations and enhancing cooperation between Saudi Arabia and the countries of the European Union. During the meeting, both leaders explored a wide range of topics, focusing on…

Doha, Qatar – In a decisive move to protect domestic industries and enhance the competitiveness of national products, His Excellency Sheikh Mohammed bin Hamad bin Qassim Al-Thani, Minister of Commerce and Industry of Qatar, has issued final anti-dumping duties on certain types of automotive batteries imported from the Republic of Korea and the Republic of India. The Ministry of Commerce and Industry (MOCI) announced these measures on Tuesday, underscoring their commitment to curbing harmful trade…

Hanoi – Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, recently held high-level talks with Pham Minh Chinh, Prime Minister of Vietnam, during an official visit to Hanoi aimed at bolstering bilateral trade and investment relations between the two nations. The discussions were part of a broader series of meetings with key representatives from both the public and private sectors, designed to explore and expand economic cooperation in sectors crucial to the economic…

Dubai — His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has announced that the UAE is on track to achieve remarkable milestones in its non-oil foreign trade by the end of 2024. Under the leadership of President His Highness Sheikh Mohammed bin Zayed Al Nahyan, the nation has seen unprecedented growth in its trade sector. Sheikh Mohammed revealed that UAE's exports for the…

Mubadala Investment Company has announced a significant acquisition in partnership with CBC Group, Asia’s largest healthcare-dedicated asset management group. The companies have secured 100% ownership of the carve-out of UCB Pharma’s mature business in China. This strategic move highlights Mubadala’s commitment to expanding its presence in Asia’s growing healthcare sector. UCB Pharma, a leading global biopharmaceutical company based in Belgium, holds a prominent position in China’s expanding immunology, neurology, and rare disease markets. The acquisition…

DUBAI – The first international edition of the Dubai Business Forum – China, organized by Dubai Chambers, took place in Beijing, highlighting the vast opportunities emerging for the Chinese business community in Dubai, fueled by the Dubai Economic Agenda (D33). The event, held under the theme "China, Dubai and Beyond: Igniting Global Trade and Investment," showcased Dubai's dynamic economy, competitive advantages, and key initiatives that provide quality investment opportunities for both Chinese and global investors.…

Fujairah Natural Resources Corporation (FNRC) has signed a significant cooperation agreement with Kuwait’s Ministry of Public Works to bolster investment and development in mineral resources and mining sciences. The agreement, formalized today, marks a key step in enhancing bilateral cooperation between the two entities. The signing ceremony took place with Eid Al Rashidi, Undersecretary of the Kuwaiti Ministry of Public Works, and Ali Qassim, Director-General of FNRC, at the helm. The event was attended by…

Asyad Line, a subsidiary of Asyad Group, is set to enhance its presence in Asia with a significant upgrade to its Far East Express (FEX) service. Beginning in August 2024, the upgraded service will now offer fortnightly sailings, connecting major ports in China, India, and the GCC region. This strategic move not only strengthens Oman's connectivity to vital global markets but also solidifies its role as a key transshipment hub for cargo in the region.…

Riyadh, Saudi Arabia – The automotive sector in Saudi Arabia continues to be a pivotal element of the national economy, playing a crucial role in commercial activities and contributing significantly to the country's economic growth. Recent data and industry reports underscore the sector's substantial expansion and regulatory advancements, positioning Saudi Arabia as the largest automotive market in the Arab world. According to the General Authority for Statistics, Saudi Arabia imported over 1 million new and…

The United Arab Emirates (UAE) and the Kingdom of Morocco have concluded the terms of a Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in strengthening the trade and investment ties between the two nations. The announcement was made following the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Ryad Mezzour, Moroccan Minister of Industry and Trade. This landmark agreement aims to…

In a series of high-level meetings in São Paulo, Saudi Arabia and Brazil have praised the "remarkable development" of their trade relations. Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, held discussions with Brazil’s Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, highlighting the significant strides made in economic cooperation between the two nations. The discussions centered on lucrative opportunities in the mining sector and the incentives Saudi Arabia offers…

The 14th BRICS Trade Ministers Meeting, held in Moscow, marked the UAE's inaugural participation since joining the group in August 2023. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, represented the UAE, advocating for enhanced trade cooperation among member nations and opposing barriers to the flow of goods and services worldwide. During the meeting, Dr. Al Zeyoudi signed a Joint Communique alongside ministers from Brazil, Russia, India, China, South Africa, Egypt,…

Salalah, Oman – The fourth edition of the Omani-Bahraini Products Exhibition has officially opened in the Wilayat of Salalah, marking a significant event aimed at promoting economic collaboration between Oman and Bahrain. Organized by the Omani-Bahraini Friendship Society in partnership with the Oman Chamber of Commerce and Industry (OCCI) branch in Dhofar Governorate and the Embassy of the Kingdom of Bahrain to Oman, the exhibition will run for 10 days at Salalah Grand Mall. The…

The UAE Ministry of Economy has introduced the Federal Decree-Law No. 36 of 2023 on competition regulation during a comprehensive media briefing. This landmark legislation is designed to enhance and protect competition within the country, curb monopolistic practices, and mitigate harmful economic concentration. By doing so, it aims to boost the productivity of various economic sectors, thereby enhancing the UAE's attractiveness to both domestic and international investors. Key Objectives and Framework Abdullah Ahmed Al Saleh,…

Ras Al Khaimah, UAE - In a bid to bolster economic cooperation and amplify trade and investment flows, the Ras Al Khaimah Chamber of Commerce has entered into a strategic agreement with the Argentine Chamber of Commerce and Services (CAC). This partnership aims to enhance the business communities of Ras Al Khaimah and Argentina, fostering stronger ties and mutual growth. The agreement, signed by Mohamed Mosbeh Al Nuaimi, Chairman of the Ras Al Khaimah Chamber…

London – Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi has confirmed an agreement between the GCC and the United Kingdom (UK) to expedite the finalization of negotiations for a free-trade agreement (FTA), with the goal of signing the accord by the end of this year. Albudaiwi’s announcement came following his meeting today in London with the UK Secretary of State for Business and Trade, Jonathan Reynolds. He noted a robust interest from the new…

Geneva, Switzerland – Abdullah bin Touq Al Marri, UAE Minister of Economy, led a delegation at the 65th session of the Assemblies of the World Intellectual Property Organisation (WIPO), held at the Organisation's headquarters in Geneva. The session, which began on July 9 and runs until July 17, highlights the UAE's dedication to fostering a competitive intellectual property (IP) protection system. Commitment to Global Best Practices In his address, Minister Al Marri emphasized that the…

ABU DHABI — Intercontinental Exchange, Inc. (NYSE:ICE) announced a significant surge in trading activity for Murban crude oil during the second quarter of 2024. This milestone reflects the continued success and growing influence of ICE Futures Abu Dhabi (IFAD), which launched in March 2021 in partnership with ADNOC and nine of the world’s leading energy traders. Murban crude, the UAE’s flagship crude grade supplied by ADNOC, is renowned for its low carbon emissions and high…

Muscat — A surge in Oman's non-oil activities has significantly contributed to the country’s gross domestic product (GDP), which reached 10.45 billion Omani rials ($27.15 billion) in the first quarter of 2024. This marks a 0.8 percent increase year-on-year, according to preliminary data released by the National Centre for Statistics and Information (NCSI). The non-oil sector recorded a substantial value of 7.18 billion rials by the end of Q1 2024, reflecting a 3.9 percent growth compared…

TOKYO - In a significant move to bolster bilateral relations, Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, met with Japanese Prime Minister Fumio Kishida. The high-level meeting aimed to discuss the latest developments in the Comprehensive Strategic Partnership Initiative (CSPI) and further cooperation between the two nations. Accompanied by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Shihab Al Fahim, UAE Ambassador to Japan,…

DUBAI - In a move to enhance trade logistics and shipping routes between the United Arab Emirates and China, DP World and Zhejiang Seaport Group have entered into a strategic partnership. This collaboration is set to bolster port operations and maritime connectivity between Jebel Ali Port in Dubai and Ningbo-Zhoushan Port in China. The new alliance aims to attract more shipping companies to establish additional maritime routes between the two key ports. This initiative will…

Saudi Arabia’s non-oil exports, including re-exports, experienced a notable surge of 4.4 percent in February compared to the same period in 2023, according to official data from the General Authority for Statistics (GASTAT). The data revealed that the total value of non-oil exports reached SR21.86 billion ($5.83 billion), showing a rise from SR20.93 billion recorded in the corresponding period of the previous year. This increase was predominantly driven by an 8.3 percent surge in the…

The Securities and Commodities Authority (SCA) of the UAE has implemented a new rule prohibiting onshore banks from promoting or marketing foreign funds to retail investors, effectively barring retail investors from subscribing to offshore funds and asset managers. This regulation came into effect on April 1, restricting promotional activities to only SCA-registered funds available for retail investors in the UAE. The SCA introduced this decision in January last year, aiming to prevent funds and asset…

Saudi Arabia's poultry sector is celebrating a significant milestone with a remarkable production of 100 million kilograms in February 2024. This achievement underscores a collaborative effort between the government and the private sector, marking a pivotal moment in the industry's growth trajectory. The Ministry of Environment, Water and Agriculture (MEWA) has attributed this success to the crucial support and funding provided by the Agricultural Development Fund for poultry projects. Moreover, MEWA emphasizes the implementation of…

In an astonishing political comeback, former President Donald Trump has been projected to win the 2024 presidential race, defeating Vice President Kamala Harris in a highly contentious and dramatic contest. Trump secured at least 279 electoral votes after clinching crucial victories in swing states, including Pennsylvania, Georgia, and Wisconsin. Harris, on the other hand, earned a minimum of 219 electoral votes, falling short in a race marked by historic milestones, including multiple assassination attempts on Trump and his controversial legal troubles.

Read more: gccbusinesswatch.com/news/trump-triumphs-in-2024-presidential-election-sealing-his-return-to-the-...

#Trump2024 #ElectionVictory #MAGA #KamalaHarris #GOP #2024Election #trumpcomeback #uspolitics #BidenDropOut #immigrationreform #EconomicPolicy ... See MoreSee Less

The rapid advancement of artificial intelligence (AI) is encouraging the world’s largest oil companies to significantly ramp up their investments in renewable energy, according to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, as well as Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC).

Read more:
gccbusinesswatch.com/news/ais-growth-spurs-oil-giants-to-increase-investments-in-renewable-energy...

@adnocgroup ADNOC Group
#ArtificialIntelligence #RenewableEnergy #OilAndGas #EnergyTransition #CleanEnergy #BatteryStorage #SustainableEnergy #NetZero #UAE #EnergyMix #NuclearPower #TechAndEnergy ... See MoreSee Less

Saudi Arabia is on the brink of an economic recovery as it emerges from the contraction experienced in 2023. The nation's real GDP is projected to grow by 2.5% in 2024, primarily fueled by strong activity in the non-oil private sector, which is anticipated to expand by an impressive 4.8%. This growth underscores the country's ongoing efforts to diversify its economy and reduce reliance on oil revenues, particularly in light of recent fluctuations in global oil markets. #SaudiArabia #EconomicRecovery #GDPGrowth #NonOilSector #Vision2030 #Diversification #OilIndustry #EconomicOutlook #SustainableGrowth #GlobalEconomy #Innovation #JobCreation #Construction #Tourism #Manufacturing #EconomicVitality ... See MoreSee Less

The Islamic Development Bank (IsDB) actively participated in a series of high-level meetings between the Arab Coordination Group (ACG) principals and World Bank Group (WBG) President Ajay Banga, held in Washington D.C. These discussions took place on the sidelines of the 2024 International Monetary Fund and WBG Annual Meetings and focused on enhancing joint financing initiatives across multiple sectors. #IsDB #WorldBank #ClimateAction #infrastructure #renewableenergy #youthempowerment #womenempowerment #GlobalCooperation ... See MoreSee Less

Washington, D.C. – His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), has commended the significant contribution of GCC member states to the development and decision-making processes of the World Bank. His remarks came during his participation in a panel discussion titled "Reflections on the World Bank Group's Evolution Journey," held on the sidelines of the International Monetary Fund (IMF) and World Bank meetings on October 22, 2024, in Washington, D.C. #GCCLeadership #WorldBank #IMF #GlobalEconomy #SustainableDevelopment #RenewableEnergy #GulfNations #SaudiArabia #UAE #DevelopmentCommittee #EconomicGrowth #GlobalPartnerships ... See MoreSee Less

A recent YouGov poll commissioned by the Arab News Research & Studies Unit reveals that a significant number of Arab Americans plan to vote in the upcoming US presidential election, with 87% indicating their intent to participate. The survey, conducted between September 26 and October 1, highlights that the Israeli-Palestinian conflict is the top priority for Arab Americans, surpassing other critical issues such as the economy or cost of living. #ArabAmericanCommunity #GazaCrisisImpact #MiddleEastInUSPolitics #MichiganBattleground #ArabAmericanInfluence #BidenAdministration #USForeignPolicy ... See MoreSee Less

Baku – Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 (COP28 UAE) President, called on nations to “unite, act, and deliver” at the upcoming COP29 in Baku, Azerbaijan, as a means of advancing global climate goals. Speaking at the opening session of Pre-COP, a ministerial meeting designed to set the stage for next month’s summit, Dr. Al Jaber emphasized that COP29 must build on the momentum of last year’s COP28 and the “historic” UAE Consensus. #COP29 #ClimateAction #UAEConsensus #ParisAgreement #ClimateFinance #Sustainability #RenewableEnergy #CarbonMarkets #NDCs #GlobalCooperation ... See MoreSee Less

Geneva – Dr. Hala bint Mazyed Al-Tuwaijri, President of the Saudi Human Rights Commission (HRC), emphasized Saudi Arabia's commitment to women's empowerment as a cornerstone for societal progress during the 89th session of the United Nations Committee on the Elimination of Discrimination Against Women. In her opening remarks, Dr. Al-Tuwaijri highlighted the Kingdom's sweeping reforms to strengthen women's rights under the National Transformation Program, a key pillar of the ambitious Vision 2030 strategy. #WomensRights #GenderEquality #Vision2030 #SaudiArabia #HumanRights #EmpoweringWomen #CEDAW #UNSession #LegalReforms #SaudiReforms ... See MoreSee Less

DUBAI – Etihad Credit Insurance (ECI) played a pivotal role as the official sponsor and Export Acceleration Partner at the 6th edition of the Future Food Forum, the largest annual gathering for stakeholders in the Middle East’s food and beverage sectors. The two-day event, which concludes today in Dubai, was organized in collaboration with Dubai Chambers and received support from Food Tech Valley, alongside sponsorship from various UAE-based food and beverage manufacturers. #EtihadCreditInsurance #FutureFoodForum #Sustainability #Innovation #FoodAndBeverage #UAE #FoodSecurity #ConsumerHealth #Collaboration ... See MoreSee Less

Moscow – The United Arab Emirates (UAE), through the Federal Tax Authority (FTA), actively participated in the BRICS tax officials and experts meeting, held from 24th to 26th September 2024 in Moscow, Russia. The sessions brought together tax delegations from BRICS nations to discuss key financial and tax-related strategies aimed at enhancing global prosperity. #uae #BRICS #TaxCooperation #economicgrowth #globaltaxreforms #ftauae #russia2024 #InternationalCollaboration #vatmodernisation #taxinnovation #taxsectordevelopment ... See MoreSee Less

Cairo – The Secretary General of the Arab League, Dr. Ahmed Aboul Gheit, has praised the pivotal role played by the Arab Monetary Fund (AMF) in bolstering the economic, financial, and monetary stability of Arab nations. His remarks were made during the opening of the 48th ordinary meeting of the Council of Arab Central Banks and Monetary Authorities' Governors, held in Cairo.#ArabMonetaryFund #ArabLeague #EconomicStability #MonetaryPolicy #FinancialTechnology #ArtificialIntelligence #CentralBanks #ArabEconomy #RegionalCooperation #Resilience #AMF #EconomicDevelopment ... See MoreSee Less

Abu Dhabi – Masdar, the Abu Dhabi Future Energy Company, has finalized the acquisition of a 50% stake in Terra-Gen Power Holdings II, LLC, one of the largest independent renewable energy producers in the United States, from Energy Capital Partners (ECP). This strategic move underscores Masdar’s commitment to expanding its presence in the US and scaling its global renewable energy portfolio. #Masdar #TerraGen #RenewableEnergy #CleanEnergy #USRenewables #GreenEnergy #EnergyTransition #Sustainability #COP28 #GlobalEnergyGoals #PACEAgreement #EnergyStorage #WindEnergy #SolarPower #Decarbonization ... See MoreSee Less

Abu Dhabi, UAE – Sovereign wealth funds (SWFs) from The Cooperation Council for the Arab States of the Gulf (GCC) deployed an impressive $55 billion in capital across 126 transactions in the first nine months of 2024, according to a new report from Global SWF, an industry tracker and data platform. This amount represents 40% of all sovereign investor transactions worldwide, maintaining the level of activity seen in 2023. #gccsovereignwealth #globalinvestments #SWF #ADIA #Mubadala #PIF #QIA #chinainvestments #WealthManagement #royalprivateoffices #aumgrowth #economicdiversification #GlobalFinance #gcceconomy ... See MoreSee Less

Abu Dhabi, UAE – Abdul Hakim Elwaer, Assistant Director-General and Regional Representative for the Food and Agriculture Organization (FAO) in the Near East and North Africa, has hailed the United Arab Emirates (UAE) as a strategic leader in strengthening food security and driving sustainable agricultural innovations in the face of escalating global and regional challenges.#FoodSecurity #UAELeadership #sustainableagriculture #faopartnership #globalhunger #SDGs #AgriculturalInnovation #ClimateSmartFarming #youthinagriculture #verticalfarming #SolarIrrigation ... See MoreSee Less

DOHA, Qatar – Qatar has achieved a significant milestone in global innovation, securing 49th place in the Global Innovation Index (GII) 2024, moving up 21 places since 2020. The annual ranking, compiled by the World Intellectual Property Organisation (WIPO), measures the innovation capabilities of 133 world economies based on 80 different indicators. Qatar's progress on the index reflects the country’s continued emphasis on fostering innovation-driven growth. #QatarInnovation #GII2024 #GlobalInnovationIndex #InnovationEconomy #TechAdvancement #QatarTech #WIPO #InnovationInputs #InnovationOutputs #EmergingEconomies #QatarProgress #SocialEntrepreneurship #NorthernAfricaWesternAsia ... See MoreSee Less

The GCC region is poised for robust economic growth, with a new report from the Institute of Chartered Accountants in England and Wales (ICAEW) forecasting that growth will more than double to 4.4% by 2025. The ICAEW Economic Insight: Middle East report, prepared by Oxford Economics, also projects that while economic growth in the broader Middle East will be a modest 2.1% in 2024, it will accelerate to 3.7% in 2025, largely driven by the Gulf Cooperation Council (GCC) countries. #GCCGrowth #economicdiversification #nonoilsectors #MiddleEastEconomy #icaewreport #OxfordEconomics #tourismtradefinance #gcceconomicrebound #privateinvestment #SustainableGrowth ... See MoreSee Less

ABU DHABI – The Ministry of Energy and Infrastructure (MoEI) unveiled cutting-edge technologies and innovative strategies aimed at enhancing the efficiency of energy demand management and water use during the third edition of the World Utilities Congress. The event, which brought together industry experts from across the globe, served as a platform for the Ministry to spotlight its initiatives that are integral to advancing the UAE’s sustainability goals. #UAEEnergyStrategy #NetZero2050 #RenewableEnergy #Sustainability #WaterSecurity #WorldUtilitiesCongress2024 #CleanEnergy #HydrogenEconomy #EnergyEfficiency #GreenTech #ClimateAction ... See MoreSee Less

DOHA – The outcomes and recommendations of the 83rd meeting of the Committee of Governors of Central Banks of The Cooperation Council for the Arab States of the Gulf (GCC) are set to significantly strengthen financial and economic integration across the GCC member states, according to His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the GCC.

The meeting, held on Thursday, September 12, 2024, in the Qatari capital, Doha, was chaired by His Excellency Shaikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Central Bank of Qatar and current president of the session. Attended by the central bank governors from all GCC member states, the event focused on advancing collaboration in monetary and financial sectors, with particular emphasis on adopting joint strategies and technological innovations to promote cross-border transactions. #gccintegration #centralbankgovernors #DohaMeeting #gcceconomy #financialcooperation #economicunity #bankingstandards #monetarypolicy #MiddleEastEconomy #Qatar2024 ... See MoreSee Less

ABU DHABI - Gulf Cooperation Council (GCC) banks are poised to maintain their robust performance throughout 2024, driven by increasing lending volumes, higher fee income, stable profit margins, and strong cost efficiency, according to a recent report by Standard & Poor's (S&P) Global Ratings.
The report, released today, highlights the positive trajectory of the region's banking sector, which has benefited from the growth of non-oil sectors, particularly in Saudi Arabia and the United Arab Emirates (UAE). These sectors have significantly contributed to a 10.4% annualized growth in lending for the top 45 GCC banks during the first half of 2024, marking a substantial rise from the 6.7% growth recorded in 2023. #GCCBanks #EconomicGrowth #FinancialPerformance #NonOilSector #LendingGrowth #InterestRates #SustainableFinance #BankingSector ... See MoreSee Less