Fitch, one of three influential ratings agencies, has placed Bahrain on a negative outlook amid growing concerns over increasing debt, low levels of foreign currency and high budget deficits. Debt is projected to rise from 130 percent in 2024 to 136 percent of GDP in 2026 “with a continued upward trajectory over the medium term”, …

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Man has gone there before, but for the Gulf Arab states the space race is only just picking up. Led primarily by the UAE and Saudi Arabia, Middle Eastern countries have spent $25 billion on satellites and other space projects and equipment over the past decade. That number is expected to triple to $75 billion …

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British oil company BP has finalised an agreement with the Iraqi government to redevelop four oil and gas fields in the northern Kirkuk region. BP is expected to invest up to $25 billion in the project over its lifetime, according to previous reports. The deal aims to rejuvenate Iraq’s oil production capacity. It also aligns …

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Abu Dhabi’s state-owned Adnoc Gas has signed a fourth sales and purchase agreement for its Ruwais liquefied natural gas project, which is under development at Al Ruwais Industrial City. Adnoc Gas signed the 15-year contract with one of Japan’s utility companies, Osaka Gas, to supply up to 800,000 tonnes of LNG per year, Adnoc said …

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Fitch, one of three influential ratings agencies, has placed Bahrain on a negative outlook amid growing concerns over increasing debt, low levels of foreign currency and high budget deficits. Debt is projected to rise from 130 percent in 2024 to 136 percent of GDP in 2026 “with a continued upward trajectory over the medium term”, …

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This week’s BD 70 million issue of Government Treasury Bills has been oversubscribed by 200% The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain (CBB), on behalf of the Government of the Kingdom of Bahrain. The issue date of the bills is January 15, and the maturity date …

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Bapco Energies, the integrated company leading the energy transition in the Kingdom of Bahrain, and EOG Resources Inc., a leading U.S.-based hydrocarbon exploration company, have signed a landmark agreement to evaluate a promising gas exploration prospect in the Kingdom. The signing ceremony builds on the high-level discussions held in early January 2025 where His Highness …

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Oil prices held steady on Friday, remaining poised for weekly gains after closing the previous session at their highest in more than two months, underpinned by colder European and U.S. weather. Brent crude futures were down 9 cents at $75.84 a barrel by 1212 GMT after settling on Thursday at the highest level since Oct. …

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Manama, Dec. 26 (BNA): Bahrain All Share Index has closed at 1,986.06 points, marking an increase of 0.78 points above the previous closing. This increase was due to a rise in the financial sector and the real estate sector. Bahrain Islamic Index closed at 778.48 points, marking an increase of 1.12 points above the previous …

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The Saudi Ports Authority (Mawani) won the Logistics Hub of the Year award at the ShipTek International Conference and Awards 2025 in Dubai, recognising its efforts in enhancing commercial activity and operational efficiency throughout 2024. Mawani spearheaded major projects in collaboration with leading Saudi and international companies, including agreements to establish eight logistics zones at …

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The new venture, named TFG-OOMCO LLC, will operate under a shareholder’s agreement signed on December 24, 2024, following the receipt of all necessary approvals from relevant authorities. Under the agreement, OOMCO will hold a 49 percent stake, while TFG Marine will own the majority share of 51 percent. The total equity for the venture amounts …

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ASYAD Group announces its intention to offer at least 20 per cent of the issued capital of ASYAD Shipping Company (under transformation) for public subscription and trading on the Muscat Stock Exchange. The offering comes as part of Asyad Group’s vision to drive its operational growth, diversify its business portfolio, and achieve sustainability and long-term …

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The index rose by 55 points, even as the main index declined by 18 points, closing at 4,603 points. Meanwhile, the financial sector index fell by 32 points, the services sector index decreased by 24 points, and the Sharia index dropped by 8 points. Despite the broader market downturn, industrial companies performed well, with 37 …

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The Foreign Trade Report of the Gulf Cooperation Council (GCC) countries 2023 issued by the GCC Statistical Centre“GCC-Stat” indicated that the GCC came sixth on the list of top countries worldwidein the volume of trade in goods index. The GCC countries accounted for 3.4% of the total volume of global trade in goods, with a …

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Alizz Islamic Bank and Adrak Developers have signed an agreement to provide home financing solutions for the bank’s customers who wish to own a home in the ‘Hai Al Naseem’ Project in Wilayat Barka and ‘Yenaier’ Project in Sultan Haitham City. The agreement was signed by Mr. Saif Al Yahyai, Acting Chief Retail Banking Officer …

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In collaboration with the Ministry of Housing and Urban Planning, the transport ministry has announced an investment opportunity for the development, management, and operation of a One-Stop Inspection and Clearance Station. The project, aimed at improving the logistics sector, invites both local and international companies specializing in logistics to submit investment proposals. The initiative is …

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Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside the oil and gas sector, has been recognised by the World Economic Forum (WEF) and included in its Global Lighthouse Network. This network comprises facilities demonstrating the successful adoption of Fourth Industrial Revolution (4IR) technologies at scale. EGA achieved this recognition as a …

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The Ministry of Oil on Thursday highlighted the pivotal role played by the Kuwait Oil Company (KOC) in advancing the oil sector through its ambitious strategies, which align with the latest global developments. The Ministry emphasized that KOC remains a crucial pillar for the development and prosperity of the Kuwaiti economy. This statement was made …

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The recent oil and petrochemicals monthly report by Aljazira Capital unveiled that methanol, propylene, and Urea prices rose in December 2024, while EDC, PVC, HDPE and PC declined. The listed Saudi Arabian Oil Company (Aramco) lowered propane and butane prices for January 2025: Naphtha prices decreased 0.8% month-on-month (MoM) to $645 per tonne in December …

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Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir said that Saudi Arabia is striving to develop its nuclear program to generate nuclear energy in order to benefit from its uranium reserves, which are estimated at ranging between one percent and four percent of global reserves. He ruled out any intention to produce …

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ADNOC announced today that its onshore Shah Field has achieved an industry-leading carbon intensity of 0.1 kilograms of carbon dioxide equivalent per barrel of oil equivalent (kgCO2e/boe), setting a benchmark among global oil fields. This milestone achievement underscores ADNOC’s commitment to producing some of the world’s least carbon-intensive oil and gas. ADNOC’s Shah oil field, …

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Saudi Arabia’s largest telecoms operator, STC Group, will seek a seat on Telefonica’s board, it told the U.S. markets regulator in a filing, six days after the Spanish company unexpectedly replaced its chief executive. STC told the U.S. Securities and Exchange Commission late on Thursday it now owns 9.97% of Telefonica and was planning “to …

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Ministry of Commerce, Industry and Investment Promotion (MoCIIP) introduced a programme on Wednesday to integrate Fourth Industrial Revolution or 4IR technologies into the sultanate’s industrial sector. The move aims to enhance global competitiveness of Omani industries and drive sustainable digital transformation in manufacturing. It seeks to assist factories in adopting smart production technologies to improve …

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Sharjah real estate developer Arada has announced the sales launch of Safa, a new cluster of high-end apartment buildings located within the Aljada megaproject. In total, the five buildings in the Safa complex will contain 660 premium apartments, all characterised by contemporary design, impressive facilities and direct access to Aljada’s main sports complex. Ranging from …

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CEOs in the UAE and Saudi Arabia are among the most confident globally about revenue growth in 2025, as revealed in PwC’s 28th Annual CEO Survey. Yet the survey also finds that regional chief executives are acutely aware of the huge wave of disruptive change, primarily driven by AI, climate challenges and an intensifying competition …

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The current phase involves evaluating 10 factories against the Smart Industry Readiness Index, which encompasses three main pillars and 16 dimensions to provide a detailed analysis of their preparedness. Eng. Idris bin Hassan Al Sinan, Head of the Knowledge-Based Industries Department at MoCIIP, emphasized that the project targets transforming 30% of Oman’s factories into smart …

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Indian company ShriVallabh Pittie Global Ventures Ltd’s subsidiary SV Pittie Sohar Textiles and Oman’s National Training Fund recently signed an agreement under which 1,000 Omanis will be trained at SV Pittie Training Centre in Sohar to be employed in the company’s textile project. The agreement was signed on the country’s national day on November 18. …

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MAIRE (MAIRE.MI) announces that NEXTCHEM (Sustainable Technology Solutions), through its subsidiary CONSER, its technology licensor for high-value chemical derivatives and biodegradable plastics, has been awarded by Al Baleed Petrochemical Company (ABP) the technology licensing, the process design package and catalyst supply for a Maleic Anhydride plant to be located in the Salalah Free Zone, in …

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The Jordan Industrial Estates Company (JIEC) announced the attraction of 16 new industrial investments worth JOD 11 million to the Al-Hussein Bin Abdullah II Industrial City in Karak during the third quarter of this year. These new investments are expected to create 300 job opportunities once fully operational. With the latest additions, the total number …

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the investment-friendly environment and incentives in Jordanian industrial estates, which encouraged a Lebanese investor at the beginning of 2021 to establish a chocolate and candy manufacturing project in Jordan. The favorable investment climate in the Kingdom, particularly the strategic location and incentives in Madaba Industrial Estate, played a significant role in this decision. Today, investor …

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Government ministers and business leaders from the world’s most influential economies gather in Manama, Bahrain for the opening of the second edition of the investment forum, spotlighting strategies for adapting to a fast-evolving economic landscape. Resilience, innovation, and future-ready strategies took centre stage today at Gateway Gulf 2024, as 250 distinguished attendees, including government ministers …

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At Gateway Gulf 2024, an investment forum hosted by the Bahrain Economic Development Board (Bahrain EDB), Aluminium Bahrain B.S.C. (Alba) and Daiki Aluminium Industry Company Ltd. reaffirmed their strategic partnership by announcing their intention to form a joint venture ‘Alba-Daiki Sustainable Solutions (ADSS)’ which will establish a cutting-edge, sustainable aluminium dross processing facility in the …

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Singapore Gulf Bank (SGB), the digital bank backed by Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain, and privately-held investment group Whampoa Group, today announced, on the sidelines of Gateway Gulf 2024, the launch of its corporate banking services. Operating under full regulatory approval from the Central Bank of Bahrain, SGB will offer …

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Today the Kingdom of Bahrain is delighted to announce J.P. Morgan Payments’ plans to hire software engineers and other technologists in Bahrain to serve its global payments business. This news is the next step in the continued strategic investment the business is making in technology talent globally. JPMorganChase is one of the world’s largest technology-driven …

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Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), has announced on the sidelines of Gateway Gulf 2024 that construction is now underway for the Tivoli & Avani Hotels & Residences project at Bilaj Al Jazayer, and is due for completion in Q2 2026. The five-star Tivoli Hotel and four-star Avani Hotel at …

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Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), has signed an agreement with Sunset Hospitality Group to operate the upcoming Beach Club at Bilaj Al Jazayer, on the sidelines of Gateway Gulf 2024. This high-end venue will complement attractions like the Bahrain Surf Park, as well as the exclusive Tivoli and Avani …

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A total of 32 landmark announcements and deals over USD 12 billion were announced at the second edition of Gateway Gulf 2024, which ran between 3 – 4 November. Organised by Bahrain Economic Development Board (Bahrain EDB), the forum was attended by 250 ministers and business leaders from around the world and highlighted significant trade …

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Bahrain Economic Development Board (Bahrain EDB) today reported at the sidelines of Singapore Fintech Festival 2024 attracting over USD 100 million in investment commitments from Singapore-based companies since November 2023 across key sectors, namely financial services, ICT, and tourism. Marking a new milestone for the Island nation’s investment promotion agency, the results demonstrate the impact …

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H.E. Ms. Eman Ahmed Al Doseri, Undersecretary of the Ministry of Industry and Commerce, headed the delegation of the Kingdom of Bahrain in the opening of the 40th Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), which was held in Istanbul, Turkiye between the 4th and …

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Bahrain Economic Development Board (Bahrain EDB) successfully concluded its five-day strategic visit to the United Kingdom (UK). Designed to highlight the investment opportunities in Bahrain through a curated agenda of business meetings and roundtable discussions, the visit culminated at the Newmarket July Festival as part of Bahrain EDB’s partnership with Rashid Equestrian and Horseracing Club …

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The flagship installment of 2024’s Transformation Agenda series will be programmed by Economist Impact and hosted by Bahrain Economic Development Board with the support of the Central Bank of Bahrain & Bahrain FinTech Bay. Bahrain is gearing up for its second edition of Fintech Forward, which will be programmed by Economist Impact, hosted by Bahrain …

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Bahrain Economic Development Board (Bahrain EDB) successfully wrapped up a week-long visit to India which kicked off earlier this month on September 9, 2024, and spanned across the cities of Mumbai, Bengaluru, and Chennai. Led by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, with the support of senior …

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His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister, and Chairman of the Bahrain Economic Development Board (EDB), chaired the EDB’s Board of Directors meeting today at Gudaibiya Palace. During the meeting, His Royal Highness commended the broad outcomes achieved by the Economic Development Board through its cooperation and collaboration …

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Crypto.com has received full approval to provide payment service provider (PSP) services from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”, adding to the company’s significant regulatory milestones in the region. The PSP licence will allow Crypto.com to expand its …

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HE Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, affirmed the Kingdom of Bahrain’s continuous support to the industrial sector as a key pillar of economic development, in order to provide more quality opportunities for citizens and support the process of construction and development in the Kingdom. This came during His Excellency’s field …

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The Jordanian cabinet, headed by Prime Minister Bishr Khasawneh, recently extended its January 21 decision that exempted customs duties and general and private sales tax on maritime freight charges till June 30. As market prices of maritime freight are still higher than their normal rates due to the Red Sea crisis, the decision is aimed …

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Better Work Jordan’s 2023 Annual Report has recorded violations of national laws and international labour standards in the country’s garment sector, especially in occupational safety and health (OSH), despite progress in compliance and the joint efforts of the government, employers and labour unions for a collaborative garment industry. In the last few years, Better Work …

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The Jordanian cabinet, headed by Prime Minister Bishr Khasawneh, recently extended its January 21 decision that exempted customs duties and general and private sales tax on maritime freight charges till June 30. As market prices of maritime freight are still higher than their normal rates due to the Red Sea crisis, the decision is aimed …

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The International Finance Corporation (IFC) recently launched an initiative in Jordan for the textile sector that is backed by the government of the Netherlands. The project aims at facilitating new and expanded investment in the industry, boost export volumes and create employment opportunities. It encompasses a comprehensive approach, including sector analysis, investment climate enhancements through …

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Jordanian Prime Minister Bisher Khasawneh recently inaugurated a garment factory of Classic Fashion Apparel in Karak. The 45,000-sq-m factory will be the main production hub for the company’s operations in the southern region of the country and is expected to create over 1,000 direct jobs. Plans are under way to open another factory in Quweira …

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Jordan Industrial Estate Company announced the establishment of new industrial buildings in Al-Mwaqqar Industrial Estate to meet the growing demand for investment in the Estate and the increasing interest of numerous investors. Today, the company signed two implementation and engineering supervision agreements with a local construction company and an engineering consultancy company covering an area …

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The Jordan Chamber of Industry said that the industry index, recorded a growth of 1 per cent during the second quarter of this year compared to the same period last year, the Jordan News Agency, Petra, reported on Saturday. More than 62 per cent of industrial companies and businessmen expressed optimism and positive expectations for …

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Integrated Gas Company (IGC), the sole aggregator and supplier of natural gas in the Sultanate of Oman, has invited existing end-users to bid for short-term gas supplies in the first such auction of its kind by the wholly state-owned energy firm. On the market are around 9,000 million British Thermal Units (BTU) per day (approx …

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Total production and imports of natural gas in the Sultanate of Oman increased by 5.3 percent to 27.58 billion cubic metres by the end of June 2024 compared to 26.19 billion cubic metres during the same period in 2023. Statistics issued by the National Centre for Statistics and Information (NCSI) showed that industrial projects accounted …

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At the end of Q2-2024, the public revenue decreased by 2% to RO 6,197 million compared to RO 6,342 million registered over the same period of 2023. This decrease is mainly attributed to the decrease in net gas revenue and current revenue. According to the fiscal performance bulletin issued by the Ministry of Finance, the …

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Petroci Holding, the state-owned energy company of Côte d’Ivoire in West Africa, has seen its stake in Masirah Oil Limited (MOL), which owns and operates Block 50, offshore the Sultanate of Oman’s east coast, rise to 12.5 per cent, up from 8.39 per cent previously. The uptick, announced by MOL’s majority stakeholder Singapore-based Rex International …

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The National Center for Statistics and Information (NCSI) has revealed that the Sultanate of Oman’s total oil exports reached 179.36 million barrels by the end of July this year, marking a slight increase of 0.05 per cent compared to 178.9 million barrels during the same period last year. The report also highlighted a decrease in …

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Indonesian oil and gas firm PT Medco Energi Internasional Tbk (MedcoEnergi) has described stake acquisitions in two key hydrocarbon blocks in the Sultanate of Oman as a “significant milestone” for the state-owned company. MedcoEnergy saw its presence in Oman’s upstream sector ramp up dramatically late last year when it successfully acquired a 20 per cent …

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The Sultanate of Oman and Republic of Bulgaria are set to sign a Memorandum of Understanding (MoU) to strengthen their bilateral energy relations within the next two months. This agreement was reached during a meeting on August 23, 2024, between Eng Salim al Aufi, Oman’s Minister of Energy and Minerals and Vladimir Malinov, Bulgaria’s Minister …

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The Ministry of Housing and Urban Planning today signed 31 usufruct contracts in Dhofar Governorate for investment on a total area of 2.3 billion square metres, to the tune of more than OMR22 million. The contracts provide for the establishment of investment projects in agricultural, industrial, medical and commercial sectors. Twenty-five of the contracts deal …

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Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, has reported a net profit of QR360m for the first half of 2024, rising 11% from QR325m over the same period in 2023. Following a meeting of the Board of Directors dated 14 August 2024, …

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Gulf International Services (“GIS” or “the Group”; QE ticker: GISS), yesterday reported a net profit of QR356m for the six-month period ended 30 June 2024, representing an incline of 27% compared to H1 2023. The drilling segment has made significant progress in strengthening its financial stability through strategic initiatives focused on enhancing profitability and optimizing …

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The volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice during the period from Aug. 04 to 08, reached QR217,052,596, while the total sales contracts for residential units in the Real Estate Bulletin during the same period reached QR17,662,685. The weekly bulletin issued by …

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Qatar’s financial sectors will continue to witness significant net profits in the coming quarters due to increasing interest rates. A report by Fitch Solutions indicated that huge net interest margins have continued to support the bank’s profitability this year. The net profits of Qatar National Bank surged by 7 percent y-o-y to QR8.2bn during the …

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Es’hailSat, the Qatar Satellite Company, visited Algeria TV during the past week to discuss areas for potential collaboration on broadcasting of TV channels in the country with Es’hailSat’s premier satellite services. Es’hailSat provides satellite, broadcast, teleport and managed services from Doha, Qatar and powers this relationship with more than 12 years of experience in catering …

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The Qatar Stock Exchange (QSE) index ended the current week’s trading with an increase of 0.72 percent, gaining 72.460 points to its balance, thus rising to 10,1251 points, supported by the telecommunications sector, which achieved weekly gains of 3.590 percent growth, and the banking and financial services sector, which increased by 1.520 percent. In this …

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The Sultanate of Oman, represented by the Ministry of Endowments and Religious Affairs, is taking part in the “9th Conference of Ministers of Endowments and Islamic Affairs in the Islamic World”. The two-day conference, which began today in Makkah, the Kingdom of Saudi Arabia, deals with the role of the ministers concerned in consolidating the …

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Sandan City, located in the Wilayat of Nakhal in the South Al Batinah Governorate, is emerging as a comprehensive hub for the automotive sector. The third phase of the Sandan Economic City project is currently underway, featuring several new initiatives in collaboration with a local developer. This phase includes creating “Auto Park,” a state-of-the-art automotive …

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The Royal Air Force of Oman (RAFO) in coordination with the Ministry of Labour carried out several appointments of national cadets who will undergo the various evaluation stages as per the applicable procedures of the Royal Air Force of Oman (RAFO) to the stage of admission on Sunday. The Royal Air Force of Oman (RAFO) …

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Integrated Gas Company (IGC) announced the launch of its first spot sale of natural gas in Oman, marking a significant milestone in the country’s energy sector. Under this pioneering agreement, IGC will supply 15,000 SM3 /D of natural gas to OCTAL FZC, a leading global PET packaging company with operations in Oman. Dr Muslam Qatan …

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New business and sales volumes in Egypt’s non-oil sector rose for the first time since August 2021 in June amid improvement in demand, according to the latest S&P Global Egypt PMI survey. Egypt’s manufacturing and services sectors saw new orders start to increase. However, declines in the construction, and wholesale and retail sectors painted a …

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UAE’s DP World and China’s Zhejiang Seaport Group have announced a new partnership that aims to strengthen port logistics and shipping routes between Jebel Ali Port in Dubai and Ningbo-Zhoushan Port in China. This partnership aims to attract shipping companies to establish additional maritime routes between the two ports. Moreover, it seeks to encourage shipping …

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The world’s five most valuable airline brands logged brand value growths of at least 11 percent, according to a report by Brand Finance, the world’s leading brand valuation consultancy. Delta (brand value up 21 percent to $10.8 billion) retained its top position as the world’s most valuable airline brand for the sixth consecutive year. Here …

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has directed the development of the ‘Dubai Car Market’, the largest and most advanced car market in the world. The agreement for the 20 million square feet market was signed between Dubai Municipality and DP …

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Gold prices rose on Friday and were set for a second consecutive weekly gain as traders awaited U.S. employment data for more insight into the trajectory of the Federal Reserve’s potential interest rate cuts. In the UAE, gold prices saw an AED0.75 increase with 24-carat gold inching up to AED286.25 per gram, while 22-carat gold …

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Oil prices were largely unchanged on Friday, but remained on track for a fourth consecutive week of gains, trading near their highest levels since late April. This was driven by expectations of strong summer fuel demand and some supply concerns. Brent crude futures, which have risen 7 percent over the past four weeks, dipped slightly …

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The rise of the sharing economy in the hospitality sector is reshaping the travel industry globally, and the Middle East is no exception. The sharing economy, which refers to the peer-to-peer exchange of accommodations and travel experiences through platforms such as Airbnb and Dubizzle, presents both challenges and opportunities for traditional hospitality players. This article …

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The UAE has been ranked first in the Arab region and 29th globally in UNIDO’s Competitive Industrial Performance Index (CIP), climbing two spots from last year’s index. The CIP, which ranks 153 countries, assesses national industrial performance in the global economy, benchmarking the ability of countries to produce and export competitively. This index gauges and …

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Oman rose to the 53rd spot globally and the 4th spot regionally, in the 2024 Competitive Industrial Performance (CIP) Index released by the United Nations Industrial Development Organization, The CIP evaluates and measures the industrial competitiveness of 153 economies worldwide. Industrial development initiatives fueling progress Dr. Saleh Said Masan, undersecretary of the Ministry of Commerce, …

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In line with global trends aimed at promoting marine sustainability and reducing carbon emissions, the Ministry of Transport, Communications, and Information Technology, along with its strategic partners in Omani ports, is working on strategic plans to transition to green mobility and achieve carbon neutrality in the Sultanate by 2050. Sohar Port has announced the receipt …

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Global investment in clean energy technology and infrastructure is set to hit $2 trillion this year, twice the amount going into fossil fuels, an International Energy Agency report showed. Total energy investment is expected to exceed $3 trillion for the first time in 2024, the IEA said in its annual World Energy Investment report. Some …

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Last week’s award of two new green hydrogen blocks in Dhofar Governorate, to a pair of international consortiums, has firmed up a leading role for the Port of Salalah as an important gateway for green molecule exports from the Sultanate of Oman. The winning consortiums were: (a) EDF Group, J-POWER and Yamna, and (b) Actis …

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OPEC+ will likely prolong voluntary oil cuts into the third and possibly fourth quarters of 2024 and extend some cuts into 2025, two OPEC+ sources said ahead of the group’s meeting on Sunday. The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, has made a series of deep …

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Oman’s trade balance surplus rose 37 percent year on year to OR2.6 billion ($6.8 billion) at the end of the first quarter of 2024, as rising oil and gas revenues benefited the sultanate’s balance of payments, official data showed. The total value of merchandise exports jumped 16.7 percent year on year to OR6.5 billion, state-run …

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Artificial intelligence (AI) is poised to drive the UAE’s industrial evolution, promising substantial gains in productivity, adaptability, and sustainability over the coming decade, experts revealed at the Make it in the Emirates (MIITE) Forum in Abu Dhabi. During a fireside chat titled ‘Advancing the AI Revolution: Implementing new computing paradigms in real-world industrial settings,’ moderated …

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Al Yah Satellite Communications, better known as Yahsat, has signed a deal with Airbus to build its new satellites, Al Yah 4 and Al Yah 5, as it aims to enhance its fleet and expand services. Airbus Defence and Space will design and build the geostationary telecoms satellites based on the Eurostar Neo platform, the …

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Abu Dhabi is waiving fines for businesses that failed to renew their commercial licences before the onset of the coronavirus pandemic, as it seeks to support businesses and attract more investments into the emirate. The Abu Dhabi Department of Economic Development is cancelling fines, which begin at Dh200 per month and are capped at Dh4,000, …

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The world economy is expected to grow by 2.6 per cent this year, and the expansion rate is expected to remain consistent throughout the year, without significant fluctuations, according to a report by the World Bank. It will be the first time in three years that the global growth rate will stay steady despite escalating …

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The UAE’s industrial sector will receive an additional Dh23 billion ($6.3 billion) in funding, backed by major companies, as the country intensifies its plans to expand its domestic manufacturing capabilities and boost self-sufficiency. Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, said that the industrial sector is one …

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OPEC+ will hold next month’s policy meeting online rather than in person, while several delegates said they expected the group to extend its current supply cuts into the second half of the year. Saudi Arabia and its partners will gather on June 2 — a day later than initially planned — to review roughly 2 …

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Algeria’s SONATRACH and ExxonMobil signed a Memorandum of Understanding to study existing opportunities to develop oil and gas resources in the Ahnet basin and the Gourara basin, with an emphasis on operational excellence, technological innovation , respect for the environment and best sustainability practices. The Chairman and CEO of SONATRACH said, “We are delighted with …

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The United Arab Emirates is on course to achieve its full oil capacity target more than a year earlier than expected. Abu Dhabi National Oil Co.(ADNOC) is likely to reach its 5 MMbpd goal by the end of next year or early 2026, ahead of the 2027 goal the company had set, according to people …

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Subsea7 S.A. won a “sizeable” contract from Serica Energy, for the offshore Belinda field development south-east of the Triton FPSO. According to an online statement, the contract is valued between $50 million and $150 million. The Belinda field is operated by Serica Energy and located approximately 190 kilometers east of Aberdeen in the UK Central …

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CNOOC Limited’s wholly-owned subsidiaries have entered into petroleum exploration and production concession contracts (EPCCs) with the Ministry of Mineral Resources and Energy of Mozambique (MIREME) and Empresa Nacional de Hidrocarbonetos (ENH) for five offshore blocks in Mozambique. The contracts were signed for a total of five blocks, S6-A, S6-B, A6-D, A6-E and A6-G, all located …

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ADNOC announced at the ‘Make it in the Emirates’ forum an increase in its local manufacturing target for critical industrial products in its procurement pipeline to AED90 billion ($24.5 billion) by 2030 to propel UAE’s economic diversification, strengthen the industrial sector and expand local manufacturing capabilities. The new target is part of ADNOC’s expanded In-Country …

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Saudi Arabia’s logistics sector has spawned a new breed of entrepreneurial talent aiming to utilize the most recent technological trends to boost the economic pillar. The Kingdom’s last-mile deliveries have been encountering delays and inefficiencies due to slow technology adoption, which has called for new innovations in the sector. According to a report by global …

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The rent now, pay later sector in Saudi Arabia is poised for considerable expansion, with startup Rize set to enhance the industry’s efficiency. Given the substantial down payment required for tenants to secure a rental property in the Kingdom, the company is seeking to foster greater sustainability within the sector. Established in 2021 by Ibrahim …

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Aiming to establish itself as a regional financial hub, Saudi Arabia has sent out a compelling invitation to startups worldwide. The Kingdom’s push to enhance its fintech landscape has attracted the interest of MoneyHash, a US-based startup eyeing the nation’s promising potential in this sector. Established in late 2020 by Nader Abdelrazik, Mustafa Eid, and …

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In a landmark move set to transform the construction landscape of Saudi Arabia, WakeCap, a Saudi-based provider of smart solutions for construction project management, and OpenSpace, a US-based leader in reality capture and AI-powered analytics, announced a strategic partnership aimed at making cutting-edge global technology easily accessible to the local market. WakeCap provides real-time insights …

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Unitrans Group, through its flagship brand Budget Saudi, holds the title of being the world’s single largest franchise owner of ABG in that category. This global recognition, coupled with a legacy of 45 years in Saudi Arabia, underscores Budget Saudi’s commitment to delivering world-class services and creating memorable journeys and experiences. The agreement was confirmed …

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Budget Saudi, a car rental company in the Kingdom, has renewed its Budget and Payless franchise agreement with Avis Budget Group. The agreement will extend the two entities’ partnership for another 10 years, until 2033. Unitrans Group, through its flagship brand Budget Saudi, holds the title of being the world’s single largest franchise owner of …

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Saudi Deputy Minister of Foreign Affairs Waleed Elkhereiji met Honduran Foreign Minister Eduardo Enrique Reina in the country’s capital city, Tegucigalpa, on Tuesday. During the meeting, they discussed Saudi-Honduras relations and ways to strengthen them, along with prominent regional and international issues, the Saudi Foreign Ministry said on X. The two ministers also signed a …

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Saudi Arabia is emerging as a hotspot for international investment. Its latest hook? Sustainable hospitality. The Kingdom led the Middle East and Africa’s hotel-building activity in 2023, with 42,033 hotel rooms constructed. This accounted for 35.1 percent of the 119,505 built in the region over the year, according to data from hotel monitoring firm STR. …

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What extraordinary feats did Saudi Arabia accomplish to see itself ranked ahead of China, Germany and the UK on a global measure of economic competitiveness? On its eighth anniversary, Saudi Vision 2030 has reached several remarkable milestones and made steady progress since its inception by Crown Prince Mohammed bin Salman, revealing a transformative journey that …

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In a push to accelerate the shift toward the fourth industrial era, Bahrain’s Ministry of Industry and Commerce announced the iFactories initiative that aims to transform the country’s industrial sector. Launched in strategic partnership with Tamkeen, a public authority designed to support Bahrain’s private sector, the initiative outlines an ambitious plan to transform 300 factories …

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Bahrain’s Ministry of Works has floated tenders for a series of road infrastructure development projects such as demolition work at Ghirayfah for the widening of Al Fateh Highway as well as engineering consultancy services for the development of Prince Saud Al Faisal Highway project and the widening and upgrade of National Charter Highway. Announcing it …

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Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield) have announced that they have reached an agreement with Olayan Financing Company and Lunate for the sale of a 49% stake in ICD Brookfield Place (ICDBP), a top-class commercial and retail property located in the Dubai International Financial Centre (DIFC). Upon completion, Lunate, through one of …

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Bahrain’s gross domestic product (GDP) increased by 2.4% at constant prices in 2023 when compared to the previous year, according to national accounts estimates issued by the Information and eGovernment Authority (iGA). The GDP surged to BD13.6 billion ($40 billion) at constant prices for 2023 compared to BD13.3 billion ($35 billion) the year before. The …

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With 30 episodes, the show unveils the intricate production processes, from raw materials to market-ready goods, highlighting Omani youth’s contributions and cutting-edge technologies. “Made in Oman” delves deep into the success stories of Omani industries, emphasizing their transformation of local resources into world-class products. Viewers look inside at leading factories like Valley Steel and Areej …

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Through a series of case studies presented and roundtable discussions, the seminar examined the profound effects of digital legislation and technological innovations on international trade. Discussions focused on how these factors influence trade flows and enable businesses to increase trade volumes both domestically and across borders. The seminar hosted international experts from the U.S. and …

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Bahrain Economic Development Board (Bahrain EDB) and Georgetown Law School co-hosted the seminar “Innovating Trade: The Impact of Digital Laws and Emerging Technologies” at the Ritz-Carlton Bahrain. Through a series of case studies presented and roundtable discussions, the seminar examined the profound effects of digital legislation and technological innovations on international trade. Discussions focused on …

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The island nation of Bahrain reported a total of USD 2.4 billion in investment stemming from 9 major projects, which are set to generate 3,000 employment opportunities following the introduction of its Golden License in April 2023. The initiative, which delivers white-glove treatment and first-priority allocation on key project milestones such as land allocation, aims …

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Edamah, the real estate arm of the Kingdom’s sovereign wealth fund, Bahrain Mumtalakat Holding Company “Mumtalakat”, has recently signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of Interlink Metals & Chemicals AG (Interlink), for a 50,000 sqm industrial plot at Askar, for a Titanium multiphase facility valued at upwards of USD 200 million. …

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Edamah, the real estate arm of the Kingdom’s sovereign wealth fund, Bahrain Mumtalakat Holding Company “Mumtalakat”, has recently signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of Interlink Metals & Chemicals AG (Interlink), for a 50,000 sqm industrial plot at Askar, for a Titanium multiphase facility valued at upwards of USD 200 million. …

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Bahrain has achieved the ranking of 1st in the Middle East and North Africa (MENA) in trade, investment, and financial freedom for the third consecutive year according to the 2024 Index of Economic Freedom, an annual guide published by The Heritage Foundation, Washington’s leading think tank. With an economic freedom score higher than the world …

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In a recent report released by the Swiss organization “IQ Air,” Kuwait emerged as the 11th country worldwide in terms of air quality, ranking 134 countries and regions based on air pollution levels with fine PM 2.5 particles. Meanwhile, Bangladesh topped the list as the most polluted country according to this indicator. Within the Arab …

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Abdullah Al-Joaan, the Minister of Trade and Industry and Chairman of the Board of the Public Authority for Industry, has issued a decree prohibiting the export and re-export of cardboard waste for three months. This directive will take effect upon its publication in the Official Gazette. The decision aims to foster the adoption and advancement …

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In the first ten months of 2023, local banks have experienced a notable decline in the monthly financing they extend to the industrial sector, marking a significant 32.4 percent decrease from the corresponding period in 2022. The total monthly financing dropped from 1.359 billion dinars in 2022 to 918.7 million dinars in 2023. Insights from …

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The financing provided by local banks to the industrial sector saw a significant increase in January compared to December 2023, rising by 123.5% to 148.9 million dinars from 66.6 million dinars. This surge represents a noteworthy boost in funding for industrial activities within Kuwait. Moreover, on an annual basis, this increase amounted to 38.3% from …

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GCC countries and Türkiye will start negotiations on a free trade agreement to boost economic ties between the various parties. Gulf Cooperation Council (GCC) Secretary General Jasem Mohamed Albudaiwi and Republic of Türkiye Minister of Trade Dr. Omer Bolat have signed an agreement to start negotiations on a Free Trade Agreement (FTA) in a move …

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Saudi Arabia has emerged as a key player when it comes to environmental responsibility, setting ambitious targets to mitigate greenhouse gas emissions via carbon credit offsets. At the forefront of Saudi Arabia’s environmental initiatives is the dynamic approach to carbon neutrality. The Kingdom is determined to not only reduce its carbon footprint but also actively …

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The least developed countries are set to benefit from the Abu Dhabi Declaration at the 13th WTO Ministerial Conference, improving global supply chain access. Trade deals, aimed at fostering new agreements, will extend international trading system benefits to more nations, following intensive negotiations, as reported by the UAE’s official news agency, WAM. Members have agreed …

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Startup momentum in the Middle East and North Africa region is on the rise, with the eagerly awaited technology event LEAP24 just around the corner. Regional venture capitals have replenished their funds and burgeoning enterprises have secured financing – preparing Riyadh’s ecosystem for a significant entrepreneurial uplift from March 4 to 7. US-based fintech MoneyHash …

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Saudi Arabia’s non-oil exports to Gulf Cooperation Council countries saw a 42 percent annual increase in the final three months of 2023, according to official data. Information released by the Kingdom’s General Authority of Statistics showed the total value of these transactions reached SR20.8 billion ($5.55 billion), primarily due to an increase in re-exports, which …

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Ugo Humbert produced a ruthless masterclass to defeat Kazakhstan’s Alexander Bublik in straight sets and seal ATP 500 victory in the Dubai Duty Free Tennis Championships. The French No. 5 seed, who rose to a career-high world No. 14 after his heroics in Dubai, made it a clean sweep of six titles in six ATP …

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Saudi economists are hopeful that the 2014 fiscal budget, likely to be announced on Monday, would pursue capacity building and balanced development throughout the Kingdom. The Saudi stock market made significant gains in recent days as expectations grew over an expansionary budget. The Tadawul All-Share Index (TASI) climbed 0.5 percent to 8,551.23 points — a …

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Saudi Arabia offers an “extraordinary opportunity” for Irish firms looking to invest in everything from technology to tourism, according to Ireland’s minister for enterprise, trade and employment. Appearing on the Arab News current-affairs show “Frankly Speaking,” Simon Coveney singled out the Gulf region as a “really good example of how international trade can create wealth, …

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Saudi Arabia’s economic activity gained momentum with the Ministry of Industry and Mineral Resources issuing 136 industrial licenses in August compared to 102 in July. According to the Saudi Press Agency, the food product manufacturing sector received 29 permits, followed by the non-metallic mineral industry with 21. Moreover, the rubber and plastics industry obtained 15 …

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Sports industry is valued over $5 billion in 2023, policy advocate specialist, Phiwe Hlatshwayo, cited the global sports market report 2023. Hlatshwayo affirmed that Africa’s sports industry has potential to drive economic growth and development. She emphasized the transformative power of sports in shaping Africa’s future, elaborating that sports is a tool for social cohesion, …

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Qatar is investing approximately $1.5 billion in Egypt’s industrial sector in 2024, according to Head of the Egyptian Commercial Service, Yahya Al-Wathiq Billah. This announcement marks the first mention of Qatar’s new investments in Egypt since the agreement between the two nations in March 2022, which outlined investments and partnerships worth a total of nearly …

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Italy’s Mapei invests about $25 million to establish a factory in Egypt with a production capacity of up to 100 thousand tons annually. This came during Prime Minister Mostafa Madbouly’s inspection of Mapei’s factory during his tour to visit factories on the 10th of Ramadan City and El Obour City. The Regional Area Manager Middle …

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The Minister of Industry, Ahmed Samir, announced the signing of 12 agreements and partnerships in nine integrated industrial projects, with a total investment exceeding $2 billion during 2023. These projects span sectors such as agriculture, pharmaceuticals, metals, chemicals, and electric cars, and are part of the industrial partnership initiative involving Egypt, the Emirates, Jordan, and …

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The Suez Canal Economic Zone (SCZONE) signed five major framework agreements, valued at a $234 million. These agreements have been reached with private sector companies operating across various industrial sectors. The total investment amount will be divided into LE 1.2 billion and $195 million. The SCZONE aims to leverage these agreements to capitalize on Egypt’s …

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Bahrain ranked in the top half (27th) of 64 global economies on the 2023 Institute for Management Development (IMD) World Talent Ranking, climbing 8 positions since 2022 and placing 2nd in the Arab World. The rankings assess three factors of each country: the investment in and development of home-grown talent, the appeal factor – which …

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Fintech Forward 2023 (FF23) wrapped up its inaugural event last week, which was held at Bahrain Exhibition World securing more than 900 attendees. Following an evening networking session and dinner on October 10, the event for the first day which was held as part of FF23, ‘The Transformation Agenda: Finance Re-imagined’, was programmed by Economist …

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A testament to investor confidence in Bahrain as a global destination for talent and investment Bahrain Economic Development Board (Bahrain EDB) has attracted USD 295 million in direct investments within the Information and Communications Technology (ICT) sector as part of a total projected direct investment worth USD 1.4 billion, during the first nine months of …

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Based on a recently published Economic Impact Study by the International Data Corporation (IDC), cloud spending in Bahrain is projected to contribute over USD 1.2 billion to the Kingdom’s GDP by the year 2026 (an equivalent to approximately 2.3% of GDP). This is expected to generate an economic return of USD 6.7 for every dollar …

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Conexus Resources Group, the UK-headquartered pioneer of innovative solutions in the metals and agricultural commodities sectors operating in 15 countries across the world including Switzerland and Singapore, announced today the inauguration of its flagship aluminium rod plant in Bahrain, Konexus Aluminium. The new facility affirms Bahrain’s standing as a leading destination for manufacturing and export …

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Conexus Resources Group, the UK-headquartered pioneer of innovative solutions in the metals and agricultural commodities sectors operating in 15 countries across the world including Switzerland and Singapore, announced today the inauguration of its flagship aluminium rod plant in Bahrain, Konexus Aluminium. The new facility affirms Bahrain’s standing as a leading destination for manufacturing and export …

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A delegation from Bahrain, led by H.E. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, is set to join world leaders that will be gathering at the World Economic Forum (WEF) Annual Meeting 2024 at Davos from January 15 to January 19, 2024. Convening under the theme “Rebuilding Trust” to instill …

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Saudi Arabia’s Ministry of Industry and Mineral Resources issued 115 industrial licenses with investments worth SR4 billion ($1.06 billion) in August 2022, official data showed. The data from the ministry revealed that the number of industrial units across the Kingdom reached 10,707, up from 10,685 in July 2022. In August 2021, the number of industrial …

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The Saudi Ministry of Industry and Mineral Resources issued 90 new industrial licenses in June, which were distributed over five industrial sectors. Industries associated with the manufacturing of non-metallic minerals bagged 18 licenses followed by food products with 14 and 12 permits were issued for the manufacturing of fabricated metal products. Nine licenses were issued …

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Saudi Arabia’s Public Investment Fund has a complete plan in place to grow the fund’s assets to between $2 to $3 trillion by the end of this decade, said its Governor Yasir Al-Rumayyan, as the Kingdom steadily progresses towards achieving its goals outlined in Vision 2030. In an interview given to the Thmanyah podcast, Al-Rumayyan …

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Saudi Arabia has huge potential in the esports market given its location between east and west, the chairman of the board of Directors of the Saudi Esports Federation (SEF) said Monday. Prince Faisal bin Bandar bin Sultan, speaking about the Kingdom’s e-sports strategy recently launched by Crown Prince Mohammed bin Salman, also said Saudi youth …

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Egypt-based B2B e-commerce startup MaxAB raised $40 million in a pre-series B funding round to expand to Morocco as well as grow its fintech solutions. Established in 2018, the company offers underserved traditional retailers the ability to connect with food and grocery suppliers with a wide range of embedded finance solutions. The company will be …

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Egyptian President Abdel Fattah El-Sisi said on Wednesday that the government is committed to the protection of workers in black sand reserves. Speaking at the inauguration of the Egyptian Black Sand Co.’s complex in Kafr El-Sheikh, he highlighted the state’s commitment to ensuring there is no negative health impact on the workers in the complex. …

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Saudi Arabia and China are working together to strengthen their already well-established strategic ties, as the Kingdom’s minister of industry and mineral resources hold meetings with key Chinese officials in Beijing. Bandar Alkhorayef on Wednesday held talks with China’s Vice Minister of Commerce Wang Shouwen during which they discussed ways to boost economic collaboration and …

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Saudi Arabia’s economic activity gained momentum with the Ministry of Industry and Mineral Resources issuing 136 industrial licenses in August compared to 102 in July. According to the Saudi Press Agency, the food product manufacturing sector received 29 permits, followed by the non-metallic mineral industry with 21. Moreover, the rubber and plastics industry obtained 15 …

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King Salman has ordered the extension of the Citizens Account Program and provision of extra support to its beneficiaries for a full year, the Saudi Press Agency reported on Monday. The decision, made after recommendations from Crown Prince Mohammed bin Salman, is expected to ease the financial burden on the most vulnerable in Saudi society …

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Saudi Arabia’s Film Commission will launch the fourth edition of the Filmmakers Program later this month, as it continues to develop Saudi talent in the industry. Previous editions of the program included more than 62 training courses and trained more than 2,430 people, the Saudi Press Agency said on Monday. In this version of the …

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Oil prices jumped 1.5 percent in the first session of the New Year, due to potential supply disruptions in the Middle East after a naval clash in the Red Sea, and hopes of strong holiday demand and an economic stimulus in China, the top crude importer, according to Reuters. Brent crude rose $1.20, or 1.5 …

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The National Investment Company (NIC), in partnership with ‘Creative Confidence,’ has honored the first batch of ‘Shift’ program graduates, exclusively tailored to qualify freshly graduated Kuwaiti females to develop their investment skills, expand their capabilities, and grow their knowledge in a way that will make them compelling candidates to embark into the investment world. The …

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French energy firm TotalEnergies (TTEF.PA) plans to restart its long-delayed $20 billion Mozambique liquefied natural gas (LNG) project in the first quarter of next year, two sources told Reuters late on Friday. Work on the project has been halted since 2021 when a violent insurgency led by Islamic State-linked militants threatened the Cabo Delgado site, …

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Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said. Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, …

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Kuwait Integrated Petroleum Industries Company (KIPIC) has sufficient stocks of diesel, naphtha, kerosene and fuel oil to meet obligations to local and foreign customers despite an almost complete shutdown of the al-Zour refinery last week, CEO Walid al-Badr told Reuters on Thursday. Gas supplies to the refinery were halted in a “force majeure situation” owing …

Continue reading “Kuwait Introduces Measures To Boost Pharmaceutical Industry, Yet Remains Behind Regional Peers”

Oman has announced a three-day period of mourning following the death of Kuwait’s Sheikh Nawaf Al Ahmad Al Jaber Al Sabah. Work was halted on Saturday, December 16 and will be stopped in public and private sectors on Sunday, December 17 and Monday, December 18 before resuming on Tuesday, December The Diwan of Royal Court …

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Majid Al-Futtaim, a shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has published a sustainable finance paper, which examines the significant increase in sustainable finance in the MENA region and the ways it can act as a catalyst for positive change. Titled “Aligning Growth with Purpose,” the paper looks …

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GFH Financial Group has joined the World Economic Forum as an associate partner, in line with the group’s expanding global presence and commitment to fostering meaningful collaborations. Through the partnership, senior leaders from the group will actively participate in and contribute to WEF’s annual meeting in Davos, a gathering that convenes more than 200 influential …

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Bab Rizq Jameel, a company that is part of Community Jameel Saudi, celebrated its 20th anniversary, and the profound impact it has achieved by providing income opportunities. A ceremony was held on Dec. 3 at Hussein Jameel Hall in Jeddah, celebrating major milestones and achievements, in addition to launching the new corporate identity. For more …

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Central banks worldwide amassed 42 tons of gold into their official reserves in October, continuing their acquisition of the precious metal, the latest data showed. According to the World Gold Council, central banks witnessed a 41 percent slowdown in gold buying in October compared to September. However, it still maintained a 23 percent increase above …

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The Ministry of Planning and Economic Development aims to raise industrial production by 19 percent in FY2023/2024 to record LE4.3 trillion up from LE3.6 trillion in FY2022/2023, while the target for FY2025/2026 is LE5.74 trillion with a rise of 15 percent in comparison to the previous year. The industrial sector in Egypt is divided into …

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The Egyptian government aims to raise industrial investment rates in a sustainable manner, deepen and localize the industry, grow local supply chains, deepen interactions. These come within the framework of the state’s plan to increase the economic growth rate to between 7% and 9% to provide job opportunities sufficient to reduce unemployment rates. In order …

Continue reading “20 decisions to increase industrial investment in Egypt”

The Egyptian Ministry of Industry is currently approaching the preparation of the national strategy for industry, which focuses on attracting investments to deepen the industry. The ministry is targeting prioritizing industrial sectors in which Egypt has an industrial base, opportunities and competitive advantages at the regional and global levels. The strategy aims to achieve a …

Continue reading “Egypt adopts new strategy to increase industry’s contribution to domestic product by 20%”

President of the General Syndicate for Engineering, Metallurgical and Electrical Industries, Engineer Khaled Al-Feki, revealed that there are serious steps Egypt is taking to localize the traditional and electric car industry. This comes within the framework of the directives of President Abdel Fattah Al-Sisi, to localize the industry locally, and thus significantly reduce the import …

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President Abdel Fatah al-Sisi received Wednesday Chairman and CEO of Italy’s Danieli Group Gianpietro Benedetti who stated that the company planned to expand its activities in Egypt. That is by establishing green industrial complexes capitalizing on incentives offered by Egypt, recently-introduced advanced infrastructure, as well as regional and global trade agreements. President Sisi told Benedetti …

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“The [Egyptian] state’s biggest goal for the industry sector is to meet the needs of the Egyptian market,” said President Abdel Fattah El Sisi during the inauguration of the 2nd edition of the annual international exhibition for industry, on Saturday. He added that Egypt seeks to support the industry sector to provide job opportunities, noting …

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According to an Institute of National Planning report cited by local media, Egypt is actively working to boost its export rates in seven key industrial sectors. These sectors include computer manufacturing, electronic and optical products, and metal industries. The report also highlighted other sectors targeted for improvement, namely chemical products manufacturing, leather products, the paper …

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Sports industry is valued over $5 billion in 2023, policy advocate specialist, Phiwe Hlatshwayo, cited the global sports market report 2023. Hlatshwayo affirmed that Africa’s sports industry has potential to drive economic growth and development. She emphasized the transformative power of sports in shaping Africa’s future, elaborating that sports is a tool for social cohesion, …

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Qatar is investing approximately $1.5 billion in Egypt’s industrial sector in 2024, according to Head of the Egyptian Commercial Service, Yahya Al-Wathiq Billah. This announcement marks the first mention of Qatar’s new investments in Egypt since the agreement between the two nations in March 2022, which outlined investments and partnerships worth a total of nearly …

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Italy’s Mapei invests about $25 million to establish a factory in Egypt with a production capacity of up to 100 thousand tons annually. This came during Prime Minister Mostafa Madbouly’s inspection of Mapei’s factory during his tour to visit factories on the 10th of Ramadan City and El Obour City. The Regional Area Manager Middle …

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Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a US government shutdown restored risk appetite. Brent December crude futures rose 8 cents, or 0.9 percent, to $92.28 a barrel by …

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As part of its ongoing commitment to sustainability, the UAE’s flagship carrier, Emirates, has entered into an agreement with Shell Aviation to procure over 300,000 gallons of blended sustainable aviation fuel for use at its international hub in Dubai. According to a press statement, the initial SAF delivery under this partnership is expected to commence …

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The Organization of the Petroleum Exporting Countries is optimistic on demand and sees under-investment as a risk to energy security, Secretary-General Haitham Al-Ghais said on Monday at an energy industry event in Abu Dhabi. He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing …

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Abu Dhabi’s non-oil economy grew by 12.3 percent in the second quarter of 2023, accompanied by a 3.5 percent increase in its overall gross domestic product, reported the Statistics Centre — Abu Dhabi. The emirate’s real non-oil GDP soared to 154 billion dirhams ($42 billion), marking its highest since 2014. This increase represents a record …

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Affirming Saudi Arabia’s strong growth prospects in the near term, the Organization for Economic Co-operation and Development revealed that the Kingdom’s gross domestic product is expected to rise by 3.9 percent in 2024. The OECD revealed that Saudi Arabia’s inflation rate is expected to average 2.1 in 2024, a sign that the Kingdom is successfully …

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Lowering its growth forecast for 2023, Saudi Arabia expects to post a budget deficit this year rather than an earlier projected surplus, mainly due to “expansionary” spending policies and “conservative revenue estimates.” Saudi Arabia will continue its fiscal and structural reforms as the Kingdom is steadily embarking on its economic diversification journey in line with …

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Ali Mohsen Al-Alaq, governor of the Central Bank of Iraq, met with Jordan’s Prime Minister Bishr Khasawneh on Sunday, Jordan News Agency reported. Khasawneh stressed his commitment to expanding collaboration, notably in the economic and banking sectors. Speaking about his visit to Baghdad in July, Khasawneh said the two countries had agreed to strengthen cooperation …

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Egypt has spent millions of dollars on new urban communities over the past nine years, its housing minister said on Sunday. Speaking at the “Story of a Homeland” conference in the New Administrative Capital, Housing and Urban Communities Minister Assem El-Gazzar said: “In the past nine years we have built 1.5 million housing units. “We …

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Lebanon’s interior minister, Bassam Mawlawi, said on Monday that the recent deadly violence at a Palestinian refugee camp had abated, as officials attempted to ease concerns after Gulf states warned their citizens against traveling to the country. “The situation in Ain Al-Helweh camp has now calmed down,” he said, referring to the restive camp in …

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On a recent afternoon at the Oriental Paper Products factory just outside of Beirut, more than a dozen workers were busy on the factory floor, grateful for their jobs producing notebooks, papers, and office supplies. But one level up, in CEO Ziad Bekdache’s office, the mood was far grimmer. Not for the first time, the …

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The industrial sector in Lebanon, despite the falling national economy, continues to solider on in order to revive the market and create new business opportunities especially with the increasing demands for Lebanese products. The sector was one of the few offering hard foreign currency in Lebanon, which is still suffering from the decrease in the …

Continue reading “Lebanon’s industry carries falling national economy on its shoulders”

Saudi Arabia’s National Housing Co. has partnered with the Cityscape Global real estate exhibition in a bid to boost property activity in the Kingdom. The event, scheduled from Sept. 10 to 13 at the Riyadh Exhibition and Convention Center in Mulham, will be held under the patronage of the Ministry of Municipal and Rural Affairs …

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Egyptian presidential spokesman Ahmad Fahmi has said that Italian energy major Eni is planning to invest $7.7 billion in the country. The announcement was made after Egyptian President Abdel Fattah El-Sisi met with Eni’s CEO Claudio Descalzi, where he lauded the firm’s activities in his country. The meeting was also attended by Egypt’s Minister of …

Continue reading “Share of digital payments in Saudi Arabia hits 62%, says SAMA official”

Considering some 90 percent of Saudi Arabia’s territory is largely desert and ill-suited for farming, few might expect the Kingdom to be the site of a new agricultural boom designed to boost domestic crop production and reduce dependence on imported foodstuffs. As large swathes of the Arab world struggle with food insecurity and supply-chain disruptions, …

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For Siwar Derbeli a national rice shortage is not just another inconvenient symptom of Tunisia’s stretched national finances but a source of hunger because the coeliac disease she suffers from means it is one of the few staples she can comfortably eat. Shortages of imported goods sold at subsidised rates have been increasing in Tunisia …

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In a bid to further deepen economic and trade ties, Saudi Arabia and Italy will sign 18 cooperation agreements across various fields, said Khalid Al-Falih, the Kingdom’s minister of investment. Speaking at the Saudi-Italian Investment Forum in Milan on Sept. 4 at the Gallia hotel, Al-Falih said that both countries can complement and leverage each …

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Egyptian presidential spokesman Ahmad Fahmi has said that Italian energy major Eni is planning to invest $7.7 billion in the country. The announcement was made after Egyptian President Abdel Fattah El-Sisi met with Eni’s CEO Claudio Descalzi, where he lauded the firm’s activities in his country. The meeting was also attended by Egypt’s Minister of …

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In a significant development, Oman’s refinery and petroleum production saw a 13.5 percent uptick at the end of July 2023, according to a report by the country’s National Centre for Statistics and Information. The data revealed that the production of standard-grade petrol M-91 escalated by 31.2 percent in comparison to the same period last year, …

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Banks in the UAE held savings deposits to the tune of Dhs268.6bn by the end of June 2023, according to the latest statistics released by the Central Bank of the UAE (CBUAE). This does not include interbank deposits, as per state news agency WAM. The central bank’s statistics showed these deposits increased by 5.8 per …

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Bitcoin is often referred to as ‘digital gold’ to indicate its utility as a store of value. However, rapid price swings in its brief decade-long history have concerned would-be investors keen on exploring it as a stable form of investment. This is why the concept of gold-backed cryptocurrencies became popular. To put it simply, gold-backed …

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Egypt is emerging as a real estate investment hotspot, according to analysis by Knight Frank MENA. With Middle East Sovereign Wealth Funds looking to invest up to $120bn in Egypt, the real estate sector in Cairo, in particular, could flourish. Amid the post-pandemic landscape, a revitalised global interest in Africa has emerged, underscored by significant …

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Dubai’s ultra-luxury property sector saw 176 high-end homes sold for AED3.1bn ($845m) in the first half of the year, according to Unique Properties analysis. The Dubai real estate agency also reported that 219 homes sold in the premium price range in the past year. This places Dubai as the fourth most active city in the …

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The Dubai real estate sector recorded transactions valued at AED23.1bn ($6.3bn) in the week ending August 55, according to data from the city Land Department. In total there were 3,229 transactions. 183 plots were sold for AED1.33bn ($362m) and 2,361 apartments and villas were sold for AED5.77bn ($1.6bn). Dubai real estate this week The top …

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Saudi Arabia’s franchise sector is set to enhance its contribution to the Kingdom’s gross domestic product with an initiative by the Small and Medium Enterprises General Authority. This initiative aims to unlock multiple opportunities within the sector. Also known as Monsha’at, the authority has organized the Commercial Franchise Week, a part of a series of …

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Affirming its commitment to the global fraternity, the Saudi Fund for Development has laid the foundation stone to kick off the construction of the Mangoky Bridge in Madagascar, an island country lying off the southeastern coast of Africa. The SFD has contributed $20 million as a soft loan to the project, alongside contributions from institutions …

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In a bid to promote collaborative ties in the digital economy, Saudi Arabia’s minister of communications and information technology held talks with counterparts from Egypt and Turkiye on the sidelines of the G20 ministerial meeting in India. These discussions reflected the Kingdom’s commitment to fostering international partnerships in the realm of digital transformation, the Saudi …

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Saudi Arabia’s Ministry of Industry and Mineral Resources issued licenses to 124 industrial units in January, according to an official statement. The total investment value of these units is estimated at SR2.4 billion ($639 million). The factories will be established in five economic sectors. According to the official data, 29 licenses were issued in the …

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The Public Investment Fund (PIF) announced that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA). The MoU is intended to expand cooperation and investment between the two entities, enabling new and promising investments in Oman’s rapidly growing economy. PIF to invest in Oman The MoU provides benefits and incentives …

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The Public Investment Fund (PIF) announced that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA). The MoU is intended to expand cooperation and investment between the two entities, enabling new and promising investments in Oman’s rapidly growing economy. PIF to invest in Oman The MoU provides benefits and incentives …

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The annual inflation rate in the Sultanate of Oman reached 0.69 percent at the end of June 2023, according to the monthly consumer price survey data issued by the National Centre for Statistics and Information (NCSI). The inflation rate was driven by the increase in most of the main groups that make up the consumer …

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The total domestic production of natural gas amounted to 26.19 billion cubic metres until the end of June 2023, an increase of 2.3 percent compared to the same period in 2022, when the total amounted to 25.60 billion cubic metres. Statistics issued by the National Centre for Statistics and Information (NCSI) showed that industrial projects …

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The industrial sector recorded the best performance among the indices of the Muscat Stock Exchange in last week’s trading. The industrial sector index rose during the week’s trading to the level of 6,170 points, recording its best level in 3 weeks, but it was unable to maintain these gains and ended the trading at 6,150 …

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Opal Bio Pharma (OBP), a pharmaceutical company in Oman, has begun the construction of the country’s first factory dedicated to manufacturing essential medicines and vaccines. The foundation stone for this groundbreaking facility was laid at Khazaen Economic City, with an estimated cost of OMR60 million ($156 million), according to a report by Times of Oman. …

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Saudi Arabia‘s Embassy in Lebanon has urgently advised its citizens to evacuate Lebanese territory as tensions rise in the region. The escalation follows violent clashes near the Ein Al Hilweh Palestinian refugee camp earlier this month. In an official statement, the Saudi embassy urged citizens to steer clear of conflict areas. Although the statement didn’t …

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The new Oman Labour Law terminates the need for employers to withhold employee passports Sultan Haitham bin Tarik of Oman recently issued a new labour law aimed at ensuring a fair and balanced relationship between employers and employees while promoting transparency in labour practices. The Labour Law 53/2023, this legislation, issued via Royal Decree, features …

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“The agreement aims to address the gas supply crisis for power plants, while tackling payment issues and complications arising from US sanctions,” said the statement from the prime minister’s office. Iraq is reliant on Iranian gas for a third of its energy needs, but is unable to directly pay for it as a result of …

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While Iraq was teetering on the edge of a full-fledged internal conflict last summer, today, the country seems to enjoy a level of stability not seen in the past two decades. This is due to a shared desire across the political spectrum, particularly within the Shia community, to stabilise the country. After last year’s intense …

Continue reading “Windfall oil revenue is buying illusory stability in Iraq”

The Lebanese banking sector has witnessed its first merger since the financial crisis hit the country in 2019, as banks continue to experience difficult and uncertain operating conditions. Bank Audi is merging the local business operations of its fully-owned subsidiaries Audi Private Bank and Audi Investment Bank into its own business. All the assets, liabilities …

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As Lebanon battles ongoing economic devastation, billionaire businessman Bahaa Hariri has openly backed a civic plan for the country’s path to recovery. Hariri, son of assassinated Lebanese Prime Minister Rafik Hariri, told Arabian Business he is backing Sawa Li Lubnan (Sawa) – a group that is mobilising citizens to campaign for meaningful reform in Lebanon …

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Amidst an increasingly turbulent year, a ray of hope has shone on Lebanon in the form of an influx of expats and tourists benefiting from the collapsed exchange rate, where the lira has lost close to 80 percent of its value, making the country incredibly appealing for those with dollars to spend. This hope may …

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Egypt has agreed to supply natural-gas to Lebanon through Jordan and Syria as the Arab states seek to help end power shortages in their crisis-ridden neighbour. Energy ministers from the four countries agreed during a meeting in Jordan on Wednesday to work out details of a plan to resume Egyptian gas shipments and Jordanian power …

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A bit of stability and normality – that’s all Lebanon’s private sector is asking for from the new government formed last week after a year of sectarian squabbling over cabinet seats. “We’re not asking for much,” said Mirielle Korab-Abi Nasr, vice president of the Real Estate Developers Association in Lebanon (REDAL). The caretaker government over …

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The role of remittance inflows has shifted from developing human capital to meeting basic needs following the outbreak of the crisis with 72 percent of recipients using remittances to sustain their lifestyle or make minor changes, according to The Increasing Role and Importance of Remittances in Lebanon, a report released by United Nations Development Programme …

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Under invitation from the Kingdom of Saudi Arabia and the President of the Islamic Summit, the Organization of Islamic Cooperation (OIC) will convene next week an emergency open meeting for the Executive Committee to discuss the burning of the Holy Qur’an in Sweden. The meeting will be held in its headquarters in Jeddah and will …

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The Holy Makkah Municipality has said that the cleaning contracts for this year’s Hajj included 13,549 workers, drivers, supervisors and observers of cleanliness. Of the 13,549 workers, 7,250 have been allocated to work in the holy sites. A total of 912 pieces of cleaning equipment have been deployed — 438 of them in the holy …

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Saudi Arabia’s embassy in France urged the Saudi citizens residing in the country to keep utmost caution and stay away from places of protests. The embassy called on the Saudi students and their families to follow the instructions of the French authorities in this regard. This is in the wake of protests and unrest that …

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The industrial sector in Lebanon, despite the falling national economy, continues to solider on in order to revive the market and create new business opportunities especially with the increasing demands for Lebanese products. The sector was one of the few offering hard foreign currency in Lebanon, which is still suffering from the decrease in the …

Continue reading “Lebanon’s industry carries falling national economy on its shoulders”

Foreign Minister Ahmed Attaf, who gave an interview to Italy’s official news agency Nova (published on Wednesday), said Algeria wants to enter the BRICS bank capital and has applied to join Shanghai Cooperation Organization (SCO). “We have expressed our intention to join the BRICS and look forward to the summit in South Africa in August. …

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The Algerian car market will be equipped with a large number of FIAT vehicles from July onwards, between 10,000 and 12,000 units. This was stated by the Managing Director of Stellantis Group for North Africa at a press conference at SAFEX on the side-lines of Algiers International Fair. Boutahra revealed that they would be importing …

Continue reading “Hakim Boutahra, Fiat-Algeria Managing Director at FIA: ‘12,000 Fiat vehicles on the Algerian market from July’”

Sonatrach’s CEO, Toufik Hakkar, said efforts should be “intensified to consolidate Africa’s role and capacity to benefit from its natural resources, strengthen economic integration, enhance the sense of collective responsibility, and facilitate the exchange of energy expertise and technologies among its countries, which will benefit its people.” Sonatrach Group CEO Toufik Hakkar, at the 1st …

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Algeria has made progress in terms of attractiveness and intends to communicate more in order to enhance its attractiveness to foreign investors and develop its influence in the region. This is the objective of the organization of the International Fair of Algiers (FIA) which brings together more than 630 participants is an exceptional showcase to …

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Schneider Electric is making a comeback in Algeria, a reappearance and a geo-economic and strategic redeployment both announced the day before yesterday and during a press briefing held on the side-lines of the 54th Algiers International Fair (FIA 2023), through which Director General of Schneider Electric Group, Samuel Philippe, informed the Group’s main objectives on …

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The Qatar Chamber reviewed the bilateral cooperation with the Investment Promotion Agency of the Uzbekistan. During a meeting held at the Chamber’s venue Ali Saeed Bu Sherbak Al Mansouri, the Assistant General Manager for Governmental Relations & Committees Affairs and Murat Mirzaev, Director of the Investment Promotion Agency of Uzbekistan, reviewed economic and commercial cooperation …

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Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region was honoured at the graduation ceremony of the eighth cohort of the “Kawader Malia” programme, for its outstanding contribution towards supporting the development of young Qataris and its commitment to shaping the country’s future workforce. Held at the four seasons hotel in …

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The expected free trade agreement (FTA) between GCC states including Qatar and the UK will further boost trade between Qatar and the UK, Lulu Group International Director Dr Mohamed Althaf said. Talking to Qatar Tribune recently, Althaf said, “There is a lot of initiative from the UK government to reach out to countries ‘One to …

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The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU). The GCC is expected to grow by 2.5 …

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Bahrain’s high-level delegation concluded its official visit to India, which took place from 14 to 17 March 2023, in New Delhi and Mumbai. Organised with the support of the Ministry of Industry and Commerce (MOIC) and the Bahrain Economic Development Board (Bahrain EDB), the visit highlighted key investment opportunities in the Kingdom of Bahrain and …

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Supported by the Bahrain Economic Development Board (Bahrain EDB), two India-based leading companies, Aerolam Middle East and Titan Company Limited (Titan), are set to launch their operations in Bahrain. With a total investment of approximately USD 45 million, the milestone achievement was announced on the sidelines of the recent high-level Bahraini delegation visit to India …

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The Kingdom of Bahrain has cemented its business-friendly reputation, ranking 1st globally as the ‘Best Destination for Getting Started Abroad’ in 2023, according to the Expat Essentials Index published by InterNations. The milestone ranking of first in the overall index, which places Bahrain firmly ahead of leading countries including the United Arab Emirates (UAE), Singapore, …

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Aptar Closures, a global leader in dispensing closures and active material science solutions, recently announced the acquisition of a majority stake in Gulf Closures, a closure manufacturer for beverage products in Bahrain. AlZayani will remain as the minority shareholder. Aptar Closures will leverage its global business capabilities and Gulf Closures’ manufacturing expertise, regional network, and …

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In partnership with the Labour Fund (Tamkeen) and supported by the Bahrain Economic Development Board (EDB), the recently launched coding school in Bahrain, Reboot Coding Institute (Reboot01) is set to enroll around 100 Bahrainis for their first selection pool for its inaugural two-year programme. With the aim of preparing a new generation of highly-skilled professionals, …

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Bahrain today announced the launch of a Golden License, providing incentives and streamlined services to foreign and local businesses with large-scale investment projects in Bahrain, in an important step in the country’s pursuit to incentivise investments and boost job creation under its fiscal and economic reforms. The move builds upon the growing investment attractiveness of …

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Howden, the international insurance broker, announces today that it has received a regulatory license from the Central Bank of Bahrain to establish operations in the Kingdom of Bahrain. This represents a significant step in Howden’s strategic growth ambitions for the Gulf region. The establishment of Howden Bahrain adds another key territory to Howden’s footprint in …

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A high-level delegation from Bahrain, led by the Minister of Industry and Commerce, H.E. Abdulla bin Adel Fakhro supported by H.E. Noor bint Ali Al Khulaif, Minister of Sustainable Development, is heading for a weeklong visit to Japan and South Korea scheduled from May 5 to May 12, 2023. Organised by the Ministry of Industry …

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A delegation from the UAE met with representatives from almost 30 companies from Germany on Tuesday during a roundtable. The objective was to accelerate industrial collaboration and build on joint efforts in promoting sustainable industrial development, de-carbonisation and energy security. The roundtable co-hosted by the Ministry of Industry and Advanced Technology (MoIAT) during Hannover Messe, …

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A ground-breaking ceremony took place today for a major integrated refinery and petrochemical complex being developed by Huajin Aramco Petrochemical Company (HAPCO). The joint venture between Aramco (30%), NORINCO Group (51%) and Panjin Xincheng Industrial Group (19%) is developing the complex in the city of Panjin, in China’s Liaoning Province. On March 26, it was …

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A first shipment of independently-certified low-carbon ammonia has arrived in Japan for use as fuel in power generation. It represents another milestone in the development of this lower-carbon energy solution. The shipment is the result of a successful multiparty collaboration across the low-carbon ammonia value chain. The ammonia was produced by SABIC Agri-Nutrients (“SABIC AN”) …

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Minister of Industry and Mineral Resources Bandar Al-Khorayef addressed a panel session titled: “Dealing with the Unpredictable Economic Consequences of 4IR Technological Progress” in the second edition of the LEAP Tech Conference held in Riyadh between the 6-9 February under the theme Into New Worlds. Al-Khorayef confirmed that the ministry is targeting to become a …

Continue reading “Saudi Arabia plans to become leader in additive manufacturing”

Emirates Telecommunications Group Co. has agreed to take a 50.3 percent stake in a super app managed by Careem, Uber Technologies’ Middle East subsidiary, in a transaction valued at $400 million, e& said in a filing on Monday. The Super App will be managed by Careem founders Mudassir Sheikha and Magnus Olsson, said the company, …

Continue reading “UAE’s e& takes $400m majority stake in ride-hailer Careem’s Super App”

Egypt’s annual urban consumer inflation rate in March climbed to 32.7 percent year-on-year, just shy of an all-time record, from 31.9 percent in February, data from the country’s statistics agency CAPMAS showed on Monday. The surging inflation rate follows a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and …

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Oil steadied on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other producers of the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, balanced concern about weakening global growth that may dampen fuel demand. Crude last week jumped more than 6 percent, a third weekly …

Continue reading “Crude steadies; Bahrain’s Oil and Gas Holding partners with Oracle”

Top Italian firms want in on Kuwait’s development, establish partnerships within its private sector and offer expertise to businesses, an industry chief from Italy says. Carlo Bonomi, President of Italian business confederation Confidustria, lauded its efforts to diversify its economy under the Kuwait Vision 2035 development strategy, reported the state’s official news agency (KUNA) on …

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Oman Tourism Development Company (Omran) has affirmed that work on several projects is progressing at a steady pace and is in various stages of implementation. Speaking to the Observer, Ammar al Kharusi, Director of Development, said: “We are currently working on the Masterplan for the Sustainable City Yiti project of the flagship ‘The Nikki Beach …

Continue reading “New downtown projects progressing as planned in Muscat”

It’s been a wild few years for the microchip industry, recovering from a long-term supply squeeze only to be thrust into the centre of a US-China battle to control supply lines of the valuable technology. But an industry long associated with volatility is quietly getting excited that artificial intelligence (AI) could be the key to …

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The General Authority of Civil Aviation (GACA) President Abdulaziz Al-Duailej announced on Wednesday the launch of the Al-Ahsa International Airport development and expansion project. The airport’s capacity will be jumped by 250 percent to accommodate one million passengers annually once the project is completed. Al-Duailej made the announcement while addressing the Al-Ahsa Forum 2030. Prince …

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NorthLadder, the leading second-hand marketplace in the Middle East, has expanded its services to Saudi Arabia, with residents in Riyadh and Jeddah now able to sell their old laptops, mobile phones, tablets, and smartwatches for instant cash at their doorstep. The company has already gained a lot of interest from the Saudi market and aims …

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Modern Electronics Company (MEC) has announced the official inauguration of its newly revamped service centre in Riyadh. MEC, a company known as a leader in Saudi Arabia’s consumer electronics industry, was recently appointed by Panasonic as its official distributor for major appliances across the Kingdom. The redesigned facility, comprises of 975 sqm of service centre …

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Saudi company Manga Productions announced a partnership with Tsubasa Co., including production collaboration and distribution of “Captain Tsubasa” and various other projects. Attending the signing ceremony was world-renowned Mangaka and creator of “Captain Tsubasa,” Mr. Yoichi Takahashi. CEO of Manga Productions, Dr. Essam Bukhary, stated: “We are pleased to announce our partnership with Tsubasa Co. …

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Prince Mohammed Bin Salman College of Business and Entrepreneurship (MBSC), a world-class business and entrepreneurship education leader, recently participated in the Biban 23 Forum through a session titled Entrepreneurial Ecosystem in KSA: Global Entrepreneurship Monitor Results (2016-2022). Led by Dr. Muhammad Azam Roomi, Professor of Entrepreneurship at MBSC and team leader of the GEM Saudi …

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Egyptian President Abdel Fattah El-Sisi said on Wednesday that the government is committed to the protection of workers in black sand reserves. Speaking at the inauguration of the Egyptian Black Sand Co.’s complex in Kafr El-Sheikh, he highlighted the state’s commitment to ensuring there is no negative health impact on the workers in the complex. …

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The Saudi Arabian government is reportedly planning to invest $38bn into the country’s gaming industry. Most recently, the Saudi government increased its stake in Nintendo to 8.26 percent through the Public Investment Fund, the state’s sovereign wealth fund, and it also holds millions of shares in EA and Take-Two. Savvy Gaming Group, a subsidiary of …

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The Lebanese Economy Minister on Tuesday admitted his department can do little to stop the country’s steep financial decline, as he discussed the decision to make supermarkets display the rate-to-the-dollar at which goods are priced. Amin Salam said the measure was introduced to guard against rampant price manipulation, as the national currency continues to plummet …

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Business conditions in Lebanon’s private sector improved in February to a four-month high, indicating a slower pace of deterioration, amid a relative increase in new orders and output. The country’s Blom purchasing managers’ index (PMI), a measure of the strength of its private sector, rose to 48.8 in February, from 47.7 in January, its highest …

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Another judicial case involving embattled Central Bank Governor Riad Salameh has recently caught public attention in Lebanon. The Mecattaf money transfer company investigation involves allegations of money laundering, corruption and influence peddling. In the latest development, Mount Lebanon First investigating judge Nicolas Mansour has set hearings on April 3 for Mr Salameh and several others, …

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Much has been said about Lebanon’s manifold crisis, more specifically the implosion of the country’s economy through an ongoing financial crisis that has been exacerbated by the Beirut port explosion, Covid-19, the impact of the Ukraine war on global food prices, and the country’s ongoing political paralysis. Much more can, and should, be said on …

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The industrial sector in Lebanon, despite the falling national economy, continues to solider on in order to revive the market and create new business opportunities especially with the increasing demands for Lebanese products. The sector was one of the few offering hard foreign currency in Lebanon, which is still suffering from the decrease in the …

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Egypt and Lebanon discussed Monday launching a ro-ro (roll-on/roll-off) line with the aim of increasing import/export trade between the two countries. The proposal was tabled during a meeting between Egyptian Minister of Transport Kamel El-Wazir and Lebanese Minister of Public Works and Transport Ali Hamieh on the sideline of the 69th session of the Executive …

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The Arab Observatory for Human Rights of the Arab Parliament hailed the remarkable achievements made by Saudi Arabia to develop human rights as part of its development vision for 2030. The vision’s main focus is on the citizen and the human being, under the prudent vision of Custodian of the Two Holy Mosques King Salman …

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Aluminium Bahrain (Alba) Chief Executive Officer Ali Al Baqali inaugurated the the company’s Annual Majlis for 2023 on Tuesday (January 17) at the Oasis Hall. Attended by Alba’s executives, directors, and managers, the opening session shed the light on the successes Alba celebrated in 2022 as well as lessons learnt as the company journeys in …

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Investors need to look to the Asian region for the best investment opportunities in the short and medium term, said Steve Brice, Global Chief Investment Officer at Standard Chartered Bank. Providing his outlook for 2023, Brice said there will be a slowing of global inflation and fewer federal interest rate rises in the first half …

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The value of exports of Bahrain origin products increased 24%, reaching BD4.967 billion ($13.18 billion) during 2022, compared to BD3.994 billion in the previous year. The value of imports into Bahrain increased 10% in 2022, reaching to BD5.842 billion, compared to BD5.316 billion for the previous year, said the foreign trade report of 2022 released …

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The BMMI Group will be showcasing various products including two of its own brands, Purely and Nature’s Origins, at Gulfood Exhibition at the Dubai World Trade Centre from February 20 to 24. Participating for the first time, BMMI will be part of the Bahrain Pavilion. The Purely brand offers customers with consistent, high-quality, and ethically …

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The Bahrain Association of Banks (BAB) has addressed ways to overcome the challenges facing many small and medium enterprises (SMEs) when applying for financing from banks. “We all know how important SMEs are, which make up more than 95% of the number of enterprises in Bahrain. We seek to help these institutions rise and grow. …

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Gulf Islamic Investments (GII) a leading shari’ah-compliant global alternative investment company, with over $3 billion of assets under management in real estate, private equity and venture capital, has announced the opening of its new company, Gulf Ventures Capital, with headquarters in Bahrain. This comes as part of GII’s strategy to expand its footprint in the …

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Bahrain’s Economic Development Board (EDB) succeeded in attracting investments for 89 projects exceeding BD415 million ($1.1 billion) during 2022, it was revealed at the EDB board meeting on Sunday. The investment will contribute to creating more than 6,000 quality job opportunities for Bahraini citizens over the next three years, said a Bahrain News Agency report. …

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Bahrain has now joined the UAE, Egypt, and Jordan to become the fourth member of the Industrial Partnership for Sustainable Economic Development at its second Higher Committee meeting held in Cairo, Egypt. Bahrain will boost the partnership’s total industrial manufacturing value from $106.26 billion to $112.5 billion. The Partnership will focus on textiles and clothing …

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The Bahrain-based Oil and Gas Holding Company (nogaholding) announced a collaboration deal with UAE technology pioneer AIQ to integrate and deploy artificial intelligence (AI) and digital solutions into its upstream operations. Under the collaboration pact, the energy investment specialists will utilise the latest AI technologies provided by AIQ to increase the operational efficiency of Tatweer …

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The UAE Central Bank has raised its benchmark borrowing rate following a similar move by the US Federal Reserve. CBUAE has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points – from 3.9% to 4.4%, effective from Thursday, 15 December 2022. This decision was taken following the …

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Global blockchain services giant Binance has launched binance.bh, a new platform that allows users to access Binance’s range of regulated products and services. This includes direct top-ups and withdrawals, in local currencies, the company said in an emailed statement on Monday. All users have to do is link their bank accounts with their binance.bh account. …

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Evermore, the popular diamond brand from Dubai-based Siroya ALTR, is eyeing a major expansion in the GCC region, with immediate plans to make foray into Saudi Arabia and Bahrain. The company is also finalising further expansion within the UAE, with plans to open at least three more stores in the coming few months. “We are …

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Aiming to reimagine the global living experience through its portfolio of tech-enabled branded residences Stella Stays is planning to become the biggest residential hospitality player in the region, said its co-founder and CEO. Speaking to Arab News in an exclusive interview, Mohannad Zikra said that the Dubai-based proptech startup that is disrupting the global residential …

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The future looks bright for Saudi Arabia and other Middle East and North African economies, but governments in the region must be wary of geopolitical instability and inflation to sustain growth, ministers told the World Economic Forum on Thursday. Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim took part in a panel discussion on …

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Saudi Arabia’s Ministry of Industry and Mineral Resources issued 115 industrial licenses with investments worth SR4 billion ($1.06 billion) in August 2022, official data showed. The data from the ministry revealed that the number of industrial units across the Kingdom reached 10,707, up from 10,685 in July 2022. In August 2021, the number of industrial …

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Jordan and Saudi Arabia will discuss ways to expand economic relations and build joint industrial partnerships during a Jordanian delegation’s visit that started on Saturday. The delegation, led by Amman Chamber of Industry chief Fathi Jaghbir, includes representatives of industrial companies operating in a range of production sectors. The visit has been organized by the …

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In a remarkable environmental initiative, the Environment Agency – Abu Dhabi (EAD) has shown how modern technology can be used for the greater good when it planted nearly one million mangrove seeds…using drones. This is part of EAD’s plans to work with local, regional and international partners, and establish Abu Dhabi as a global hub …

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Following announcements of 13 international hotels opening in Saudi Arabia’s mega-project The Red Sea, a new futuristic resort has been announced to open in 2024. The Sheybarah Resort is a ‘hyper-luxury’ hotel located in Sheybarah Island, designed by Dubai-based architectural firm Killa Design. The first batch of 73 prefabricated villas was delivered at the Red …

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The UAE is poised to emerge as the first choice for global companies in the digital asset business for their global expansion, following the Gulf country approving a new regulation to govern virtual assets in the country, sector experts said. The new regulatory framework is also expected to fuel the mainstream adoption of blockchain applications …

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UAE and Bahrain’s non-oil trade exchange increased by more than 92 percent in the past decade. In 2022 non-oil trade exchange between the two nations totaled $6.5bn (AED23.7bn) compared to $3.3bn (AED12.3bn) in 2012, according to recent data issued by the Federal Competitiveness and Statistics Centre (FCSC). Their total non-oil trade exchange during the same …

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Egypt’s government has rejected claims that the country is exposed to bankruptcy risk due to its debts and the cost of servicing them during rate rises and inflation. It also cited a report on the performance of the Egyptian economy from June to November. The Cabinet said Egypt’s ratio of external debt to GDP was …

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Saudi Arabia private utility firm ACWA Power has signed a $1.5 billion agreement with Power China, it has been reported by Reuters. No further details were released, and ACWA Power did not respond to Arab News’ request for a comment. The deal comes amid a flurry of Memorandums of Understanding signed by the energy provider …

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On the sidelines of summits in Riyadh on Friday with the visiting president of China, Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman presided over the meeting of the 43rd session of the Supreme Council of the Gulf Cooperation on behalf of King Salman. Lauding Saudi Arabia’s convening of the Riyadh GCC-China Summit …

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Saudi Arabia’s Ministry of Industry and Mineral Resources has announced that the Kingdom issued permits for non-oil industrial projects in August worth an accumulated SR4.1 billion ($1.1 billion), MEED reported. Some 115 licenses were issued for non-oil industrial projects — 20 percent higher than those issued in July. Those issued in August brought the total …

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Saudi Arabia has issued permits for 725 industrial projects worth an accumulated SR1.37 trillion ($265 billion) in the first nine months of 2022, according to data from the Ministry of Industry and Mineral Resources. This comes as the Kingdom is pushing to develop domestic industrial and manufacturing sectors as part of its strategy to diversify …

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Before the start of the 2022 FIFA World Cup, real estate prices were surging in Qatar and neighboring countries, causing people to rent their properties at high prices and cash in on the increased market demand. Taking place in the Arab world for the first time, the 2022 FIFA World Cup is an unprecedented event. …

Continue reading “Foreign or joint capital constitute 39% of total investments in KSA’s industrial sector, says ministry”

Saudi Arabia’s Industrial Production Index increased by 15.7 percent in September 2022, compared to the same month in 2021, official data showed. The index, calculated through an industrial production survey showed positive growth trends, driven by an increase in production activities of mining and quarrying, manufacturing, and electricity and gas supply, according to the General …

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A flydubai flight travelling from Warsaw to Dubai reportedly made an emergency landing in Ankara, Turkey on Thursday due to a security threat, according to local reports. It was later confirmed that the threat was a hoax. According to reports by Turkish newspaper Daily Sabah “after the 161 passengers and bags were removed from the …

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Abu Dhabi’s IHC is looking to raise cash with IPOs of its technology and health units next year its CEO says. On the back of an outstanding year, which has seen profits surge 236% in the first nine months of the year, IHC will look to sell off assets and diversify investments next year. IHC …

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Iran’s construction industry is expected to grow by 2.5% in real terms in 2022, following annual growth of 1.8% in 2021. It is then expected to register an annual average growth of 3.6% between 2023-26, supported by government investments on the energy, oil and gas, petrochemicals, infrastructure and industrial sectors. Over the year, the industry’s …

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The value of Iran’s oil products export increased 40 percent in the first half of the present Iranian calendar year (March 21-September 22), as compared to the same period of time in the past year, the boar director of Iranian Oil, Gas and Petrochemical Products Exporters Union (OPEX) announced. Hamid Hosseini said while the six-month …

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Iraq is keen to maintain stable oil prices at not more than $100 per barrel, Prime Minister Mohammed Shia al-Sudani told reporters on Saturday. Iraq, a member of the Organization of the Petroleum Exporting Countries (OPEC), will have discussions with other members to reconsider and increase its production quota, he added in a briefing. “Iraq …

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The world was hoping to crucify Saudi Arabia as a top oil exporter, its energy minister said on the sidelines of the COP27 summit in Egypt, adding the kingdom would be closely monitoring other countries’ renewable promises. Setting out what he said were Saudi Arabia’s steps to produce cleaner energy and reduce its carbon footprint, …

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Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman. With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of …

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Saudi Arabia‘s economy is expected to witness a 7 percent acceleration in 2022, driven by stronger oil output following OPEC+ production cuts and continued growth in non-oil sectors, according to the latest World Bank report. The World Bank’s Gulf Economic Update (GEU), “Achieving Climate Change Pledges,” report highlights that growth in the kingdom’s economy will …

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Petrofac, a leading provider of services to the global energy industry, has signed a Memorandum of Understanding (MOU) with Oman Hydrogen Centre (OHC) to collaborate in building capabilities for Oman’s renewable energy sector, the company announced on Wednesday. The agreement aims to strengthen the sector, particularly in green hydrogen. The partnership “will bring considerable benefits …

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The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General …

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The Board of Directors of Oman Rail-Etihad Rail joint venture company, held its inaugural meeting in Dubai, two days after signing an agreement to form the $3 billion railway company. The passenger trains are designed to reduce travel time from Sohar to Abu Dhabi to 1 hour 40 minutes, and from Sohar to Al Ain …

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The MSX index closed at 4,508.68 points, up by 0.72 per cent from the previous close. The Sharia Index ended up by 0.7 per cent at 481.57 points. Oman Qatar Insurance, up 5.41 per cent, was the top gainer while Muscat Thread Mill, down 8.7 per cent, was the top loser. Shares of HSBC Bank …

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Global crude oil prices rose by more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, raising fears of a shortage in oil and gas supplies. Brent crude futures rose $2.28, or 2.5 per cent, to $92.90 a barrel, after falling $1.38 in the previous session, while US …

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The inflation rate of the Consumers Price Index (CPI) in the Sultanate of Oman stood at 2.4 per cent in August 2022, according to the latest data issued by the National Centre for Statistics and Information (NCSI). The data indicated a rise in the prices of main groups in August 2022 compared to August 2021, …

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Union Minister for Commerce Piyush Goyal Thursday met with the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and held discussions to bolster the trade and investment ties between the two countries. The meeting occurred on the sidelines of the Group of 20 (G20) nations’ trade, investment, and industry ministerial meeting. …

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Like other markets globally, financial markets in Oman and the wider GCC were mostly impacted by the conflict in eastern Europe, according to an industry expert. “The ongoing Russia-Ukraine conflict has strongly affected energy deliveries and profoundly changed how the market worked,” said Daniel Takieddine BDSwiss CEO Mena. Elaborating on the current oil prices, both …

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Muscat’s Sohar Port and Freezone has signed a pact with Oman-based Arkan Sohar Logistics to build a container freight station and logistics complex in the port which will occupy 26,000 sq m. Arkan Sohar Logistics will provide bonded and non-bonded facilities, ambient and covered storage, as well as temperature-controlled, dry, chilled, and frozen storage facilities …

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Port of Duqm Company (PODC), in collaboration with Oman Society for Petroleum Services (Opal) and Oman logistics Association (OLA) organised a forum on ‘Business Opportunities at Port of Duqm’, which attracted oil and gas companies operating in the Sultanate of Oman. The forum aimed at encouraging business collaboration with Port of Duqm, where a large …

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Deutsche Hospitality, a leading German hospitality management group, announced the official opening of IntercityHotel, Muscat, as well as, the debut of the much-awaited Steigenberger Residence, Doha. The announcement was made on Monday, at the Future Hospitality Summit (FHS) 2022. The coming of these new properties boosts Deutsche Hospitality’s presence in Oman to three operational properties. …

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The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General …

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Abraj Energy Services is rebranding, as the firm looks towards a potential listing on Oman’s Muscat Stock Exchange later this year. In a statement, the company called the identity a refocusing on modernisation and innovation of its service offerings. Abraj currently offers a range of services including drilling and workover rigs as well as fracturing, …

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Petrofac, a leading provider of services to the global energy industry, has signed a Memorandum of Understanding (MOU) with Oman Hydrogen Centre (OHC) to collaborate in building capabilities for Oman’s renewable energy sector, the company announced on Wednesday. The agreement aims to strengthen the sector, particularly in green hydrogen. The partnership “will bring considerable benefits …

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Applications are now open for training courses for public and private school students participating in the World Robot Olympiad, which organises tournaments in over 85 countries worldwide. Bahrain is among the nine countries organising the tournament in the Middle East. The theme of the 2022 Olympiad is “My Robot, My Friend”. The Ministry of Education …

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One investment at Kazerooni Heights can go a long way. In today’s uncertain economic times, investors are looking for something they can rely on to add value to their portfolios. Real estate is known to be one of the most reliable long-term investments and apartments are a good option to consider: Kazerooni Heights offers two …

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Bahrain International Circuit (BIC), “The Home of Motorsport in the Middle East”, announced today a fantastic new international racing series that will be coming to Sakhir and the region for the first time later this year, as part of the FIA WEC 8 Hours of Bahrain this November 11 and 12. The 2022 WTCR – …

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Rain Financial Inc, a crypto exchange in the Middle East with several customers from Saudi Arabia, UAE & Bahrain, announced axing 30 of its Bahraini employees in various markets, citing challenges in the global cryptocurrency. The company informed its staff this week about the decision, where the cuts impact a range of departments. “As cryptocurrencies …

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WestPoint Home (WPH), a global marketer and manufacturer of home products, has announced an investment of $9 million in the third phase expansion of its manufacturing complex in Bahrain. The announcement followed the recent meeting between WPH senior officials and the Minister of Industry, Commerce and Tourism, Zayed R Alzayani. Officials from the American Chamber …

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Bahrain recently launched the fastest regional multi-modal logistics hub—the Bahrain Global Sea-air Hub—with only a two-hour turnaround time for all containers. So products can reach customers in half the time and at 40 per cent of the present cost. The advantages include a 50 per cent reduction in average lead time compared to pure sea …

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Bahrain has now joined the UAE, Egypt, and Jordan to become the fourth member of the Industrial Partnership for Sustainable Economic Development at its second Higher Committee meeting held in Cairo, Egypt. Bahrain will boost the partnership’s total industrial manufacturing value from $106.26 billion to $112.5 billion. The Partnership will focus on textiles and clothing …

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Network failures across Lebanon still loom as employees of state-owned internet provider Ogero continue their strike after negotiations hit a dead-end. The strike started on Tuesday, with Ogero employees demanding for higher salaries amid an economic meltdown. A three-and-a-half-hour long meeting was conducted between the disgruntled workers and Lebanon’s communications minister Johnny Corm, but no …

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Saudi Arabia and Bahrain are set to further enhance their bilateral cooperation in the labour sector and discussed various measures to boost joint efforts in this sector. A meeting between Saudi minister of human resources and social development Ahmed bin Suleiman Al-Rajhi and minister of the Kingdom of Bahrain Jameel bin Mohammed Ali Humaidan in …

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Bahrain is seeing a major uptick in the demand for office space, with a 5.5 percent jump in office space in the first quarter of 2022 over the same year-ago period, fuelled by an improvement in economic sentiment and growth in the non-oil sector, a latest report said. The Grade B and Grade C project …

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Egypt’s engineering exports rose during the first half of 2022 by 27 percent to $1.8 billion, compared to $1.4 billion in the same period of 2021, according to the monthly report of the Export Council for Engineering Industries. Engineering exports witnessed a 4 percent increase in June 2022 compared to the same month 2021, reaching …

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The UAE’s ADNOC Distribution Company, listed on the Abu Dhabi Securities Exchange, announced, Thursday, that it has entered into an agreement to acquire a 50 percent stake in Total Energy Egypt. ADNOC Distribution clarified, in a press release, that it had signed an agreement with “Total Energy Marketing Afrique S.A.S.” to acquire a 50 percent …

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Working on becoming an attractive hub for foreign investments, Egypt offers a variety of incentives and advantages for investors; CEO of Egypt’s Information Technology Industry Development Agency (ITIDA), Amr Mahfouz, reviews three reasons why investors would prefer Egypt to invest in. Mahfouz told the Polish-English business magazine, Focus on Business, that the first and the …

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During the new fiscal year 2022/2023, the government aims to increase production for the petroleum and mineral resources sector at current prices from 671.5 billion pounds in the previous year to about 790.9 billion pounds, an increase of 17.8 percent, according to the economic and social development plan submitted by the Minister of Planning, Dr. …

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AL-Qamzi Developments announced the launch of its new project, SeaZen — which spans 204 feddans — on Sunday, with investments worth EGP 14bn. In a press conference Abdallah Al-Qamzi — Chairperson of Al-Qamzi Emirati Group — said that construction on the project will begin in October and that the first phase will be completed in …

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Banks operating in the Egyptian market and a number of real estate financing companies have injected EGP 46.368bn in financings to about 29,000 customers within the Central Bank of Egypt’s (CBE) initiative to finance real estate for low and middle-income people. The Social Housing and Mortgage Finance Support Fund revealed in a report on Sunday …

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Chairperson of Hegaz Development Ibrahim Ahmed Al-Zawawi said that the company is developing the Sokhna Hills Project in Ain Sokhna on an area of ​​100 feddans and that it will be developed over three phases. Al-Zawawi explained that the project includes residential units, a hotel, a commercial mall, and an athletic area, pointing out that …

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“The second phase of the project comprises unique units in a variety of areas that meet the ambitions and desires of customers by providing a number of commercial units under the ‘franchise system’ to achieve the highest investment return for customers in its project,” said Adel Abdel Moneim — Chairperson of LUD’s Board of Directors. …

Continue reading “Lozan Urban Development launches 2nd phase of Apex Business Mall at NAC”

Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor. “This gives us really a solid foundation to make real …

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Barka Desalination Company (BDC) has announced the successful close of the first phase of its IPO for listing on the Muscat Stock Exchange (MSX). Based on the price discovery process completed through book building by large and institutional investors, the allotment price for shares has been determined at 145 baisa at the highest end of …

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The first spot market for electricity in the Middle East has launched in Oman, helping the country in its efforts to lower the cost of power. While competitive electricity and water markets are common in the United States, Europe and parts of Asia, until now, they had not reached the Middle East but that has …

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H2 Industries and Oman’s Public Establishment For Industrial Estates (Madayn) have signed a memorandum of understanding (MoU) to develop a waste-to-hydrogen plant in conjunction with PV solar power plants with base-load capacity in the sultanate of Oman. The proposed $1.4 billion facility will be built on a 200,000 square metre coastal site. The facility will …

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The World Bank has approved US$85 million in financing for the Jordan Support for Industry Development Fund Project, which aims to promote investments and exports in the manufacturing sector through the operationalization of a new Industry Development Fund. The fund is one of the commitments Jordan has made under its Economic Priority Plan 2021–2023. Jordan …

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Jordan’s garment industry did not witness the pandemic’s worst impact, proving to be ‘relatively’ resilient in its adaptability to new trends, according to Better Work Jordan Annual Report 2021, which noted that the economic downturn in the country’s garment industry has only had a 15 per cent reduction in exports and a full rebound is …

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Jordanian Industrial Estates Company recently participated the Annual Investment meeting 2022 in Dubai and presented The Industrial estates with its services, incentives and the discounts on selling and renting standard Lands and Buildings for the new estates which built in (Alsalt – Madaba– Altafilah). Furthermore, COE Dr. Luay Sahwil and The General Manager Mr. Omar …

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The investment package the government has recently endorsed is aimed to enhance the production competitiveness in the Tafileh Industrial Estate, attracting more investments to the estate and creating more jobs in the governorate to address unemployment, Chairman of the Jordan Industrial Estates Corporation (JIEC) Luai Sihweil said on Monday. Sihwil, in a JIEC statement cited …

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Jordan, the United Arab Emirates (UAE) and Egypt have launched the Industrial Partnership for Sustainable Economic Development to implement industrial projects worth $10 billion. Jordan’s state-run Petra news agency reported that under the partnership announced on Sunday during a meeting between the three countries in Abu Dhabi, a fund will be created and managed by …

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A welcoming billboard is seen along the airport road in Lebanon’s capital Beirut on Wednesday following a campaign by the Tourism Ministry to replace the pictures of political figures with images of natural sites as the country is trying to draw more tourists (AFP photo) BEIRUT — Lebanon’s economy should receive a welcome injection of …

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In what is the fourth dual listing on the Abu Dhabi Securities Exchange (ADX), GFH Financial Group B.S.C. announced its secondary listing on the exchange on Tuesday. The listing is set to further expand GFH’s investor base and enhance liquidity in its shares amid increased regional and international participation on the exchange. This is GFH’s …

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Bahrain-based Al Waha Fund of Funds announced on Monday its participation in LionBird III, an $85 million digital health-focused fund, floated by Tel Aviv-based venture capital LionBird. Al Waha’s partnership with LionBird will also seek to aid Bahraini and GCC startups in navigating the complex US healthcare market and connecting with the right experts and …

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Capital values across Bahrain’s residential real estate segment have remained largely stable on a quarterly basis, according to real estate service provider Savills. The capital value index for apartments and villas in the country, when compared annually, however has dropped by an average 1.2 percent and 2.6 percent respectively, Savill’s said in its Q1 2022 …

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Saudi stock markets opened higher in early morning trade, as oil prices fluctuated steadily. Oil prices rose on Friday, with Brent crude exiting the week at $119.72 and US West Texas Intermediate settling at $$118.87. The main index, TASI, opened 0.18 percent higher at 12,627, while the parallel market, Nomu, started 0.08 higher at 22,861 …

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DMS is the outcome of Vision 2030’s revolutionary potential in shaking up the fields of mobility and logistics. It is a digital growth engine launched by SAPTCO to explore new possibilities and build innovative startups. DMS is working toward becoming the leading venture builder in the mobility sector; it aims to make it seamless, smart …

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New York is on track to advance with 22 green projects, in line with the state’s climate ambitions. In addition, EU countries will use money from the EU recovery fund to expand liquified natural gas capacity. Meanwhile, Moscow is seeing a jump in profits from energy exports in 2022, despite sanctions from the West. Looking …

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Saudi Arabia has launched a new strategy with the World Economic Forum to promote industrial innovation and advanced manufacturing in the country. Minister of Industry and Mineral Resources and Chairman of the Saudi Industrial Development Fund Bandar bin Ibrahim Al-Khorayef launched the Saudi Advanced Manufacturing Hub, or Saudi AMHUB, strategy, which will look to position …

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The young population in Saudi Arabia is helping the country to achieve the goals of Vision 2030, according to Saad Al-Shahrani, deputy minister at the Saudi Ministry of Investment. While speaking at the Saudi Spanish Investment Forum in Riyadh on Sunday, the minister revealed that the young population in the nation is tackling all the …

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Saudi Arabia issued 260 new industrial licenses during the first quarter of 2022 — up from the 206 handed out in the previous three months, the government has revealed. Figures issued by the Ministry of Industry and Mineral Resources show that while there was a quarter-on-quarter rise, the number approved was down from 308 in …

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Dar Al Arkan, the Saudi-based real estate company, and Oman Tourism Development Company have signed an agreement to develop AIDA, one of the largest mixed-use real estate projects in the sultanate. The project marks Dar Al Arkan’s first entry into Oman and the value of the investment from both parties will reach SR6 billion ($1.6 …

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The construction of new hotels in prime tourism destinations such as Saudi Arabia, Qatar, Oman and the UAE remains substantial despite the pandemic headwinds over the past two years. According to new research commissioned by Arabian Travel Market, Makkah and Doha are both expanding their hotel room inventory by 76 percent, followed by Riyadh, Madinah …

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Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman. With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of …

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Football fans coming to Qatar for the World Cup will not have to shell out huge amounts on accommodation, assured CEO of the FIFA World Cup Qatar 2022, Nasser Al Khater. In comments to The Sun, Al Khater said that Qatar will make this World Cup as affordable as possible for everyone. “We have always …

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Saudi Arabia’s real estate sector has started the year with fragmented performance and activity levels across the Kingdom’s regions. Looking at Saudi Arabia’s office sector figures, visitation to the workplace has since late September 2021 remained above its pre-pandemic baseline and now sits 19.7 percent above the baseline, with the majority of occupier activity continuing …

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The Oman Investment Authority has split its assets into local and foreign portfolios, the state news agency said on Sunday. Abdulsalam Al Murshidi head of the Omani Investment Authority said the “Generation Portfolio”, which consists of foreign assets and some local assets in various instruments including public and private markets, in addition to real estate, …

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The manufacturing sector of Qatar is showing a robust growth as 18 new factories were established in the fourth quarter of the last year. According to figures released by the Ministry of Commerce and Industry, the number of new local products registered in the last quarter of 2021 was 81. In the same period, 768 …

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Gulf nations are interested in buying stakes in a fuel-distribution company owned by the Egyptian army, as well as a power plant co-built by Siemens AG, among their multi-billion-dollar investment pledges, according to Ayman Soliman, the CEO of the Sovereign Fund of Egypt (SFE). “Several international investors, including Gulf sovereign wealth funds, have showed interest …

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Global fashion and lifestyle retail conglomerate Apparel Group has expanded its footprint in Qatar, with the launch of 20 stores at the Place Vendome mall in Lusail City. The 20 new stores includie Charles & Keith, Beverly Hills Polo Club, Rituals, LC Waikiki, Birkenstock, Molten Chocolate & Café, Skechers, R&B, R&B Kids, BBZ, Hema, Crocs, …

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The European Commission – which is the executive branch of the European Union – has taken another positive step towards its goal of implementing visa-free travel for all countries in the GCC. In its latest decision, the European Commission has proposed the waiving of visa requirements for all Qatar and Kuwait nationals. Under this proposal, …

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Halal medicines as a category within the wide universe of pharmaceuticals? Dubai’s Prime Healthcare is definitely hoping this breakthrough happens in the UAE and Gulf markets – and at some point in the near future itself. “Worldwide, halal pharmaceuticals make up 7 per cent of the global pharma market, but many still remain unaware of …

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The UAE is fast emerging as the digital finance capital of the region and a global digital hub, helped by conducive regulations, government leadership and talent inflow. The UAE is driving digital transformation with the adoption of digitization across public and private sectors. The UAE government recently approved a Digital Economy Strategy that aims to …

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Privately owned businesses will now be able directly list shares on the Abu Dhabi Securities Exchange (ADX)’s Growth Market, without the need for an initial public offering (IPO), presenting a path for companies to begin their capital markets journey. To be eligible for inclusion in the Growth Market, companies must convert to a private joint …

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In a move that seeks to align the information and communication technology (ICT) strategies of Dubai’s government entities with the emirate’s digital transformation objectives, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has issued Executive Council Resolution No. (15) of 2022. According …

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The Red Sea Development Co. is marching ahead with its construction plans as it aims to have its first hotels this year at the site. For this, thousands of workers and staff are mobilizing to the destination, and TRSDC is making sure they are all safe and well. As the UN marks the World Health …

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The recent Lebanese court order restricting lenders from moving money abroad is the fallout of deep rot long building in the banking sector. This comes on the back of the country’s mounting debt amidst the deteriorating economic condition – the crisis that many blame on Lebanon’s corrupt political class and the government which defaulted on …

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Saudi Arabia’s construction market may go back to the pre-pandemic levels this year as the Public Investment Fund, or PIF, is pushing for more projects. In 2021, the contracts industry registered a 78 percent rise in activities as compared to 2020 and this upward momentum is expected to continue in 2022, according to the US-Saudi …

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Those in charge of Arab financial institutions should review their work strategies and directions in light of the global changes and the region’s requirements by considering the priorities and needs of the citizens, Saudi Minister of Finance Mohammed Al-Jadaan said on Thursday. Speaking at the inauguration of the annual joint meetings of the Arab financial …

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The International Energy Agency, or IEA, has listed members’ contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia’s invasion of Ukraine. The release of stocks by the US-allied members of the IEA — which is made up of 31 mostly industrialized countries, but …

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The recent Lebanese court order restricting lenders from moving money abroad is the fallout of deep rot long building in the banking sector. This comes on the back of the country’s mounting debt amidst the deteriorating economic condition – the crisis that many blame on Lebanon’s corrupt political class and the government which defaulted on …

Continue reading “Lebanon banking sector crumbles amid a deepening economic crisis”

Saudi Arabia’s oil chief said markets are going through a “jittery period” and reiterated Tuesday that the kingdom’s ability to ensure energy security is no longer guaranteed. Energy Minister Prince Abdulaziz bin Salman said cross-border attacks have put to question “our ability to supply the world with the necessary energy requirements.” The attacks have been …

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The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers’ group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine. Asked by the moderator at an industry event about whether OPEC+ has a moral …

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Tejarah Talks, a new initiative launched by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP) will hold its first event on February 23 at the Civil Aviation Authority Training Centre in Al Hail North. Supported by Sohar Port & Freezone, HSBC and Oman Business Forum, over the coming year Tejarah Talks will bring together …

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In line with the official inauguration of Port of Duqm, Asyad Ports-Duqm is set to commence the operation and management of the general cargo terminal that includes three commercial berths in Port of Duqm, following Asyad Group’s strategy to enhance the competitiveness of Omani ports and maximise their investment and economic returns, as underpinned by …

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Asian shares were mostly lower on Monday after a retreat on Wall Street, as investors watched for developments in Ukraine after Russia rescinded earlier pledges to pull tens of thousands of its troops away from Ukraine’s northern border. Tokyo, Seoul, Hong Kong and Shanghai declined while Sydney advanced. Russia is a major energy producer and …

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The MSX index closed at 4,084.28 points, down by 0.09 per cent from the previous close. The Sharia Index ended up by 0.23 per cent at 496.20 points. Takaful Oman, up 9.52 per cent, was the top gainer while, Phoenix Power, down 6.00 per cent, was the top loser. Shares of United Finance were the …

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Energy investments in the Mena region are expected to continue to grow on the strength of higher oil and gas prices throughout 2022, according to a new report. “The uptick in regional energy investments, which registered a $13 billion increase in Apicorp’s latest five-year outlook issued in the second quarter of 2021, will continue over …

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The Public Establishment for Industrial Estates – Madayn launched the first integrated Omani digital platform (SouqMadayn) for displaying, buying and selling Omani products under the patronage of Dr Said bin Mohammed Al Saqri, Minister of Economy, in the presence of a number of their excellencies at the Knowledge Oasis Muscat. SouqMadayn platform aims at displaying, …

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Shell Oman Marketing Company has launched its first electric vehicle (EV) charging hub in Oman, located at Al Bandar Service Station in Seeb. It has supplemented the existing fuel station with a fast electric charging point, catering to the EV owners in the capital. The new ShellRecharge service will enable customers to charge their EVs …

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The Central Bank of Oman (CBO) raised OMR177 million by way of allotting treasury bills on Wednesday. The treasury bills are for a maturity period of 91 days, from February 23 until May 25, 2022. The average accepted price reached OMR99.822 for every OMR100, and the minimum accepted price arrived at OMR99.820 per OMR100. The …

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The Public Establishment for Industrial Estates – Madayn is promoting the available investment opportunities in its network of industrial cities at Expo 2020 in the UAE. This comes in line with its vision in enhancing the Sultanate’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission in attracting …

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The MSX index closed at 4,044.86 points, down by 0.33 per cent from the previous close. The Sharia Index ended down by 1.12 per cent at 489.78 points. Sembcorp Salalah, up 5.19 per cent, was the top gainer while, Al Jazeera Services, down 9.81 per cent, was the top loser. Shares of Vision Insurance were …

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Brent crude prices surged past $100 a barrel for the first time since 2014 amidst report of an impending Russian invasion into Ukraine. The escalating tensions sparked fears of a disruption in critical energy exports. Futures in London jumped almost 3.3% after a news report that Russian President Vladimir Putin has decided to conduct a …

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Tethys Oil’s share of the production, before government, take, from Blocks 3&4 onshore the Sultanate of Oman, in January 2022 amounted to 325,632 barrels of oil, corresponding to 10,504 barrels of oil per day. The Official Selling Price (OSP) for Oman Export Blend Crude Oil for January 2022 was $80.26 per barrel. The OSP, as …

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Construction work has started on five new industrial cities across Oman as the sultanate seeks to establish a total of 40 by 2040. Coinciding with Industry Day in Oman, Hilal bin Hamad Al Hasani, CEO of the Public Establishment for Industrial Estates (Madayn), revealed that new industrial cities are being built in Khasab, Ibri, Thumrait, …

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His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, met with His Excellency Mr. Abdul Hadi Awang, the Malaysian Prime Minister’s Special Envoy to the Middle East, who is currently visiting Qatar. During the meeting, the officials touched on the bilateral relations between the two countries in the commercial, …

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Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor. “This gives us really a solid foundation to make real …

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Oman set to extend economic reforms as finances stabilise after Covid shock Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted …

Continue reading “Boeing said to launch 777X freighter with Qatar Airways plane deal”

Boeing Co. formally launched a freighter version of its 777X jetliner as Qatar Airways struck one of the largest cargo deals on record, giving the US planemaker an edge over longtime rival Airbus SE. The Doha-based carrier placed a firm order for 34 of the 777-8 freighters plus options for an additional 16 jets, the …

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Qatari officials are weighing whether to relax the country’s ban on alcohol at sporting events amid pressure from FIFA and Anheuser-Busch InBev to let fans drink beer in stadiums at the 2022 World Cup, according to people familiar with the matter. Deliberations so far have centered on whether to make Bud Light or another lower-alcohol …

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Direct one way flights from Dubai to Doha, Qatar on November 20 cost $1,089, nearly five times the current airfare of $217 Flights from Dubai to Doha are set to witness a record upsurge in ticket prices, as the state of Qatar prepares to host the FIFA World Cup 2022 in November. Direct one way …

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The economies in the six-member Gulf Cooperation Council will grow at their fastest paces in several years, according to a Reuters poll of economists who cautioned the risk to that outlook was skewed to the downside. Crude oil prices, a major driver for Gulf economies, climbed to their highest since 2014 on Wednesday, driven by …

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Staff at Qatar Airways who vent work worries online say the state carrier is retaliating with legal threats and job cuts – part of a growing corporate trend to monitor and muzzle employees who dare speak out. Advocates say the carrier’s attempts to silence employees and delete critical posts – be it in private or …

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Qatar National Bank QPSC braced for credit losses by boosting the amount of money set aside in provisions and signaled caution over the main international markets where it has a presence. The Middle East’s biggest bank booked 7.1 billion riyals ($1.9 billion) in loan-loss provisions during 2021, up 21 percent from the previous year, according …

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Worries that the current shortage of liquefied natural gas will persist through the middle of the decade are triggering a rush to sign long-term deals, pushing up the price of contracts for the super-chilled fuel. While contracts had been getting cheaper over the last few years due to rising supply from Qatar and end-users favoring …

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Mannai Corp. said its board approved the sale of French information technology services provider Inetum SA, paving the way for a disposal that could fetch upward of $2 billion. Mannai didn’t identify the potential buyer or how much it expects to receive from the sale. The deal is subject to entering definitive transaction documentation and …

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Fans can start applying to buy tickets for the FIFA World Cup in Qatar, with a prime seat for the final priced at 5,850 Qatari riyals ($1,598). Ticket applications opened on Wednesday for the world’s biggest soccer tournament, which starts in November. A seat for a group-stage match starts at 250 riyals for international visitors, …

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At the cramped shop where Kholoud Ahmed sells the traditional Muslim women’s gowns known as abayas, the rainbow of colors is a revelation. In the past, women in Riyadh typically dressed in the same black abaya no matter where they were going. Now, observed Ahmed, 21, there’s a differently colored or styled abaya for every …

Continue reading “Progress for Saudi women is uneven, despite cultural changes and more jobs”

Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic. After an expected fiscal deficit of 2.7% of gross domestic product this year, …

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Saudi Arabia’s crude oil exports in October rose for a sixth straight month to their highest since April 2020, the Joint Organisation Data Initiative (JODI) said on Thursday. The kingdom’s crude oil exports rose to 6.833 million barrels per day (bpd), up from 6.516 million bpd in September. The world’s largest oil exporter’s total exports …

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Unemployment among Saudi citizens remained at 11.3% in the third quarter, unchanged from the previous three months, official data showed on Monday. The unemployment rate of Saudi Arabia’s working age population, which includes all residents above 15 years old, was 6.6% in the third quarter, data from the General Authority for Statistics showed. That was …

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Saudi Arabia plans to convert its airport operators into holding companies and transfer them to its powerful sovereign wealth fund with a view to eventual privatisation for some, the head of Saudi Arabia General Authority of Civil Aviation said on Monday. Abdulaziz al-Duailej told the Saudi-owned Asharq Al-Awsat newspaper that Abha International Airport is being …

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Saudi Arabia has delayed the launch of a major development strategy for the city of Riyadh up to 2030 until next year due to some “incomplete elements”, the state news agency SPA reported on Tuesday. SPA said the development strategy for the capital is to be “finalised” in 2022. Saudi Arabia is investing $220 billion …

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An influential Saudi cleric who once served for years as head of the kingdom’s Shariah courts and whose ultraconservative views sparked outcry died on Wednesday, leaving behind a legacy that mirrored the kingdom’s decades-long slide toward Wahhabism. His family announced his death on Twitter, saying 90-year-old Sheikh Saleh bin Mohammed al-Luhaidan died after battling an …

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The world’s top oil exporter, Saudi Arabia, has cut February’s official selling price (OSP) for all grades of crude it is selling to Asia by at least $1 a barrel, three sources with knowledge of the matter said on Thursday. State oil giant Saudi Aramco set the February OSP for Arab Light crude at $2.20 …

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Dubai-based Emirates Group has announced it is looking to recruit more than 500 IT professionals as the airline continues to rebound from the impact of the pandemic. The company said it is experiencing strong air travel demand across all areas of the business, and a range of opportunities will be available for skilled IT professionals. …

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Easa Saleh Al Gurg Group (ESAG), one of the largest family business conglomerates operating in the UAE, has announced that staff will adopt a hybrid style working schedule from January 1 in line with the new weekend shift announced by the government last week. ESAG staff, who work across 27 companies, will have a blended …

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Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Public Investment Fund (PIF), has signed a joint venture agreement to build a high-precision manufacturing facility in the kingdom to produce aircraft components. The deal with France’s FIGEAC AÉRO Group and the Saudi Arabian Industrial Investments Company (Dussur) will establish SAMI FIGEAC AÉRO Manufacturing. The …

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Kuwait Projects Co, the holding company with assets of about $33 billion, has appointed Sheikha Dana Nasser Sabah Al Ahmad as its CEO, in another senior appointment for a woman in the Gulf. Sheikha Dana was previously the CEO of Al Futtooh Holding Co and on Kuwait Projects’ board since 2020, according to a statement. …

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Abu Dhabi Ports and the Manufacturers Association of Israel (MAI) today signed an agreement to enhance trade, investment and technology cooperation between the United Arab Emirates and Israel, in the presence of His Excellency Falah Mohamed Al Ahbabi, Member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Ports. The Memorandum of Understanding …

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Khalifa Industrial Zone Abu Dhabi (KIZAD), a subsidiary of Abu Dhabi Ports, today announced the formation of a green ammonia production facility, targeting regional and international markets. Helios Industry, a privately-owned special project vehicle company (SPV), plans to invest over AED3.67 billion (USD1 billion) in the construction of the facility over several years, which it …

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United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, recently won 11 accolades in the 2021 Arabian Property Awards. The Pearl Island awards include Mixed Use Development award, Leisure Development award for Corinthia Yacht Club, Leisure Architecture award for Corinthia Yacht Club, Retail Architecture …

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Qatar and United States offer growth opportunities to businesses. The bilateral trade volume between the two countries is set to rise further as economies come out of coro-navirus pandemic, said a senior US official during a webinar. Natalie Baker, Chargé d’Affaires, US Embassy in Qatar discussed the key policy areas that play a role in …

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The total value of real estate transactions in the sales contracts registered with the Real Estate Registration Department of the Ministry of Justice from November 7 to 11, reached QR373,507,402. The types of real estate traded included vacant lands, houses, residential buildings, a com-mercial building and multi-purpose buildings. Most of the trading took place in …

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Leading Saudi real estate outfit Dar Al Arkan will mark its first foray into Qatar with the development of a “premium project” on Qetaifan Island North. The move comes following a deal struck between Dar Al Arkan and Qetaifan Projects, a leading Qatari real estate development company owned by Katara Hospitality. The project will include …

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The United Nations in Iraq has welcomed commitments made at COP26 in Glasgow but stresses the need for urgent action on these promises to limit climate change’s adverse impacts on human rights and sustainable development in Iraq. Commitments made at the UN Framework Convention on Climate Change (UNFCC) conference – attended by a Government of …

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The newly resuscitated Iraq National Oil Company (INOC) has been authorised by the government in Baghdad to directly negotiate with U.S. oil giant, Chevron, for it to develop the long-delayed Nasiriyah oil field in the southern DhiQar province, according to several domestic news sources. The idea of developing the 4.36 billion-barrel Nasiriyah oilfield has been …

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A robust month-on-month double-digit jump – particularly in printing as well as in the production of food, beverages and cement – led Qatar’s manufacturing sector to expand in March 2021, according to the Planning and Statistics Authority (PSA). The country’s Industrial Production Index (IPI) saw a 1.4% monthly increase this March despite the reintroduction of …

Continue reading “Qatar manufacturing sector remains buoyant in March”

The outlay provided for various projects in the third quarter are: infrastructure and roads (QR2.62bn), sewer and drainage (QR166.9mn), parks and green areas (QR71.7mn) and miscellaneous (QR84.7mn). According to the Ministry of Finance, the projects to be completed this year are Food Security Project, Doha Old Port and Lusail Light Rail Transit. The work on …

Continue reading “Newly awarded projects during Q3 total QR2.9bn: Ministry of Finance”

Ahead of the 2022 FIFA World Cup, the hospitality and tourism sector are expected to further stimulate economic activities and open new windows of opportunities to bolster the market, which is projected to grow at a compound annual growth rate of 12.1% between 2019 and 2022 to reach $1.4bn. This was revealed on the occasion …

Continue reading “MoCI undersecretary opens Hospitality Qatar 2021”

Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan on Saturday called for resolving all issues related King Abdullah II and Muwaqqar industrial estates that are home to 505 investment companies, providing 19,600 jobs. The prime minister after his visit to Mafraq Governorate, 80km northeast of Amman, has decided to form a ministerial committee …

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The ministerial committee for following up on the performance of the free and development zones on Saturday checked on Al Hassan Industrial Estate (HIE) and Irbid Development Zone (IDZ). Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan during his meeting with a number of investors at the HIE and the IDZ, said that …

Continue reading “Ministerial follow-up committee checks on Al Hassan Industrial Estate, Irbid Development Zone”

The volume of new investments in industrial estates for the first six months of 2021 increased by 2 per cent to JD73 million compared with JD71.3 million during the same period last year, the Jordan Industrial Estates Company (JIEC) said on Monday. The JIEC, since the beginning of the year, has signed 82 contracts with …

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With rubbish piling up in the desert, the United Arab Emirates has found a new way to get rid of its trash — incinerators that will turn it into electricity. The UAE, one of the world’s top oil NSE -1.70 % exporters, is building the Gulf region’s first waste-to-power plants to ease its chronic trash …

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The bonds, which is comprised of medium and long-term tranches, captured the demand of international and regional investors. Global books peaked at over $22.5 billion, a statement said. The announcement was made during a virtual media briefing where Younis Haji Al Khoori, Undersecretary of Ministry of Finance previewed the results of the subscription to the …

Continue reading “The UAE’s Ministry of Finance has successfully closed its offering of a $4 billion US dollar-denominated multi-tranche sovereign bond package.”

Kuwait-based ALAFCO Aviation Lease and Finance Company has signed a financing agreement worth $75 million to strengthen its operations as the travel industry looks to rebound from the global coronavirus pandemic. The Islamic Corporation for the Development of the Private Sector (ICD) and ALAFCO signed the four-year syndicated secured financing agreement with $50 million from …

Continue reading “Kuwaiti aircraft leasing major secures $75m financing deal”

One of the world’s largest oil NSE -0.99 % producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change. The announcement, made by Crown Prince Mohammed bin Salman in brief scripted remarks at …

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Saudi Arabia, advised by the world’s largest fund manager BlackRock, has launched a national infrastructure fund to support up to 200 billion riyals ($53.32 billion) in projects over the next decade, state news agency SPA said on Monday. The National Infrastructure Fund will invest in areas such as water, transportation, energy, and health, contributing to …

Continue reading “Saudi Arabia launches national infrastructure fund with BlackRock”

Saudi Arabia said on Wednesday it had licensed 44 international companies to set up regional headquarters in the capital Riyadh under the kingdom’s push to become a regional commercial hub and vie for foreign capital and talent. Among the 44 companies are multinationals in sectors including technology, food and beverages, consulting and construction including Unilever, …

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Saudi Arabia could go carbon neutral before its 2060 target if technology evolves quickly enough, its energy minister said on Wednesday, days before the COP26 climate summit. Prince Abdulaziz bin Salman said new processes enabling the “circular carbon economy” — a concept where waste carbon is captured and repurposed — were key to the world’s …

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The Saudi Arabia of today is far different from the Saudi Arabia of Sept. 11, 2001. All but four of the 19 hijackers on 9/11 were Saudi citizens, and the Saudi kingdom was the birthplace of Osama bin Laden, the head of al-Qaida and mastermind of the attack 20 years ago. In the two decades …

Continue reading “Saudi Arabia, 20 years after 9/11: ‘A country in the making’”

Saudi Arabia’s economy posted a 1.8% annual growth in the second quarter, according to official gross domestic product (GDP) estimates, but the non-oil sector of the world’s largest oil exporter lost steam. The figures, published on Monday by the General Authority for Statistics, revised upwards earlier estimates of a 1.5% overall growth in the second …

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The value of Saudi Arabia’s imports from the United Arab Emirates (UAE) in July fell by 33% month on month, official data showed on Wednesday, after the kingdom imposed new rules in July on imports from other Gulf countries. Imports from neighbouring UAE fell to 3.1 billion riyals ($827 million) in July from 4.6 billion …

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When the OPEC+ alliance of oil producers gathers next week, group leader Saudi Arabia can savor a moment of triumph. Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month as a recovering global economy clamours for energy supplies. …

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A Saudi court on Sunday issued a final order on the restructuring of the Algosaibi family’s conglomerate AHAB, putting a formal end to one of Saudi Arabia’s largest and longest debt disputes. AHAB filed for a financial restructuring in 2019 under the framework of Saudi Arabia’s bankruptcy law, introduced the previous year to make the …

Continue reading “Saudi Aramco’s once again a $2trn company as oil soars”

Kuwait-based logistics giant Agility confirmed on Tuesday that it applied for a licence to establish a digital bank. The move is part of the company’s “ongoing focus on digital initiatives”, according to vice chairman and chief executive Tarek Al Essa in a statement to the Dubai Financial Market. However he said the application is in …

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The Global Portable Ventilators Market is estimated to be USD 770.5 Mn in 2021 and is expected to reach USD 1,080.8 Mn by 2026, growing at a CAGR of 7%. The factors fueling the growth of the portable ventilator market are increasing incidences of breathing diseases and respiratory problems among the growing population. Additionally, the …

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Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that Scott Rowe, president and chief executive officer, will present at the 2021 RBC Capital Markets Global Industrials Virtual Conference on September 9, 2021 at 12:20 – 12:50 CDT. A webcast of Mr. Rowe’s presentation …

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CEMEX has a steadfast commitment to be a leader in climate action and provide low-carbon and net-zero CO2 products. The Framework further aligns CEMEX’s corporate sustainability commitments to its financing strategy, as part of its Future in Action program. The Framework establishes CEMEX’s guiding principles when issuing new sustainability-linked financing instruments, including public bonds, private …

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Small scale manufacturing plants in Kuwait produce petrochemicals, fertilizers, ammonia etc. The growth of the manufacturing sector in Kuwait has not been ideal, as it was hard hit firstly, by the Iraqi invasion and then, the recession. The contribution of the manufacturing sector towards the GDP of Kuwait has ranged between 5-6% for the past …

Continue reading “KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)”

Online logistics marketplace Zipaworld has partnered with the Middle East-based ASYAD Group for expanding its business in Oman and the GCC region. Under the tie-up, the two companies will launch a pilot project with ASYAD Express for express courier services and door-to-door shipments in India and the GCC region. The Riyadh-headquartered Gulf Cooperation Council (GCC) …

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Saudi Arabia is considering developing an industrial zone in Oman and the two Gulf states have discussed the possibility in investment talks, the Saudi state news agency SPA reported. Saudi and Omani officials met earlier in the month to discuss investment opportunities and discussions this week were around “prospects for cooperation and integration opportunities in …

Continue reading “Saudi Arabia considers developing industrial zone in Oman”

Saudi Arabia is considering developing an industrial zone in Oman and the two Gulf states have discussed the possibility in investment talks, the Saudi state news agency SPA reported. Saudi and Omani officials met earlier in the month to discuss investment opportunities and discussions this week were around “prospects for cooperation and integration opportunities in …

Continue reading “Saudi Arabia considers developing industrial zone in Oman”

The agreement was signed with The Public Authority for Special Economic Zones and Free Zones, a Government authority of Oman, an official statement said. In March 2021, The Oman Company for the Development of the Special Economic Zone at Duqm (Tatweer) and ACME Group signed a memorandum of understanding (MoU) to set up a large …

Continue reading “ACME Group signs land deal for green ammonia project in Oman”

Oman’s Capital Market Authority (CMA) announced its approval of licensing crowdfunding platforms, which will allow a new financing option for SMEs in the Sultanate. The CMA’s board of directors agreed on Sunday to amend the existing capital market legislation to allow for crowdfunding platforms to be established in the country. In a statement released by …

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Egypt’s economy will grow 5.0% in the fiscal year that ends in June next year, a Reuters survey predicted on Monday, unchanged from analysts’ expectations in a similar poll three months ago and slightly below the government’s target of 5.4%. Gross domestic product (GDP) of the Arab world’s most populous country was seen growing 5.5% …

Continue reading “Egypt’s economy to grow 5% in 2021-22 as rebound continues”

Egypt’s strategic Suze Canal Economic Zone (SCZone) is poised to see more success as more foreign investment pours in, experts said. “The industrial and specialized investment parks are one of the mechanisms for luring foreign investment, especially in the industrial field, an essential factor for improving the competitiveness in Egypt,” said Waleed Gaballah, professor of …

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While the pace of the transition varies wildly from country to country, the tide of thought is gradually turning in favor of Central Bank digital currencies (CBDCs). In our latest insight piece, we examine what is motivating central banks to take this step, and the potential implications of CBDC adoption for the economy. The tiny …

Continue reading “Central Bank digital currencies: The future of money?”

The Cairo facility will serve increasing demand in the fast-growing markets of Egypt, Turkey, the Middle East and Africa. US-based adhesives manufacturer HB Fuller has announced plans to build a production facility in Cairo, Egypt. Scheduled to begin full production next year, the two-storey facility will serve as a regional supply hub and centre of …

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With the effects of Covid-19 still being felt in Egypt, industrial exports are shaping up to be a key driver of the country’s economic recovery. Highlighting the importance of outward shipments, on March 20 Nevin Gamea, the minister of trade and industry, told media that Egypt planned to increase its exports to $100bn over the …

Continue reading “Boosting industrial exports: the key to Egypt’s Covid-19 recovery?”

Egypt’s economy will grow 5.0% in the fiscal year that ends in June next year, a Reuters survey predicted on Monday, unchanged from analysts’ expectations in a similar poll three months ago and slightly below the government’s target of 5.4%. Gross domestic product (GDP) of the Arab world’s most populous country was seen growing 5.5% …

Continue reading “Egypt’s economy to grow 5% in 2021-22 as rebound continues”

Egypt was one of the few countries that recorded during the crisis an economic growth of about 3.57 percent during 2019/2020,” Minister of Trade and Industry, Nevine Gamea, said. Gamea explained in a statement, Thursday, that the industrial sector is the locomotive of economic growth in Egypt and contributed about 17.1 percent to the GDP …

Continue reading “Industrial sector is largest contributor to growth of the Egyptian economy”

German construction group Hochtief AG has signed an agreement with Bahrain Airport Company (BAC) to set up a joint venture, which will provide facility management at Bahrain International Airport. The new entity, Hochtief Facility Management Bahrain Airport, will be set up at a cost of euros 85 million ($115 million). Hochtief AG said the contract …

Continue reading “Hochtief has sign a agreement JV with Bahrain Airport Company”

The GCC integrated electricity grid will be fully operational by later next year or early 2012 linking all the Gulf countries, the GCC Interconnection Authority (GCCIA). The $1.2 billion project linking Bahrain, Qatar, Saudi Arabia and Kuwait, will make more than 1,200 megawatts of additional power available. The GCCIA meeting was attended by representatives of …

Continue reading “GCC electricity grid plans to set up a transmission project”

The Middle East could be producing more than 10 per cent of the world’s aluminium in less than a decade, according to industry experts. Over the past 10 years, GCC states have begun implementing long-term strategies that aim to develop the region’s aluminium industry, and the region is now well positioned to be one of …

Continue reading “Middle East aluminium output to expand”

A massive new housing development boasting more than 1,000 homes is on the way in Hamala, Bahrain. The BD500 million ($1.32 billion) Janayen Al Hamala Housing Project got the go-ahead from the Northern Municipal Council. It will have 1,200 homes, three private schools, two private hospitals and a petrol station. The Bahrain-based Kanaz Group is …

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Global industrial services and engineered products company Harsco Corporation has announced three multi year contract awards for onsite steel mill services from new customers in Bahrain, Sweden and Chile totaling more than USD 135 million in projected revenues. The contracts include the first steel mill to be built in Bahrain, the all new United Steel …

Continue reading “Global industrial services to execute Bharain steel mill”

Mumbai-based JBF won a USD200 million contract from Bahraini Ministry of Industry and Commerce to set up a polyester film plant in Salman Industrial City, Arabian Business reported. Under the agreement JBF will carry out the construction works of the plant on a 65,000sqm site, expected to start early next year. The new plant is …

Continue reading “Bahraini Ministry of Industry and Commerce to set up a polyester film plant in Salman”

Saudi Arabia’s sovereign wealth fund PIF will become an anchor investor in an infrastructure fund being launched by Bahrain’s Investcorp and Aberdeen Standard Investments. Aberdeen Standard Investcorp Infrastructure Partners (ASIIP) received a capital commitment from the $430 billion PIF for up to 20% of the total size of the fund ahead of its anticipated first …

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Bahrain-based Investcorp has made more than 20 investments in the food and beverage industry over three decades across the US, Europe, Middle East and North Africa and Asia. And its 21st investment in the space is marked by its backing of Heritage Foods, a buy-and-build platform established in 2015 that makes condiments and sauces, with …

Continue reading “Bahrain-based Investcorp backs Asia’s Heritage Foods”

The UAE satellite equipment company Al Yah Satellite Communications Co. is going for an IPO by offering nearly 30 per cent of its issued share capital to the public. The offer price is to be determined through a book-building process. This near 30 per cent is is currently held by Mamoura Diversified Global Holding, a …

Continue reading “UAE satellite company Yahsat to go in for IPO, list on Abu Dhabi Stock Exchange”

Abu Dhabi state-owned ADQ said on Wednesday it submitted an offer to Abu Dhabi National Hotels Company (ADNH) to combine Abu Dhabi National Exhibitions Company (ADNEC) with the hotel firm. The combination would “create one of the largest hospitality, events, and catering powerhouses in the region,” the holding company said in a statement via email. …

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The Dubai government has injected $3.1 billion into Emirates since the onset of the pandemic, the airline group said in its annual report. It disclosed a $2 billion equity injection last year. Emirates airline made a 20.28 billion dirham ($5.52 billion) loss for the year, while the group recorded an annual loss of 22.1 billion …

Continue reading “Emirates got $3.1 bn from Dubai govt as Covid-19 pandemic drove losses”

Abu Dhabi sovereign wealth fund Mubadala Investment Co. on Wednesday announced it has acquired a 60% stake in healthcare provider United Eastern Medical Services (UEMedical), which operates in Saudi Arabia and the United Arab Emirates. The state fund’s health unit bought the majority stake from United Eastern Group and Saudi investment firm Jadwa Investment, according …

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Some members of Abu Dhabi’s ruling family are participating in a trial administering China’s Sinopharm COVID-19 vaccine to children aged 3-17, the emirate’s media office said. The trial will monitor the immune response of 900 children “in preparation to vaccinate children in the near future”, Abu Dhabi Media Office said in a Twitter post on …

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Dubai’s state airport operator is hoping for a “flood” of travelers as the coronavirus pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year as demand rebuilds. Terminal 1 is reopening this Thursday after a 15-month closure. Operations were consolidated through Terminals 2 and 3 last year as …

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Tencent Cloud, the cloud business of Tencent, today announced its collaboration with the Bahrain Economic Development Board (EDB) – the Kingdom of Bahrain’s Investment promotion agency. The two parties signed a Memorandum of Understanding (MoU), with the aim to drive the Kingdom of Bahrain’s Internet Data Centre (IDC) development and support its rapid emergence as …

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The Bahrain Economic Development Board (EDB) today announced the signing of a memorandum of understanding (MoU) with Foundation Holdings to invest US$30 million into launching its affiliate companies, in Bahrain including a new state of the art medical centre focused on specialised healthcare and non communicable diseases. This investment into the Kingdom will support Foundation …

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Bahrain has topped the globally-recognised AIRINC Global 150 Cities Index financial attractiveness ranking for the third straight year, leading impressive rankings for MENA capitals – with seven leading MENA cities in the top 16 places. Aside from the capital of Bahrain in first place, others cities ranked included Riyadh, Kuwait City, Amman and Abu Dhabi. …

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Bahrain’s capital Manama has been rated number one in the world in the AIRINC Global 150 Cities Index in terms of financial attractiveness. It is the third year in a row that the kingdom’s capital has topped the particular rankings, finishing ahead of George Town in the Cayman Islands and Swiss giants Geneva and Zurich. …

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The Kingdom of Bahrain’s capital Manama has been named as the fifth globally amongst all-sized cities and first amongst small and mid-sized cities for FDI strategy in the 2021 Global cities of the Future index produced by the Financial Times’ fDi Magazine. Both Abu Dhabi and Dubai similarly ranked in the top 10, with Abu …

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The real estate market in the Kingdom of Bahrain is gaining pace despite the challenges faced by the pandemic, with a series of major projects and initiatives driving sector growth. The rebound of Bahrain’s real estate sector fuelled a 14% and 20% rise in real estate deals in the third and fourth quarter of 2020 …

Continue reading “Bahrain real estate sector deals valued at US$ 1.9 billion in 2020”

Bahrain-based GFH Financial Group has announced that its subsidiary, Roebuck Asset Management, has concluded the off-market sale of a UK logistics centre for $123 million. The sale of Accolade Park to Tritax Big Box REIT marks the end of a successful hold period for Roebuck, who acquired the asset for $84 million in May 2017 …

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The national carriers of Bahrain and Saudi Arabia are set to establish a codeshare agreement as they seek closer commercial ties. Gulf Air and Saudi Arabian Airlines (Saudia), the first two airlines that started operations in the Gulf region, said they will cooperate to expand their footprints regionally and internationally by sharing their codes. Under …

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By Humam Miscone, for The Iraqi Economists Network (IEN). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. World Bank’s Assessment Is Flawed – Manufacturing Is Viable in Iraq. Additional Reflections on Iraq’s Industry. These additional reflections are prompted the article of Dr. Amer Hirmis …

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KAPITA, in partnership with Iraqi Angel Investor Jafar Musawi (CEO of Atlas Plast), have opened up a new co-working space in Baghdad that aims to support the growing entrepreneurship and small business sector in Iraq. The newly opened space ‘CoWork’, is a dedicated co-working space for companies, freelancers, startups and creatives who need a flexible …

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Siemens Energy and the Ministry of Electricity of the Republic of Iraq signed a contract to construct Iraq’s West Mosul 400-kilovolt (kV) super grid station, which will provide reliable and efficient power supply to around 700,000 Iraqi citizens in northern Iraq, particularly the Nineveh province. The construction of the Mosul station, which was destroyed in …

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The United States on Friday condemned the drone strike on a Saudi oil refinery claimed by Yemen’s Huthi rebels, calling it an attempt to “disrupt global energy supplies.” “We strongly condemn today’s drone attacks against Saudi Aramco facilities,” State Department deputy spokeswoman Jalina Porter told reporters of the dawn attack, the second major assault this …

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Global oil prices will climb above $70 per barrel around mid-2021 as improved supply and demand fundamentals beginning May lead to substantial stock draws through to August, according to S&P Global Platts. The research firm said while large oil consuming countries such as India may crank up the volume over their displeasure and many OPEC+ …

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Saudi Arabia is celebrating one of the biggest foreign-investment windfalls in its history after netting more than $12 billion by selling off a stake in the oil pipelines that traverse the desert kingdom. But the country may also be facing an uncomfortable reality as a result. As carefully cultivated relationships with firms such as BlackRock …

Continue reading “A $12.5 billion deal shows Saudi oil still eclipses all else”

EIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said. The Washington, D.C.-based firm’s consortium will issue bonds to replace $10.5 billion in so-called staple financing that was …

Continue reading “Aramco pipeline investors to refinance loan with bonds next year”

Kuwait Integrated Petroleum Industries Company (Kipic), the company behind Kuwait’s $27bn (KWD8.2bn) Al Zour refinery has picked Honeywell Process Solutions (HPS) as the main automation contractor for its new Petrochemicals and Refinery Integration Al Zour Project (Prize). As part of the contract, HPS will deliver front-end engineering design (Feed) and advanced process control technology for …

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The joint venture of New York Stock Exchange-listed global engineering, procurement, fabrication, construction and maintenance firm Flour with Daewoo Engineering & Construction (E&C), and Hyundai Heavy Industries (FDH JV) has successfully started up two boilers that began generating steam in the new Al-Zour Refinery. The refinery is a part of the Kuwait Integrated Petrochemicals Industrial …

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Small scale manufacturing plants in Kuwait produce petrochemicals, fertilizers, ammonia etc. The growth of the manufacturing sector in Kuwait has not been ideal, as it was hard hit firstly, by the Iraqi invasion and then, the recession. The contribution of the manufacturing sector towards the GDP of Kuwait has ranged between 5-6% for the past …

Continue reading “KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)”

Stocks in Jordan snapped a three-day advance, bucking gains in most Middle East markets, after several arrests were made following what may have been an attempt to destabilize the current government. The Amman Stock Exchange General Index fell as much as 0.6 percent Sunday, reversing an increase of 0.5 percent last week. Jordan Petroleum Refinery …

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Kitopi, the Dubai-based cloud kitchen platform, is set to enter Bahrain and Qatar this quarter as part of its planned expansions into the wider GCC market. The company is also gearing up to enter the Southeast Asian market between July and September. The food tech start-up, which is reportedly planning another round of fundraising, however, …

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Saudi Arabia has agreed a deal with Lamor Corporation for a project that will provide rapid response operations to combat oil spills and leaks of other harmful substances in the Red Sea. Abdulrahman bin Abdulmohsen Al-Fadhli, the minister of environment, water and agriculture and chairman of the board of directors of the National Center for …

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Investcorp Holdings has raised about $1 billion for its first private equity fund focused on North American assets, according to people familiar the matter. The biggest private equity and alternative asset manager in the Middle East is set to complete a first close on the fund soon, and aims to eventually raise about $2 billion, …

Continue reading “Bahrain’s Investcorp said to raise $1bn for North American deals”

Shops and industrial enterprises in Bahrain can open from Thursday while restaurants will stay closed to in-house diners, the Health Ministry said, as the Gulf state eases restrictions designed to stop the spread of the new coronavirus. Bahrain shuttered non-essential shops and businesses in late March and barred entry of foreign visitors, but did not …

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The Securities Clearing Center Company (Muqassa) announced on Sunday the commencement of its operations, post the announcements of its establishment in 2018 and its license earlier this year. Muqassa is responsible, as an independent clearinghouse, for developing clearing services and guaranteeing the settlement for all trades executed on the Saudi Stock Exchange (Tadawul) and over …

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Qatar Industrial Manufacturing Company (QIMC) has appointed Colliers International as real estate advisory services consultant for Phase I of its proposed new $137mn (QR:498mn) headquarters, QIMC Towers on the Doha corniche. Under the agreement, Colliers International will initially conduct market research, a design critique, feasibility study and provide recommendations to QIMC on the planned 58,000m2 …

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Cheval Residences is entering the Gulf market for the first time. Qatar Industrial Manufacturing Company (QIMC) has announced signing an agreement with Cheval Residences for the opening of luxury serviced apartments in Doha, in 2020. Abdul Rahman Al-Ansari, CEO of QIMC, said: “We are delighted to welcome Cheval to Qatar and to bring the Cheval …

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Liquefied Natural Gas (LNG) distributor Atlantic Gulf & Pacific Co of Manila Inc (AG&P) announced it has signed an agreement with ADNOC Logistics and Services (ADNOC L&S) for conversion, supply, operations and maintenance of a Floating Storage Unit (FSU) at AG&P’s new LNG import facility to be set up at Karaikal Port in Puducherry. “AG&P …

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Credit rating agency Fitch said it has downgraded Bahrain’s long-term foreign-currency issuer default rating to ‘B+’ from ‘BB-‘, with the cut reflecting the combined impact of lower oil prices and the coronavirus outbreak on the country. Bahrain’s outlook is stable, Fitch Ratings said in a statement on Friday. The pandemic and the lower oil prices …

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Gulf Air, the national carrier of Bahrain, announced on Tuesday that it plans to move its entire operations for inbound and outbound flights to the new Bahrain International Airport terminal later this month. The airline said the move from January 28 to the new airport terminal will open a “new chapter in the kingdom’s journey …

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Dubai-listed Ithmaar Holding has announced that its advisors have started preparations for the potential sale of the Bahrain operations of its banking unit. Bank of Bahrain and Kuwait (BBK), one of the largest commercial banks in Bahrain, has entered into talks with Ithmaar Holding to acquire the Bahrain operations of Ithmaar Bank. In a filing …

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The construction industry, although one of the largest contributors to the UAE economy, is particularly vulnerable to economic cycles. The pandemic has disrupted an industry that faces challenges around the globe and has a history of being slow to change and resistant to adopting technology. A 2020 McKinsey report found construction is the biggest industry …

Continue reading “Here’s why UAE’s construction industry needs to pick up pace of change”

The UAE’s decision to resume trade ties with Qatar is seen markedly improving investment prospects between the two countries, with investor optimism rising as stocks gained in both markets. Major Gulf stock markets ended the first trading week of the New Year on a high and logged weekly gains as regional markets benefited from a …

Continue reading “Lifting of UAE-Qatar restrictions brighten stock market prospects”

The reopening of land, air and sea borders between the UAE and Qatar is expected to see a surge in businesses between the two nations while the ending of a three-year standoff between Qatar and its immediate neighbours will benefit Qatar and GCC economies in the medium term, according to analysts. “The reopening of borders …

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Bitcoin just notched one of its best weeks on record, surging about 40 per cent over the seven days through Friday. Anyone expecting the notoriously volatile digital currency to take a breather this weekend had better buckle up. It’s on Saturdays and Sundays, when most other assets barely budge, that Bitcoin tends to go particularly …

Continue reading “Bitcoin’s wild weekends turn efficient market theory inside out”

Emirates airline’s recent introduction of ‘premium economy’ seats is indicative of shrewd long-term decision making, according to experts. The Dubai-owned airline announced on January 3 that it would deploy its latest flagship A380 aircraft featuring new premium economy seats and enhancements across all cabins to London Heathrow. While the seats are not yet bookable, passengers …

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The CEO of UAE-based Rotana Hotels has said the Qatar accord will serve to accelerate the recovery of UAE’s hospitality industry as it gets back to its feet in the wake of the coronavirus pandemic. The positive impact is likely to echo across several tourism-related sectors including aviation, retail, and hospitality, industry experts agreed. “Following …

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Saudi Arabia’s Minister of Investment Khalid al-Falih said on Saturday foreign direct investment (FDI) increased by 12% in the first half of 2020 compared with the same period last year. The Saudi government, which is hosting this year’s G20 summit, has made attracting greater foreign investment a cornerstone of its Vision 2030 plan to diversify …

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Yemen’s Houthi rebels said they struck a Saudi oil facility in the port city of Jiddah on Monday with a new cruise missile, just hours after the kingdom finished hosting its virtual Group of 20 leaders summit. The kingdom did not immediately acknowledge any attack as videos on social media suggested a fire at an …

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Saudi Aramco said that the terrorist attack on its petroleum products distribution terminal in the port city of Jeddah had no effect on the company’s fuel supplies. During a media visit to its oil facility in northern Jeddah, Aramco on Tuesday told reporters that the tank fire caused by the attack was put out in …

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Top oil exporter Saudi Arabia is expected to raise its official selling prices (OSPs) for Asian buyers in January, tracking stronger benchmark prices as some refiners increase output to meet higher winter demand, a Reuters survey showed. Six sources at Asian refiners expect the January OSP for Saudi flagship crude grade Arab Light to rise …

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Oil giant Saudi Aramco and energy services company Baker Hughes have formed a 50/50 joint venture, Novel, to develop a broad range of non-metallic products for multiple applications in the energy sector. Novel’s new plant is being constructed at Saudi Arabia’s King Salman Energy Park (SPARK), a 50 sq km energy city aimed at making …

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Business activity in Saudi Arabia grew at the fastest pace since the beginning of the year in November, fuelled by a sharp rise in sales and strengthening sentiment. Non-oil private sector activity in the kingdom rose to the highest level since January, according to IHS Markit’s Purchasing Managers’ Index. The gauge was well above the …

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Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to rise to an eight-month high last week. The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough to absorb a small boost …

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France-based Idemia, a global firm developing augmented identity, has expanded its footprint in the Middle East through the acquisition of Saudi Arabia’s most prominent card personalisation bureau. Strengthened by PCard’s capabilities, Idemia said it will offer an expanded range of card payment services and solutions to the kingdom’s banking and payment ecosystem. International Smart Card …

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An explosion rocked a Singapore-flagged oil tanker off the Saudi port city of Jeddah Monday, the vessel’s owner said, in the latest in a series of attacks on energy infrastructure in the kingdom. No group has so far claimed responsibility for the blast on the tanker BW Rhine, but it comes as Iran-backed Huthi rebels …

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Winter is historically an ominous time for relations between the world’s only remaining super power and the world’s biggest Shia republic. The remaining days of 2020 and the snowy months of early 2021 are turning out to be no different. The assassination of Iran’s nuclear scientist Mohsen Fakhrizadeh on November 27, ensured that the chill …

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Strata Manufacturing, the advanced composite aero-structures manufacturing company wholly owned by Mubadala Investment Company, and Leonardo have extended their 10-year association by signing a memorandum of understanding to collaborate on the development and fabrication of composite aero-structure components for major OEM programmes. The agreement will see Strata and Leonardo work to expand their presence in …

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It will be built around six guiding principles and raise profile of industrial sector Abu Dhabi: The UAE Cabinet has approved the policy for advanced industries to spread the “Fourth Industrial Revolution” across sectors. The policy was approved by the Cabinet chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister …

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Shareholders of UAE-based food major Agthia Group have approved a proposed merger with Al Foah Company, the world’s largest date processing and packaging company. The backing was given at Agthia’s 15th general assembly meeting, a statement said. Agthia said the combined group will have the “scale, ambition, and strong capabilities across the value chain to …

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A group of Arabtec shareholders are making a last-ditch attempt to save the construction giant from liquidation and have added new items to the agenda of the company’s general assembly meeting to be held later on Monday. According to a filing on the Dubai Financial Market, shareholders representing more than 5 percent of the capital …

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Boursa Kuwait on Monday hailed an “important” step onto the global investment map with its inclusion inclusion into the MSCI Emerging Markets Indices. A total of seven listed companies – the National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Zain, Agility, Boubyan Bank, Mabanee and Gulf Bank – were included. The inclusion brought in …

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The central banks of the UAE (CBUAE) and Saudi Arabia (SAMA) have officially launched a project for a common digital currency. A final report on the Aber project follows ongoing experiments and research into the initiative which is considered one of the first of its kind internationally at the level of central banks. It aims …

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The Heart of Europe, the $5 billion (Dh18.3 billion) luxury tourism destination off the Dubai coastline, will start handing over private villas and beach palaces to investors in December, it was announced on Monday. Developer Kleindienst said the handovers will be part of its phased delivery of about 2,000 residential and hospitality units in phase …

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It was announced on Thursday that Israel and the United Arab Emirates had reached a deal that will lead to full normalization of diplomatic relations between the two sides. The deal came after a phone call between United States President Donald Trump, Israeli Prime Minister Benjamin Netanyahu, and Sheikh Mohammed bin Zayed Al Nahyan, crown …

Continue reading “UAE and S. Arabia are part of the Zionist project in West Asia: Saudi analyst”

According to the Deputy Head of ISIPO Ali Asqar Mosaheb, Industry, Mining and Trade Ministry plans to revive 2,000 idle production units by the end of the current Iranian calendar year (March 20, 2020) of which 1400 units are Small and Medium-sized Enterprises (SME). “Considering the project’s progress, we are expected to reach the target …

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Making the remarks during a visit to the northwestern East Azarbaijan Province, Mohsen Salehinia said 1500 inactive production units are set to be revived in the current Iranian calendar year (started on March 20), of which 90 units will be in East Azarbaijan. Underlining the importance of domestic production, the official said: “In the current …

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Agritourism is a relatively new branch of the travel industry in which tourists stay with local people in rural areas. Farm/ranch recreation refers to activities conducted on private agricultural lands, which might include fee-hunting and fishing, overnight stays, educational activities, etc. The meeting aims at promoting this new branch of tourism as well as discussing …

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The shipment includes medical equipment including ventilators, thermometers, pulse oximeters, PCR tests, and kits for EIA testing, IRNA reported. Iran’s humanitarian aid confirms the warm fraternal relations between the two countries based on mutual support. Iran delivered its first shipment of humanitarian aid to the Kyrgyz authorities in May, according to Kyrgyzstan’s foreign ministry announcement. …

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Due to severe erosion and the collapse of parts of the Safavid- era (1501–1736) fortress, it was in serious danger of destruction and damage, Mahmud Madanian said on Saturday, CHTN reported. A budget of 2 billion rials (about $50,000) has been allocated to the restoration project, which aims to repair and strengthen the fortress, the …

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Nezamieh minarets date from 8th century AH (1299 CE – 1397 CE) and they stand tall in the ancient town of Abarkuh, Yazd province, central Iran. “An urgent restoration plan was commenced on Nezamieh minarets in Tir (the Iranian month started on June 21) and it is now complete by 75 percent,” Abarkuh tourism chief …

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This amount of investment led to the creation of 19,862 jobs in the industrial parks and zones, IRNA reported. According to the Industry Ministry, over 1,100 exporting industrial units are operating in the country’s industrial parks and zones whose annual export reaches up to $12.64 billion. Based on the report, 62 export management companies (EMC) …

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Overview of best prospect sectors, major infrastructure projects, significant government procurements and business opportunities. Brunei has an open economy favorable to foreign trade and FDI as it continues to diversify its economy away from its long-term reliance on oil and gas exports. Investment opportunities in Brunei are driven both by government planning and consumer demand. …

Continue reading “Brunei – Market Opportunities”

Oklahoma’s Department of Commerce (ODOC) reached out to Mint Turbines, a 30 year old company who specializes in engine MRO services and engine repair/maintenance, to inform them that due to their industry sector, they can qualify for a grant from the Manufacturing Reboot Program that Governor Kevin Stitt rolled out. Under the Reboot Program, companies …

Continue reading “Mint Turbines Awarded Grant for Equipment and Workforce”

One of the positive points to come from the global coronavirus pandemic has been the ingenuity of some businesses to keep operations going throughout what could be described as the ultimate stress test. The need for social distancing and the resulting widespread supply chain disruption often means turning to technologies which may not have previously …

Continue reading “Giving the Service Sector a Virtual Helping Hand”

Recovering prices, strong demand from the transportation industry and modern developments of oil and gas exploration and production activities are some of the factors driving Brunei oil and gas market growth. Increasing exports and imports of oil and gas on the account of surged demand across the world are fuelling the market growth. Global oil …

Continue reading “Brunei Oil and Gas Market, Size, Share, Outlook and Growth Opportunities Report 2020-2026”

The leadership of the World Tourism Organization (UNWTO) is on its first official visit to a Member State since restrictions on travel were introduced in response to COVID-19. The four-day trip to Italy (1-5 July) comes as the United Nations specialized agency for tourism guides the sector’s restart and destinations across the Schengen Zone open …

Continue reading “UNWTO and Italy look ahead as official visit marks restart of European tourism”

Business activities formally begin today, the first day of ATF 2020 TRAVEX, between top travel and tourism suppliers across all 10 ASEAN destinations – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam – plus India, and global buyers. Held in conjunction with official meetings by ASEAN NTO, ministerial delegates, …

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Turkey’s industrial production increased by 3.6 percent year-on-year in December 2019, data from the Turkish Statistics Institute (TÜİK) showed on Feb. 13. In the month, all the three main sub-indices — mining and quarrying, manufacturing, and the electricity, gas, steam and air conditioning — rose by 9.8 percent, 9.1 percent and 0.3 percent, respectively. Industrial …

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It is critical for Turkey and the United Kingdom to sign a trade deal by the end of this year in order to avoid any negative implication on the two countries’ trade volume after Brexit, said Osman Okyay, the chairman of the Turkey-U.K. Business Council. The cooperation in the defense industry will grow independent of …

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Turkey will unveil measures to reduce the economic impact of the coronavirus outbreak this week, the treasury and finance minister said on March 16. “President Recep Tayyip Erdoğan will announce steps to be taken this week,” Berat Albayrak said on Twitter. Albayrak stressed that the country prioritized being prepared for the effects of coronavirus outbreak …

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Turkey will not let the weakening of the Turkish industry due to the pandemic as the country will implement policies to keep it alive, the industry and technology minister said on May 7. The country fights the economic, social and psychological impacts of the novel coronavirus while trying to protect citizens’ health, Mustafa Varank stressed …

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Turkish manufacturing industry used 75.5 percent of its capacity in January, the country’s Central Bank revealed on Jan. 27. The capacity utilization rate (CUR) of the sector fell 1.5 percentage points from last month, the bank survey said. The CUR figures are based on the responses given to its business tendency survey by local units …

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Turkey’s manufacturing industry used 77.2% of its capacity in November, its highest level in the last 15 months, the country’s Central Bank announced on Nov. 25. The capacity utilization rate (CUR) of the Turkish manufacturing industry rose 0.8 percentage points from last month, compared to 76.4% in October, the bank survey said. The figure in …

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In Turkey, Purchasing Managers’ Index (PMI) for the manufacturing sector posted the strongest reading of the last two years in February. According to the Istanbul Chamber of Industry PMI Manufacturing Index report, prepared in cooperation with London-based global data firm IHS Markit, the index rose to 52.4 last month thanks to solid rises in both …

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Last week, the only thing Turks were talking about was Idlib. The coronavirus, dubbed COVID-19, was an exotic news story from distant lands. Since the outbreak has been classified as a pandemic and taken over the global news cycle, our object of existential anxiety has shifted overnight. Turkey has proven itself ready so far, with …

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Overview of best prospect sectors, major infrastructure projects, significant government procurements and business opportunities. Brunei has an open economy favorable to foreign trade and FDI as it continues to diversify its economy away from its long-term reliance on oil and gas exports. Investment opportunities in Brunei are driven both by government planning and consumer demand. …

Continue reading “Brunei – Market Opportunities”

Oklahoma’s Department of Commerce (ODOC) reached out to Mint Turbines, a 30 year old company who specializes in engine MRO services and engine repair/maintenance, to inform them that due to their industry sector, they can qualify for a grant from the Manufacturing Reboot Program that Governor Kevin Stitt rolled out. Under the Reboot Program, companies …

Continue reading “Mint Turbines Awarded Grant for Equipment and Workforce”

One of the positive points to come from the global coronavirus pandemic has been the ingenuity of some businesses to keep operations going throughout what could be described as the ultimate stress test. The need for social distancing and the resulting widespread supply chain disruption often means turning to technologies which may not have previously …

Continue reading “Giving the Service Sector a Virtual Helping Hand”

Recovering prices, strong demand from the transportation industry and modern developments of oil and gas exploration and production activities are some of the factors driving Brunei oil and gas market growth. Increasing exports and imports of oil and gas on the account of surged demand across the world are fuelling the market growth. Global oil …

Continue reading “Brunei Oil and Gas Market, Size, Share, Outlook and Growth Opportunities Report 2020-2026”

The leadership of the World Tourism Organization (UNWTO) is on its first official visit to a Member State since restrictions on travel were introduced in response to COVID-19. The four-day trip to Italy (1-5 July) comes as the United Nations specialized agency for tourism guides the sector’s restart and destinations across the Schengen Zone open …

Continue reading “UNWTO and Italy look ahead as official visit marks restart of European tourism”

Business activities formally begin today, the first day of ATF 2020 TRAVEX, between top travel and tourism suppliers across all 10 ASEAN destinations – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam – plus India, and global buyers. Held in conjunction with official meetings by ASEAN NTO, ministerial delegates, …

Continue reading “ATF TRAVEX 2020 opens for business in Brunei Darussalam”

Consumer prices fell 1.5% from the previous month in April, following March’s 0.1% month-on-month uptick. According to the Statistical Service of Cyprus (CYSTAT), the drop mainly reflected a sharp decline in prices for transport, and housing and utilities. Consumer prices dipped 1.2% on an annual basis in April, after inflation had come in at 0.7% …

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Activity softened markedly in the first quarter as Covid-19 started to bite, with GDP expanding 0.9% on an annual basis in the first quarter (Q4 2019: +3.4% year-on-year)—the worst reading since Q1 2015. According to the preliminary release by the Statistical Service of Cyprus (CYSTAT), the slowdown chiefly reflected the impact of the preventive measures …

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Industrial output plummeted 12.7% year-on-year in March (February: +3.8% yoy), marking the steepest drop since November 2013. March’s plunge was primarily driven by heavy drops in manufacturing and water supply production. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.1% in March, down from February’s 2.2%. FocusEconomics …

Continue reading “Industrial production falls at sharpest rate in over six years in March”

Consumer prices fell 0.1% from the previous month in May, following April’s 1.5% drop. May’s dip was mainly driven by lower prices for housing and utilities, and transport. Consumer prices declined 1.5% on an annual basis in May, after they had dropped 1.2% in April—marking the lowest reading since June 2016. Meanwhile, the annual average …

Continue reading “Consumer prices fall again year-on-year in May”

Industrial production slid 1.4% year-on-year in January, contrasting December’s 2.6% expansion and marking the first fall since June 2019. January’s downturn was primarily driven by sharper contractions of the water and electricity supply sectors, and a moderation in manufacturing output compared to the previous month. Meanwhile, the annual average growth in industrial production dipped to …

Continue reading “Industrial output shrinks at the turn of 2020”

Uzbekistan imported 3.27Mt of cement in 2019, down by 6.8% year-on-year from 3.51Mt in 2018. The value of cement imported fell by 13% to US$154m from US$176m. Trend newspaper has reported that cement imports from Kazakhstan fell by 32% to 0.97Mt from 1.43Mt. Imports from Tajikistan and Turkmenistan also fell, but rose by 85% from …

Continue reading “Uzbekistan increases Iranian cement imports to the exclusion of other countries”

The Armenian government has announced that it plans to extend the duration of state duties on cement imported from Iran and several other countries until 1 July 2020. The decision was made on the basis of analysis that confirmed an extension of the customs duties was appropriate. The government said that it would continue to …

Continue reading “Import duties to continue in Armenia”

Lebanon’s Parliament on Thursday ratified a 1.2 trillion Lebanese pound ($300m) aid package for low-income families and vital sectors including agriculture and industry, as the government attempts to stave off an economic collapse exacerbated by the coronavirus pandemic. The spending package aims to create a social safety net to support struggling families through the end …

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Lebanon’s only international airport will reopen to passenger traffic by early July at the latest, the country’s transport minister told Al Jazeera on Tuesday, as the economically ravaged nation seeks to jump-start its tourism sector for the all-important summer season. Transport Minister Michel Najjar told Al Jazeera that Beirut-Rafic Hariri International Airport is slated to …

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Lebanon’s parliament is set to vote on a law that would legalise the cultivation of cannabis for medical and industrial use in an effort to boost its crippled economy and curb illicit production of the psychoactive plant. The draft law, which has been endorsed by parliamentary committees and is now headed for a final vote, …

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Hospitals on the front lines of Lebanon’s coronavirus outbreak have either turned away undocumented people or are setting prohibitively high costs for tests, leading them to fear for their health and wellbeing. Al Jazeera spoke with two former domestic workers of Ethiopian origin who sought testing at Beirut’s Rafik Hariri University Hospital (RHUH), the main …

Continue reading “Undocumented in Lebanon: No papers, no coronavirus test”

A fiery prison riot broke out in the northern Lebanese city of Tripoli on Tuesday, a day after security forces thwarted a potential escape attempt that inmates’ relatives said was tied to fears over the spread of the new coronavirus. The riot at Tripoli’s Qoubbeh Prison left at least four inmates wounded when security forces …

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Lebanon’s financial prosecutor has ordered the arrest of the head of monetary operations at the central bank amid a widening probe into manipulation of the country’s volatile currency. The arrest of Mazen Hamdan late on Thursday marked the first such move against an official at the increasingly embattled institution since Lebanon’s currency crisis began last …

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Rafi, a migrant worker in Lebanon’s waste sector, has a wife and two young daughters back home in Bangladesh who depend on his monthly remittances to pay for school, food and other needs. But for the past five months, Rafi says he has been unable to send any money back home, because the private waste-management …

Continue reading “Long marginalised, migrant workers in Lebanon strike over pay”

United States authorities on Wednesday arrested a former Special Forces soldier and another man wanted by Japan on charges that they enabled the escape of former Nissan Motor Co boss Carlos Ghosn out of the country. Federal prosecutors in Massachusetts said that former US Green Beret Michael Taylor, 59, and his son, Peter Taylor, 27, …

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Fadi Gemayel, head of the Association of Lebanese Industrialists (ALI), warned on Tuesday of the collapse of Lebanon’s industry sector if banks fail to secure needed liquidity for the import of the raw materials. “If banks fail to adopt a proper mechanism to secure the needed liquidity, the Lebanese market will soon face an absence …

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Establishments that are allowed to operate on a limited basis include vehicle and fishing boat repair shops, electronics outlets, car rental offices, office suppliers and printing shops Oman allows exchange houses to open as Covid-19 restrictions ease To date, there have been 2,131 cases of Covid-19 in the Sultanate, including 10 fatalities. Oman’s government has …

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China’s head-start on the path to recovery in oil demand is giving traders a rare opportunity to profit as coronavirus lockdowns continue to depress consumption in other parts of the world. With Chinese refineries ramping up processing to pre-virus levels as the country’s economy re-opens, oil prices on Shanghai’s INE futures exchange are near the …

Continue reading “Rare oil-price dislocation gives Asia a profitable arbitrage”

Oman has ordered state-owned companies to accelerate the process of replacing foreign staff with Omani nationals, especially in senior positions, to create more jobs for its citizens. The finance ministry gave public sector companies until July 2021 to draw up timetables to appoint Omanis in the place of foreign staff, including in managerial positions. The …

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Qatar Petroleum, one of the world’s biggest energy companies, plans a new wave of job cuts and spending reductions to cope with the slump in oil and gas demand which has hit global economies, two sources familiar with the matter said. Economic lockdowns brought on by the coronavirus pandemic look set to cut global energy …

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Beirut: Drilling off the Lebanese coast has shown some traces of gas but no commercially viable reserves, Energy Minister Raymond Ghajar said on Monday. “Initial drilling results showed the presence of gas at different depths in the geological layers” of block 4, he told reporters at a news conference. But around two months after drilling …

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The United Nations Industrial Development Organization (UNIDO) and the Ministry of Industry of Lebanon today launched a new project to develop industrial zones in the country. The project, funded by the Government of Italy, will focus on helping solve problems relating to business infrastructure, attract investment, foster skilled manpower, and facilitate the growth of local …

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Kuwait Interior Ministry has announced that 611 expats have been repatriated to their native country. The expats included 342 Egyptians and 254 Filipinos, all over left in the midst of the coronavirus outbreak. In addition, Kuwait flew 306 citizens back to the country on board three planes coming from Lebanon, Egypt and Bahrain as part …

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Kuwait arrested nine expatriates on Monday for violating the country’s newly implemented curfew. In a statement, the Ministry of Interior’s public relations and security media department, said the nine, who were caught in the Farwaniyah area, will be deported immediately. The curfew was called on Sunday, ordering citizens to stay indoors between 5pm and 4am, …

Continue reading “Nine expats arrested in Kuwait for breaking coronavirus curfew”

Top oil producers meeting later Thursday intend to cut production by between 10 and 15 million barrels per day, Kuwait’s Oil Minister Khaled al-Fadhel reportedly said. The talks between OPEC and other major producers come as oil languishes at near-two decade lows, with Russia and Saudi Arabia’s price war compounding slack demand caused by the …

Continue reading “Oil producers intend to cut 10-15 mn barrels: Kuwait”

Airlines have been given the green light to operate outbound flights for expatriates from Kuwait. The Directorate General of Civil Aviation (DGCA) announced on Saturday that the suspension of flights would be lifted in order to accommodate members of the expat community who wished to return to their native countries. The country announced a complete …

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A second person in Kuwait has died of coronavirus and 66 new cases have been reported in the last 24 hours, bringing the total number of confirmed cases to 1,300. Kuwaiti Ministry of Health spokesperson Dr. Abdullah Al-Sanad said that 26 patients were currently in intensive care. According to a report on the Kuwait News …

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Dubai Aerospace Enterprise (DAE) has received over 50 rent deferral requests from airlines around the world amid the ongoing coronavirus pandemic, 11 of which have been granted, the leasing firm said in a business update. Outlining its current position, DAE said it sold or novated 15 aircraft and acquired four more during the first quarter …

Continue reading “Dubai’s aviation leasing firm mulls deferral requests amid Covid-19 pandemic”

Remote working and virtual collaboration are likely to remain long after the days of lockdowns and once coronavirus is eventually consigned to the history books. According to Jeff Youssef, partner – Public Sector, at Oliver Wyman, remote working could be adopted more widely in the economic recovery period and even on a sustained basis, as …

Continue reading “Coronavirus: Remote working could be a thing of the future, long after Covid-19”

UAE Exchange, set up by the founder of the embattled hospital operator, defaulted on a loan of about $300 million, to a group that includes Goldman Sachs Group Inc., JPMorgan Chase & Co., Barclays Plc and Commercial Bank of Dubai PSC, according to people familiar with the matter. At the same time, it emerged that …

Continue reading “NMC lenders tally losses as ADCB taps Lazard to recover funds”

Ten percent of people who took part in a recent study in the UAE by research agency Kantar, believed that eating excessive non-vegetarian food could cause Covid-19. The survey was conducted to understand how behaviours and lifestyles are changing in light of the global coronavirus pandemic. Results showed that between 60 and 70 percent of …

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Russian local search and digital guides company 2GIS has unveiled an interactive map of Dubai that shows the important of social distancing amid the ongoing coronavirus pandemic. To illustrate the value of social distancing, the company used two models of how a virus spreads in an urban environment. In both cases, sick people transmit the …

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Leading technology festival Step has announced its first online event on April 14, featuring Wamda Group executive chairman Fadi Ghandour and Bayt.com CEO Rabea Ataya. The free event will see the duo speak about how start-ups can survive during times of economic crisis triggered by the spread of Covid-19. They will offer advice on fundraising …

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Dubai taxis will now help deliver online shopping orders to the city’s residents in response to growing e-commerce demands during quarantine time amid the coronavirus pandemic. The Roads and Transport Authority (RTA) announced it has joined forces with online shopping platforms to help speed up the delivery of orders to the public through Dubai Taxi …

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Most people know Kellogg’s – but what you may not know is that Kellogg’s became a household name during the economic recession of the 1920s, because it did the unthinkable. While the market leader for cereal, ‘Post’ took the expected course of action and cut back on advertising to lower costs, Kellogg’s doubled its advertising …

Continue reading “Marketing without backlash: 4 tips on how businesses can re-engage customers during Covid-19”

Saudi Arabia is snapping up more and more oil tankers as the kingdom prepares to flood the world with crude causing a surge in the cost of transporting crude. The world’s largest exporter, which began hiring extra ships almost as soon as a pact with Russia to limit oil supplies fell apart, has now provisionally …

Continue reading “Saudi Arabia goes on tanker shopping spree amid oil output surge”

Saudi Aramco is cutting planned spending this year, in the first sign that the oil-price war the kingdom unleashed is hitting home. Capital expenditure will be between $25 billion and $30 billion in 2020 and the spending plans for next year and beyond are being reviewed, Aramco said. The oil giant is lowering that range …

Continue reading “Saudi Aramco plans to cut spending in 2020, as oil plunges and profit slips”

Saudi Arabian Monetary Authority (SAMA) governor Ahmed al-Kholifey has stressed there is no need at the moment to intervene in order to ensure liquidity in the kingdom’s economy. On Saturday, Saudi Arabia’s central bank unveiled a 50-billion riyal ($13.3 billion) package to support private businesses. In an interview with state-owned Al Arabiya TV, al-Kholifey said …

Continue reading “Liquidity in Saudi banks ‘very good’, says SAMA governor”

Saudi Aramco is likely to sustain April’s higher oil output through May, with the oil giant saying it is “very comfortable” with a $30 per barrel price level. Last week, Aramco announced it would raise April’s output to a record 12.3 million barrels per day as part of a struggle with Russia for market share. …

Continue reading “Saudi Aramco likely to maintain high production through May – CEO”

Even with oil prices having slumped, Saudi Aramco said it still intends to give at least $75 billion to shareholders this year. The world’s biggest company by market value, which listed in the Saudi Arabian capital of Riyadh in December, will pay the dividends on a quarterly basis, it said in its 2019 financial results …

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Saudi authorities have detained 298 government employees, including military officers, and will indict them on crimes, including abuse of power, bribery, money laundering and corruption, according to an anti-corruption body called Nazaha. The total sum of misused funds amounted to 379 million riyals ($101 million), Nazaha said in a series of tweets on Sunday. Those …

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Seera Group, the Saudi-based travel and tourism company, said on Thursday it expects its 2020 financial performance to be impacted by the spread of the new coronavirus. Abdullah Aldawood, CEO of Seera Group, said the company, which recorded a record gross booking value of SR10.8 billion last year, will “be taking prudent precautions to manage …

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The UAE Ministry of Health has advised citizens and residents to avoid travelling abroad unless it is absolutely necessary, in light of ongoing coronavirus outbreak. According to a report by the WAM state news agency, those who do travel will be subject to follow-up checks on their return and may be kept in quarantine at …

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Emirates NBD has reduced its bank charges in a bid to support business in the UAE. In line with recent government and UAE Central Bank initiative, the bank’s ‘Transaction Banking’ unit has announced reduced tariff offers over the next three months. In particular, it applies to customers using its revamped ‘Smarttrade’ platform, which replaces the …

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Gulf-based real estate investors have the biggest appetite for targeting overseas commercial property, according to a new report. Knight Frank’s Wealth Report 2020 revealed that private capital was responsible for $333 billion of commercial real estate purchases in 2019, up 5 percent on the previous year. It also showed that nearly a third (32 percent) …

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Etihad Airways losses narrowed in 2019, with the company reporting revenues of $5.6 billion driven by a reduction in operating costs and a fall in fuel prices, the company announced on Thursday. According to a statement from the airline, losses were reduced to $0.87 billion, $1.28 billion less than the company’s 2018 revenue of $5.9 …

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Abu Dhabi Ports has announced its collaboration with Robert Allan Ltd to develop the world’s first fully unmanned autonomous commercial marine tugs. Once developed, the tugs will join Safeen, Abu Dhabi Ports’ maritime service arm, which maintains an expanding fleet of world-class service vessels. The autonomous vessels will be able to operate in far more …

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Ellington Properties has announced it is accelerating the development of Belgravia III, a trendy residential destination in Jumeirah Village Circle through its partnership with construction firm Dutco. With all approvals secured already, resources have already been mobilised on-site and work will commence shortly to fast-track the project, the developer said in a statement. Belgravia III …

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Dubai SME has launched Innovation Attraction Programme (IAP) to attract thousands of innovators and startups from around the globe and accelerate Dubai’s transformation into a knowledge economy. The new programme, announced during Dubai SME’s StartUp Night, seeks to attract foreign startups and give an international platform to local startups. It will reach out to around …

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UAE retail conglomerate Majid Al Futtaim (MAF) has launched new environment-friendly initiatives for a plastic-free future. The company announced this week that it intends to eliminate single-use plastic from its operations by 2025. In line with this sustainable strategy, the company has launched a special recycling initiative at Mall of the Emirates. Through this pilot …

Continue reading “Majid Al Futtaim’s New Environment-Friendly Initiatives: Recycle Plastic Bottles, Stop Using Plastic Bags”

Dubai Exports and the Dubai Free Zones Council (DFZC) have signed a memorandum of understanding (MoU) to increase business opportunities and boost the value and volume of exports, reinforcing Dubai’s position as a global trade hub. CEO Dubai Exports, Engineer Saed Alawadi and Deputy to the Secretary General DFZC, Dr Juma Al Matrooshi signed the …

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The UAE Government has announced its support for a programme launched by the World Economic Forum (WEF) in Davos on Friday to develop the skills, education and jobs for a billion people worldwide by 2030. Several UAE officials, including Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, Shaikh …

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The Al Tayer Group has become the latest business in the region to sign up with B2B portal Tejari.com. The trading company will join Tejari to sell its broad range of goods, including, luxury items such as perfume and jewellery to cars and automobile parts. It will also use Tejari for procurement of general office …

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Dubai-based start-up investor Wamda has led a $3.5 million funding round in games developer Tamatem. The round also included Saudi Arabia’s Modern Electronics and the UK’s North Base Media, Wamda said in a statement. Founded in 2013 by Hussam Hammo, Jordan-based Tamatem initially focused on developing mobile games and has since grown to become the …

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Upfield, the world’s largest plant-based consumer packaged goods company, is targeting growth in the Gulf region as demand grows, driven by a more health-conscious population. The Netherlands-based company behind brands like Flora and I Can’t Believe It’s Not Butter!, will use its participation at Gulfood 2020 in Dubai next week to showcase its range of …

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Luxury Italian jeweller Damiani, which is set to unveil its second boutique in Dubai next week, is planning to open two more stores in the Gulf within six months and an outlet in Abu Dhabi next year, the president and CEO of Damiani Group has revealed. Guido Damiani said Damiani’s boutique in BurJuman Centre had …

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BAGHDAD — U.S. shoppers will soon see “Made in Iraq” on clothing sold in American stores. Shelmar, a 51-store retail chain based in Memphis, became the first American retailer to place an order with an Iraqi factory last month. About 2,000 tracksuits and boys shirts are expected to be on store shelves by early October, …

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The United Nations Development Programme (UNDP) signed a Memorandum of Understanding (MoU) with the Kurdistan Region of Iraq’s Ministry of Planning, in order to provide strategic guidance and technical support for the development of KRG Vision 2030. Held in Erbil on 03 February 2020, the signing reaffirms the Region’s commitment to achieve the Sustainable Development …

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Duhok will soon have its first solar energy park in a major step towards becoming a low-carbon governorate, setting an example on sustainable renewable energy to follow in Iraq. On 04 February 2020, the United Nations Development Programme (UNDP) signed a letter of agreement with the Governorate of Duhok to establish a pilot solar park …

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2019 showed an exciting development for Iraq’s entrepreneurial ecosystem: the investments in two Iraqi tech startups – e-commerce company Miswag, which received investment from Iraq Tech Ventures, and Lezzoo, the first Iraqi startup to join Silicon Valley’s premier accelerator Y Combinator. In October 2019 Five One Labs hosted its second delegation of regional and international …

Continue reading “Reflections on Investments in Iraq’s Tech Ecosystem”

On Wednesday, 5 February, Christophe Michels, Managing Director, Iraq Britain Business Council (IBBC) and Rasmi Al Jabri, Deputy Chairman, IBBC met with Dr Salar Ameen Acting Chairman of National Investment Commission (NIC). They discussed the longstanding cooperation between the NIC and IBBC and how to deepen it and made plans for a joint Baghdad conference …

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According to the Q3 2019 Bahrain Economic Quarterly report from the Ministry of Finance and National Economy, the private sector grew by 1.6 percent in the third quarter of 2019 from a (revised) 0.3 percent in Q2, while the oil sector contracted by 0.1 percent as production held steady. The transportation and communication sector, supported …

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Bahrain Fintech Bay (BFB) on Tuesday announced changes to its leadership team, with Khalid Dannish being promoted to the role of CEO, effective from February 1. The appointment follows the departure of founding CEO Khalid Saad who will be leaving to pursue his own Fintech ventures that aim to further support the ecosystem, a statement …

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Construction work on the multi-billion dollar expansion project at Bahrain Petroleum Company (Bapco)’s Sitra oil refinery has reached 40 percent completion and is set to be commissioned by 2022, Bahrain’s Minister of Oil told Arabian Business’ sister website ConstructionWeekOnline in an exclusive interview. HE Sheikh Mohammed Bin Khalifa Al Khalifa, said the expansion is being …

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AMAALA, the ultra-luxury development situated along Saudi Arabia’s Red Sea coast, which is focused on integrated wellness and healthy living, has signed a partnership agreement with The Prince Albert II of Monaco Foundation, the Centre Scientifique de Monaco and Oceanographic Institute. The VIP Signing Ceremony took place at the Oceanographic Institute on the final evening …

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Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, chairman of Etihad Rail, has launched the construction works of Package A of stage two of the pan-UAE railway network. Package A will run for 139km from Ghuweifat on the UAE border with Saudi Arabia to Ruwais, where it connects with stage one of the network. He …

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Qatar Industrial Manufacturing Company (QIMC) reported a 30.3% year-on-year profit decline in the fourth quarter of 2018. During the October-December period of 2018, QIMC’s profits amounted to QAR 29.7 million ($8.2 million), compared to QAR 42.6 million ($11.7 million) in the corresponding period in 2017, according to the Qatar-based firm’s statement to the Qatar Stock …

Continue reading “Qatar Industrial Manufacturing profit drops 2.7% in 2018; dividends proposed”

A new concept Lulu Hypermarket has opened in Dubai’s Festival City, it was announced on Tuesday. The new outlet includes 56,000 square feet of space, of which 85 percent is allocated to groceries and fresh foods. The Festival Plaza hypermarket also marks the first time that Lulu customers can sit and eat their freshly prepared …

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Bahrain Central Bank governor says it will trial a new toolkit developed by the World Economic Forum Bahrain’s Central Bank is to pilot a new toolkit developed by the World Economic Forum to evaluate the impact of digital currencies on the economy. Blockchain and academic experts from around the world have contributed to the design …

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Top candidates looking to move jobs are commanding double digit salary increases, according to the Michael Page Salary & Skills Guide 2020. Pierre-Emmanuel Dupil, senior managing director, PageGroup, Middle East & Africa, said: “High demand in the Saudi market and competition between major projects to attract talent obviously triggers that trend.” The report revealed the …

Continue reading “Which industries in the Middle East are recruiting”

Kuwait attracted around $3.2 billion in direct investment between January 2015 and the end of March 2019. In its annual report for the fiscal year, between April 2019 and March 2019, the Kuwait Direct Investment Promotion Authority (KDIPA) revealed investment over the period totalled almost KD156 million ($514m). According to the report, the investments were …

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Jeddah’s new King Abdulaziz International Airport is likely to become fully operational by Ramadan, according to local media reports. According to an Okaz report that quoted General Authority for Civil Aviation (GACA) spokesman Ibrahim Al-Ruasa, the number of departing and arriving flights has reached 4,900, with 654,000 passengers on board. Since the airport’s Terminal One …

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Revamp of Bahrain’s Sheikh Zayed Highway progressing well, officials say Construction work on Bahrain’s $62 million Sheikh Zayed Highway Development Project is progressing as planned, according to the state-run Bahrain News Agency (BNA). Huda Abdulla Fakhro, the undersecretary for roads at Bahrain’s Ministry of Works, Municipalities Affairs and Urban Planning, said that the expansion of …

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Dubai-based DP World has been awarded a 30-year concession by the Saudi Ports Authority (Mawani) for the management and development of the Jeddah South Container Terminal at Jeddah Islamic Port. Under the build-operate-transfer (BOT) agreement, DP World will invest up to $500 million to modernise the port, including major infrastructure development to enable it to …

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Dokkan Afkar, a Saudi-based e-commerce marketplace dedicated to selling homegrown and innovative gadgets, gizmos and gifts, has closed a SR19 million ($5.6m) Series B funding round, led by the Business Incubators and Accelerators Company (BIAC). The Series B funding round was joined by existing investors – Riyad TAQNIA Fund, the Saudi Venture Capital Company (SVC) …

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As detailed on the free zone’s website, DAFZA company setup regulations are as follows: “The laws applicable to Dubai Airport Free Zone are set out in Dubai Law No 25 of 2009 (Concerning Dubai International Airport Free Zone). These rules and regulations state that every business in Dubai must have a legitimate formation and be …

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Saudi Arabia is to launch an instant work-visa service from next month, according to the Saudi Press Agency (SPA). The service will be available through the country’s Qiwa platform, which is designed specifically to help small businesses. Ahmed Al-Rajhi made the announcement during a meeting with entrepreneurs from Hail Chamber of Commerce and Industry, where …

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Saudi Arabia and the UAE remained silent over Iraq’s proposal to deepen OPEC+ production cuts, leaving the market to speculate about the group’s plans before crucial talks in Vienna this week. Iraq, which has the worst record among major producers of implementing the group’s current supply deal, is nevertheless pushing for steeper cutbacks. Oil Minister …

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Does the Saudi Aramco IPO in Riyadh suggest a future international listing? Saudi Aramco’s domestic IPO may still serve as a bridge towards an international listing despite what some analysts term a “mid-decline” oil market, according to experts. Aramco has said there are no plans for an international listing, suggesting that the long-stated aim of …

Continue reading “Aramco IPO: from Saudi Arabia to the world”

The Kingdom of Bahrain enacted a new bankruptcy law in December 2018, sweeping away its previous legislation and replacing it with a thoroughly modern toolkit. The law is a revolutionary improvement compared to what existed before, said lawyers polled by Debtwire. The financial crisis of a decade ago pushed various GCC countries to reconsider their …

Continue reading “Bahrain’s bankruptcy law one year on: an untested revolution”

Al Salam Bank-Bahrain (ASBB) has partnered with China-based MSA Capital to launch Al Salam-MSA Bahrain Fund I, a $50 million venture capital fund which will target investment opportunities that put innovative Chinese technologies and business models to work within the MENA region using Bahrain as a gateway into the region’s $1.5 trillion economy. MEC Ventures …

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Jordan on Sunday announced the signing of six agreements for investment in the industrial sector, the official Petra news agency reported. The Jordan Industrial Estates Company said that it signed deals to attract industrial investment in Salt and Madaba areas in the country. At the signing ceremony, Jordan’s Minister of Industry and Trade Tariq Hammouri …

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South African Airways (SAA) officials will be summoned to a meeting with regulators next month to disclose details about talks with potential equity partners and give assurances that any deal won’t violate foreign-ownership laws. Under the Air Services Licensing Act of 1990, airlines must be at least three-quarters owned by South Africans to operate a …

Continue reading “SAA faces regulator inquiry over sale plan”

The decision by the Passenger Rail Agency of South Africa (PRASA) to terminate contracts of 20 private security companies at the end of October has left railway infrastructure vulnerable to vandalism, says the United National Transport Union (Untu). In a statement on Friday by Untu spokesperson Sonja Carstens, the union lays all manner of accusations …

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JSE-listed EPP has urged the Polish government to introduce real estate investment trust (Reit) legislation for the country to make it more open for investment. COO Rafał Kwiatkowski believes the Polish property sector could be an excellent avenue for creating wealth and would be a good vehicle for people to invest their retirement savings. EPP …

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Since polymer supplier Vesconite Bearings introduced a minimum of two layers of corrugated cardboard packaging around each of its dispatched polymer bushings and rods, the company has had no returns from breakages, owing to transportation. The company instituted this as a packaging standard after a complaint by a customer led it to investigate its packaging …

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Three of South Africa’s most prominent companies in the stainless steel supply chain are completing a substantial supply to a gold mine in the Southern African Development Community. The project entails the supply of 250 t of grade 2 304 stainless steel for the manufacture of ten tanks – the largest of which measures 12 …

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The Southern Africa Stainless Steel Development Association (Sassda) is at a turning point in its history as it gears up for the future with the introduction of a new tiered membership model that will launch in March 2020, says Sassda acting executive director Michel Basson. As opposed to a standard flat-rate-type membership fee, which Sassda’s …

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Despite a marked downturn in the global stainless steel industry, there are a few medium-term developments on the horizon for Southern Africa, notes research institute Afriforesight Commodities chief commodity economist Nathan Musson. “There are glimmers of hope in terms of investment in Southern Africa’s stainless steel industry.” There are four noteworthy investments in this regard. …

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Branded welding supplier Unique Welding has significantly upgraded its range of stainless steel consumables to improve weld performance to combat a market flooded with low-quality imported stainless steel welding consumables, Unique Welding CEO Nazmi Adams tells Engineering News. In addition, Unique Welding has partnered with renowned welding expert John du Plessis from welding and metallurgical …

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United States consumer goods company Procter & Gamble (P&G) said on Monday it had delivered on a commitment announced last year by investing R300-million in a manufacturing facility in South Africa. It said the investment in the Kempton Park site had increased employment at the facility by 30% and included upgrades to P&G’s Pampers production …

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South Africa looks increasingly likely to miss its projections for GDP (gross domestic product) growth and faces a potential “junk” credit rating from all three major ratings agencies, as domestic and international pressures weigh on Africa’s second-largest economy. The World Bank has cut South Africa’s growth forecast for 2019 through to 2021, citing weak investor …

Continue reading “Facing slowing growth and credit downgrades, South Africa’s economy is stuck in the mire”

In today’s blog we take a look at South Africa’s economic performance over the last couple of years compared to their BRICS peers and certain developed economies. The graphic below looks at the economic growth rates of South Africa, UK, USA, Japan, Brazil, China, India and Russia. What is concern to see is that all …

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Main contractor hired for Oman mixed-use project A main contractor has been appointed to work on a new mixed-use project near Muscat international Airport. Real estate developer Tasmim has named Unique Contracting as main contractor for its Habitat project in Al Khuwair, which is expected to complete by December 2021. Construction works have already commenced …

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Closure of iconic Muscat hotel sparks frenzied buyers The closure of Oman’s iconic Golden Tulip Al Seeb has sparked a frenzy after its owners announced that the entire contents of bedrooms were on sale for as little as OMR 200 ($519), according to local media reports. According to a report in the Times of Oman, …

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Officials in Oman are investigating an alleged scam by a popular e-commerce store, which stands accused of selling counterfeit goods and electronic gadgets. The store in question, which cannot be named until all legal matters are concluded, reportedly sold a vast array of items, including electronic gadgets that were considerably lower than their market price. …

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Oman low cost carrier SalamAir is close to breaking even this year and could turn a profit in 2020, thanks largely to low fuel prices and rivals dropping capacity on certain routes, according to company CEO Mohamed Ahmed. Speaking at an aviation conference in Dubai, Ahmed revealed that the airline was sitting at around 85 …

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Al Hassan Industrial Estate is recognized as the platform for the Jordanians companies manufacturing Pesticides and veterinary medicines and agricultural fertilizers, which have made their way to enter the world markets due its quality and conformity to international standards. The statistics and figures of the Jordanian Industrial Estates Company, reveals more than ten industrial companies …

Continue reading “Pesticides and veterinary medicines employ 400 workers, with volume investment of JD 36 million in Al Hassan Industrial Estate”

Following a Cabinet decision to lower prices and rent in Tafileh, Madaba and Salt industrial estates under certain conditions, the Jordan Industrial Estates Company (JIEC) was able to attract six industrial investments in Salt and Madaba within less than a month of implementing the decision. JIEC signed six investment agreements with two Jordanian investors, one …

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Jordan Industrial Estates Corporation (JIEC) and the Arab Businessmen Forum in China on Tuesday signed a Memorandum of Understanding (MoU) to enhance cooperation between the two countries and promote Jordan’s investment environment. The MoU, signed by JIEC CEO Omar Jwaid and the forum’s head Arafat Harahsheh, seeks to underpin the promotional efforts of Jordanian industrial …

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(JIC) Jordan Investment Commission announced its plan to issue electric cards for the investors so as to facilitate the procedures for them, regarding the importance of industrial investment in Jordan, regarding Dr. Khalid Alwazany Chairman of the Commission Dr. Alwazany said during a meeting with Al-Hassan Industrial Estate investors that (JIC) will launch in cooperation …

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The UAE legislators have initiated the fundamental step for implementing UAE Federal Law Number 19 of 2018 on Foreign Direct Investment (FDI Law). The FDI Law introduces a framework for the UAE Cabinet to permit foreign shareholders to own up to 100 percent of onshore UAE companies in certain designated sectors. On July 2, 2019, …

Continue reading “Opinion: From legislation to implementation”

Dubai will host a number of fireworks events and concerts for Saudi Arabia’s 89th National Day, officials have announced. At the Point on the Palm Jumeirah, a three-minute fireworks show will begin at 8:30 PM on September 23, with dining deals and children’s activities available until the end of the day. Other fireworks events will …

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Visitors to the UAE will now have the option of choosing to carry out dynamic currency conversion of their cash withdrawals when using their Visa card at any Emirates NBD ATM across the country. The initiative follows a successful pilot by Emirates NBD in partnership with Network International, Visa and technology provider Planet. Non-UAE Visa …

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Sidi Kerir Petrochemicals Co. (SIDPEC) has chosen Honeywell UOP’s C3 Oleflex technology to produce 500,000 metric tons per year of on-purpose propylene at SIDPEC’s refinery in Amerya, near Alexandria, Egypt. With this, Honeywell UOP’s Oleflex technology has been selected for 52 out of 64 propane and isobutane dehydrogenation projects globally since 2011. Honeywell will also …

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The International Cotton Advisory Committee (ICAC) has announced that the World Cotton Research Conference (WCRC) will be held from October 3-7, 2020 in Sharm-el-Sheikh, Egypt. The WCRC is organised by the ICAC under the auspices of the International Cotton Researchers Association (ICRA). It brings together the top researchers and cotton specialists from across the globe. …

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Agility Public Warehousing Co, a Kuwait-based logistics company operating in more than 100 countries, is stepping up plans to develop so-called warehouse parks across Africa at a cost of about $200 million each. The company, which has annual revenue of about, $5.5 billion, has set up one at the Ghanaian port city of Tema, about …

Continue reading “Build it and they will come: Kuwait’s Agility plans trans-Africa push”

The Kuwait Capital Market Authority will start next month a public offering of its 50 percent stake in the local stock exchange. Only Kuwaiti citizens will be eligible to buy the shares, according to a press release on Sunday. The subscription period will run from Oct. 1 to Dec. 1, with the offering price set …

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Kuwait-based JustClean has revealed expansion plans for the GCC and further afield. Established three years ago by Kuwaiti brothers Athbi and Nouri Al-Enezi, JustCean has signed up more than 100 laundry businesses in the UAE since its marketplace app was introduced to the country in 2018. Athbi Al-Enezi said: “We’re looking to sign up at …

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Bahrain has lost its title as the world’s best destination for expats after falling six places in the latest Expat Insider survey. After topping the InterNations list in 2018 and 2017, Bahrain fell to seventh out of 64 countries analysed, as concerns over working hours and job security weighed. Kuwait was named the worst country …

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It is no secret shopping centers play an important role in the development of the retail sector, hence the economy of a country. This certainly applies to a developing country like Turkey as well. The number of shopping centers which have gradually turned into living spaces in this country have exceeded 400 and is expected …

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Centers to provide information, technology, consulting services to both Turkish and Syrian investors. Three new technology innovation centers are to be opened in western and southern Turkey to support the country’s high-tech production, an official said Thursday.”We plan to activate these centers by the end of 2020,” Kadir Aydin, general manager of the Cukurova Technology …

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Boyko Borissov speaks in Varna in front of the participants at the 12th Summer University of GERB Youth Structure.Prime Minister Boyko Borisov said on Sunday that a gas pipeline contract from Turkey through Bulgaria, Serbia, Hungary and Austria is expected to be signed on September 5th. He said at the 12th Summer University of GERB …

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A Dubai-based start-up plans to launch electric motorcycles next month that could save delivery drivers almost $7,000 a year. Adam Ridgway, CEO of One Moto, who describes the company as “to electric motorcycles what Tesla is to cars”, revealed the electric scooters – the Electa (AED16,450/$4,479) and Byka (AED14,950/$4,000) – will be available from September …

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Dubai Silicon Oasis (DSO) apartments offer the best gross rental returns in Dubai at 9.5 percent, according to the latest Property Finder Trends report. The average rental yield in global property hotspots such as London (2.7 percent), Hong Kong (2.4 percent), New York (2.9 percent) and Singapore (2.5 percent) hover in the low single digits …

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Over the past decade, the United Arab Emirates (UAE) has made significant strides in empowering women and ensuring they play an increasingly important role in the workplace. The UAE government and non-governmental organizations (NGOs) have been crucial in this regard, deploying a variety of tools to better integrate women into the economy. Yet while a …

Continue reading “Empowering women in the UAE: The power of the private sector”

Kuwait’s deputy foreign minister said countries in the Gulf have strengthened coordination to provide oil to global markets amid increased regional tensions. “It is normal amid this escalation that Kuwait and the Gulf Cooperation Council (GCC) countries take these steps,” Khalid al-Jarallah told reporters late Sunday on the sidelines of a Ramadan sit-down organised by …

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Kuwait’s Central Agency for Public Tenders has all-but approved a potential $160 million contract with South Korean construction conglomerate Hyundai for operating and maintaining the Jaber Al-Ahmed bridge. The Ministry of Public Labour said in a statement that the five-year contract is worth 29-$32m (KD9-10) per year, according to a report by the Kuwait News …

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Kuwait said it’s working with Saudi Arabia to resume oil production in the neutral zone between them that has been shuttered for at least four years. Saudi Minister of State for Energy Prince Abdulaziz Bin Salman visited Kuwait Wednesday. The two sides will discuss a resumption after the “completion of all technical issues required,” Tareq …

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Kamco Investment Company and Global Investment House, two firms operating in the Kuwaiti asset management and investment banking industry, have announced they have secured regulatory approval for a proposed merger. The companies said they have received the Capital Markets Authority’s approval on the draft merger contract in which Kamco will be the merging company and …

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Kuwait and Iraq have signed a contract with the British energy advisory firm ERC Equipoise to prepare a study for the development of joint oil fields on the border between the two countries. The deal will see the British advisory firm prepare studies of the joint productive border fields, Safwan-Al-Abdali and South Rumaila-Ratqa, paving the …

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Ithmaar Holding, a Bahrain-based company that is licenced and regulated as an investment firm by the Central Bank of Bahrain, has announced plans to voluntarily delist from Boursa Kuwait. The company said it will continue to list on the Bahrain Bourse and Dubai Financial Market. The announcement, by Ithmaar Holding chairman Prince Amr Al Faisal …

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Kuwait-based logistics giant Agility has reported second-quarter net profit of KD21.6 million, an increase of 8.1 percent over the same period in 2018. Half-year net profit of KD41.9 million was up 7.7 percent while revenue was KD775 million, an increase of 2.5 percent over the year-earlier period. Tarek Sultan, Agility vice chairman and CEO, said: …

Continue reading “Kuwait’s Agility sees rise in Q2 profit despite ‘tough environment’”

Shoppers in Dubai have even more time to find that greatest gift, perfect present or bargain buy during Eid al Adha, with malls extending opening hours for up to 10 days. Majid Al Futtaim malls, which includes Mall of the Emirates, City Centre Deira and City Centre Mirdif, will all stay open until 1am. The …

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Damac Properties has waived all registration fees for external vendors and contractors and maintenance companies, although it plans to continue with the registration process, according to a company spokesperson. In late July, owners and residents of properties managed by Damac or Loams – the Luxury Owner Association Management Services – properties were informed of the …

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Emirates Airline offered a first glimpse at its future Boeing 777X on Monday with a tweet showing the airplane in production at the planemaker’s US factory in Everett, Washington. “We’re proud to see the UAE flag for the first time on the Emirates Boeing 777X,” the Emirates tweet said. “Currently in production, the 777X combines …

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Abu Dhabi’s freehold law which was introduced in April this year will result in “more bankable” property projects, according to Tariq Imam, Partner and Head of Real Estate in Middle East at London-based law firm Clifford Chance. The new law allows foreigners investors to own land and property on a freehold lease in the following …

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Fashion franchise retailer Fawaz Abdulaziz Alhokair & Co has announced that it will acquire the Saudi franchise rights for 10 international food and beverage brands from Food and Entertainment Company Ltd. The deal will see an exchange of non-core receivables valued at SR340 million ($90.5 million) with the current operator, it said in a statement. …

Continue reading “Saudi retailer inks $90m deal for new F&B franchises”

A measure of activity in Saudi Arabia’s non-oil private sector dropped in July for the first time this year, hitting a five-month low in a sign that economic growth was losing momentum at the start of the third quarter. The IHS Markit Purchasing Managers’ Index fell to 56.6 after reaching a 19-month high of 57.4 …

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Twenty-six China A shares will be added to the MSCI China Index, while 30 equities from Saudi Arabia and eight Argentine securities are set to join the MSCI’s emerging-market stocks benchmarks, in steps that could potentially draw billions of dollars of investor inflows. MSCI, which announced the additions of Saudi Arabia and Argentina last June, …

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Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East. The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favourable deposit shift for lenders in the country may boost second quarter margins from lows …

Continue reading “Kuwaiti stocks end longest rising run in three years”

Kuwait’s Central Agency for Public Tenders has all-but approved a potential $160 million contract with South Korean construction conglomerate Hyundai for operating and maintaining the Jaber Al-Ahmed bridge. The Ministry of Public Labour said in a statement that the five-year contract is worth 29-$32m (KD9-10) per year, according to a report by the Kuwait News …

Continue reading “Kuwait gives initial approval for $160m Jaber Al-Ahmed bridge contract”

Kuwait said it’s working with Saudi Arabia to resume oil production in the neutral zone between them that has been shuttered for at least four years. Saudi Minister of State for Energy Prince Abdulaziz Bin Salman visited Kuwait Wednesday. The two sides will discuss a resumption after the “completion of all technical issues required,” Tareq …

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Kuwait Projects Company (KIPCO) has revealed that it has raised $312.3 million in equity from its latest rights issue. The board of directors approved the capital increase in January, with the aim of growing KIPCO’s businesses through continuing to invest in its core portfolio companies, which include Qurain Petrochemical Industries Company, Kamco, Kuwait Hotels Company, …

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A consortium of EDF Renewables and Abu Dhabi Future Energy Company (Masdar) has completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia, with the backing of Saudi and international banks. With an installed capacity of 400 megawatts (MW), the Dumat Al Jandal project will be Saudi Arabia’s first wind farm …

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A consortium of EDF Renewables and Abu Dhabi Future Energy Company (Masdar) has completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia, with the backing of Saudi and international banks. With an installed capacity of 400 megawatts (MW), the Dumat Al Jandal project will be Saudi Arabia’s first wind farm …

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Saudi Aramco has invited analysts and investors to join its first investor earnings call next month as it prepares an initial public offering, according to an Aramco email seen by Reuters. In the July 21 email, Aramco investor relations said that “Saudi Aramco will be holding its first investor earnings call in August to coincide …

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Construction projects worth more than $494 billion are currently active in Kuwait, according to new research by ProTenders. Of these, projects worth $15.5 billion (3.1 percent) are on hold, the consultancy said in a statement. Projects in the design stage are valued at $243.5 billion (49.3 percent) while another $63 billion (12.8 percent) are in …

Continue reading “$494bn construction projects active in Kuwait”

Neutral zone hasn’t produced anything since fields there were shut down after spats between the two countries in 2014 and 2015 Saudi Arabia and Kuwait are the closest in years to restoring oil output from the neutral zone shared by the neighboring nations after making a breakthrough in recent talks, according to people familiar with …

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Kuwait’s parliament on Wednesday passed an annual budget projecting a deficit of $22 billion, as lawmakers opposed government plans to impose taxes or reduce subsidies. The expected shortfall in the 2019/20 budget is equivalent to 15.7 percent of Gross Domestic Product and amounts to a fifth year in a row that the oil-rich Gulf state …

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Equity gauges in Saudi Arabia, Dubai and Abu Dhabi advanced, while those in Bahrain and Oman fell Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East. The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. …

Continue reading “Kuwaiti stocks end longest rising run in three years”

Iran and Turkey have finalized an agreement to restart direct train services between Tehran and Ankara and also to run tourist trains, an official announced. Iran’s Deputy Minister of Road and Urban Development Saeed Rasooli said at a press conference on Sunday that Iranian and Turkish delegations have finalized plans, following reciprocal visits, to launch …

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The National Petrochemical Company of Iran finalized a plan on Monday to construct the country’s third petrochemical hub across a coastal region in the southern province of Hormozgan. In a meeting in Tehran on Monday, the CEO of the National Petrochemical Company of Iran, CEO of Iranian Mines and Mining Industries Development and Renovation (IMIDRO), …

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Official delegations from Iran and Iraq held the second meeting of a joint commission for coordination on Arvand Rud, a border river flowing in Iran’s southwestern province of Khuzestan. The Tuesday meeting was held in Tehran within the framework of an agreement signed by the heads of the two states. The meeting was co-chaired by …

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High-ranking officials from Iran, Syria, and Iraq have agreed to create “a multimodal transport corridor” a part of efforts to boost trade relations between the three Muslim nations. “The three friendly and brotherly countries of Iran, Iraq, and Syria have good and growing business relations,” Iranian Deputy Minister of Roads and Urban Development Shahram Adamnejad …

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TEHRAN, Iran – U.S. sanctions have targeted Iran’s government, its paramilitary forces and the oil exports that fund them. Now they are hitting its vital steel, aluminum, copper and iron industries. The new sanctions, imposed as Tehran announced its partial withdrawal from its 2015 nuclear deal with world powers, seem to be moving ever closer …

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Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad. “We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing an appreciation ceremony for the outgoing Iranian consuls in the Iraqi …

Continue reading ““Invaluable Steps” to Cement Ties with Iraq”

The Ministry of Electricity is please to invite local, regional and international Independent Power Producers (IPP) to submit Expressions of interest (EOI) to embark into a proposed reverse auctioning round for SEVEN (7) Green field solar PV IPP projects (each a “project”) with a potential combined capacity of 755MWp. A project involves the design, finance, …

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On 16 June, 2019, the Japan International Cooperation Agency (JICA) and the Iraqi Government signed a loan agreement at Ministry of Finance in Baghdad. The ODA (Official Development Assistance) loan amounting to JPY 110,000 million (approximately USD 1 billion) will be used for Basrah Refinery Upgrading Project. The loan agreement was signed by H.E. Mr. …

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Iraq, Jordan and Lebanon have committed to digitally transform their countries, discussing their roadmaps to support the Mashreq region’s integration into the rapidly evolving global digital economy. The commitments came on the first day of the landmark, high-level forum on Digital Economy and Entrepreneurship Development in Mashreq, which was hosted by the Government of Jordan …

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Kuwait Finance House (KFH) has implemented robotic process automation systems to support customer loan applications. The robotic process automation bot, named Baitak Assistant, will handle customer loan applications and will autonomously create credit reports for applicants. KFH says it is the first fully automated workflow for retail credit in the region. The robotic process automation …

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Kuwait Airways is set to cancel some of its flights as it looks to lease three aircraft to cover for a delay in aircraft deliveries. The national carrier said it was due to receive three new Airbus A320 Neo aircraft in March this year, but has been informed by the French manufacturer that they will …

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Low-cost carrier Jazeera Airways has announced a partnership with Kuwait-based convenience chain, Trolley, to provide an on-board retail experience for passengers. With over 100 unique items, the on-board convenience store will include personal and children care, food and beverages, games, skin care, and electronics, a statement said. Jazeera Airways CEO, Rohit Ramachandran, said: “We continue …

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Construction projects worth more than $494 billion are currently active in Kuwait, according to new research by ProTenders. Of these, projects worth $15.5 billion (3.1 percent) are on hold, the consultancy said in a statement. Projects in the design stage are valued at $243.5 billion (49.3 percent) while another $63 billion (12.8 percent) are in …

Continue reading “$494bn construction projects active in Kuwait”

Following prime ministerial level bilateral agreement between India and Bhutan, both the countries have finally signed tariff protocol for the output of 720 Megawatt Mangdechhu hydropower project. First yield of this Rs 4,500-crore Bhutan project is set to get into India’s national power pool by May-June this year. The agreement was signed by Bhutan’s economic …

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Traffic congestion is the bane of all commuters in cities around the world, and Yangon is no exception. According to calculations by the Asia Development Bank (ADB) and the Japan International Cooperation Agency (JICA), there are roughly 2.8 million commuters in Yangon. About 70,000 of these ride the trains, while very few people take the …

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US-based Capstone Turbine Corporation (Nasdaq: CPST) has announced today that it has secured an order for two C600 Signature Series microturbines to provide 1.2 megawatts (MW) of energy to power a triethylene glycol (TEG) dehydration facility in the Basra region of Southern Iraq. The order also includes Capstone’s new self-cleaning pulse filtration system which will …

Continue reading “Capstone Wins Order for Microturbines in Basra”

Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad. “We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing an appreciation ceremony for the outgoing Iranian consuls in the Iraqi …

Continue reading ““Invaluable Steps” to Cement Ties with Iraq”

The chairman of Iran-South Korea Joint Chamber of Commerce said following last year’s move by the US to renew sanctions against the Islamic Republic, some Korean companies went bankrupt. Speaking to Tasnim, Hossein Tanhayee pointed to the 70 percent fall in bilateral trade between Iran and South Korea after the re-imposition of the US sanctions …

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An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer. Managing director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati told Tasnim that Iran’s gas exports to Iraq are constantly increasing and nearing a …

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It is essential that Iran fully implements its nuclear-related commitments under the Joint Comprehensive Plan of Action (JCPOA), IAEA Director General Yukiya Amano told the Agency’s Board of Governors on Monday. Mr Amano noted the announcement by Iran’s Supreme National Security Council on 8 May that it had “issued an order to stop some of …

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Dubai Airports is “pleased” with its relationship with Huawei despite a US blacklisting over national security concerns, according to a Dubai Airports spokesperson. Huawei provides IT and communications technology to over 50 airports and 15 airlines around the world, including Singapore’s Changi Airport Group and Dubai Airports. The services also include video surveillance technology and …

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Business conditions in the UAE’s non-oil private sector economy have shown the greatest improvement since October 2014. According to the Emirates NBD UAE Purchasing Managers’ Index, the indicator rose to 59.4 in May from 57.6 in April – a third successive monthly increase. Stronger market demand, marketing activity and the start of new projects all …

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The United States has imposed new sanctions on Iran that target the country’s petrochemical industry, including its largest petrochemical holding group, over Iran’s financial support for the Islamic Revolutionary Guard Corps (IRGC), the Treasury Department said on Friday. Meanwhile, Iran also rejected the idea of having wider international talks about its nuclear and military ambitions. …

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Despite its tiny population, Bhutan’s economic growth has led to increasing urbanisation and problems associated with biodegradable waste, which threatens the beauty of one of the most pristine environments in the world. Bhutan’s rapid economic development over the last few decades has been striking. According to World Bank data the GDP of the country grew …

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THIMPHU, BHUTAN (16 April 2019) — Economic growth in Bhutan is forecast to strengthen moderately, buoyed by the industry and services sectors, according to a new Asian Development Bank (ADB) report. The Asian Development Outlook (ADO) 2019, ADB’s flagship annual economic publication, forecasts the economy to grow at 5.7% this year and 6.0% in 2020. …

Continue reading “Bhutan’s Economy to Moderately Grow in 2019 and 2020 on Strong Hydropower and Tourism Outlooks — ADB”

Its annual average economic growth of 7.6 percent between 2007 and 2017 far exceeds the average global growth rate of 3.2 percent. This high growth has contributed to reducing poverty: Extreme poverty was mostly eradicated and dwindled from 8 percent in 2007 to 1.5 percent in 2017, based on the international poverty line of $1.90 …

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German hotel company, Deutsche Hospitality, has announced its plans to introduce new hotels in the UAE, Oman and Saudi Arabia within the next year. The expansion is part of worldwide expansion plans, aiming to grow its global portfolio from 150 to 250 properties by 2024. Deutsche Hospitality is currently present in the Middle East with …

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Abu Dhabi hoteliers are set to record their highest ever April occupancy rate, according to new data released by analysts STR. STR’s preliminary April data for the UAE capital indicates high demand and occupancy levels above 80 percent. Based on daily data from April, Abu Dhabi reported a 4.6 percent rise in supply compared to …

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Etihad Airways has announced a new second daily flight between Abu Dhabi and Moscow’s Domodedovo Airport, which will operate seasonally between October 27 and May 10, 2020. The additional flight, operated by an Airbus A320, will allow passengers to choose between a daytime and evening departure from both Abu Dhabi and Moscow. The move comes …

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Transguard Group, a UAE-based business services provider, has signed an agreement with the British Embassy to provide security services to both of its locations in Abu Dhabi and Dubai. Transguard said it has developed a bespoke security package for the British Embassy for the three-year contract. “Being selected as the security provider for the British …

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Emaar Hospitality Group, the hospitality and leisure business of Emaar Properties, has launched a fully-integrated mobile app that covers its entire portfolio. With the single app, users will have access to an extensive range of services including booking of hotels, restaurants, spas, golf and entertainment attractions using their mobile devices. The new app replaces all …

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Dubai’s unemployment rate reached 0.5 percent last year, while the economic participation rate as a percentage of total working-age population reached 83.2 percent, according to official figures. The Labour Force Survey 2018 published by Dubai Statistics Centre also showed the unemployment rate among Emiratis increased from 2.9 percent in 2016 to 4 percent in 2018. …

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Jebel Ali Free Zone will become the first in the UAE to return cash and bank guarantees to businesses A Dubai free zone will become the first in the UAE to return cash and bank guarantees to businesses in a push to protect wages of its employees. Jebel Ali Free Zone (Jafza) on Saturday announced …

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Bangladesh’s economic performance over the last decade has garnered praise from the international community. Multilateral development agencies like the World Bank often cite Bangladesh as an exemplary case for economic development. From being termed a “basket case” by the then US Secretary of State Henry Kissinger in early 1970s to achieving continuously increasing GDP growth …

Continue reading “Bangladesh in the post-industrial world”

Offshoring of apparel manufacturing has been a blessing for many developing countries. The readymade garments (RMG) industry, employer of 4 million workers, mostly rural women, contributes more than 80 percent to Bangladesh’s export revenue. Low-cost labour has been the primary reason for western retailers to wait for months to get a shipment from offshore destinations. …

Continue reading “RMG sector’s tipping point”

South Asian Network on Economic Modeling (SANEM), a non-profit research organisation, today termed the recent economic growth of Bangladesh as “puzzling”, saying that the GDP growth mismatched with the data and various indicators of the economy. Claiming that export and remittance are the primary drivers for economic growth, the SANEM said the economic growth rates …

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President Hassan Rouhani has called for Iran and neighbouring Iraq to expand their gas and electricity dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by US sanctions against Tehran. “The plans to export electricity and gas and hopefully oil continue and we are ready to expand these contacts not …

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Iran and Iraq have reached an understanding on the joint development of the Naft Shahr and Khorramshahr oilfields, Iranian Minister of Petroleum Bijan Zangeneh has announced. Speaking on Sunday, during a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries’ Engineering and Construction (OIEC), the official said: “There are …

Continue reading “Iran, Iraq agree on Development of Joint Oilfields”

The Iranian president’s chief of staff said Tehran and Baghdad have agreed to establish five joint industrial parks, including one in Iran’s border province of Kurdistan. Speaking at a meeting on economic development of Kurdistan in the city of Sanandaj on Saturday, Mahmoud Vaezi said Iran and Iraq have devised plans to set up five …

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Basra Multi-purpose Terminal (BMT), the largest multi-purpose port facility in Iraq, announces a major development in the Port of Umm Qasr. Marking a significant expansion to their existing facilities, BMT will be increasing their total investment in Umm Qasr Port to over USD 200 million, aimed to further advance the port in the international trade …

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The IBBC (Iraq Britain Business Council) is launching a Tech Conference in Baghdad on 29th and 30th April. The Conference is showcasing leading Iraqi and International companies with the intention of building confidence for Tech initiatives within Iraq. Iraq is at a pivotal point in its development as it revives and rebuilds its infrastructure, so …

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The total amount of the Iranian exports to neighboring Iraq during the last Persian calendar year (March 2018- March 2019) hit a record high, the data released by Iran’s Customs Office showed. During the last Iranian year, the Islamic Republic exported $9 billion worth of products to Iraq, indicating a 36 percent increase comparted to …

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Top Mountain LLC hosted the first annual Business Canvas Erbil conference which was attended by 120 participants and took place in the Dedeman hotel. The conference was funded by the European Union and German Federal Ministry for Economic Cooperation and Development through GIZ. The event was also sponsored by GroFin Iraq, a financing organization that …

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It will be small comfort for the founder of The Abraaj Group that HM Prison Wandsworth now serves a choice of cereals with milk for breakfast rather than plain porridge. Arif Naqvi, the man behind the world’s largest private equity insolvency case, was arrested at Heathrow Airport on April 10 on charges of defrauding US …

Continue reading “The rise and fall of Dubai’s Abraaj Group”

Marriott International has announced it expects to add 19 new properties and more than 3,000 rooms to its Middle East and Africa portfolio in 2019. The new additions are in line with the company’s expansion plans to add more than 100 new properties and nearly 26,000 rooms across the region by the end of 2023. …

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Dubai Municipality has announced several investment opportunities in the emirate’s public parks, such as the event spaces, and the allocation of different areas for restaurants and small shops. Investors are being sought for Creek Park, Mamzar Smart Park, Mushrif Park, Zabeel Park and Safa Park in addition to the Quranic Park recently opened by Dubai …

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Sources say Saudi Arabia’s Maharah Human Resources is seeking to raise more than $200m in an initial public offering Saudi Arabia’s Maharah Human Resources is seeking to raise more than $200 million in an initial public offering that’s likely to start next week, according to people familiar with the matter. Maharah plans to offer 30 …

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The Saudi capital city of Riyadh will be the 51st destination to join the Emirates A380 network when it launches on Sunday Emirates said on Thursday it will make Riyadh its newest Airbus A380 service when it launches the superjumbo on the route from Sunday. The Saudi capital city will be the 51st destination to …

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High-ranking officials from Iran and Iraq on Friday signed two memorandums of understanding (MoUs) and a contract to boost cooperation between the two countries in the electricity industry. At the end of his three-day visit to Iran, Iraqi Minister of Electricity Luay al-Khatteeb signed two MoUs and a contract on the electric industry with Iranian …

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Iran and Iraq have reached an understanding on the joint development of the Naft Shahr and Khorramshahr oilfields, Iranian Minister of Petroleum Bijan Zangeneh has announced. Speaking on Sunday, during a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries’ Engineering and Construction (OIEC), the official said: “There are …

Continue reading “Iran, Iraq agree on Development of Joint Oilfields”

Jordanian Prime Minister, Omar Razzaz, on Monday met with Iraqi Defence Minister, Irfan Hayali, to discuss the Jordanian-Iraqi relations. Razzaz underlined the depth of the historic Jordanian-Iraqi relations and the keenness to enhance joint cooperation to serve the interests of both countries and their peoples. The premier also pointed to the directives of His Majesty …

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Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within the next two years. Speaking at a TV program on Wednesday, Rahmani stressed the need to exploit the potential of Iran and Iraq for …

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The Iranian president’s chief of staff said Tehran and Baghdad have agreed to establish five joint industrial parks, including one in Iran’s border province of Kurdistan. Speaking at a meeting on economic development of Kurdistan in the city of Sanandaj on Saturday, Mahmoud Vaezi said Iran and Iraq have devised plans to set up five …

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Dubai master developers Emaar Properties, Dubai Hills Estate and Nakheel accounted for the bulk of property sales transactions in Dubai in the first two months of 2019, according to new data from Property Finder. According, Emaar sold 1,374 homes in January and February, representing 24 percent of the total. Dubai Hills Estate – a JV …

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The DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, has announced it is now accepting applications for the third cycle of its accelerator programme. The third cycle will kick off in September, welcoming select FinTech start-ups to an intensive three-month programme, which will include guidance …

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Dragon Mart, the Dubai retail and trading hub, has added 900 extra parking spaces to meet growing customer demand, Nakheel said on Thursday. A new multi-storey car park has opened at Dragon Mart, which sees 40 million shoppers each year, to bring the total number of parking bays to more than 9,000. The new car …

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Doraleh Container Terminal, in which DP World owns 33%, is successful in London Court of International Arbitration Doraleh Container Terminal (DCT), a Djibouti port operator owned 33.3 percent by Dubai-based DP World, has been successful in the London Court of International Arbitration proceeding against the Republic of Djibouti. The tribunal has ordered Djibouti to pay …

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UAE’s largest fuel and convenience retailer says it will award a 63% rise in annual dividend for fiscal year 2019 Shareholders of Adnoc Distribution, the UAE’s largest fuel and convenience retailer, on Thursday approved a significant increase in dividends. Under the new policy, the company said it will increase its annual dividend payment, starting in …

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Largest consumer cooperative in the UAE expects AED30 million sales in 2019, nearly double that seen last year Union Coop, the largest consumer cooperative in the UAE, has revealed that it expects AED30 million sales in 2019, nearly double that seen last year. The retailer said it is seeking to sell more than 60,000 units …

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Al Qana waterfront project will offer waterside eateries, cinema, the Middle East’s largest aquarium, marina, a wellness hub and outdoor skatepark Al Barakah International Investment (BII) has announced that its Al Qana wterfront project in Abu Dhabi is on course for completion in the fourth quarter of 2020. Al Qana, which spans over 2.4km and …

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Emirates will four additional flights a week to its existing thrice-daily service from October 28 Emirates has announced it will increase the frequency of flights between Dubai and Cairo, adding four additional flights a week to its existing thrice-daily service. The four new flights operating on Monday, Wednesday, Thursday and Saturday, which start on October …

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Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said a mechanism commensurate with the European Union’s mechanism for trade with Iran, known as the Instrument in Support of Trade Exchanges (INSTEX), will be established in the country soon. “In the talks that my colleagues had with representatives from the three European countries (Britain, …

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By Mehmet Cetingulec for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Turkey and Iran have maintained cooperation in regional affairs in recent years, including most notably joint efforts for a settlement in Syria but also solidarity against US and Israeli policies …

Continue reading “Turkish-Iranian Trade Disappoints Big Time”

The head of Iran’s Trade Promotion Organization (TPO) announced that the country’s non-oil exports over the first 11 months of the current Iranian year (March 21, 2018 – March 20, 2019) have reached 40 billion dollars. Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Thursday night, Mohammad Reza Moudoudi said the non-oil exports …

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There are currently over 200 undeveloped oil and gas reservoirs in Iran, an official has said. According to the National Iranian Oil Company (NIOC), Director of NIOC’s Integrated Planning Karim Zobeidi said that a total of 42.4% of Iran’s oil reservoirs and 10% of the gas reservoirs have been depleted so far. Speaking on Monday …

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Iran’s president inaugurated four new phases of the large South Pars gas field in the southern province of Bushehr on Sunday. Accompanied by the minister of oil and other top officials, President Hassan Rouhani inaugurated the phases 13, 22, 23 and 24 of the South Pars gas field. Each of the new phases has a …

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Iranian Minister of Petroleum Bijan Zangeneh said the country’s gas production capacity from the supergiant South Pars gas field would cross 750 million cubic meters per day by late 2019. Addressing a ceremony to officially launch phases 13 and 22-24 of the major joint gas field, that was held in the presence of the Iranian …

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Private commercial banks are dominating the country’s international trade as around 74 percent export in 2018 took place through them. On the other hand, only 7 percent export was done through the state-owned banks and the remaining 19 percent through foreign commercial banks, according to a study of Bangladesh Institute of Bank Management (BIBM). In …

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Bangladesh earned $182 million from ICT exports in 2018 which was $193.93 million in 2017. Computer service exports from Bangladesh fell by 6.16 percent, according to data from the Export Promotion Bureau (EPB). The government has targeted $5 billion in annual export earnings from the ICT sector by 2021. However, ICT industry insiders say they …

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Staff Correspondent: State Minister for ICT Zunaid Ahmed Palak yesterday called upon the private sector to cooperate the government for finding out a solution to meet the possible challenges as well as utilize the prospects of the fourth industrial revolution. “A solution will come, if the government and private sector hold joint discussions to overcome …

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Zahid Hossain Biplob: Labor migration has become an important factor for Bangladesh in respect of employment generation, GDP growth, poverty reduction but in recent years the country is facing severe crisis for manpower export. Industry insiders said, most manpower-importing countries are interested more in employing skilled workers. The authorities should take pragmatic steps to create …

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SA’s DIY retail stores have mostly been immune to economic downturns. When the going was good, people bought new homes, which they renovated later. In a sputtering economy, many prefer fixing things themselves. Thanks to this kind of all-weather resilience, companies like Cashbuild and Italtile became JSE favourites. But now, even they say this slowdown …

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The JSE will probably open lower on Wednesday after UK MPs shot down Prime Minister Theresa May’s Brexit plan for the second time, sending Asian stocks lower as uncertainty mounted. With only 17 days to go before Brexit is meant to happen, May’s plan to withdraw from the EU was heavily rejected by MPs. This …

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The real estate investment trust says it will have to rely on its international properties for growth due to deteriorating conditions in the local property sector. Growthpoint Properties says it will have to rely on its international properties for growth, as it expects “little to no growth” from its SA portfolio due to deteriorating conditions …

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It is important to diversify energy options, as a reliable energy supply is “vital”, Netherlands Ambassador to SA Han Peters told Fin24 on Monday. Speaking to Fin24 by phone, Peters discussed various issues affecting investor confidence in SA – among these, energy supply. He was previously ambassador to Brazil, before being appointed to his current …

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Absa Group is restructuring its South African retail and business banking unit within months of reducing the division’s management team and rolling out a new strategy. Finance labor union Sasbo was notified to begin consulting staff last week on the potential impact of the move, union representative Philip Landman said by phone Wednesday. About 15 …

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South Africa’s construction industry is being demolished. After 45 years of trading on Johannesburg’s stock exchange, Group Five’s stock was suspended on Tuesday after the company filed for bankruptcy protection, making it the fifth local builder to enter business rescue in less than a year. Subscribe to Fin24’s newsletter here From a peak market value …

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Rural areas far from the national grid will get electricity through renewable energy sources, says Minister of Electricity and Energy U Win Khine. He said the government will provide electricity to these areas through renewable energy as lower population density and electricity usage may not make it economical to expand the national grid. U Win …

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British regulators will give banks, asset managers, insurers and brokers until mid-2020 to fully comply with rules that replace European Union law in the event of a no-deal Brexit. The Bank of England and Britain’s Financial Conduct Authority (FCA) on Thursday published a “near final”version of the rulebook that would come into effect if Britain …

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The Ministry of Commerce together with the Directorate of Investment Administration (DICA) and the International Trade Center (ITC) launched the Trade and Investment Project (TIP) on Monday with the aim of boosting Myanmar’s business ecosystem by improving trade and investments. The TIP, which would run from 2019-21, is funded by a US$5.28 million grant from …

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The Myanmar Investment Commission (MIC) has approved the setting up of a South Korean – Myanmar Industrial Complex (KMIC). During a meeting on February 20, the MIC gave its go-ahead for the complex to be established as a joint venture. The development and operations of the first phase of the complex, which will be run …

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The Mandalay real estate market became active in early 2019, with more people wanting to rent properties, according to real estate agents in Mandalay. “Since the end of Vassa — a three-month annual retreat for Buddhist — there are more people who want to rent properties, especially people from the country side renting both condominiums …

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New Yangon City Development Company Ltd. (NYDC) invites submission of Expression of Interest (EOI) for six infrastructure projects in the first phase of New Yangon City project. The projects are Power Supply and Distribution, Public Transport System, Cyber Connectivity Infrastructure, Municipal Waste Disposal, Natural Gas Supply and Distribution, and Convention Center. “Interested companies can submit …

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U Khin Maung Cho, Union Minister of the Ministry of Industry, said at the Pyithu Hluttaw session that it is planning to build 49 charging stations for electronic vehicles on the Yangon-Mandalay-Naypyidaw express way. Out of 49 charging stations, four stations will be built along Yangon-Mandalay Express way, 36 stations in Yangon and five in …

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U Khin Maung Cho, Union Minister of the Ministry of Industry, said that seven more SKD auto factories have been approved to build Vehicles in the country, he announced this at the Pyidaungsu Hluttaw meeting held on February 13. “They are producing automobiles using the SKD method, this is a marketable production method with the …

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Yoma Strategic Holdings Ltd. (“Yoma Strategic”) has acquired a 65% stake in Yankin Kyay Oh Group of Companies Limited (“YKKO”). YKKO was founded in Yangon in 1988 and has since grown to become one of Myanmar’s largest restaurant chains with 37 outlets in Yangon, Mandalay, Nay Pyi Taw, Bago and Mawlamyine. The total cash consideration …

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The Myanmar Trade Promotion Organization under the Ministry of Commerce will open a Myanmar Trade Center in Hainan, China in April this year in order to boost Myanmar’s value-added products export to China. The center is being jointly implemented by the Myanmar Trade Promotion Organization and Globe Shenzhen Co., Ltd., which will sell samples of …

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Malaysian company is planning to invest in building an acacia mangium furniture factory in Myanmar’s Bago region, the official Global New Light of Myanmar reported Wednesday. The unidentified Malaysian company projects will buy 3,000 tons of raw material of acacia mangium per year from the Myanmar Acacia Mangium Production Association and a feasibility study is …

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The tiny nation of Bhutan might enjoy world renown for its environmental record, but it is overlooking concerns being raised by environmentalists over the country’s plans to construct large hydropower plants to generate 10,000 megawatts of surplus electricity for export to India. Climate Action Tracker, an independent group, rated Bhutan’s pledged contribution to the 2015 …

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The Myanmar textile industry has incurred losses due to dollar appreciation, as reported by Myanmar Textile Entrepreneurs Association. The month of September saw a significant variation in the value of US dollar. Notably, the dollar value jumped from Ks 1,500 in early September to Ks 1,650 on 20 September. Yin Yin Moe, Secretary, Myanmar Textile …

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Hyundai Motor Myanmar, official sole distributor of Hyundai Motor in Myanmar, will hold the Grand Opening of Shwe Daehan Motors a new car parts installation factory of Hyundai Motor Myanmar. The new Accent launching ceremony at Hyundai Showroom on 08th February 2019. Shwe Daehan Motors Factory is located in Thar Du Kan Industrial Zone, Shwe …

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Hyundai Motor Myanmar, official sole distributor of Hyundai Motor in Myanmar, will hold the Grand Opening of Shwe Daehan Motors a new car parts installation factory of Hyundai Motor Myanmar. The new Accent launching ceremony at Hyundai Showroom on 08th February 2019. Shwe Daehan Motors Factory is located in Thar Du Kan Industrial Zone, Shwe …

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The 2019 Invest Myanmar Summit was held on January 28 and 29 in Naypyidaw, and jointly organized by the newly founded Ministry of Investment and Foreign Economic Relations and the Union of Myanmar Federation Chamber. The two-day summit exhibited over 200 government and private investment projects worth $20 billion, and included discussion on sustainable and …

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With the aim of strengthening effective managements of the country, Ministry of Industry has set up four polices and two visions in accordance with 12 economic objectives of the country. Ministry of Industry has aimed at utilizing modernized and advanced techniques of agriculture to develop Agro-base industries, Agri-Business, Agro-Products, and continue the task for the …

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“We need to use alternative fuels, as the fossil fuels we are burning today will be exhausted soon”, said Union Minister for Industry U Khin Maung Cho at the signing of an agreement to manufacture electric buses and erect charging stations in Myanmar. At the signing ceremony, held at the Research and Development Bureau in …

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Bangladesh Textile Mills Association (BTMA) acting president Mohammad Ali Khokon urged the government at the ongoing 15th Dhaka International Textile and Garments Machinery Exhibition to accelerate the process of liquefied natural gas (LNG) import as per plans to overcome the current power crisis that has slowed down investment in the textile sector. The improvements in …

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While residential and retail property took a huge knock, Stats SA revealed in September that the star performer during the second quarter of this year has been construction, and this is good news for the commercial and industrial property sector, says John Whall, CEO of Heartwood Properties. Despite South Africa slipping into a technical recession, …

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According to JLL’s latest report, Trade trends – the impact of trade imports on logistics and warehousing, the inflow of imports, mostly consumer goods, is contributing to increasing demand for storage, logistics and warehousing services in South Africa. A short update on the original research conducted in 2016, the report indicates a clear correlation visible …

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The newly revitalised Phuthaditjhaba Industrial Park should be used to inspire confidence in the South African economy, Trade and Industry Deputy Minister Bulelani Magwanishe said on Tuesday, 30 October. We are here on the backdrop of the Investment Summit, which confirmed the confidence that the local private sector and multi-nationals have in South Africa. We …

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Real African Works (RAW), the first of its kind in South African Automotive Original Equipment Manufacturer (OEM) industry, currently specialising in city buses with a focus on Bus Rapid Transit System (BRT) being rolled out by various municipalities, launched on 21 November at Melrose Arch, Johannesburg. RAW complies with both local and International regulations in …

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Speaking ahead of Thursday’s launch, Trade and Industry Minister Rob Davies said the SEZ is designated for the manufacturing of green technologies, alternative waste management, energy efficient technology, alternative building material and many other clean technologies. “A combined R1.8bn is expected to be invested in the SEZ by 2022, with the creation of 1,200 direct …

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The readymade garments (RMG) sector in Bangladesh is continuing its positive trend in export earnings, fuelled by value-added products, government policy support and completion of 90 per cent of the factory remediation work set by the Accord and Alliance. Compared to 2017–18, export earnings in the RMG sector have maintained a steady growth of 15.65 …

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The Global Economist Forum (GEF) has said the Bangladesh economy will enjoy one of the happiest years in 2019 in respect to economic freedom, which will help achieve above 7.5 GDP growth. FEF, a Special Consultative Status development and policy organisation of the United Nations Economic and Social Council (ECOSOC), has released their worldwide economic …

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The local toy-makers have gradually occupied 60 per cent of the market, helping to reduce the country’s dependence on imported toys, thanks to an increase in local and foreign investment, production of high-quality toys and government policy support. Bangladesh Toy Merchants, Manufacturers and Importers’ Association (BTMMIA) president and managing director of Everest Toys Industry Ltd, …

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Work on a set of infrastructure development projects aimed at increasing the capacity of Mongla Port, the second largest seaport of the country, is likely to begin in the first quarter of this year, reports BSS. Mongla Port Authority sources said a decision to this effect was made in December last while a technical team …

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Myanma Railway under the Ministry of Transportation and Telecommunications is a loss-making government department, U Thant Sin Maung, Union Minister of the ministry, said at the Amyotha Hluttaw in answering the question of U Pe Tin, a law maker from Mon State’s constituency no.6. U Pe Tin questioned the government if it has a calculated …

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White sandy beaches, sunsets that take your breath away, and emerald-green waters surrounding an endless stream of lonely islands are only a part of what makes the Myeik Archipelago a special place. The Myeik Archipelago features 800 stunning islands in one of the most remote places in the world. I recently took a trip to …

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Today’s smartphones can now show people what apps they use most frequently, how much time they spend on them and remind them to take a break. Moreover some mobile applications can have different settings for use by adults and children and limit applications and games by age, because many children use their parents’ phones. “Nowadays …

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The banking sector is expected to make strides forward this year as fiercer competition forces banks in Myanmar to level up. “This year, the banking environment will be much better than before. There are still many hurdles left to cross to liberalise and strengthen this sector so that it can support the economy. Nevertheless, we …

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The oil and gas sector is looking exciting this year, with opportunities emerging from an international tender scheduled to take place early this year for the first time since 2014. In addition to onshore and offshore blocks, the tender is expected to include work in “Improved Petroleum Recovery” blocks at older oil fields in Myanmar. …

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Businesses did not have a positive outlook on the Myanmar business sector last year with falling confidence and firms pulling out of Myanmar. However, with the arrival of a new year, things seem to be looking more optimistic for some sectors. Our reporters have interviewed insiders and experts from five business sectors on their views …

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Owing to the volatile and unpredictable steel price from local raw steel mills, the steel industry is looking less to locally-forged parts and equipment, and more to imports, says steel supplier and processing company Allied Steelrode. “As an industry – and in common with the forging industry – we are also really at the mercy …

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As the leading supplier of gases and welding equipment and machinery in sub-Saharan Africa, industrial gases company Afrox continues to provide innovative welding solutions to the Southern African market by introducing new products and technology. The latest of these is welding equipment manufacturer Miller Electric’s PipeWorx process, a multipurpose pipe welding solution that eliminates the …

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With the developments in sheet metal cutting technology over the past 30 years having been remarkable, the latest developments in fiber laser technology are taking sheet steel component production to even higher output and quality levels, and are now available locally, according to a March announcement from cutting consumables and capital equipment distributor First Cut. …

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Secunda-based welding company Hydra Arc – ISO 3834 certified by the Southern African Institute of Welding Certification has grown into a leading South African specialised welder that provides services for Southern Africa’s petrochemicals, power, mining and minerals processing industries. The company offers services in plant refinery maintenance and specialist turnaround contracts; the fabrication of heavy …

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Despite the local sugar industry championing a bioethanol fuel subsidy as a potential method to relieve the burden on sugar through demand diversification, Ethanol Producers Association of Southern Africa secretary Alf Stevens suggests that this may not have the timely impact that the local sugar industry is hoping for. In a speech delivered on his …

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Egypt’s Carbon Holdings has secured $1.25-billion in financing to build a giant petrochemicals complex in the Red Sea port of Ain Sokhna. The Tahrir Petrochemicals Complex, a $10.9-billion project, would be the largest in the Middle East and is expected to create 48 000 jobs. Carbon signed the financing contract with Africa Finance Corporation (AFC), …

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Wisconsin-based shell and tube heat exchangers company Enerquip has added a new line of compact heat exchangers to meet growing demands from customers with low flow-rate applications. Enerquip describes itself as one of the leading providers of heating and cooling equipment for production plants and original-equipment manufacturers in the US, and the system integrators that …

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High-pressure equipment and technology manufacturer Haskel has revealed that its product engineer Poova Mahmoudian will be unveiling new industry technology, as part of a collaborative technology and research alliance with the US Army. The technology is said to dramatically impact on those developing and operating hydrogen refuelling stations. Industry leaders will gather in Brussels, Belgium …

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The new Hy-Pro Soluble Varnish Removal (SVR) system – now available from Hytec Fluid Technology (HFT) – offers complete recovery and maintenance for turbine lubricants. The SVR will be available across Africa through HFT. The prevalence and potential economic impact of varnishing in industrial applications is so significant that original-equipment manufacturers recommend the use of …

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Fluid maintenance is frequently neglected and the consequences of using contaminated fuel and lubricant oil are often underestimated, says technical solutions provider BMG fluid technology business unit manager David Dyce. “With the preferred trend for diesel-fuelled equipment, there is greater demand for the supply of ‘cleaner’, noncontaminated diesel and lubricant oils from diverse sectors, including …

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Amid a hostile local economic climate, growth in the local industrial water treatment and filtration sector has been stagnant, forcing service providers to expand their offerings into Africa, says South Africa-based industrial water treatment solutions provider WaterIcon. The company focuses on industrial water treatment. It provides consulting services, chemicals, equipment, engineering, consumables and solutions for …

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JOHANNESBURG – The six-week -long National Union of Mineworkers (NUM) strike at Gold Field’s South Deep, which ended yesterday, is the latest indication of the leadership crisis facing the union, which played a key role in establishing Cosatu in 1985. The NUM scored an own goal in the way in which it handled the strike …

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Eskom is considering the sale of smaller assets as the state-owned power utility weighs solutions to a liquidity crisis that contributed to a wave of rolling blackouts, according to people familiar with the matter. The supplier of almost all South Africa’s power is in advanced talks to sell its home-loans business, with local billionaire Patrice …

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CAPE TOWN – Coal will still be part of South Africa’s energy mix of the future, although it will not enjoy the same dominance it is currently enjoying as an energy source. This is according to Anthony Julies, deputy director general at the National Treasury. Julies was part of a panel discussion on Vision 2030: …

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Research and data group Lightstone has compiled a list of cars that you can afford on your current salary – showing how much more you’d need to earn per month to keep affording them. The latest data from the National Association of Automobile Manufacturers of South Africa (Naamsa) light commercial vehicle sales saw a decline …

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INTERNATIONAL – Huawei Technologies chief financial officer Meng Wanzhou was granted bail by a Canadian court, allowing the executive to stay in her Vancouver home as she awaits a possible extradition to the US over fraud charges. Justice William Ehrcke of the British Columbia Supreme Court agreed to release Meng on condition she post bail …

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Swedish truckmaker AB Volvo has stopped assembling trucks in Iran because US sanctions are preventing it from being paid, a spokesman for the company said on Monday. Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran. “With …

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Tehran is hosting a French-Iranian workshop on health, safety and environment in oil industry by late January where the latest trends in the field will be presented to senior oil and energy executives in Iran’s oil industry. Director General of HSE and Passive Defense Directorate of the Iranian Ministry of Petroleum Bagher Mortazavi said the …

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Iraq has emerged as Iran’s top export destination in the current Iranian year, an official announced. The director of the export bureau of Iran’s Customs Office, Ali Akbar Shadmani, said the value of the country’s exports since the beginning of the current Iranian year (March 21, 2018) has surpassed $30 billion, with Iraq being the …

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The more interconnected the world becomes, the greater the risk posed by weaknesses in devices or networks. According to Simon Bryden, consulting system engineer of cyber security firm Fortinet, it’s not just preventing breaches that’s important for businesses – it’s knowing what to do once there is a breach, which most businesses overlook. Bryden spoke …

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Hong Kong – Asian markets were mixed on Friday with dealers moving cautiously at the end of a broadly upbeat week with focus turning to the much-anticipated meeting between Donald Trump and Xi Jinping. Energy firms were among the best performers after a rally in oil prices, while high-yielding and emerging market currencies continued Thursday’s …

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US equity futures dropped with European stocks as investors count down to a meeting between the American and Chinese presidents that could decide the course of the trade war. Benchmark Treasury yields fell and the dollar gained. Carmakers and banks led a retreat in the Stoxx Europe 600 Index, while futures for all three major …

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By Jon Duncan, Head of Responsible Investment, Old Mutual Investment Group Contrary to popular belief, investors are not giving up upside performance when prioritising companies with a better environmental, social and governance (ESG) record. Responsible Investing is rooted in an understanding that how we invest today determines the quality of our future. Simply put, if …

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R21 bn: that’s how much South Africa’s beleaguered national carrier, South African Airways (SAA), says it needs to keep running. SAA has reached this point in its financial crisis through persistent mismanagement and cronyism, with the SA government as main shareholder refusing to take tough decisions about the company. But such decisions can’t be delayed …

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YANGON — Mottama Holdings said on Tuesday it has completed the structure of Myanmar’s first high-rise steel building, a US$80 million office tower in Yangon called M Tower that the company is building through a joint venture with a Hong Kong investor. The 26-storey project on Yangon’s Pyay Road is being built by Mottama subsidiary …

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YANGON — Chinese low-cost airline 9 Air on Sunday launched direct flights between Yangon and Guangzhou in southern China, less than a month after the carrier launched its first international flight, to Mandalay, on October 2. 9 Air, central and southern China’s first low-cost carrier, began operations in 2014 from its base in Guangzhou, the …

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It’s now a good time for retailers in Yangon to keep a look out for better premises from which to do business, given that rental rates are still manageable and ahead of anticipated demand, according to recent intelligence from property research firm Colliers. With several new and modern shopping malls scheduled to come onstream and …

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KM Terminal & Logistics Ltd (KM) and Resource Group (RG) officially opened two separate dry port projects in Ywar Thar Gyi, Yangon yesterday. A dry port is an inland intermodal terminal directly connected by road or rail. Freight trains will run from Ywar Thargyi to a second dry port in Myit Nge, Mandalay, which KM …

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Large government infrastructure projects and increased urbanization are boosting the local cement industries, as the sector has been growing more than 12.50% in the last five years, according to multiple studies and sector people. Currently, more than 32 cement manufacturing companies, four of them multinationals, produce around 30 million tons of cement per annum. Local …

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Bangladesh’s southern coastal belt offers potential for generating power through wind, according to a recently published study by the US Department of Energy’s National Renewable Energy Laboratory, raising hopes of meeting the government’s renewable energy goals. The government has targeted to generate 2,470 megawatts of electricity by 2021 through renewable sources, 1,153MW of which was …

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Cozmo Travel, one of the largest and leading travel agencies in the United Arab Emirates (UAE), yesterday launched its services in Dhaka to hook business from the growing number of Bangladeshi travelers. Jamal Abdulnazar, chief executive officer of Cozmo, opened the company’s footprint at Pan Pacific Sonargaon Dhaka. Saed Mohammed Al Muhairi, UAE ambassador to …

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Japan automobile giant Honda yesterday inaugurated its motorcycles manufacturing plant in Bangladesh, in what can be viewed as a watershed moment for the country’s industrial capabilities. The plant, which was set up for Tk 230 crore on 25 acres of land in the Abdul Monem Economic Zone (AMEZ) in Munshiganj, will help save foreign currency …

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Kingdom Essences began with the motive to support the Nubi Menjong Nyamley Tshogdey (NMNT) in rural Trongsa comprising about 150 households by helping with income generation through value addition of local produce. Kingdom Essences (K.Essences) are tiny bottles of natural local made-in-Bhutan essential oils. The products include caraway essential oil which is good for seasonal …

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Druk Phuensum Tshogpa (DPT) president Pema Gyamtsho has refuted allegation of privatizing hydropower projects in the country. During his tour in Chhukha and Samtse last week, Pema Gyamtsho said privatizing hydropower projects is nowhere mentioned in their party’s manifesto. He explained that the party has promised to promote private sectors’ participation, but not privatize the …

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ShaMa foundation, an international, non – profit organization dedicated to social welfare, education, and health care, which has been active since 2015, and was incorporated in 2018 initiated Shudh Program in Bhutan last year, in June 2017. The program aims to provide access to safe drinking water in remote and challenging geographies and also strives …

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In what are truly mammoth achievements for COMO Hotels and Resorts, COMO Uma Punakha was awarded the third best hotel in the world, while COMO Uma Punakha and COMO Uma Paro in Bhutan were awarded the first and second place respectively in the ‘Best Hotel in Asia’ category. This is as per the results of …

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Myanmar’s economy is expected to grow 7.8% this year, new figures from the World Bank say, amid scepticism over falling foreign investment, the impact of recent flooding and inflation. While strong economic growth triggered by President Thein Sein’s reforms is expected to continue, the Bank’s economists cautioned that Myanmar should insulate itself against certain risks. …

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In June 1960, Tom Monaghan and his brother James bought DomiNick’s, a small pizza store in Ypsilanti, Michigan. In this town of less than 20,000 people, the brothers gave a $75 down payment and borrowed $500 to acquire the store. Barely eight months later, James bartered his half of the business to Tom for a …

Continue reading “Myanmar’s New Role in the Economic Tilt Towards Asia”

October 7 was a historic day for Myanmar with President Obama officially lifting remaining economic and financial sanctions, acknowledging the successful transition from a military-led pariah nation to a democratic country with a civilian-led government at the helm of affairs. The previous quasi-civilian government that came into power in March 2011 under the leadership of …

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Denim Expert Limited, a market leader in quality denim manufacturing, has become the first manufacturer in Bangladesh to join the Sustainable Apparel Coalition (SAC). The manufacturer will use the group’s sustainability measurement suite of tools, the Higg Index, to drive environmental and social responsibility throughout its supply chain. With its membership in the SAC, the …

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The 19th edition of Textech will kick-start from September 12, 2018 in Bangladesh. The four-day event will provide an international platform for the exhibitors to interact directly with the buyers/ importers for a perfect buyer – seller meet and a strong under-one-roof market place for the ever-growing textile and garment industry of Bangladesh. “Textech will …

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Cotton sector leaders from the United States want Bangladesh to lift the old fumigation rules on the import of US cotton as the process imposes an additional cost burden on the importers and spinners and results in increased lead time. American Cotton Shippers Association (ACSA) president Raymond Faus recently urged Bangladesh to review the unfair …

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The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently said the readymade garment (RMG) sector is facing a crisis in shipments of finished products due to shortage of road transport, affecting global buyers’ confidence. Though student protests are over, the transport situation is yet to be normal, BGMEA president Mohammad S Rahman said. Some foreign …

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We’re sincerely trying to lower EMTS charge significantly in competition with private mobile money transfer networks –Says Postal Department DG Staff Correspondent: Postal department is set to substantially slash charge for its mobile money order service soon, a finance division official said. The state entity charges senders more than the privately-run mobile money transfer ecosystem …

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Staff Correspondent: Prime Minister Sheikh Hasina yesterday sought the support of the university teachers in the coming election to continue the country’s current pace of development. “We want your support so that country’s present pace of development continues, as all our works, those we did from 1996 to 2001, were destroyed after the change in …

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Bhutan has finally graduated from the list of Least Developed Countries (LDC), the United Nations’ Committee for Development Policy has announced. Bhutan has become the second country in South Australia to graduate after Maldives. Along with Bhutan, Kiribati, Sao Tome and Principe and the Solomon Islands have increased national earning power and improved access to …

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The Board of Directors of the Asian Development Bank (ADB) has approved a $10 million loan to help develop the secondary towns of Samdrup Jongkhar, Sarpang, and Trashigang in becoming economic hubs, spurring more inclusive growth and balanced urban development in Bhutan. “The growth of Bhutan’s secondary towns is constrained by deficiencies in infrastructure and …

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The Asian Development Bank’s (ADB) has approved a US$20 million grant financing package to support Bhutan to improve the equity, efficiency, and sustainability of the country’s health system. ADB’s support, which includes a US$14 million policy-based grant and a US$6 million project grant both sourced from the Asian Development Fund, will help Bhutan to progress …

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India has already offered to increase financial assistance to Bhutan in next five-year plan beginning 2019 as it reaches out to woo Prime Minister-elect Lotay Tshering. His party DNT has won the election held last week and is waiting to be sworn in as head of the government. During current 11th Five-Year Plan (2013-18) India …

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Despite its tiny population, Bhutan’s economic growth has led to increasing urbanisation and problems associated with biodegradable waste, which threatens the beauty of one of the most pristine environments in the world. Bhutan’s rapid economic development over the last few decades has been striking. According to World Bank data the GDP of the country grew …

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Craft manufacture is the predominant industrial occupation, and homespun textiles—woven and embroidered cottons, wools, and silks—are the most important products. Other Bhutanese handicrafts include daphne paper; swords; wooden bowls; leather objects; copper, iron, brass, bronze, and silver work; wood carvings; and split-cane basketry. The economy in the 21st century has become increasingly dominated by the …

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Private sector development is the main driving force behind the national economic growth, noted Vice President U Henry Van Thio in northern Yangon yesterday morning. He was speaking at the opening of a new factory where 225 million aerated concrete blocks-AAC and 90 million autoclaved pressed concrete bricks-APC are manufactured annually. The State is encouraging …

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With the aim of strengthening effective managements of the country, Ministry of Industry has set up four polices and two visions in accordance with 12 economic objectives of the country. Ministry of Industry has aimed at utilizing modernized and advanced techniques of agriculture to develop Agro-base industries, Agri-Business, Agro-Products, and continue the task for the …

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A Bhutanese businessman is the victim of a false flag assault in Charlotte by an African-American man who made the attack on the man’s store appear to be the work of white supremacists. North Carolina police arrested on Sunday the man allegedly seen on a surveillance video setting fire to the store on Thursday and …

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The Executive Committee of the National Economic Council or ECNEC cleared a project to acquire 491 acres of land for the economic zone in March last year. After Japan sought more land, the ECNEC passed a revised proposal approving another 500 acres of land for the economic zone on Tuesday. Now the estimated cost of …

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Apart from the import of hydro-electricity from Nepal through India, the MoU includes investments by Bangladesh in Nepal’s power sector. Nasrul Hamid, state minister for power, energy and mineral resources of Bangladesh, and Barsha Man Pun Ananta, Nepal’ minister for energy, water resources and irrigation, signed the MoU in Kathmandu on Friday afternoon. Hamid thanked …

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The Asian Development Bank has approved $110 million in additional loans for a project to improve access to urban primary healthcare services in Bangladesh through public-private partnerships. “ADB’s support to the government-led Urban Primary Health Care Services Delivery Project approved in 2012 has been filling a vacuum created by the lack of urban public primary …

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World Bank Vice President for the South Asia Region Hartwig Schafer will arrive in Dhaka on Monday for talks on the Rohingya crisis and deepening Bangladesh’s connections to the international organisation. Monday’s visit is the first since Schafer took up the post in July. “Bangladesh has a remarkable story of cutting extreme poverty to half …

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Interacting with journalists on Tuesday, Joe Hyun-Gue Country Director of South Korea’s development agency, KOICA, said Bangladesh was a “priority” country when it came to development cooperation. KOICA supports Bangladesh through grants, soft loans and technical cooperation and the ongoing country strategy, 2016 to 2020, is mostly focused on health, education, transportation and ICT. The …

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THE young woman with the microphone cajoles, hectors and wheedles customers with the breathless enthusiasm of a livestock auctioneer at a county fair. She is standing behind a table stacked high with blue jeans; most of the milling crowd is dressed in lungyis, Myanmar’s skirt-like national dress. The fancy mall around them is anchored by …

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MYANMAR’S democratic transition sometimes seems marked as much by continuity as by change. Depressingly, the army continues its bloody persecution of Rohingya Muslims in the west, for example (see article). But elsewhere moves to open the country’s markets, started by the preceding military regimes, have gathered pace. New commercial and financial services are springing up. …

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THE Japanese make cars that last but replace them relatively quickly. The average car in Japan is three years younger than in America. This combination of durable manufacturing and dutiful consumption of a prized national product works out well for the rest of the world; many countries import older Japanese cars in bulk. Secondhand vehicles …

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That makes it hard for the new, democratic government to offer decent public services INSIDE a noodle house in central Yangon, business is buzzing. Customers huddle over tables, slurping down chicken soup or gobbling dumplings. Everyone pays in cash. Few customers ask for receipts. When your correspondent does so, one is handed over, complete with …

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Bangladesh has the potential to become a large global player in plastic industry, although it has not yet emerged as a global player in the segment. The country, at present, has a share of 0.01 percent of the global plastic market that measures up to $599 billion, a recent report of the Center of Policy …

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Australian High Commissioner to Bangladesh Julia Niblett on Sunday said reliable energy supply is crucial to attract both domestic and foreign investment and enable higher economic growth needed for providing employment with higher income. “Australian companies have significant expertise in mining and energy; and well-placed to further help Bangladesh develop its mining and energy sectors,” …

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China is developing a 750-acre industrial park in Bangladesh which will largely be used by Chinese manufacturing firms, a Chinese official said on Wednesday, part of its push to expand links with South Asia and beyond. State-run China Harbour Engineering Company will hold a 70 percent share in a joint venture being formed for the …

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The new monetary policy has opened up opportunities for the private sector to take large amount of loans, said speakers yesterday. Investors have already started to reap the benefit of the relaxed monetary policy, they said at a workshop at the auditorium of the Bangladesh Institute of Bank Management (BIBM) in Dhaka. The monetary policy …

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Despite its tiny population, Bhutan’s economic growth has led to increasing urbanisation and problems associated with biodegradable waste, which threatens the beauty of one of the most pristine environments in the world. Bhutan’s rapid economic development over the last few decades has been striking. According to World Bank data the GDP of the country grew …

Continue reading “As Bhutan’s economy grows, so does its waste problem”

The Royal Government of Bhutan and the World Bank have signed a $24 million credit that will help promote fiscal discipline, increase access to finance for enterprises, and improve the climate for business entry and investment in Bhutan. Bhutan has made impressive progress in poverty reduction and economic growth over the past decade but high …

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The government of Japan has agreed to continue its support for Bhutan’s socio economic development, during the 12th annual consultation on economic cooperation between the two countries. The Bhutanese delegation at the consultation presented 10 projects for consideration under technical cooperation and four grant aid projects in the field of health, agriculture and infrastructure restoration. …

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The wait for people in Gelephu to be connected by air is finally over with Druk Air resuming its flights to the town this week. The first flight on November 11 had six passengers on board. The airline now operates three times a week- Tuesday, Thursday and Sunday. The company had tested one weekly flight …

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While Bali is still popular, Australians are gradually shifting their holiday destinations to Asia, including Bhutan gradually. According to a Skyscanner survey, from 2016 to 2017, 12 of Australia’s top 20 international travel destinations were in Asia. Bali still topped the list (more than a million Australians arrive in Indonesia each year, a very significant …

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It is increasingly challenging to operate in Myanmar’s aviation sector.” The fourth domestic airline has wind up as aviation businesses struggle to turn a profit in an industry overcrowded with competitors, amid high fuel price, lacklustre demand and lack of government support. Air Mandalay, which had been in service for 24 years, has stopped all …

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Grameenphone yesterday announced names of seven finalists for Telenor Youth Forum (TYF) Grand Finale 2018. Over 1,400 applications were screened to select 60 applicants who presented their ideas on September 4-5 at GPHouse before the seven spots were filled in the TYF Grand Finale, the mobile operator said in a statement. The finalists are Tasneem …

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Bhutan has finally graduated from the list of Least Developed Countries (LDC), the United Nations’ Committee for Development Policy has announced. Bhutan has become the second country in South Asia to graduate after Maldives. Along with Bhutan, Kiribati, Sao Tome and Principe and the Solomon Islands have increased national earning power and improved access to …

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While the economic outlook for Myanmar is looking “favorable,” with growth projected to rise to 6.8 percent in 2018-19 from 6.4pc before, the risks to those prospects have “intensified,” according to the World Bank’s Myanmar Economic Monitor (MEM), which was released in Yangon yesterday. Lower tourism arrivals resulting from the ongoing Rakhine crisis could weaken …

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The availability of workforce at a competitive wage, growing domestic market demand and a favourable policy are some of the key factors that make Bangladesh an attractive hub for high-tech manufacturing, according to a survey. In its report, International Data Corporation (IDC) found success stories of local and international manufacturing companies, such as Walton and …

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Asian Development Bank (ADB) Vice-President Mr. Wencai Zhang together with the Prime Minister Tshering Tobgay and Finance Minister and ADB Governor Namgay Dorji joined an inauguration ceremony of a new ADB office in Thimphu on July 3, hailing the move as a significant moment in the ADB-Bhutan partnership, the Manila-based bank has said. “The new …

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LONDON: Qatar stocks led losses across the Gulf on Sunday as the Turkish currency crisis unsettled investors. Every regional index ended the day in negative territory. The Doha measure declined by 2.6 percent as investors sold banks with investments in Turkey. Qatar National Bank (QNB) lost 4.7 percent while Commercial Bank was also down by …

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JEDDAH: Saudi Arabia’s special governmental committee for awareness on dealing with unauthorized securities activities in the foreign exchange market (Forex) has warned against transactions and investments using virtual currencies. The committee, assembled by a royal order, has warned that such transactions could have “negative consequences” on dealers because of the associated risk with such dealings …

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ISTANBUL: Turkey’s central bank on Monday announced it was ready to take “all necessary measures” to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity. “The central bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary,” …

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SINGAPORE: Oil prices dipped on Monday as rising trade tensions dented the outlook for fuel demand growth especially in Asia, although US sanctions against Iran still pointed toward tighter supply. Front-month Brent crude oil futures were at $72.63 per barrel at 0509 GMT, down by 18 cents, or 0.25 percent from their last close. US …

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TEHRAN: Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday. The “informed source” in Iran’s oil ministry did not give details of the discount but sought to downplay the move as common industry practice. “Discount is …

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Iran has officially launched a secondary currency market which it hopes would help ease tensions around the prices of the US dollar. Iran’s top banker says a secondary currency market meant to ease tensions around the prices of the US dollar has started to work. Valiollah Seif, the governor of the Central Bank of Iran …

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Serious signs have appeared in Iran that show the country’s volatile foreign currency market is already heading toward stability. According to media reports, the US dollar was today traded at Rials 78,300 in Tehran indicating a decline of around 4 percent compared to last Wednesday’s figure of Rials 81,000. The greenback was nonetheless higher by …

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Oman’s first outlet mall and largest retailtainment destination – Al Araimi Walk in Barka – is set to open in September 2020, Al Raid Group has announced. The 240,000 sq m development project will feature 164 retail outlets, 42 food and beverage outlets, seven entertainment hubs, a hypermarket, and IMAX cinema. It will also include …

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Oman Air has announced it will stick to expansion plans laid before the departure of its CEO earlier in the year, as it inducts a new Boeing 787-9 Dreamliner into its fleet. The Dreamliner, delivered to the carrier yesterday, is the largest variant of the aircraft, and is configured with 30 business class suites, and …

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Deutsche Post DHL Group, the world’s leading logistics company, today announced its collaboration with Magento, the worldwide leader in cloud digital commerce innovation, as Premier Partner for Shipping. The partnership enables DHL and Magento to offer a broad range of shipping services to e-commerce merchants, small and medium enterprises (SMEs), start-ups and online entrepreneurs in …

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Enhanced oil recovery (EOR), a process used to extract crude from ageing oil fields, could account for nearly a quarter of the overall production of Petroleum Development Oman (PDO) in next seven years. EOR currently accounts for around ten per cent of PDO’s total production. Many of Oman’s oil fields are ageing and that could …

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Two of the Gulf’s resurgent carriers have said they are looking at the possibility of cooperation with other airlines including joining alliances in an attempt to stem losses and reinvent their business models. In an interview with Abu Dhabi daily The National last week, Etihad Aviation Group CEO Tony Douglas, who took over in January, …

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Saudi Arabia is moving ahead with plans to curtail its dependence on foreign labour, but the intended benefits haven’t yet trickled down to the country’s own nationals as intended. Expat jobs declined by 2.3 percent, or 234,191 over the first three months of 2018 to just over 10.18 million, according to results revealed by the …

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Majid Al Futtaim has created employment opportunities for 42,000 people in the sultanate Oman has “strong fundamentals” that make it an attractive place for large-scale and modern developments, Majid Al Futtaim CEO Alain Bejjani. On Wednesday, Majid Al Futtaim and the Oman Tourism Development Company (OMRAN) announced a partnership to develop the western portion of …

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As top vital presidential and deputy elections to be held in Turkey on June 24 approach the administration is continuing to have issues with economy. Most recently The Central Bank of Turkey has increased its year-end inflation expectation from 11.07 percent to 12.28 percent. Based on a monthly survey conducted by the Central Bank with …

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Indeed, based on figures circulated by official authority the sector has exported goods worth US$ 5.9 billion to nearly 200 countries January 1 – May 31 period and achieved a 20 percent increase compared to same period last year. This is despite a decrease in quantity which has gone down to 7.8 million tons corresponding …

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CAIRO – 3 July 2018: The authorities’ reform program has helped accelerate growth, reduce inflation and unemployment, and narrow external and fiscal deficits. The continued fuel subsidy reform contributes to reducing the budget deficit and makes available more resources for social programs to support the most vulnerable. Egypt’s healthy level of foreign reserves and the …

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Anaylsis: What will MSCI’s emerging market status mean for Saudi Arabia The kingdom’s inclusion on MCSI’s Emerging Market index will provide billions of dollars in passive inflows just as the country is seeking to modernise its economy. In a highly Significant but not unexpected move, global index compiler MSCI reclassified Saudi Arabia as an emerging …

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When Iran’s oil minister stormed out of an OPEC confab on Thursday night, the alliance of producers led by Saudi Arabia and Russia was in danger of losing control of the market. Less than 24 hours later, they had reasserted their authority, for now. Prices that had breached $80 a barrel in the run-up to …

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Saudi oil minister Khalid Al-Falih said he was looking forward to his daughters being able to drive The end of Saudi Arabia’s driving ban for women will have an impact on the economy and gasoline consumption, the energy minister said. On Sunday the kingdom ending its status as the only country in the world to …

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Saudi women are severely under-represented in the jobs market, with a staggering 31 percent unemployment rate among the female workforce The end of a decades-old female driving ban is expected to bring an economic windfall for millions of Saudi women, making it easier for them to work and do business. Taghreed Ghazala, who owns a …

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Allowing Saudi women to drive could add as much as $90 billion to economic output by 2030 Allowing Saudi women to drive could help the kingdom reap as much income as selling shares in Saudi Aramco. The move, which went into effect on Sunday, could add as much as $90 billion to economic output by …

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Mubadala Petroleum has announced that it has completed the acquisition from Italy’s Eni of a 10 percent interest in the offshore Shorouk concession in Egypt, which contains the giant Zohr gas field. Following the completion, Eni, through its subsidiary IEOC, holds a 50 percent interest in the concession. The other partners in the concession are …

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Abdul Aziz Al Ghurair, Emirati businessman and philanthropist, has announced the establishment of a AED100 million ($27.2 million) education fund for refugees. On the occasion of World Refugee Day, he said the Abdul Aziz Al Ghurair Refugee Education Fund will benefit refugee youths affected by wars and disasters residing in the UAE. The initiative will …

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New state-of-the-art feature allows transit passengers to explore the city without stepping outside terminal Dubai: Travellers making a quick stopover in Dubai International can now explore the emirate without having to step outside the airport. A new state-of-the-art kiosk, dubbed “MyDubai Experience,” has just been set up in Terminal 3, Concourse A to allow flyers …

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Dubai: The past four months have seen a steady trickle of news that has broken in to a full flood of revelations in recent weeks, concerning Abraaj Group’s funds, and allegations of poor corporate governance. Last Thursday, the former golden child of the regional private equity scene filed for provisional liquidation in the Cayman Islands, …

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Considered as one of the biggest real estate markets in the Gulf intense Cooperation Council (GCC) countries, the real estate market of the Kingdom of Bahrain is also one of the region’s most competitive markets. And while there are several renowned developers working to make out the best of the island kingdom’s potential, Bin Faqeeh …

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In the Kingdom of Saudi Arabia, the Crown Prince Mohammed bin Salman has been pushing for economic and cultural reforms with his plan called the ‘Vision 2030’ for Saudi Arabia. On the 24th of October, the Crown Prince announced plans to build a brand new mega-city on the Red Sea coast. The announcement came at …

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The European Union is taking steps to protect EU companies investing in Iran from renewed American sanctions on Tehran after US President Donald Trump decided to unilaterally withdraw from the Iran nuclear deal late last month. The European Commission said it has adopted an update of the Blocking Statute and of the European Investment Bank’s …

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Iran has called for a meeting of its joint economic commission with Sri Lanka to be held in Tehran in August. “As per our own assessment, the May 2018 state visit by the Lankan delegation to Iran was very good and productive,” said Iran’s Ambassador to Sri Lanka Mohammad Zaeri Amirani in a meeting with …

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Six-week retail extravaganza will offer discounts of 25-75% across shopping malls in Dubai Dubai Summer Surprises (DSS), Dubai’s annual city-wide retail celebration, will return to the city from June 22 to August 4, it was announced on Wednesday. Organised by the Dubai Festivals and Retail Establishment (DFRE), an agency of the Department of Tourism and …

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Sources say the fund’s healthcare unit is in advanced talks about the acquisition Abu Dhabi’s Mubadala Investment Co is among potential bidders for the UAE-based privately-held Amana Healthcare, people with knowledge of the matter said. The fund’s healthcare unit is in advanced talks about the acquisition, the people said, asking not to be identified because …

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Dubai Aerospace Enterprise says three deals include sale of Boeing 737 and Airbus A320, A330, and A350 family aircraft Dubai Aerospace Enterprise (DAE) Ltd announced on Wednesday that its leasing division DAE Capital has signed three agreements to sell 16 aircraft with a total market value of approximately $900 million. The aircraft covered by these …

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The Ministry of Energy and Water (MoEW) has approved an exploration plan put together by the oil and gas consortium Total, Eni, and Novatek. The consortium, which was granted the right to drill in blocks 4 and 9, had 60 days from the date it signed a contract with the State, to deliver the plan …

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The global glut is gone and the oil market has balanced Crude oil prices plunged by 7 per cent in 2 sessions as Saudi Arabia and Russia confirmed that they would release 1 million barrels a day in the wet barrel markets. Speculative froth in the oil futures markets vanished, to be replaced by a …

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InterNations survey finds that Bahrain ranked second in terms of work-life balance globally, behind only Denmark Bahrain is the second best country in the world for expat work-life balance, behind only Denmark, according to a new report from InterNations. In its “Expat Insider” survey – which queried over 12,500 respondents in 188 countries – InterNations …

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Bahrain, a rare Middle East oil exporter that needs crude at over $100 to balance its budget, will soon be part of another short list: the triple-digit debt club. The smallest oil producer in the Gulf will join Lebanon, Libya and Sudan in 2019 as the only countries in the Middle East and North Africa …

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Bahrain to stick to diversification effort despite oil find, says minister Minister of Industry, Commerce and Tourism Zayed Alzayani also said he one day hopes for a common GCC currency Bahrain will “stick to the course” in its diversification efforts despite the recent discovery of a vast oil field off the country’s west coast, according …

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National carrier says flights during the peak summer period will jump by 200 more weekly flights compared to 2017 Gulf Air, Bahrain’s national carrier, has announced its summer schedule, increasing capacity and flights to and from several popular destinations between mid-June and mid-September. Gulf Air flights to the Jordanian capital city of Amman will increase …

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Bahrain has launched a $100 million venture capital fund aimed at boosting the country’s start-up ecosystem, the government announced on Thursday. The Al Waha Fund of Funds is aimed at providing venture capital funds to support startups across Bahrain and the region. “This is very exciting news for the startup ecosystem both here in Bahrain …

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Qatar’s sovereign rating was cut to AA- by Fitch Ratings, which cited little progress toward ending a Saudi Arabia-led embargo of the emirate. Fitch lowered the Gulf state’s sovereign long-term debt rating by one notch, putting it on par with Belgium and South Korea. The outlook is negative, the New York-based firm said in a …

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Qatar Airways will commit to greater financial transparency and to not run any indirect flights to the US through other countries as part of an agreement with the Trump administration addressing US carriers’ accusations that their Gulf competitors get unfair government help. US airlines are hailing the agreement as a victory, if not a complete …

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Saudi Arabia is on track to reduce its fiscal deficit this year as oil prices are forecast to steady at around $70 per barrel, according to new research by Bank of America Merrill Lynch. Its MENA Economist Jean-Michel Saliba said the deficit stood at SR34.3 billion ($9.1 billion) in the first quarter of 2018, annualising …

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Saudi Arabian Oil Co. and Total are weighing jointly buying businesses such as Tas’helat Marketing Co. to gain access to networks of retail fuel stations in the Gulf kingdom, according to people with knowledge of the matter. The state-owned company, known as Aramco, and the French oil giant are also looking at a range of …

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A memorandum of understanding (MoU) was inked in Tehran on the promotion of cooperation between Iran and Spain in the oil and gas industries. General Director for Europe, America and Caspian Sea Neighboring Countries in Iran’s Oil Ministry Hossein Esmaeili Shahmirzadi and Deputy Director General of Commerce Policies for Africa and Middle East at the …

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Commander of Khatam al-Anbia Construction Base, a conglomerate belonging to the Islamic Revolution Guards Corps (IRGC), pledged that his forces will complete 40 mega-projects in the current Iranian year, which began on March 21. Addressing a meeting on “Resistance Economy” at the Lorestan gubernatorial office in west Iran, General Ebadollah Abdollahi said the Khatam al-Anbia …

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Saudi Arabian Oil Co. and Total are weighing jointly buying businesses such as Tas’helat Marketing Co. to gain access to networks of retail fuel stations in the Gulf kingdom, according to people with knowledge of the matter. The state-owned company, known as Aramco, and the French oil giant are also looking at a range of …

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A consortium led by Saudi-based ACWA Power has been awarded the Salalah Independent Water Project by the Oman Power and Water Procurement Company. The plant will be located in Salalah, Dhofar region and will have a capacity to generate 25 million gallons per day of desalinated water using reverse osmosis technology. The consortium also includes …

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Tourism arrivals to Oman will increase at a compound annual growth rate (CAGR) of 13 percent between 2018 and 2021, according to a new report. The Colliers International data, released ahead of Arabian Travel Market 2018 (ATM), which takes place at Dubai World Trade Centre next month, predicts the rise will be fuelled by visitors …

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Kuwait-based Global Capital Management (GCM) has concluded a successful exit of its controlling stake in Al Jazeera Steel Products Company, a Omani company listed on Muscat Securities Market. The transaction was made with Sheikh Suhail Bahwan and Sheikha Amal Suhail Bahwan, chairman and vice chairperson of Suhail Bahwan Group. Sulaiman Mohammed Al-Rubaie, deputy CEO of …

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The Oman Oil Company Exploration and Production (OOCEP) and its partner, BP, announced on Monday that they will proceed with the development of Ghazeer, the second phase of the giant Khazzan gas field. Around 350 kilometres south-west of Muscat, the Khazzan field was discovered in 2000 with development beginning in 2014. OOCEP holds a 40 …

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The rate of growth of Bahrain’s non-oil economy reached 4.8 percent in the first nine months of 2017, outperforming previous expectations, according to the Bahrain Economic Development Board’s (EDB) Bahrain Economic Quarterly. According to figures included in the report, 2017’s non-oil growth is expected to exceed the 4 percent recorded in 2016. The overall economies …

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Bahrain’s national carrier Gulf Air has announced that its first Boeing 787-9 Dreamliner will serve its double daily London Heathrow service. The new aircraft, which conducted a fly pass before the Bahrain Grand Prix race on Sunday, will join the fleet on June 15, the airline said in a statement. A total of five Dreamliner …

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Bahrain hopes that the tourism and hospitality sector will contribute “double digits” to its GDP over the next several years, according to Ali Ghunam Murtaza, the director of real estate, tourism and leisure business development at the Bahrain Economic Development Board (EDB). According to official figures, tourism contributed 6.3 percent to Bahrain’s GDP in 2017. …

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Kuwait-based Jazeera Airways on Wednesday announced double digit growth in both revenue and flown passengers in the first quarter of 2018. The airline recorded an operating revenue of KD14.3 million, up 42.7 percent from Q1 2017, and a net loss of KD0.3 million, an improvement of KD0.636 million from Q1 2017. Passenger numbers in the …

Continue reading “Kuwait’s Jazeera Airways sees Q1 loss despite 42% revenue jump”

Uber’s chief operating officer Barney Harford said the company will increase its investment in key growth markets like the Middle East, which might include a bid for Dubai-based Careem, its rival in the region. The US-based ride-hailing firm recently sold its South-East Asia business to Singapore-based rival Grab and now has “resources available that are …

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Maximilian Busser and Friends (MB&F) has launched its new aquatic watch Horological Machine No.7 ‘Aquapod’ in three limited edition designs. Inspired by jellyfish, which generate power from food caught in their tentacles, the Aquapod produces power from its tentacle-like automatic winding rotor, boasting a central ‘flying’ tourbillon similar to the hood of the water creature. …

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Doha: The total value of Qatar’s non-oil exports for the first quarter of 2018 reached QR5.64 billion compared to the first quarter of 2017 which amounted to QR4.9 billion, registering an increase of 15.1%, according to the monthly report of Qatar Chamber on the foreign trade of the private sector. The total value of non-oil …

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Doha: Qatar International Court and Dispute Resolution Centre (QICDRC) CEO Faisal Rashid Al Sahouti said that 120 companies have registered with Qatar Financial Center (QFC) since the siege was imposed on Qatar, an increase of 200 percent in investment volume compared to the same time last year. In an interview with Al Raya Newspaper, Al …

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Mohamed Khalifa Al Mubarak, chairman of Aldar Properties on future of joint activities between real estate giants A merger between UAE property giants Aldar and Emmar is not on the table, according to Mohamed Khalifa Al Mubarak, chairman of Aldar Properties. Last month the developers announced a strategic alliance to develop $8bn (AED30bn) worth of …

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Saudi authority teams up with US-based AMC Entertainment for historic event in King Abdullah Financial District The Development and Investment Entertainment Company (DIEC), a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will launch Saudi Arabia’s first public cinema this week in collaboration with US-based AMC Entertainment. The newly created cinema complex will …

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Aldar Properties has announced it has sold two plots of land in mega project Alghadeer for community services. The contracts will see British curriculum Alghadeer International School and retail outlets including LuLu supermarket and a community clinic open in the community close to the Abu Dhabi-Dubai border in 2021. Talal Al Dhiyebi, CEO, Aldar said: …

Continue reading “Aldar sells mega project plots for school, hypermarket, clinic”

Steel is a major component in buildings, tools, automobiles, and appliances, hence making steel consumption an important indicator of economic growth and prosperity. GCC steel production is fairly fragmented, and UAE’s steel demand has made it one of the largest consumers in the GCC region. The region is investing Billions of Dollar in construction projects, …

Continue reading “UAE Steel Industry Outlook 2020”

A partial recovery in oil prices coupled with an ongoing all-out diversification drive and the landmark tax reform, will help the UAE economy to gain increased momentum in 2018 to register 3.3 per cent growth. After an expected slowdown to 1.7 per cent in 2017, such a vibrant pace of growth predicted for 2018 signifies …

Continue reading “LOOK-AHEAD 2018: Bright outlook for UAE economy”

Lebanon is hiring management consulting firm McKinsey & Co. to help restructure an economy that’s overly reliant on remittances and banking, and grappling with high unemployment, Economy and Trade Minister Raed Khoury said. The six-month agreement with McKinsey will be signed by the end of this week and the company will start work next week …

Continue reading “LEBANON HIRES MCKINSEY TO HELP REVAMP THE ECONOMY”

The Ministry of Industry (MoI) signed an agreement with the Municipality of Dekwaneh and the Lebanese Academy of Fine Arts (ALBA), part of Balamand University, to develop the industrial zone in Dekwaneh-Mar Roukoz. Dany Gedeon, Director General at the Ministry, said: “This project is part of the Ministry’s plan to renovate and reduce pollution in …

Continue reading “DEKWANEH IS THE FIRST OF SEVEN INDUSTRIAL ZONES UNDER RENOVATION IN LEBANON”

The Ministry of Energy and Water (MoEW) launched an Expression of Interest (EoI) for three solar farms that will generate 70 to 100 megawatts (MW) each. Each solar farm should have battery storage capacity of 70 Megawatt Hour (MWh). It is the first time such a requirement has been made. The locations of the farms …

Continue reading “$1.6 BILLION IN UPCOMING PRIVATE INVESTMENTS IN RENEWABLE ENERGY”

Mobile devices have changed how we work and navigate daily life, which means there’s a tremendous opportunity to capitalize on the growing use of mobile apps. Location-based services mean that retailers can leverage mobile devices and Bluetooth technology to provide offers to customers and prospects, help customers and employees navigate within locations, and locate friends, …

Continue reading “LOCATION-BASED SERVICES – THE NEXT TECHNOLOGY EVOLUTION FOR LEBANON’S RETAIL INDUSTRY”

Lebanon’s economy is expected to improve even before offshore gas and oil exploration at the beginning of 2019, Energy and Water Minister Cesar Abi Khalil said Wednesday. A consortium of France’s Total, Italy’s Eni and Russia’s Novatek has signed agreements for offshore oil and gas exploration and production in block 4 and the much-disputed block …

Continue reading “LEBANON ANTICIPATES ECONOMIC REVIVAL”

Investments in harnessing the mineral potential of a tiny segment of copper-gold-rich Block 10 in Yanqul in the western part of the Sultanate could swell to as much as $1 billion, according to a key executive representing the majority investor in the project. Kari J R Haataja , CEO and Managing Partner of EXO Mining, …

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Financial Tribune reported that Major Iranian mining companies produced 258.13 million tonnes of mineral products in the first nine months of the current fiscal year, registering a 15.3% growth compared with last year’s corresponding period, the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report announced. Production in the ninth Iranian month indicates …

Continue reading “Iran mineral output tops 250 million tonne”

British mining and mineral processing technology company Alexander has executed a commercial and technical partnership agreement with Turkish specialist mineral processing consulting company Proses. The agreement covers the potential application and use of Alexander’s proprietary processing technologies and know-how (MetaLeach Technology) in the Middle East, including Turkey and Iran, London-based financial market website ADVFN reported. …

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Russia’s Ambassador to Iran, Levan Dzhagaryan, announced Sunday that his government offered some support so that the Middle Eastern country revamps the Fordow nuclear facility, located near the northern city of Qom. In an interview with Russia’s news agency TASS, Dzhagaryan said a delegation from the state-run nuclear agency Rosatom visited the Iran and discussed …

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A partial recovery in oil prices coupled with an ongoing all-out diversification drive and the landmark tax reform, will help the UAE economy to gain increased momentum in 2018 to register 3.3 per cent growth. After an expected slowdown to 1.7 per cent in 2017, such a vibrant pace of growth predicted for 2018 signifies …

Continue reading “LOOK-AHEAD 2018: Bright outlook for UAE economy”

While the Qatari economy displayed an exemplary resilience to the impact of the unjust siege imposed by the Saudi-led bloc, the country’s manufacturing sector led the way in 2017 by clocking exceptional growth and unprecedented expansion. Thanks to the concerted efforts by all stakeholders, Qatar has been able to transform the challenges into opportunities in …

Continue reading “Qatar’s manufacturing sector registers exceptional growth”

Iraq is emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power, said Frost & Sullivan’s recent research report on Assessment of Industry Sector Opportunities in Iraq. Bridged between Asia, Middle East and African economies and strategically placed at the mouth of Europe, Iraq possesses immense …

Continue reading “Iraq emerging as top infrastructure investment hub”

MUSCAT: Several industrial companies expressed their optimism that this year will see better growth of the industrial sector driven by higher oil prices and the implementation of many infrastructure projects in the Sultanate and other GCC countries. Last year, industrial companies took a number of initiatives to reduce the impact of cutting government spending in …

Continue reading “Industrial sector hopes to achieve better growth rates in 2018”

Mobarakeh Steel Co (MSC), the largest Iranian steel producer, increased its exports sharply to 172,000 mt in the last Iranian month (to February 19), 80% higher than in the previous month and about nine times more than in the same period last year, according to statistics obtained from Iranian mines and metals group, Imidro, Monday. …

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US President Donald Trump took the world by storm earlier this month when he pushed forward with plans to impose import tariffs of 25 per cent on steel and 10 per cent on aluminium entering the United States. The new tariffs are due to come into force 15 days after the order was issued on …

Continue reading “Trump steel tariffs: Harming Egypt’s exports?”

The “Saudi Arabia Steel Pipes and Rebars Market Outlook to 2021 – Growth of Construction Sector and Oil & Gas Projects is Likely to Drive Demand” report has been added to Research and Markets’ offering. The report titled “Saudi Arabia Steel Pipes and Rebars Market Outlook to 2021 – Growth of Construction Sector and Oil …

Continue reading “Saudi Arabia Steel Pipes and Rebars Market 2017-2021 – Slow Infrastructure Growth to Hit Steel Demand in Saudi Arabia”

Turkey’s manufacturing activity expanded at the fastest pace in nearly seven years in January, a key survey showed on Feb. 1. According to the Purchasing Managers’ Index (PMI) compiled by IHS Markit and the Istanbul Chamber of Industry (İSO), the headline index rose to 55.7 in January from 54.9 in December 2017. Any figure greater …

Continue reading “Turkey’s manufacturing growth hits fastest rate in almost seven years”

Turkey’s calendar-adjusted industrial production rose 8.7 percent in December 2017, compared to the same month last year, the Turkish Statistical Institute (TÜİK) announced on Feb. 8. Industrial output is considered a vital indicator for the economy as it is seen as a preliminary gauge for GDP growth. Among three main sub-indexes, the mining and quarrying …

Continue reading “Turkey’s manufacturing sector continues to improve”

The 11th edition of the Gulf Industry Fair (GIF), the Northern Gulf’s leading specialist business-to-business (B2B) event for industrial products and services, opened today (February 6) at the Bahrain International Exhibition and Convention Centre. The three-day event was inaugurated by the Prime Minister of Bahrain, HRH Prince Khalifa bin Salman Al Khalifa. The exhibition, organised …

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Tarek Kabil, Industry Minister of Egypt, has announced to set up a textile city in Sadat City. The project will be implemented in five phases by the Chinese firm Man Kay, which owns 25 affiliated companies, according to Egypt’s media reports. The proposed project in the city will be spread over an area of 3.1 …

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Focusing on key trends and developments in the digital economy, unbound Bahrain will host some of the Middle East’s most exciting entrepreneurs next week at the Bahrain International Circuit (BIC). The two-day event, which is part of the Startup Bahrain Week, will take place on Wednesday 7th and Thursday 8th March under the patronage of …

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Iraq is emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power, said Frost & Sullivan’s recent research report on Assessment of Industry Sector Opportunities in Iraq. Bridged between Asia, Middle East and African economies and strategically placed at the mouth of Europe, Iraq possesses immense …

Continue reading “Iraq emerging as top infrastructure investment hub”

Iranian non-oil exports had been growing even before sanctions were lifted by the USA and European Union earlier this month. According to the UNESCO Science Report: towards 2030, released in November last year, ‘companies deprived of oil and gas revenue have shown a propensity to export technical and engineering services to neighbouring countries.’ Since the …

Continue reading “Iran’s automotive industry: a potential draw for investors”

While the US President has power over trade deals and imposing tariffs on international trade, US trade policy on a day-to-day basis is usually in the hands of the US Trade Representative, a government function comparable to a minister of trade in other countries. It was, however, President Donald Trump himself who slapped import tariffs …

Continue reading “Setting off a trade war over national security”

Developing nations cannot fall behind in digital economy More so as some of the low-cost advantages they used to have will no longer be valid From cloud computing to artificial intelligence, technology is beginning to revolutionise how the world economy functions. But while these shifts are enriching many in the advanced economies, the developing world …

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Abu Dhabi: The UAE is aiming to attract $75 billion by 2025 into the country’s new industrial manufacturing sector, the UAE economy minister said in Abu Dhabi on Monday. In his inaugural address at the world’s first Global Manufacturing and Industrialisation Summit, Sultan Bin Saeed Al Mansouri also said the manufacturing sector will contribute 25 …

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The U.S.-U.A.E. Business Council released a new report on the latest developments in the U.A.E.’s manufacturing sector at a high-profile event in Abu Dhabi on Sunday, 28 January. Eng. Jamal Salem Al Dhaheri, CEO of SENAAT, and Badr Al-Olama, the Head of the Aerospace Business Unit at Mubadala Investment Company, provided keynote remarks at this …

Continue reading “The Future of Manufacturing in the U.A.E.”

An expert in oil market says a huge investment tide is under way in Iran’s oil industry provided that financial interactions of the country and the world normalize. Speaking to Shana, Mahdi Asali, a veteran expert in oil market and political energy economy, said if Iran’s international relations become normalized and stable, and the country’s …

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RIYADH – Saudi Arabia, seeking to free itself from dependence on oil exports, announced on Tuesday a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt. The 26,500 square km (10,230 square mile) zone, known as NEOM, to be powered entirely by renewable energy, will focus on industries including …

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The Lebanese oil ministry will move forward in its much-anticipated oil and gas tender, despite the inclusion of disputed territories in some of the allotted blocks, a new report says. Current explorations taking place in an offshore gas field are “by all accounts” part of Israel, according to the Israeli defense minister. Lebanese minister Cesar …

Continue reading “Lebanon Defends Right To Drill For Gas In Offshore Blocks”

Those analysts who warned that oil prices can’t go on rising forever now have the chance to tell everyone else “I told you so.” Brent and WTI have fallen by 9 percent since the highs they hit in late January, with the international benchmark slumping to US$64.42 today in midday Asian trade, and West Texas …

Continue reading “The Oil Bubble Has Burst. What Now?”

Within the next seven years, nearly half of the buses used by municipal transit districts will be electric, with China playing a leading role. That comes from a new study by Bloomberg New Energy Finance. The study predicts that last year’s sale of 386,000 electric buses will go up to 1.2 million by 2025. China …

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Iraq is looking to attract US$100 billion worth of foreign investment that would help it rebuild its oil refining and petrochemicals sectors and reconstruct crucial infrastructure after it repelled Islamic State out of its territory following a three-year war against the militants. In December last year, Iraq declared the war with ISIS over and is …

Continue reading “Iraq Seeks $100B Investments To Revive Oil, Transport Sectors”

Increases in both output and new orders contributed to the growth Saudi Arabia’s non-oil private sector ended 2017 with a sharp improvement in business conditions, according to the adjusted Emirates NBD Saudi Arabia Purchasing Manager’s Index. The index – a composite gauge designed to give a single-figure snapshot of operating conditions in the non-oil private …

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While the Qatari economy displayed an exemplary resilience to the impact of the unjust siege imposed by the Saudi-led bloc, the country’s manufacturing sector led the way in 2017 by clocking exceptional growth and unprecedented expansion. Thanks to the concerted efforts by all stakeholders, Qatar has been able to transform the challenges into opportunities in …

Continue reading “Qatar’s manufacturing sector registers exceptional growth”

Acquisition is latest addition to Mumtalakat’s portfolio of office space in the US Bahrain’s sovereign wealth fund, Mumtalakat, has acquired an office campus in North Carolina in the United States that houses Lenovo’s US headquarters, the company announced today. The acquisition was made in partnership with Sentinel Real Estate Investment Corporation (Sentinel), Mumtalakat’s first joint …

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Khudairi Group has been appointed as the macro-distributor of Shell Lubricants in Iraq following a signing ceremony in Dubai. The agreement will see Khudairi Group’s subsidiary, Al Khudairi Distribution Company, distribute Shell’s complete range of motor and industry lubricants in Iraq – including products aimed at heavy-duty transport, mining, power generation, general engineering and also …

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Volatility in raw material prices and aggressive price competition in the UAE market are forcing local lubricant manufacturers such as Rulexx Lubricants & Grease Industries to look to export markets for growth. Currently, Rulexx exports 80% of its products from the UAE to markets such as Pakistan and Afghanistan. The manufacturer is seeking further expansion …

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AMMAN, Jordan — The ancient city of Petra, 70 years of regional turmoil and the spiralling Syrian refugee crisis. All spring to mind at the mere mention of Jordan, the Middle Eastern nation that shares a border with Iraq and Syria. Few of us, however, would think of its vibrant garment manufacturing industry. But look …

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Plans to accelerate development of the Omani fisheries industry are gaining pace, with a series of temporary labs designed to help operators overcome challenges. Launched in September by the Ministry of Agriculture and Fisheries (MoAF) and running until October 26, the fisheries labs brought researchers and industry experts together to look at ways to maximise …

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As part of PAM’s responsibilities in sector governance and organisational structure, the primary objective of the law is to address the factors that have historically hindered foreign investment in Omani mining. Drafting was reportedly completed in 2015, with the legislation submitted to government ministries for review. Priority Issues Subject to final approval, the new mining …

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Muscat: Experts discussed the importance of the industrial sector to the Sultanate’s future, ahead of Oman’s Day of Industry, tomorrow. “The industrial sector is a pillar of the national economy and contributes to the creation of employment opportunities for Omani youth,” Managing Director of Sohar Steel Group Khalid Tawfiq Abdul Rasoul said. The industrial sector …

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The kingdom’s real GDP growth dropped 1 percent in the first half of 2017 The Saudi Arabian economy will remain contracted in 2017 before returning to “modest” growth of 1.3 percent in 2018, a report has claimed. Oil production cuts as part of the OPEC agreement will see oil sector growth remain in negative territory …

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Turkey’s industrial production grew at a slower pace in October, the Turkish Statistical Institute reported Friday. Industrial production climbed 7.3 percent year-on-year in October, slower than September’s 10.4 percent increase. Nonetheless, the rate exceeded the expected increase of 5.3 percent. Within total industry, mining and quarrying grew only 0.5 percent. At the same time, manufacturing …

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The UAE and Saudi Arabia are well positioned for the Fourth Industrial Revolution, according to American global management consulting firm A T Kearney. The UAE has the opportunity to take advantage of emerging technologies and changes in production, as it ranks in the top quartile of countries performing well in the areas of technology and …

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Once off limits to many because of international sanctions, Iran is making a big comeback as a tourist destination. More than 6 million people visited Iran in the year ending March 2017, up 50% on the previous year and three times the number in 2009, according to official data. The surge in visitors follows the …

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Baghdad (IraqiNews.com) Iraq plans to offer three of its oil refineries to investors during an upcoming conference of Iraq donors, the government said Thursday. Anadolu Agency quoted a statement from the state’s investment authority saying that the refineries include Faw, in the southern Basra province, with a production capacity of 300.000 barrels a day, besides …

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It doesn’t take much these days to remind oil traders that Middle East geopolitical risk can raise oil prices. Unrest in Iranian cities is the latest case in point. News and video records of major protests in Iran pushed Brent prices to $67 a barrel before analysts started pointing out that the risk to oil …

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I ran Chamber of Commerce, Industries, Mines and Agriculture has proposed an Asian model for economic development to weather the current storms facing the Iranian economy. In remarks on Sunday, Gholamhossein Shafei described the economy as being “in no good shape” and said the country should create a strong entity whose power supersedes all government …

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The Emirates NDB Purchasing Managers’ Index (PMI) increased from 57.0 in November to 57.7 in December. As a result, the index moved further above the 50-point threshold that separates expansion from contraction in the non-oil producing private sector, and marked the highest reading in 34 months. December’s figure was underpinned by an acceleration in new …

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Solid economic performance remains threatened by heightened political uncertainty Economic fundamentals remain strong in the Middle East and North Africa on the back of higher oil prices, strong global growth and accommodative financial conditions. However, widespread security threats and political unrest pose a sustained risk to the region’s economic performance, and spillovers from OPEC’s oil-cut …

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More questions than answers from Bassil-Berri meeting Parliament Speaker Nabih Berri is having trouble making up his mind. Or so it seems. On July 1, Berri and Foreign Minister Gebran Bassil struck an unexpected deal. The agreement was touted as a bulldozer clearing the final barrier that, for over three years, has blocked the conclusion …

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Economic complexity indicators show export potentials Lebanon’s productive sectors have been undermined since the end of the civil war in 1990. Like other marginalized sectors, the industrial sector has weakened, becoming a smaller proportion of the economy due in no small part to a history of missed development opportunities. To put this in perspective, the …

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Contract will extend production capacity at the site on Sitra island from a current 267,000 to 360,000 barrels per day. A consortium led by France-US petroleum services group TechnipFMC has secured a $4.2 billion (3.5 billion euro) contract to extend capacity at Bahrain’s Sitra refinery, the company said Monday. The contract, awarded by Bahrain Petroleum …

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Sources say talks are now getting underway with Russia and other partners to bring them on board. OPEC agreed to extend its oil-production cuts to the end of 2018, subject to a review at its next scheduled meeting in June, according to delegates gathered in Vienna. With OPEC’s initial meeting concluded, talks are now getting …

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More than $200 million worth of investment into Bahrain’s manufacturing and logistics sector was attracted in the first half of this year, according to the Bahrain Economic Development Board (EDB). It said the investments are expected to create approximately 1,000 jobs over the next three years in the Gulf kingdom. The growth follows a substantial …

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I. Competition format: 1. Deadline: 12:00 PM US ET on December 28, 2017 Online applications submitted. 2. January 2018: Applications reviewed by GIST Tech-I Alumni Mentors. 3. January/February 2018: Three applications from each Alumni Mentor will be voted on by the online global public. 4. April 16-19, 2018: Finalists attend the Global Entrepreneurship Congress. 5. …

Continue reading “New Competition for Libyan Entrepreneurs”

Iran’s car industry is the second biggest sector in country after the energy sector accounting for more than 10 percent of its GDP. Over 700,000 people are working in this industry which is equal to four percent of workforce of Iran, according to the 2015 data. With a contribution of about $9.1 billion, the country’s …

Continue reading “Production surges in Iran’s car industry”

The economic blockade imposed by the siege countries appears not to have dented Qatar’s industrial sector, which showed robust expansion in September on higher production especially in the hydrocarbons and manufacturing sectors, according to official estimates. Qatar’s industrial production index (IPI) grew 6.2% month-on-month in September this year mainly on account of production increase in …

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Three months into the Saudi-imposed economic blockade, Qatar startups and the manufacturing sector “are getting more support” from the government, which has laid out a number of self-sufficiency and sustainability-related projects, an official of a Qatari company said. “As a nation we are aiming to become more self-sufficient; considering the amount of Qatar’s wealth, this …

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The global logistics market is expected to reach $15.5 trillion in revenue by 2024, while investments in industrial and retail projects lead to a spur in the domestic logistics industry, according to a recent report by Al Masah Capital, a leader in investments and market analysis. In terms of volume, the global transportation and logistics …

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Spare parts services are flourishing day by day ,as demand for heavy machinery spare parts like marine equipment, ship equipment, engine parts, bearing parts, electrical & electronics parts, hardware & software parts, fuel system parts, pump parts, transmission parts, filters, seals & gaskets parts getting higher these days. World is becoming concrete forest now constructing …

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Saudi Arabia’s response to its contracting economy is to invest in major infrastructure projects and privatise its oil company Saudi Arabia’s Crown Prince Mohammed Bin Salman attends a cabinet meeting during the approval of the 2018 budget (Reuters) Saudi Arabia said on Tuesday its economy contracted for the first time in eight years due to …

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Iran’s first vice-president put forward a proposal to lift visa requirements for the Iranian and Iraqi travelers, and also called for trade exchanges between the two countries using their own currencies, namely rial and dinar. Addressing a meeting of high-ranking delegations from Iran and Iraq, attended by the visiting Iraqi Prime Minister Haider al-Abadi and …

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* For first time, Gulf oil ministers not meeting before OPEC * Qatar crisis to complicate producer group’s decision-making * OPEC’s Sunni wing weakens as Iran, Iraq raise game DUBAI/LONDON, Nov 23 (Reuters) – OPEC’s most powerful internal alliance, bringing together the oil producer group’s Gulf members, is disintegrating fast. As a six-month-old spat between …

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The region of Al Dhafra encompasses approximately 35,250 sq km and accounts for 60% of the total landmass of the emirate of Abu Dhabi. The region is bound by a 350-km northern coastline and lies between Saudi Arabia to the west and south, Al Ain to the east and the Abu Dhabi region in the …

Continue reading “Abu Dhabi encouraging investment in Al Dhafra region”

In September 2016 Mohammad Al Ajmi, director-general of the Public Authority for Industry, announced plans to boost Kuwait’s industrial output by 25% in the coming years. Although the state controls nearly 101bn barrels of proven crude deposits, the drop in oil prices has compelled the government to push ahead with a host of economic reforms …

Continue reading “Kuwait’s petrochemicals segment broadens its product base”

Although Kuwait’s economy is dominated by hydrocarbons, it is non-oil activity, alongside the rebound in crude prices experienced since January 2016, that is driving growth forecasts. National Bank of Kuwait estimated overall real GDP growth of 3.6% in 2016, and forecast growth of 1.7% in 2017 and 2.7% in 2018, while in the non-oil sector …

Continue reading “Kuwait economy diversifies with growth in non-oil sectors”

The rally in oil prices continued in November. On 7 November, prices hit their highest level since June 2015. Although the surge in oil prices reflects strong fundamentals, they have also been driven up due to increased political tensions in the Middle East. The OPEC oil basket traded at USD 61.6 per barrel on 24 …

Continue reading “Saudi Arabia: Oil prices hit over-two-year high in November on strong fundamentals and mounting geopolitical risks”

Muscat: About 10 per cent of the Tanfeedh initiatives for the industrial sector have been completed, a review meeting was told on Wednesday. The 3rd meeting of the steering committee to follow up the progress made in implementing the outcomes of Tanfeedh initiatives at the industrial sector was held yesterday at the Ministry of Commerce …

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A major integrated project to develop a port and an adjoining industrial zone in Tanzania by the Sultanate’s State General Reserve Fund (SGRF), along with its partner China Merchants Ports (CMPorts), has received approval from the Government of Tanzania. The proposal included dredging of the navigational channel, construction of a port and logistics park, and …

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Baghdad (IraqiNews.com) Iraq and Saudi Arabia have signed 18 memorandums of understanding in the energy field during the kingdom’s participation in an energy exhibition in Iraq. The signing of the 18 memorandums of understanding came after Saudi Energy Minister Khaled al-Faleh inaugurated the seventh edition of the Basra oil and gas exhibition, according to the …

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VIENNA, Nov 30 (Reuters) – OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of crude while signalling a possible early exit from the deal if the market overheats. Russia, which this year reduced production …

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A business delegation from Tabriz in northern Iran was expected in Namibia’s capital Windhoek on Wednesday to finalize a contract that in a year’s time could culminate in Iranian-designed tractors—for agricultural purposes–rolling off an assembly plant, either in Windhoek or Walvis Bay, and bolstering employment. This was revealed in an interview by Namibian newspaper New …

Continue reading “Iran to Manufacture Tractors in Africa”

Turkey, Iran and Qatar on Sunday signed a transportation pact for boosting trade among the three countries. Turkey’s Economy Minister Nihat Zeybekci and his Qatari counterpart Ahmed bin Jassim bin Mohammed Al Thani were in the Iranian capital Tehran to sign the agreement with Iran’s Minister of Industries, Mining and Trade Mohammad Shariatmadari. Under the …

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Iran’s exports to Syria have been on the rise since the 2014-15 fiscal year–the lowest ebb of $103.013 million over the last 10 years. The highest level of exports during the period under review was registered in March 2010-11 when Iran exported $524.48 million worth of goods to Syria. Latest statistics released by the Islamic …

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Iran has signed two agreements with Russia’s Lukoil to jointly look for hydrocarbon reserves in the southern parts of the Caspian Sea – a groundbreaking move that could have significant economic as well as political outcomes for both Tehran and Moscow. The agreements were signed during a visit to Moscow by Iran’s Petroleum Minister Bijan …

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Hashem Oraee told Tehran-based English newspaper Iran Daily that giant energy companies including Siemens and Vestas will contribute to implementing wind energy projects in Iran. He added that Majlis (Iranian Parliament) has also approved the Danish investment plan, but it is yet to materialize. The official pointed to the development of renewable energy in the …

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Baku, Oct 10, IRNA – Iranian Chairman of Iran-Georgia Joint Economic Commission Ali Rabiei said on Monday that the two countries’ exchanges over the past two years have reached $131 million, showing an increase of 50 percent. After a meeting with Georgian Prime Minister and Minister of Finance Giorgi Kvirikashvili in Tbilisi, he told IRNA …

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According to the recent reports, French companies are eagerly looking for investment opportunities in the Iran. Iran and the six world powers (the US, Russia, China, France, Britain and Germany) signed the nuclear agreement with  Vienna in July 2015, under which Iran accepted to curb its nuclear program in return for lifting the related internationalsanctions. …

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The re-election of Iranian President Hassan Rouhani for a second four-year term is expected to ensure continuing development of the country’s petroleum sector and global oil markets. Many International oil companies have announced joint ventures and memorandums of understanding (MOU) with Iran. OMV, the international oil and Gas Company entered in Iran in 2001 as …

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I mport prices for hot-rolled coil in Iran continued to trend upward over the week ending August 9, as offers from the mills of Commonwealth of Independent States rose further, supported by tight availability of the material. Offers of 2-mm HRC from Russian producer Magnitogorsk Iron & Steel Works (MMK) increased by €10 ($12) per …

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Iran, Qatar in competition over world’s biggest gas industry. The two nations have a close business relationship, particularly in the oil and gas sectors. A big portion of Qatar’s Oil comes from a field that is related to Iran.  The two nations jointly control the world’s largest natural gas field. During the Qatar diplomatic crisis, …

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According to the World Bank, the recent development in Iran marked that the nation’s non-oil and manufacturing sectors are played a vital role to increase the Iran’s GDP rate. The business agreements between Iran and major foreign countries in the oil, gas, manufacturing and other key sectors, boosted to develop of Iran’s economic condition. This …

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Iran, an Islamic republic, is increasingly attracting the foreign investors, despite restrictions imposed by the United States over its missile programs and the military activities in this country. President Trump signed into the new implementations in the sanctions against Iran, Russia and North Korea. American restrictions stop most international banks from providing financial help to …

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The Mining and minerals industry in Oman offers great potential, which can be utilized effectively. Recently, the Oman’s mining industry appears to be on a steady growth with production of minerals growing by nearly 20 per cent in the last year.The Oman is set to declare new mining regulations, which is drafted by the Public …

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Iran is the second largest economy in the Middle East and North Africa region after the kingdom of Saudi Arabia. Iran is also the second largest populated region after Egypt. Iranian government adopted an extensive strategy surrounding the market-based reforms as reflected in the government’s 20-year vision and the sixth five-year improvement plan for the …

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Oman creates products build up the strong reputation in World economic growth, the upcoming manufacturing and distribution sector is stimulating the economic development, creating employment, and improving living standards in the Sultanate. The Oman government introduced the plans to grow manufacturing and distribution to comprise up to 15% of the nation’s GDP by 2020, the …

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Among widespread poverty, high levels of unemployment,corruption and a major deterioration in services such as water, electricity and security, Yemen and international development partners are increasingly realizing the need to focus on economic development in Yemen. Yemen’s last two years of transition were characterized by intense scrutiny of the political process which overshadowed a focus …

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