Browsing: Business

According to Ministry of Finance statistics, Abu Dhabi’s public spending in the first quarter of 2022 totaled AED87.4 billion, an increase of 19.6 percent and equivalent to AED14.34 billion over the same period last year. Moreover, the figures showed that the country’s public spending in the first quarter of 2022 included some AED28.7 billion for employee compensation payments, as compared to AED24.6 billion in 2021, an increase of 16.6 percent and equivalent to AED4.1 billion. In addition, public spending included AED30.9 billion in goods and services, AED14.1 billion in social benefits, AED6.4 billion in financial aid, AED1.7 billion in interest,…

An international buyer-seller meet in Ladakh attended by buyers from Dubai and Oman and buyer-seller meetings in the UAE on agricultural and food products with registered geographical indications (GIs) tags, as well as a mango festival in Bahrain, resulted in India exporting these items by 31 percent between April and June. From April to June 2022, the export of agricultural and food products in India increased by US$7,408 million from $5,663 million in the previous fiscal year, according to data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). This quarter’s export target was $5,890 million, which was…

In the wake of the developments in Ukraine, food prices fell for the fourth consecutive month in July, according to the Food and Agricultural Organization (FAO). As expected, the UN agency has published its latest Food Price Index, a barometer that tracks changes in prices of five food commodities: cereals, vegetable oils, dairy products, meat, and sugar. In July, the index averaged 140.9 points, down 8.6 points from June. As a result of the UN-brokered agreement on Ukrainian grain exports, vegetable oils and cereals experienced double-digit percentage drops in price. “Especially from a food access perspective, the decline in food…

A joint development agreement between Masdar and Tanzania Electric Supply Company Ltd. (TANESCO) has been signed regarding the development of renewable energy projects up to 2 gigawatts (GW). The signing was attended by Hon. January Makamba, Minister for Energy for Tanzania, and the Joint Development Agreement (JDA) was signed by Abdulla Zayed, Head of Business Development & Investment at Masdar, and Maharage Chande, Managing Director of TANESCO, on the sidelines of the Tanzania Energy Congress. As part of the JDA, the two organizations will establish a co-owned joint venture company (JV). The two companies intend to develop solar photovoltaic (PV)…

Under Prime Minister Narendra Modi, India has planned to build and operationalize 220 airports, heliports, and water aerodromes over the next five years. In a written reply to a question in the Rajya Sabha, Union Minister for Civil Aviation Jyotiraditya Scindia informed that till 2014, there were 74 airports operating in the country, and at present, there are 141. It nearly doubles the number developed by the Congress government over the past several decades, illustrating their inefficiency. According to him, increasing airport capacity is a continuous process and is undertaken by the Airports Authority of India (AAI) and the concerned…

The revenue from the Suez Canal for Egypt in July amounted to $704 million, according to the chairman of the Suez Canal Authority, Osama Rabea, on Tuesday. According to Rabea, the Canal has reached its highest transit rate of 2,103 vessels per month. It has also reached its highest net tonnage of 125.1 million tonnes per month. In the financial year to June 30, Egypt’s Suez Canal revenue hit a record high of $7 billion, up 20.7% from the previous year. In a statement, the authority attributed the increase to an increase in vessel numbers and cargoes. This resulted in…

Ayman Safadi, Jordan’s foreign minister, and UN Secretary-General Antonio Guterres affirmed Jordan’s partnership with the UN and their cooperation in tackling challenges. In their meeting, Safadi and Guterres discussed ways to maintain regional stability and support UNRWA and Syrian refugees. The top diplomats met on the sidelines of the Tenth Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons to discuss ways to achieve a comprehensive and just peace based on the two-state solution to the Palestinian cause. As they reviewed UNRWA’s preparations for a ministerial conference that Jordan and Sweden will hold next September on the sidelines…

Investment in power projects in the Middle East and North Africa (MENA) is expected to rise from 2021 to 2025 due to strong economic growth and a goal of net zero emissions by 2050. Regional and global power and utility providers are preparing for the MENA Power Projects Forum that will be held on September 7-8, 2022, at the Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi, UAE. According to a report by Arab Petroleum Investments Corporation (APIcorp), the combined commitments and planned investments in the MENA power sector will exceed US$250 billion. Among all energy sectors, it is the…

The Dubai International Financial Center (DIFC) announced that Lord Abbett (Middle East) Limited, a leading asset manager, was approved by Dubai Financial Services Authority (DFSA) for its first Middle East branch. The company’s investment and client-led proposition will now be available to Middle Eastern investors. Having more than 50 years’ experience in multi-sector credit investment, Lord Abbett has an impressive depth of analytical credit research. With its DIFC presence, the company will deliver relevant investment solutions and deepen relationships with regional asset owners. In DIFC, the region’s largest hub for wealth and asset management, Lord Abbett joins more than 250…

Indian Prime Minister Narendra Modi has stated that India, Israel, the UAE, and the USA are working together under the I2U2 framework. This is to increase investments in the fields of water, energy, environment, health, and space. With I2U2’s positive agenda, nations can combine their skills for the benefit of humanity. In a virtual address, the Prime Minister said they would work towards ensuring food security and propelling international development initiatives. Joint projects in many areas have been identified and a roadmap has been developed to move them forward. As global uncertainties increase, he emphasized that this cooperative framework is…