The Turkish government has confirmed that negotiations with Abu Dhabi Ports Group (AD Ports) for operating rights at the Alsancak freight and passenger port in Western Turkey have come to an end. Turkish transport minister Abdulkadir Uraloglu stated that the goal was to find a partner…
Iraq has enlisted the help of two prominent financial consulting firms, London-based EY and U.S.-based Oliver Wyman, to assist in the restructuring of its banking sector, which has been severely impacted by long-term instability. The consultants are tasked with creating a roadmap that could potentially include…
Dubai Taxi Company has declared a total dividend payout of AED282 million ($77 million) for 2024, reflecting a strong financial performance and a nearly 50% increase in its share price since its listing on the Dubai Financial Market (DFM) in December 2023. For 2024, the company’s…
ANKARA, Turkey (AP) — In a clear signal of an escalating clampdown on dissent, prosecutors on Wednesday summoned two prominent figures from Turkey’s business community after they harshly criticized President Recep Tayyip Erdogan’s administration. Orhan Turan, who heads the Turkish Industry and Business Association (TUSIAD), and…
By Pramod KumarFebruary 19, 2025, 2:26 PM Passenger traffic at Queen Alia International Airport (QAIA), Jordan’s busiest aviation hub, saw a strong recovery in January, with a 13% year-on-year increase, according to the Jordan Times. Data from the Airport International Group (AIG) revealed that 784,992 travelers passed through QAIA last month, marking a…
Saudi Arabia’s Acwa Power has announced plans to build, own, and operate a 2-gigawatt (GW) wind power generation plant in South Hurghada, Egypt. The project, worth SAR8.6 billion ($2.3 billion), is expected to generate enough power to supply nearly 2 million homes. Acwa Power, listed on…
Brazil, the largest oil producer in South America, has officially joined the Opec+ group, which includes more than 20 countries working together to manage global oil output. The country’s membership, which was first announced in November 2023, has now been formalized, according to a statement by…
Iraq’s energy sector is under increasing strain, with electricity shortages becoming a critical issue. Despite recent improvements in economic growth and security, the country’s energy infrastructure is struggling to keep up with rapidly rising demand. Baghdad faces a challenging situation as it approaches another summer, potentially…
Founded in 1967, Mashreq is the oldest bank in the UAE, offering decades of industry experience and a deep understanding of the ever-evolving financial landscape. This unique expertise allows Mashreq to effectively meet the diverse needs of its corporate clients. With a strong presence in key…
Opec+ is poised to lose market share to non-Opec oil producers, particularly the US, which is not bound by production quotas. The market share of Opec+ members, which stood at 53% when the group was formed in 2016, is expected to decline to 46% by 2025…
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