News

  Dubai / WAM DMCC – the world’s flagship free zone and government of Dubai Authority on commodities trade and enterprise – has announced that it achieved its best-ever year for new member company registrations, attracting 3,049 new businesses to Dubai in 2022. An increase of 23% year-on-year, breaks the previous record set in 2021 when DMCC registered 2,485 new ...

  Bloomberg The page has finally turned for Chinese tech stocks, as the end of a years-long regulatory crackdown revives demand for an industry once dubbed “uninvestable.” The Hang Seng Tech Index jumped 3.2% Monday, led by Alibaba Group Holding Ltd., after a top central bank official said the clampdown on the Internet sector was drawing to a close. The ...

  Bloomberg Taiwanese lawmakers have passed new rules that let local chip firms turn 25% of their annual research and development expenses into tax credits, part of efforts to keep cutting-edge semiconductor technologies at home and maintain the island’s technology leadership. Officials there have repeatedly said they will ensure the latest chip technologies remain in Taiwan, a point that has ...

  Bloomberg India, the world’s biggest rice exporter, is likely to lift restrictions on grain shipments in a move that would mark a further easing of a global wave of food protectionism after Russia’s invasion of Ukraine. Authorities are actively considering removing curbs on some rice exports as domestic prices are stable, according to a person familiar with the matter. ...

  Bloomberg Pakistan has appealed to the global community for $8 billion in three years to help it rebuild after devastating floods that left a third of the nation inundated in the summer. The South Asian nation needs a total of $16.3 billion to rebuild houses and farms along with rehabilitate people impacted by the floods, Prime Minister Shehbaz Sharif ...

  Bloomberg Talks to negotiate a lower price for Pfizer Inc.’s Covid antiviral pill Paxlovid in China didn’t pan out, the health authority said, creating a quandary for the government amid a rampant outbreak in the world’s most populous nation. Pfizer and the government agency that oversees the state medical insurance program failed to agree on a further cut on ...

Abu Dhabi / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said that the UAE continues to leverage its global presence by opening up to the world and expanding its network of trading partners through comprehensive economic partnership agreements with a carefully selected group of markets of strategic importance internationally and regionally. The minister made ...

  Bloomberg The World Bank is concerned that “further adverse shocks” could push the global economy into recession in 2023, with small states especially vulnerable. The warning is contained in an abstract for the bi-annual “Global Economic Prospects” report due for release on Tuesday and visible on the group’s Open Knowledge Repository website. Even without another crisis, global growth this ...

  Abu Dhabi / WAM The Engineering Export Council (EEC) of Egypt has announced that the sector’s exports increased by 10 percent to $3.32 billion from January-November 2022, compared to $3 billion in the same period in 2021. According to the EEC’s monthly report, the most notable industries with export growth in the first 11 months of 2022 over the ...

  Abu Dhabi / WAM Under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, the National Centre of Meteorology (NCM) will host the 6th Edition of the International Rain Enhancement Forum (IREF) from January 24-26. Gathering leading global and national experts, researchers, scientists, and stakeholders, the forum will discuss ...