GENEVA/ WAM The global foreign direct investment (FDI) had a modest increase of over 3% to reach an estimated $1.37 trillion in 2023, defying expectations as recession fears early in the year receded, and financial markets performed well. Global FDI flows increased, but economic uncertainty and higher interest rates affected global investment. The headline increase was mainly due to higher ...

ABU DHABI/ WAM Abu Dhabi Commercial Bank (ADCB) is establishing a strategic presence in Saudi Arabia, leveraging its strong balance sheet and sophisticated corporate banking capabilities to support a growing client base, and contribute to the deepening of regional economic relationships. ADCB has received an in-principle approval from the Kingdom’s Council of Ministers and will open a branch in Riyadh, ...

DUBAI/ WAM Dhai Dubai, the first-ever Emirati-led light art festival, has revealed an enlightening line-up of cultural activities, set to immerse visitors at Expo City Dubai and Al Wasl Plaza later this month. Created and produced by Expo City Dubai in partnership with AGB Creative, and supported by Dubai Culture and Arts Authority, Dhai Dubai invites visitors to engage with ...

VIENNA/ WAM The Organisation of the Petroleum Exporting Countries (OPEC) said that UAE’s non-oil sector “demonstrated robust growth throughout 2023, and a carry-over of this dynamic is likely to extend into 2024”. According to OPEC’s Monthly Oil Market Report for January, the purchasing managers’ index (PMI) for the UAE non-oil sector reached 57.4 in December 2023, compared with 57.0 in ...

ABU DHABI /AD MEDIA OFFICE Yas Island and Saadiyat Island have received 170 regional and international awards in 2023 after being recognised as a premier leisure and entertainment destination in the Middle East. His Excellency Mohamed Khalifa Al Mubarak, Chairman of Miral, said: “Achieving a stellar track record of success across the tourism ecosystem within Abu Dhabi is a proud ...

ABU DHABI / WAM The United Arab Emirates (UAE) is home to a wealth of geological treasures, from towering mountains and deep valleys to stunning coastlines and shifting sand dunes. This diversity of geological features, combined with the country’s warm winter climate, makes it a prime destination for geotourism. Geotourism is a type of tourism that focuses on the natural ...

BEIJING / WAM The combination of Tianzhou-7 cargo spacecraft and Long March-7 Y8 carrier rocket was rolled out to the launchpad in Wenchang Space Launch Site in South China’s Hainan Province. All facilities in the Wenchang spaceport are in good conditions and testing work is underway for the first China Space Station mission in 2024, the Global Times learned from ...

BLOOMBERG Ryanair Holdings Plc said aircraft deliveries may be at risk of delay ahead of the coming summer travel season as Boeing Co grapples with manufacturing issues after an accident on a 737 Max 9 earlier this month. Michael O’Leary, chief executive officer of the Irish discount carrier, said he’s stepping up inspections at Boeing, though he’s unsure how the ...

BEIJING / WAM China’s auto production and sales surpassed 30 million units for the first time in 2023, retaining the country’s leadership as the world’s largest car market for the 15th consecutive year, People’s Daily reported. According to recent data released by the China Association of Automobile Manufacturers (CAAM), automobile sales in China reached a total of 30.094 million units, ...

BLOOMBERG A federal judge blocked JetBlue Airways Corp’s $3.8 billion acquisition of Spirit Airlines Inc, saying the combination would stifle competition and raise fares for consumers. US District Judge William G Young sided with the federal government and said the merger would harm cost-conscious travellers by eliminating the nation’s dominant deep-fare discount airline and drive up prices across the industry. ...