Economy News

Groz-Beckert is adapting its organizational structure at its headquarters to changing market conditions

Albstadt: The ongoing weakness in demand and structural changes in the international textile industry continue to put economic pressure on Groz-Beckert’s core business, Textile Tools. Since a market recovery...

Syria Seeks Funding to Advance €5 Million Textile Recovery Project

Syrian officials and international partners met at the Italian Embassy in Damascus to review progress on the €5...

Change of Leadership at Rieter

Thomas Oetterli has decided to step down from his function as CEO, effective October 31, 2026, and hand...

Fine Spinners Uganda Invests $5 Million to Target Kenya’s Apparel Export Market

Fine Spinners Uganda Limited is investing an additional US$5 million in textile machinery as it seeks to become...

PM Modi’s Uzbekistan Visit: What It Means for the India-Uzbekistan Textile Trade

Indian Prime Minister Narendra Modi's two-day state visit to Uzbekistan on August 29–30, 2026, at the invitation of...

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Iran, Afghanistan sign $2-million contract

During the 2nd Iran-Afghanistan joint economic exhibition, Iranian and Afghan businessmen and firms inked contracts worth $2m, Iranian Commercial attaché in Afghanistan said. Mohammadreza Karim...

Sabic’s second quarter net profit declines 25 per cent

Saudi Basic Industries Corp (Sabic), the world’s fourth-biggest petrochemicals company reported a 25 per cent decline in second-quarter net profit on Sunday, amid higher...

Aramex Sees 4% Revenue Growth in Q2

Logistics firm Aramex announced second-quarter revenues of Dh1.148 billion, a 4 per cent increase over the same period last year. Half yearly revenues increased...

Federal Tax Authority mandated to audit tax compliance in the UAE

The provisions of the newly issued federal law on taxation have mandated the Federal Tax Authority (FTA) with the legal right to perform a...

Ethiopia target to generate USD 30 bn from textile sector by 2030

Ethiopia intend to increase their area of cotton production which is presently, only 20 percent of the three million hectares are used for cotton...

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement with the United Nations Industrial Development Organization (UNIDO) and the Italian Agency for Development...

East African SMEs Learn Shibori Tie-and-Dye Technique

Twenty-eight trainees from fashion houses, training institutions and home décor companies from East Africa learnt how to use the Shibori tie and dye technique...

Online Shopping Marketplace, DivaNoor, for Middle East

A new online shopping marketplace - DivaNoor – has been launched for women in the Middle East. The marketplace, a collection of style and...

Exhibitors line up novel products at Leatherworld ME

Middle East luxury retailers, traders, manufacturers or designers looking for novel products to boost their businesses will be treated to a buffet of unique...

Mango extends e-commerce adaptation to Middle East

Mango has extended the adaptation of its website to Bahrain, Lebanon and Oman. The extension is following the successful launch of e-commerce expansion in...
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