UAE Central Bank to hold rate after Fed pause amid regional tensions
Fed Chair Jerome Powell signalled a cautious approach, noting that elevated energy prices and geopolitical tensions could complicate the inflation...
Economy
Geostrategy
Global cooperation crucial for multipolar world order
"We are seeing consistent movement toward the emergence of a multipolar world order. Most countries are prepared to stand up...
- Russian President emphasizes the importance of countries standing up for their sovereignty, national interests, traditions, culture, and way of life
- Putin underscores the emergence of a multipolar world order and the gaining strength of new centers of economic and political authority
Business
Ma’aden Q2 revenues hit $1.86bn
Record phosphate output boosts the company's performance.
- The firm's net profit records US$93.5 million, reflecting the downturn in commodity prices
- Debt reduction witnessed with long-term borrowings and net debt decreasing by 11% and 9%
Economy
Youth play crucial role in building sustainable future
"The UAE is committed to a sustainable future, and we believe that our youth are the key to achieving this...
- The UAE is committed to a sustainable future, says Awaidha Murshed Ali Al Marar, Chairman, Abu Dhabi Department of Energy
- By empowering young people with green skills, we can help them shape the energy landscape for the future, adds the official
Business
EIH gives $27.2m dividend
The company's net profit for H1 2023 stands at US$121.221 million.
- The company's net profit for H1 2023 stands at US$121.221 million, up from US$6.535 million in 2022
- EIH's assets grow from US$21.171 million in H1 2022 to US$607.19 million in the first half of 2023
Business
QAMCO’s H1 net declines 60.7%
Average selling prices stood at US$2,743 per metric ton.
- Earnings Per Share for QAMCO stands at US$0.0118 as of 30th June 2023, compared to US$0.0302 in 2022.
- Decline in profits is attributed to a 24% drop in average selling prices and a slight decrease in sales volumes
Economy
Iraq’s apex bank introduces new exchange categories for dollar sales to travelers
BAGHDAD -- The Central Bank of Iraq has introduced three distinct categories of exchange companies dedicated to selling dollars to...
- Exchange companies will operate under strict Central Bank regulations and Anti-Money Laundering Law
- Enhanced electronic platform by the Central Bank of Baghdad will oversee all dollar sales to citizens
Sheikha Bodour to chair revamped board at American University of Sharjah
SHARJAH -- Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has outlines the restructuring...
- The Board of Trustees of the American University of Sharjah has been restructured
- New board members to begin their term in October. Membership term set for three years
Economy
Iraq streamlines imports, focuses on strengthening domestic industries
In a move to fortify the local market, Iraq's Ministerial Council of Economy has taken decisive steps, including the removal...
- Iraq's Ministerial Council of Economy removes four items from import lists
- 4% customs tariff reduction announced for imported live animals for slaughter
US, Iraq strengthen security ties; vow to defeat ISIS; set up military commission
WASHINGTON – The United States and Iraq pledged to boost security cooperation, regional stability, and the shared interest in Iraq's...
- Iraq, US focus on the 2008 U.S.-Iraq Strategic Framework Agreement and non-combat role of U.S. forces
- The two countries emphasize recognition of the support from CJTF-OIR to the Iraqi Security Forces
Business
Saudi Arabia’s PIF creates 181,000 jobs in 2022, boosts economy
Saudi Arabia's employment figures received a significant boost in 2022, thanks to the efforts of the Public Investment Fund (PIF),...
- The sovereign fund has ambitious goals and aims to increase its assets under management to SAR4 trillion by 2025.
- The fund's assets under management also saw substantial growth, increasing by 12.8 percent to $595 billion in 2022.
UAE Central Bank to hold rate after Fed pause amid regional tensions
Fed Chair Jerome Powell signalled a cautious approach, noting that elevated energy prices and geopolitical tensions could complicate the inflation...
Economy
Company News
Latest News
GCC unveils strategic vision for regional stability
For the first time in its 43-year history, the bloc has set a strategic vision that prioritizes diplomacy and dialogue...
Geostrategy
Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...
Economy
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Geostrategy
‘UAE strengthens Gaza support with humanitarian aid’
“The activation of the maritime corridor is crucial. It will serve as an essential lifeline for the people of Gaza,...
- UAE reaffirms solidarity with Gaza, launching significant humanitarian initiatives under Sheikh Mohamed bin Zayed Al Nahyan's leadership.
- UAE's comprehensive humanitarian mission includes over 25,000 tons of aid, medical treatment for wounded children and cancer patients.
Economy
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
- Madrid-based Halo Space Company selects Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per person for a stratospheric Earth view.
- In June, a trial flight will take passengers 32 kilometers above Earth, using a helium balloon for an accessible adventure without the need for special training.
Economy
‘UAE outpaces major nations in human development’
“These efforts ensure sustainable development across all sectors, promising a bright future for generations to come,” he adds, referring to...
- UAE leads the region with significant improvement in education, health, and economy.
- The country climbs nine places in Human Development Index, ranking 17th worldwide.