UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
Economy
SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...
Business
Economy
UAE bank investments up to $132bn by September end
According to CBUAE's figures, debt securities accounted for 49.5 percent of these investments, hitting $66 billion.
- According to CBUAE's figures, debt securities accounted for 49.5 percent of these investments, hitting $66 billion
- Held-to-maturity-securities comprised 38.9 percent, or $51 billion of the total investments
Economy
Gulf central banks raise interest in line with US Fed’s rate hike
The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates...
- The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points
- The Central Bank of the UAE (CBUAE) earlier Wednesday raised the Base Rate applicable to the Overnight Deposit Facility by 50 basis points
Geostrategy
Saudi Arabia, Britain sign Defence Cooperation Plan
The plan reaffirms the UK’s enduring commitment to working with Saudi Arabia on promoting regional security and stability.
- The plan reaffirms the UK’s enduring commitment to working with Saudi Arabia on promoting regional security and stability.
- It also aims to develop the capabilities of the Saudi Ministry of Defense, localize military industries, and strengthen the partnership between the two countries
Economy
AI-powered mobile app for crop disorder detection launched in Dubai
Called Dr. Nabat, the application is a result of collaboration between ICBA and the University of Barcelona.
- Called Dr. Nabat, the application is a result of collaboration between ICBA and the University of Barcelona
- The application is designed to aid smallholder farmers and extension specialists in spotting crop disorders at early stages
Economy
UAE economy maintains momentum in 2022: OPEC
The report cited recent economic indicators suggesting strong growth has been maintained in most activities.
- The report cited recent economic indicators suggesting strong growth has been maintained in most activities
- The tourism sector, which accounts for around 6% of the UAE’s GDP, experienced strong growth, the report said
Economy
Qatar posts budget surplus of $8bn in third quarter
Doha, Qatar - Qatar posted a budget surplus of QR 30 billion ($8 billion) for the third quarter of 2022,...
- Total revenues for this quarter amounted to $22 billion, of which $21 billion came from oil and gas
- Total expenditures in the quarter amounted to $14 billion, of which $4 billion was spent on salaries and wages
Saudi Arabia pursuing sustainable tourism: Tourism chief
The Kingdom's goal is to reach zero emissions by 2030.
- The Kingdom's goal is to reach zero emissions by 2030
- The country is presenting 66 initiatives as part of its environmental plan
Economy
Standard & Poor’s upgrades Qatar’s rating to AA with stable outlook
The agency expects that Qatar would achieve large budget surpluses and sustainably reduce debt servicing costs due to the government's...
- The agency expects that Qatar would achieve large budget surpluses and sustainably reduce debt servicing costs due to the government's successful strategy to pay off debts
- This upgrade by Standard & Poor's comes in conjunction with Moody's amendment of its expectations for Qatar from "stable" to "positive"
Queen Rania calls for ‘mindful use’ of technology at Web Summit in Portugal
She made her remarks while delivering a keynote speech at the Web Summit in Lisbon, Portugal during a sessios titled...
- She made her remarks while delivering a keynote speech at the Web Summit in Lisbon, Portugal during a session titled "Battling Built-In Biases."
- Other speakers included Sir Martin Sorrell, world-renowned author Naom Chomsky, Brad Smith of Microsoft, and the President of Portugal, Marcelo Rebelo de Sousa
Asia, Middle East up diesel exports to Europe in October
According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China...
- According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China to northwest Europe in October
- This month has seen a flurry of spot tenders from South Korea and Taiwan, two of Asia's largest fuel exporters
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UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
Economy
Company News
Latest News
Saudi banks see moderate improvement in margins in Q3: report
Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII)...
Economy
$128 billion in US company deals during Dubai Airshow: US Ambassador
Abu Dhabi, UAE - Martina A Strong, the US Ambassador to the UAE revealed on Monday that American companies secured...
Business
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Business
Abu Dhabi’s EWEC opens Q4 2023 Clean Energy Certificates auction
ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023...
- CECs are the only accredited instruments in the Emirate that prove the environmental and economic benefits of consuming clean energy.
- Issued in units of 1MWh, each CEC certifies that the electricity consumed by the entity originates from a clean energy source.
Oman’s Producer Price Index down in Q3 2023
Muscat, Oman - The Sultanate of Oman's producer price index (PPI) in Q3 2023 recorded a decrease of 13 percent...
- Prices of oil and gas products decreased by 13.7 percent, under pressure from the decrease in the prices of crude oil and natural gas products by 16 percent
- Non-oil products also recorded a decrease of 8.2 percent due to a decrease in the prices of the manufacturing industries group by 10.2 percent
Geostrategy
Biden, Netanyahu, Hamas positive on possible extension of truce in Gaza
The pause that began Friday has seen dozens of hostages freed, with over 100 Palestinian civilians released by Israel in...
- Netanyahu said that he had discussed the release of another group of hostages from the Gaza Strip with the US President
- Hamas also said it was willing to extend the pause after it freed more hostages, including a four-year-old orphaned by its attack