Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
Business
Doha Insurance net profit up
The profit jumped to US$41.40m in 2023.
- Its earnings per share for the year ending December 31, 2023 stood at QR0.30, up from QR0.21 for the same period in the previous year
- The board of directors announced its intention to propose a cash dividend distribution to the General Assembly in the upcoming meeting
Business
Korea’s H2O sets up base in Abu Dhabi
It will collaborate with Abu Dhabi Investment Office.
- The move is indicative of deepening economic ties between South Korea and Abu Dhabi with a focus on innovation and technology
- The company's headquarters in Abu Dhabi Global Market (ADGM) will drive the next phase of its international growth out of Abu Dhabi
Geostrategy
Iran oil minister blames Israel for gas pipeline sabotage
Tehran, Iran--Iran said Wednesday that Israel was behind twin sabotage attacks against gas pipelines that disrupted supplies in at least...
- The explosions on February 14 hit pipelines in the cities of Safashahr in the southern province of Fars and Borujen in the southwestern province of Chaharmahal and Bakhtiari.
- The Islamic republic's oil minister Javad Owji told reporters after a cabinet meeting in Tehran that "the explosion of the country's gas lines was the work of Israel"
Business
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
- The sector in the UAE generated $16.4bn in retail sales, including fresh food and packaged food
- Last year, consumers across the country spent some $1.1bn on food ordered on e-commerce platform
Business
ADIB unveils new payment hub
It will help customers to seamlessly process transfers.
- The bank said customers can now seamlessly process transfers, providing a solution that transforms payment processing capabilities
- Its chief digital officer, Fernando Plaza Lopez, said the bank is focused on driving digital-first solutions throughout the bank’s operations
Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...
- Some 150 exhibitors from more than 20 countries and 7,500 visitors from over 30 countries will take part in the event
- The aviation market in the Middle East valued at US$60 billion in 2023 has seen a 26% growth in air connectivity in 2022
Economy
China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...
- According to data, in 2023 a total of 78 steel enterprises completed the full-process ultra-low emission transformation of their production capacity
- Some 5,095 green factories have been established at national level, contributing to over 17% of the total output value of the manufacturing industry
Business
BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
- Its CEO said the company plans to maximise the benefit from the current facilitation on oil and gas exploration activities in land and sea areas
- The production plans are being stepped up to meet the growing demand of the local market and to support Egypt's endeavours to export the surplus energy
Business
BHP net profit tumbles 86%
Its sales jumped 6% to US$27.2bn in half-year results.
- The company's net profit dropped 86 percent to $927 million as it took a hammering from exceptional items
- The mining giant said last week that it was writing down its Western Australian nickel assets because of a market slide
Economy
China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said. By...
- The province's estimated annual research and development (R&D) expenditure topped about $64.8 billion by the end of 2023
- The region has seen its gross domestic product surpass $1.80 trillion in 2023, topping the country for 35 consecutive years
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Company News
ADX partners with Eureeca
Business
Latest News
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
GCC and EU hold talks to boost economic, political ties
Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance...
Geostrategy
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Economy
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
- The indicators of rising assets, financing and capital adequacy ratios reflect the sector's flexibility and resilience to adapt to the changes the world is witnessing
- At the end of December 2023, total deposits of resident and non-resident customers with banks operating in the UAE rose by 4.2% and annually by 13.5% ), reaching $686bn
Business
Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum directed the two to merge under Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum
- He said the goal is to create a more financially efficient entity, owning assets worth hundreds of billions, and comprising global expertise across various sectors
Business
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
- Tourists from Western Europe ranked first with 327,000 visiting the emirate in January
- Some 311,000 travelers from the GCC countries visited Dubai in the same month