OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
UAE banking sector assets exceed $1.16 trillion by the end of June
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates,...
Business
Business
UAE’s TDRA becomes member of global body EFQM
UAE's Telecommunications and Digital Government Regulatory Authority (TDRA) has announced that it has become a member of the European Foundation...
- Telecommunications and Digital Government Regulatory Authority will support the implementation of EFQM's leading approach.
- TDRA will utilize the integrated services provided by the EFQM to better equip its own teams to drive excellence.
Business
Tabreed okays 100% foreign ownership
The previous cap on foreign ownership was 49 percent.
- Tabreed is majority-owned by Abu Dhabi's state-owned fund Mubadala.
- Khaled Abdulla Al Qubaisi, Chairman Tabreed, said the move is expected to “provide greater opportunities to benefit from foreign investment".
Economy
New PPP law will help UAE achieve competitive economy: Massimo Falcioni
PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
- PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
- ECI, Falcioni added, has partnered with private companies and government institutions to enhance public infrastructures in and outside the UAE
Business
Dubai looks to raise $817m from IPO of Salik Company
Dubai is looking to raise $817 million in the initial public offering of Salik. It is selling 1.5 billion shares...
- All shares to be offered shall represent the sale of existing shares held by the Government of Dubai
- The CEO of Salik believes the growth of the city is in tandem with the growth of Salik, and this offering represents an exciting opportunity for investors
Geostrategy
GCC countries hail national reconciliation in Sri Lanka
Abdulmohsen bin Khuthaila in his speech on the sidelines of an official debate on human rights in Geneva, said that...
- Abdulmohsen bin Khuthaila in his speech on the sidelines of an official debate on human rights in Geneva, said that the GCC backs all open and effective dialogue in Sri Lanka
- Addressing the 51st session of the Human Rights Council, Khuthaila also stressed that enhancing human rights is a collective responsibility
Geostrategy
King Abdullah calls on UN, world to provide aid for refugees
King Abdullah of Jordan met with the UN High Commissioner for Refugees Filippo Grandi at Al-Husseiniya Palace to discuss how...
- King Abdullah addressed global food security, and the international community’s obligation toward nations hosting millions of refugees
- Grandi said the UN agency would continue to support the Kingdom’s efforts, and encourage the international community to assist host countries facing increasing economic challenges
Analysis
US Fed Reserve may remain hawkish in coming months
Despite the recent slowdown, the US economy remains robust, which allows for more aggressive monetary policy tightening. The US consumer...
- The US Federal Reserve will lean "hawkish," raising rates by 75 bps in September and 50 bps both in November and December, before a final 25 bps hike in early 2023
- Despite the recent slowdown, the US economy remains robust, which allows for more aggressive monetary policy tightening, Qatar National Bank says in its weekly report
Economy
Saudi Arabia launches three new iron and steel projects
An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects.
- An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects
- A factory will also be established to produce circular iron blocks with an estimated production capacity of one million tonnes per year
Business
UAE treasury bonds post “exceptional” bidding results
The fourth auction, which witnessed the first issuance of five-year T-Bonds saw a strong demand through the six primary bank...
- Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, stated that the new five-year T-Bonds will contribute to strengthening the local debt capital market
- In May 2022, the UAE issued the dirham denominated T-Bonds of the UAE Government (T-Bonds), in two and three year tenures.
Business
Work on world’s largest waste-to-energy project nearly completed
Dubai, UAE - Dubai Municipality said Monday 85 percent of of Dubai Waste Management Centre (DMWC), world’s largest waste-to-energy project,...
- Once fully operational, the plant’s renewable energy, generated from treating waste, will feed the local electricity grid with 215MWh of clean energy.
- Located in Dubai’s Al Warsan, the project will convert 45 percent of the emirate’s municipal waste into renewable energy.
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
Company News
Dana Gas proposes dividend
Business
Latest News
Kuwait Airport expects 13% rise in passenger numbers, says DGCA
KUWAIT CITY, KUWAIT - Kuwait's Director General of Civil Aviation (DGCA) expected that the total passenger traffic to and from...
Business
Iran says European countries willing to buy our drones
TEHRAN, IRAN - A number of European countries have asked to purchase Iran’s unmanned aerial vehicles, the spokesperson for the...
Geostrategy
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Geostrategy
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
- The two ministers discussed the available opportunities to enhance trade exchange between Algeria and South Africa.
- The aim of trade exchange and joint investment is achieving sustainable development in the region.
Economy
Currencies in Middle East resilient from Covid period till date Â
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
- Saudi Arabian Riyal and UAE Dirham maintain stability against US Dollar from 2020 to 2023.
- Both the countries witness GDP growth of 45 percent and 43 percent respectively during the period.
Business
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
- Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
- This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.