UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
Business
Economy
Egypt invests $1.5bn to improve energy efficiency in petroleum projects
Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies.
- Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies
- Five energy efficiency technical reviews are being implemented, in cooperation with the European Union and other major global oil companies
Geostrategy
France, Qatar to strengthen strategic partnership
"Political, economic, and energy supplies" were the main topics of our discussions, said the Qatari Foreign Minister.
- "Political, economic, and energy supplies" were the main topics of our discussions, said the Qatari Foreign Minister
- The Ukrainian war was also discussed in the light of its impact on the food supplies around the world
Economy
UAE minister discusses CEPA, investments with local companies
Minister of Economy and Chairman of the UAE International Investors Council Abdullah bin Touq Al Marri said, in a meeting,...
- UAE International Investors Council has set up a platform to protect the interest of Emirati companies and investments abroad
- UAEIIC meeting discussed the advantages offered by the comprehensive economic partnership agreements signed with India, Israel and Indonesia
Economy
No need to change exchange rate of dinar against US dollar: Iraq
The Central Bank of Iraq said Sunday that there is no reason for changing the exchange rate of the Iraqi...
- Economic conditions will determine the appropriate decision on exchange rate, official of the Iraqi central bank said
- The official said that changing the exchange rate remains within the monetary authority's policy
Economy
Abu Dhabi Chamber holds session on Emiratization in private sector
The Abu Dhabi Chamber of Commerce and Industry has organized an awareness session on increasing Emiratization rates in the private...
- A number of topics were discussed during the session including encouraging young Emirati talents to join the private sector
- The UAE government has announced a comprehensive federal program 'Nafis' for increasing Emiratization rates in the private sector
Economy
Saudi Arabia’s Industrial Production Index grows by 24 percent in May
Saudi Arabia’s Industrial Production Index (IPI) grew by 24 percent in May 2022 compared to the same period last year....
- The growth is the third highest rise in the last three years, according to the kingdom’s General Authority for Statistics (GASTAT).
- GASTAT said the growth of the IPI turned positive in May 2021 after a long period of negative growth rates in 2019 and 2020, partly impacted by Covid 19.
Business
Three first phase buildings of Grove District sell out: Aldar
37% of sales were completed by non resident investors, 27% by expatriate residents, and the remainder by UAE nationals.
- 37% of sales were completed by non resident investors, 27% by expatriate residents, and the remainder by UAE nationals
- Due to increased demand, apartments at Grove Gallery Views are now available for purchase by buyers of all nationalities
Geostrategy
Diplomats seek deal to keep critical Syria aid flowing
Diplomats at the United Nations held last-ditch discussions on extending Syrian cross-border aid Sunday, as residents of the country's rebel-held...
- The lack of an agreement threatens to upend assistance to more than two million people
- Russia on Friday vetoed a Security Council resolution that would have prolonged the mechanism by one year
Analysis
Apex banks under pressure to deliver lower inflation
The world economies are staring at the deep recessions and more financial instability. If inflation does not moderate significantly over...
- Global bond and equity markets have been particularly volatile in recent weeks, says the latest Qatar National Bank report
- The main driver of the volatility was the multitude of negative prints coming from inflation figures in key economies, it adds
Geostrategy
Kuwait asks its citizens to leave turmoil-hit Sri Lanka at the earliest
Kuwait's Foreign Ministry has called on nationals who are currently in Sri Lanka to keep away from protest areas, heed...
- Kuwait also advised nationals who are planning to travel to Sri Lanka to postpone their trips.
- It encouraged Kuwaitis in Sri Lanka to call the embassy or the ministry if they seek any help.
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Company News
Nestle pours $1.8 bn in S Arabia
Business
Latest News
Emirates NBD issues Dirham bond, first by UAE firm in 10 years
Dubai, UAE-- Emirates NBD has announced the successful pricing of its inaugural AED1 billion ($272 million) dirham-denominated bond, the first...
Business
Sharjah Consultative Council reviews districts and villages department’s work
SHARJAH, UAE - The Sharjah Consultative Council (SCC), in its seventh session, held as part of the fourth regular session...
Economy
Dubai records over US$2.72bn in weeklong real estate transactions
DUBAI, UAE - A total of 2,173 real estate transactions worth over US$2.72 billion (AED 10 billion) were conducted during...
Business
Most Read
Business
Flynas passenger growth 91% in 2022
The airline launched 16 new destinations and 30 new routes.
- It reported an increase of 91 percent in its passengers to 8.7 million.
- The firm's flights expanded by 45 percent to 66,000 and seat capacity by 46 percent.
Business
DEWA’s new project cuts 44,000 tons of carbon emissions annually
The TESTIAC project was implemented to increase the electricity generation capacity of gas turbines during high ambient temperatures in summer...
- This project is the first of its kind internationally combining Thermal Energy Storage with Inlet Air Chilling in Frame 9F Gas Turbines.
- This reduces the consumption of natural gas in the electricity production process, which limits greenhouse gas emissions.
Business
15 MoUs in several sectors signed at Saudi-Japan Investment Forum
Riyadh, Saudi Arabia - As many as 15 memorandums of understanding were signed between Saudi Arabia and Japan in several...
- The forum highlighted the investment opportunities to strengthen the investment partnership between the two countries in light of Saudi-Japan Vision 2030.
- It also reviewed opportunities to expand the investment partnership between the two countries in a number of the strategic sectors.