US Fed expected to look beyond Trump win and cut rates again
The labor market has remained resilient, despite a sharp hiring slowdown last month due to adverse weather conditions and a...Business
Microsoft unveils autonomous AI agents for business tasks
San Francisco, United States - Microsoft on Monday said it was enhancing its AI offerings with new autonomous agent capabilities as...Business
UAE, New Zealand discuss economic cooperation, free trade pact
DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration,...The UAE and New Zealand already share a productive trade relationship, with non-oil trade reaching US$805 million in 2022.
UAE is New Zealand's leading trading partner in the Arab World, accounting for 2.5 percent of Wellington’s total foreign trade.
SABIC-Sinopec China plant opens
The plant is located in their jointly owned petrochemical firm.Sinopec SABIC Tianjin Petrochemical Company, established in 2009, consisting of nine manufacturing units.
The production capacity of the new polycarbonate factory is 260,000 tons per year.
Saudi Arabia’s consumer spending hits $27bn in July: Central Bank
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 2 percent to SAR 104.6 billion ($27.88 billion) in July 2023, from...Data showed 745.9 million transactions were processed through 1.64 million POS devices in July.
POS transactions represent what consumers spend using their ATM and credit cards in shopping malls, retail stores, pharmacies, etc.
China, US lift wind turbine sales: study
The study credited President Joe Biden's Inflation Reduction Act in the United States, which is designed to underpin a vast energy...Between January and June turbine orders for capacity reached 69.5 gigawatts, a 12 percent rise over in the first six months of 2022, according to research firm Wood Mackenzie
Total first half volume by value came in at $40.5 billion with a 47 percent rise in Chinese demand one of the key factors behind the push, the report said
ADNEC Group launches charter flights to Europe, Central Asia to draw tourists to Abu Dhabi
Abu Dhabi, UAE - ADNEC Group, through its tourism arm Tourism 365, has launched new charter flight services in the...The new service, available from Europe and central Asia, is poised to increase visitor arrivals to the UAE
The travel sector is expected to represent nearly 10 percent of the UAE's total economy by 2023
GCC facility management eyes 10% growth until 2030
Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services, focusing on...Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services
Energy conservation and operational efficiency remain key focus as .UAE FM market is set to grow from $7.14bn in 2023 to $9.87bn by 2028
Abu Dhabi to unveil one of world’s biggest airport terminal
Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi...Terminal A in the Abu Dhabi airport will be able to accommodate 11,000 travelers per hour and 79 aircraft at a time.
The new facility, also known as Midfield Terminal Building, "is scheduled to begin operations in early November 2023", local media said.
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...Moody's said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly speculative and are likely in, or very near, default"
The Chinese firm is estimated to "not have sufficient internal cash sources to address its upcoming offshore bond maturity", according to Moody's
Bitay to expand in UAE’s burgeoning crypto market
DUBAI, UAE – Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market.The UAE, which...Kickstarted by a government research grant, Bitay has been operational in Turkey since 2018 and expanded its services globally in 2021.
The platform is licensed as a Money Services Business (MSB) in 16 US states and offers services in multiple countries.
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
