UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...Business Economy Geostrategy Global
UAE-India trade rose to US$384bn in 2013-22
ABU DHABI, UAE - The significant growth in the volume of non-oil trade between the UAE and India signifies the...CEPA will help deliver the target of reaching US$100 billion in non-oil trade annually over the next five years.
During 2020-2022, non-oil trade between the UAE and India has grown from US$27.9 billion to US$51.4 billion last year.
Saudi Arabia’s robotics commercial records rise by 52% in Q2
Riyadh, UAE - Commercial registrations in Saudi provinces for the robot technologies sector increased by 52 percent by the end...According to the Ministry of Commerce's recent business sector bulletin, Riyadh City topped Saudi provinces in the issuance of commercial registrations for the sector
Robotics is one of the Kingdom’s promising sectors and is among the opportunities listed by Saudi Arabia’s Vision 2030 for the business sector
Saudi Arabia sails towards ambitious maritime goals
"The noteworthy achievements include substantial developments in logistics services, fostering a closer relationship with the International Maritime Organization, and supporting...Saudi Arabia has made remarkable strides in the maritime sector, says Saudi Ambassador to the UK, Prince Khalid bin Bandar bin Sultan bin Abdulaziz
The strides include significant developments in logistics services, collaboration with International Maritime Organization, and marine environmental conservation
US banks express caution on economy as Fed rate hikes boost earnings
Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy...JPMorgan and Wells Fargo both reported huge increases in second-quarter profits.
Citi experienced a drop, citing an anemic investment banking market for revenue drop.
Cryptocurrencies rise in value after United States SEC court loss
The increases came after a federal judge in Manhattan partially dismissed the SEC's case against the creators of the XRP...In a second day of gains, Ethereum was up 5.69 percent in the past 24 hours and Elon Musk-supported Dogecoin was up more than 7 percent.
Bitcoin, the main asset in the crypto space, was up 2.3 percent over the past 24 hours. Coinbase gained nearly 25 percent.
UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022.The...The report discusses global, local macroeconomic conditions, domestic asset markets and provides a detailed assessment of the UAE banking system.
The report also contains an analysis of other important developments across the UAE financial sector such as digitalization and sustainability.
Dubai records $3.72 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,626 real estate transactions worth over AED 13.7 billion ($3.72 billion) were conducted during...The DLD report showed that 618 plots were sold for AED 6.19 billion, while 2,410 apartments and villas were purchased for AED 5.63 billion.
The top three transactions were three lands in Al Goze Second sold for AED 68.12 million, AED 67.92 million, and AED 67.56 million.
ACWA Power awards contract for $677m Saudi desalination project
Riyadh, Saudi Arabia:Â Saudi energy and water desalination developer ACWA Power, along with Haji Abdullah Alireza & Co (HAACO) and Al...The engineering, procurement and construction (EPC) contract was signed with a consortium of Power China, SEPCOIII, and WETICO.
ACWA Power currently operates the Rabigh 3 IWP in the same area, the first desalination plant of its size in the private sector.
Burberry sales jump on China boost
Group sales grew 18 percent to $772 million in its Q1.The performance was buoyed by a 46-percent surge in Chinese purchases of items including Burberry's handbags and famed trench coats.
Despite the upbeat trading update, Burberry's share price dipped 0.2 percent to £21 on the rising London stock market.
Four Gulf sovereign wealth funds among world’s top ten
Abu Dhabi Investment Authority ($853 billion) and Kuwait Investment Authority ($803 billion) ranked fourth and fifth respectively, while Saudi Arabia's...PIFs assets reached SAR 2.635 trillion $700 billion in June, increasing by $50 billion, compared to $650 billion in April.
With assets of over $475 billion, Qatar Investment Authority ranked 10th, according to SWF Institute data.
