GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...Business Economy Energy Geostrategy
UAE issues new guidelines for real estate transactions
The Ministry of Economy (MoE) and the Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU),...The move will help the UAE’s sustainable, evolving approach to the global fight against money laundering and terrorist financing
The decision was made following multiple meetings and discussions among the MoE, MoJ, FIU, and other competent authorities in the UAE
Jordan real estate trade grows by 20% to $4.41 billion
Jordan has posted a twenty percent rise in real estate trade to $4.41 billion during the first seven months of...Jordan's revenue from the real estate market stood at $200 million in the January-July period of 2022, a 33-percent increase from the figure reported in 2021
In July alone the trade volume went up by 40 percent, touching $695 million
Jordan cabinet meeting debates implementation of reform plan
A cabinet meeting in Jordan discussed ways of implementing the "roadmap" in accordance with the time frame set by the...Nasser Shraideh, the Minister of Planning and International Cooperation, briefed the Cabinet on the proposed work methods and mechanisms for implementing the roadmap
The Cabinet endorsed the Industry Support and Development Fund Regulations for 2022 that would establish the Support and Development of Industry
QAMCO profit rises by 112%
The company's net profit rose to $164 million in H1 of 2022.The company's earnings per share (EPS) amounted to QR 0.110 as of June 30 this year as against QR 0.052 for the same period in 2021
QAMCO, a Qatari Public Shareholding Company, capital amounts to $1.60 billion
Dubai to be pitched as global hub for creative economy
The agreement between the two will see them both offering services to help set up new businesses in creative economy...The partnership will aim to double the creative industries’ contribution to Dubai’s GDP to five percent
It will provide creative businesses with special incentives, such as creative activities, logistics, consultation, banking solutions and services
Retaining customers rattles retailers as sales drop
From optimizing the purchasing ecosystem to driving personalization and developing schemes that help consumers with finance management, retailers must work...From optimizing the purchasing ecosystem to driving personalization and developing schemes that help consumers with finance management, retailers must work harder
During the pandemic, nearly 40 percent switched brands or retailers, and more than 80 percent developed new shopping habits, says a recent McKinsey study
Dubai Digital Assets Business Group formed to promote digital assets growth
Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai Chambers, has announced the formation...The key objectives of the new business group include promoting the digital asset industry in Dubai, boost transparency through market intelligence and data.
The group provides an ideal platform for companies operating in the digital asset sphere to unify their voices, said Omar bin Sultan Al Olama.
Over 7mn international visitors in Dubai in H1 2022
Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording over 183 growth compared to the 2.52...The number of tourists recorded in H1 2022 was close to the numbers achieved in the first six months of 2019
Western Europe accounted for a significant share of tourist arrivals, comprising 22 percent of total international visitors in H1 2022
Qatar’s central bank’s foreign currency reserves hit $58bn in July
Qatar Central Bank’s (QCB) foreign currency reserves and liquidity increased 2.79 percent to reach QR 211.32 billion ($58bn) in July...The rise in reserves driven by an increase in the central balances of bonds and foreign treasury bills.
The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and Special Drawing Rights (SDR).
Jordan’s online payment system records transactions worth $13.4bn
Online bill payments through National Electronic Payment System in Jordan surged 27 percent in 2021 to JD 9.5 billion ($13.4bn)....Mobile phone payments increased 107 percent in volume with 25 million transactions.
Payment and electronic money transfer firms issued around 148,000 credit and prepaid cards.
