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 Banking & Finance Economy
UAE Central Bank predicts country’s GDP to grow by 4.2 percent in 2023
The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent...In its Annual Report for 2021, the CBUAE estimated the non-oil GDP growth to reach 3.9 percent in 2023.
The oil GDP growth will reach 5 percent in 2023, compared with earlier estimates of 3.4 percent.
Stock markets slow as investors weigh recession prospects
The OECD on Wednesday warned that the world economy would pay a "hefty price" for Russia's invasion of Ukraine as...European stock markets were lower Wednesday approaching the half-way stage.
All eyes are on the release of US inflation data for an idea about the future Fed rate hikes.
Credit businesses need to increase access to finance: EDB CEO
Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank (EDB), has called on the local and regional banking...Ahmed Mohamed Al Naqbi was speaking at Bonds, Loans & Sukuk Middle East 2022, which was held in Dubai.
Bonds, Loans & Sukuk Middle East Bonds hosted 70-plus speakers, 550-plus sovereign, corporate and financial institution borrowers and 200-plus investors and lenders.
ADU Holding rebranded NEMA
NEMA Holding to establish academic arm, NEMA Education.NEMA Education's portfolio includes several higher education institutions and professional training companies, including Abu Dhabi University.
NEMA Education has over 10,000 students across its educational institutions and thousands of others who receive professional training through its training institutions.
Zara owner Inditex profits up
The company's net profit increased by 80 percentThe world's biggest fashion retailer said its net profit increased by 80 percent in the first three months of its financial year to April 31
The fashion group, which owns eight brands including upmarket Massimo Dutti warned earlier this year that 2022 sales would be impacted by Russia's invasion
DP World to run Southampton terminal on vegetable oil
DP World's Southampton container terminal will now be run on vegetable oil instead of the usual diesel fuel to scale...Diesel previously accounted for 90 percent of the terminal’s emissions but Hydrotreated Vegetable Oil (HVO) eliminates more than 80 percent of net carbon dioxide emissions
DP World first trialed HVO last year, using the fuel in its forklift trucks, reefer (refrigerated unit) generators and straddle carriers
UAE looks to boost economic partnership with Egypt, Jordan
The UAE wants to boost cooperation with Egypt and Jordan in the financial sector in order to achieve sustainable growth...The governors noted that their industrial partnership reflects a new phase of enhancing financial relations and contributes to achieving sustainable economic growth
At the end of the meeting, Balama and Dr. Al Sharkas signed a Memorandum of Understanding (MoU) to enhance financial and banking co-operation
Wall Street stocks down as World Bank lowers global growth outlook
Wall Street stocks fell early Tuesday as the World Bank slashed its global growth outlook and Target warned of lower...The World Bank cut its growth estimate for the global economy to 2.9 percent, 1.2 percentage points below the January forecast.
The broad-based S&P 500 fell 0.5 percent to 4,100.91, while the tech-rich Nasdaq Composite Index also declined 0.5 percent.
Apple unhappy as EU agree on common charger for all its devices
The EU said the current situation remained wasteful and that European consumers spent approximately 2.4 billion euros ($2.8 billion) annually on...For most portable devices the requirement for charging via a USB Type-C port will come into effect from late 2024, negotiators said, while laptops will be given more time.
The USB-C rule will also stretch to digital cameras, headphones, headsets, portable speakers and E-readers.
EQT X, Mubadala to buy Envirotainer
Envirotainer is the global provider of transportation of biopharmaceuticals.EQT Private Equity and Mubadala said they will seek to support Envirotainer in its next growth phase by accelerating expansion in APAC.
Envirotainer has a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries.
