Federal Reserve begins two-day talk on interest rates
Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to...
Economy
Business
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.
Business
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.
Economy
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.
Business
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.
Business
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.
Business
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.
Business
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.
Economy
UAE and Mozambique sign MoU to improve ‘work cycle’ for workers
Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the...
- The UAE minister said the MoU establishes an institutional partnership between the two ministries to maximize mutual benefits
- He said the UAE government is keen to build partnerships around the world, which, he feels, builds trust in the country's labor market
Economy
Dubai Customs and Japan’s consulate discuss expansion of trade ties
Dubai, UAE-- Officials from Dubai Customs and Japan's consulate have discussed ways to boost trade cooperation between the two countries...
- The officials noted how collaboration with Dubai was enabling Japan's traders and investors to expand their businesses in Dubai
- The consulate officials conveyed their appreciation for Dubai Customs' role in combating drug smuggling across borders
Economy
Abu Dhabi crown prince reviews progress of government projects in emirate
Abu Dhabi, UAE-- The Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council Sheikh Khaled bin...
- The crown prince stressed the need for investing in early education and how it is integral to building a "future-ready generation"
- In the meeting he noted the importance of achieving a fully integrated and sustainable roadmap, involving all stakeholders
Company News
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DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...
Business
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...
Business
China looks to woo back global elites at Davos forum
Prime Minister Li Qiang, who will make a special address on Tuesday, will be the most senior Chinese official to...
World Economic Forum
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Business
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...
- The airport's traffic shot up 12 percent with over 98,000 flight movements in 2023 as compared to around 87,000 flight movements in 2022
- The airport also added three new destinations for air cargo including Houston in the United States, Kigali in Rwanda and Nasik in India
Economy
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
- She said S&P expects continued strong momentum in Dubai's hospitality, wholesale and retail
- There was a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai
Business
Dubai set to navigate new realty landscape this year
In 2024, the real estate sector is expected to continue to evolve, offering challenges and opportunities for investors and residents...
- In the year 2024, the real estate sector is expected to continue to evolve, offering challenges and opportunities for investors and residents alike despite global uncertainties.
- The market's robust performance, driven by foreign investments and green drive, positions Dubai as a leading global hub for both residential and commercial real estate.