Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
Geostrategy
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to...
- The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place
- Despite government-level reconciliation, Saudi-Iran ties face early-stage challenges, including Iranian aggression, and businesses in both countries risk political uncertainties
Business
QSE unveils new trading system
It is expected to propel Qatar as an investment hub.
- The new platform aligns with the advanced financial market technologies deployed by exchanges like London Stock Exchange Group
- A multi-asset, multi-market, trading platform, it will provide wide support a range of asset classes including equity, fixed income, and derivatives
Economy
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1...
- Total Bank Deposits increased by 1.9 percent, rising from $626.47 billion at the end of March 2023 to $638.73 billion at the end of April 2023
- The Money Supply aggregate M2 climbed by 2.0 percent, from $485.57 billion at the end of March 2023 to $495.47 billion at the end of April 2023
Geostrategy
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region...
- The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place
- Despite government-level reconciliation, Saudi-Iran ties face early-stage challenges, including Iranian aggression, and businesses in both countries risk political uncertainties
Business
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...
- The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
- The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
Business
Hyundai targets two million EV sales by 2030
SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030,...
- If the firm reaches the new goal, its electric vehicles, including luxury brand Genesis, would account for 34 percent of its worldwide sales in 2030.
- The South Korean carmaker - one of the world's largest - is under pressure in the United States and Europe to boost local production of clean vehicles.
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
- CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
- CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
Business
AD Ports signs 30-year pact to operate Congo’s key port
The first phase works, costing $200m, likely to completed in 30 months.
- The Group will provide the facility with digital services and technology solutions to enhance its efficiency
- It will invest more than $500 million in the development and functioning of the “New East Mole Port”
Business
Qatar signs 27-year gas supply deal with Chinese firm
The agreement, to supply four million tons annually to the China National Petroleum Corporation (CNPC), matches the terms of a...
- Asian countries led by China, Japan and South Korea are the main market for Qatar's gas, which has been increasingly sought by European countries since Ukraine war.
- Earlier this month, QatarEnergy agreed a 15-year supply deal with Bangladeshi state firm Petrobangla, and last month it awarded a $10 billion contract to France's Technip.
Business
Boeing, Airbus notch up big orders
At list prices, the Airbus deal is worth $3.3bn and Boeing's $1bn.
- Philippine Airlines will buy nine of Airbus' A350-1000 planes, while Air Algerie will buy eight of Boeing's medium-haul 737 MAX-9 aircraft.
- Faced with growing demand for long-haul planes, Airbus is pushing to increase production of the A350, its latest airliner, setting a target of nine per month by the end of 2025.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Alba sets new production record
Business
Penguin, SkyBlue ink MoU
Business
Latest News
Abu Dhabi Islamic Bank adopts AI
Business
Telefonica to cut 3,421 jobs
Business
WEF24: GenAI poised to revolutionize energy sector
The GCC -- with countries such as Saudi Arabia, the UAE, Kuwait, and Qatar -- plays an important role in...
Interview
Most Read
Business
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
- France, the United Arab Emirates, India, Turkey, and the United Kingdom were the top destinations for UAE recruiters.
- This trend underscores the UAE's commitment to fostering a diverse and vibrant multinational workforce.
Business
EU gives accent to landmark rules on artificial intelligence
Brussels, Belgium - The European Union's 27 member states on Friday approved landmark rules on reining in artificial intelligence, passing a key...
- Brussels first proposed an AI law in 2021 but spent most of last year racing to greenlight the draft text after chatbot ChatGPT exploded onto the scene.
- EU ambassadors finally signed off on the text during a meeting Friday in Brussels, after French and German concerns were assuaged.
Business
Most markets advance after tech titans fuel Wall Street surge
Shares in Amazon, Apple and Facebook owner Meta all climbed during Thursday's session. All three companies were due to report...
- Shares in Amazon, Apple and Facebook owner Meta all climbed during Thursday's session. All three companies were due to report results after the market closed
- Wall Street's main indices -- the Dow, the tech-heavy Nasdaq and the broad-based S&P 500 -- had tumbled on Wednesday after the Fed's disappointing rate signal