Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
Business
Global economic concerns hit GCC equity performance
Market Report
Business
Retal’s stock rises 2.4%
It will build 550 housing units in Riyadh for $161m.
- Retal said in a bourse filing that the project is expected to positively affect the company’s results after the sale begins and the project is completed
- Last month, Retal and National Housing signed another agreement to build 759 housing units in Riyadh
Economy
Automation poised to transform GCC labor market
About 42.6 percent of jobs in the region will be automated by 2030, ahead of the global average of 32...
- Management consulting firm McKinsey predicts that 42.6 percent of jobs in the GCC will be automated by 2030, ahead of the global average of 32 percent
- As a backup plan against future pandemics, the GCC's business automation strategies evolved quickly during and after the COVID-19 pandemic
Business
EU energy head hails “partnership” with Algeria
Seeking new exporters of gas to the continent, European Union's energy commissioner has hailed a "long-term strategic partnership" with Algeria...
- Algeria has helped Europe diversify its energy supplies by pumping more gas to Italy, which in July signed a deal to import billions more cubic metres
- Energy Minister Mohamed Arkab said his country was "a trusted supplier" that always honors its obligations
Business
DEWA to enhance ties with foreign firms at GITEX Global 2022
MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received Consul-General of Canada to Dubai...
- Al Tayer emphasized DEWA’s keenness to consolidate cooperation and exchange expertise with Canadian companies.
- The DEWA CEO highlighted DEWA’s key development projects and strategic initiatives, especially the technological projects.
Economy
UAE to launch new integrated ‘EmaraTax’ platform later this year
Dubai, UAE---The UAE Federal Tax Authority (FTA) has announced that the new "EmaraTax" integrated platform will be launched later this...
- EmaraTax will significantly enhance the way that taxpayers can access the FTA’s services, pay their taxes and obtain refund.
- The new platform also greatly enhances the ability of the FTA to administer taxes in the UAE.
Business
Villas, apartments worth $265 million sold in Dubai
Dubai, UAE--- Dubai real estate market recorded realty deals worth AED1.5 billion ($408 million) on Tuesday, Dubai Land Department said.
- The total realty deals recorded during the day amounted to $408 million, according to Dubai Land Department.
- Mortgages included 47 villas and apartments worth AED109.29 million and 30 land plots valued at AED80.72 million.
Market Report
Equities, oil prices slide on recession fears
Stock markets and oil prices slumped as investors grow fearful that more big interest rate hikes will tip economies into...
- Traders had hoped that bumper rate increases by the US Federal Reserve this year would begin to drag on the economy and slow runaway prices.
- Chip manufacturers globally took a pounding from new US export controls.
Economy
Unemployment Insurance Scheme comes into force in UAE
The Ministry of Human Resources and Emiratization (MoHRE) of UAE announced that an 'Unemployment Insurance Scheme' for employees of the...
- The insured will be compensated with cash for a specific period of time if they lost their job until they find another employment
- The compensation will be paid monthly, calculated at 60 percent of the employee’s subscription salary.
Business
QNB posts 7% rise in profit
Its net profit for the first nine months of the year was $3bn.
- QNB has been subject to hyperinflationary accounting requirements since the second quarter of 2022 for its Turkey operations
- The Doha-based lender’s operating income increased 24 percent year-on-year to $7.03 billion
Geostrategy
US climate spending could spark tariff war, says Scholz
German Chancellor Olaf Scholz criticized US climate protection plans that would shield domestic companies from foreign competition, saying they could...
- European Union officials have in recent weeks spoken out against planned US tax credits for the domestic electric vehicle market.
- South Korea has also voiced its displeasure, calling the new rules favoring American e-cars a "betrayal".
Company News
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Global economic concerns hit GCC equity performance
Market Report
FAB becomes first MENA bank to publish TCFD climate report
Abu Dhabi, UAE -- First Abu Dhabi Bank (FAB) became the first MENA bank to publish a Task Force for...
Business
Saudi Arabia’s PIF to buy 10 percent stake in London’s Heathrow airport Â
Saudi Arabia's sovereign wealth fund is to buy 10 percent of London's Heathrow airport from Spanish infrastructure giant Ferrovial, whose...
Business
Aster to separate its India and GCC businesses
Dubai, UAE - Aster, an integrated healthcare provider, is separating its India and GCC businesses, subject to regulatory and corporate...
Business
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Economy
Iran’s exports to African countries register 185 percent growth
Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185...
- The Islamic Republic's exports to Africa from March 21 to October 22, 2023 showed a more than 185 percent growth
- According to an Iranian official, the country would witness $5bn worth of trade with Africa in the next few years
Amazon releases AI chatbot
"Q" will be available only to the company's AWS cloud.
- "Q" will be available only to Amazon's AWS cloud computing customers and will be in direct competition with ChatGPT as well as Google's Bard and Microsoft's copilots
- Costing $20 monthly per user, Amazon Q will perform a variety of tasks including summarizing uploaded documents and answering questions about specific data
Business
CBUAE and People’s Bank of China renew currency-swap agreement
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to...
- The agreement is expected to boost the strategic partnership between the UAE and China as well as expand the ties in the financial and economic fields
- With a nominal value of $4.90 billion, the renewal of the agreement aims to promote financial ties by facilitating the provision of liquidity in local currency to financial markets