UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...
Geostrategy
Expansion may offer limited economic boost to BRICS
The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them,...
- The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them, and foster increased bilateral collaboration
- After expansion, the bloc will represent 30% of global GDP, 45% of the population, control 80% of oil production, and account for 16% of global trade by next year
Business
Qatar real estate trading crosses $143m in August 27-31 2023
DOHA, QATAR - The volume of real estate trading in non-residential sales contracts at the Department of Real Estate Registration...
- The total sales contracts for residential units in the Real Estate Bulletin during August 27-31 reached US$75 million.
- The real estate trading in sales contracts in the non-residential category during August 27-31 reached US$ 68 million.
Geostrategy
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...
- The Russian president and the Saudi crown prince discussed the outlook for BRICS expansion.
- The two leaders reviewed cooperation between the two countries within the OPEC+ agreement framework.
Economy
US Treasury pushing to increase IMF funding by raising quota obligations
The comments from Jay Shambaugh, the Treasury's under secretary for international affairs, underscore the Biden administration's push for the IMF...
- An increase in quotas "will reduce its reliance on borrowed resources and provide the IMF with a more consistent and predictable level of resources," said Jay Shambaugh.
- The Treasury is also looking at ways to expand the influence of emerging markets and developing economies at the top of the IMF, he said.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
- EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
- 9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.
Economy
$341bn in non-oil trade between UAE, G20 countries: UAE Minister
New Delhi, India - The non-oil trade between the UAE and G20 countries in 2022 hit $341 billion, which is...
- G20 countries are the UAE's largest trading partners, accounting for 43% of its non-oil exports, 39% of e-exports, and 67% of imports, the minister said
- He noted that the UAE's non-oil trade with the G20 countries grew significantly in 2022, up 56% from 2020 and 34% from 2019
Economy
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...
- A GASTAT report showed a 6.1% increase in non-oil activities over 2022, a 2.3% increase in government activities over 2022, and a 4.3% decrease in oil activities.
- According to the report, seasonally adjusted real GDP decreased by 0.2 percent in Q2 of 2023 compared to the Q1 of 2023.
Economy
China reports drop in exports and imports in August
Beijing, China--China's exports and imports sank again in August, data showed Thursday, as the world's second-largest economy struggles with sluggish global...
- The customs authority said that overseas shipments dipped 8.8 percent on-year, compared with a 14.5 percent plunge in July
- The country's exports, apart from a brief rebound in March and April this year, have been in constant decline since October
Economy
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...
- According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
- The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
Company News
Latest News
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
Business
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Geostrategy
Norway deal averts Palestinian financial collapse: govt
The portion of the revenues that Israel will transfer to Norway will remain in a Norwegian account until the parties...
- Under a 1994 agreement, the PA receives taxes that Israel collects on its behalf -- but Israel has withheld some of these since Hamas's attack
- The Palestinian Authority has refused to accept any transfers unless Israel changes its decision, an impasse that has lasted for several months
Interview
WEF24: Pragmatic actions to help in carbon neutrality
Technology investment and corporate partnerships can play a crucial role in driving significant emission reduction, Hans Kobler of Energy Impact...
- Technology investment and corporate partnerships can play a crucial role in driving significant emission reduction, Hans Kobler of Energy Impact Partners tells TRENDS.
- He stresses the need for concrete action, emphasizing the importance of pragmatic strategies and sustained investment to overcome the challenges of climate finance.
Geostrategy
Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
- Many companies have chosen to divert their vessels to avoid the Red Sea
- US and UK strikes on Houthi targets have failed to halt the rebel attacks