Asian stocks rise as Powell rate warning taken in stride
Equities rose in Asia on Wednesday as traders took in their stride a warning from Federal Reserve boss Jerome Powell...
Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
- Bitcoin traded 8.5% lower at below $54,000at $54,000 at time of publishing
- About $700 million of bullish crypto positions using derivatives were liquidated in the past 24 hours
Economy
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...
- Central bank’s economic forecasts do not take into account who wins the presidency.
- Powell seemed to rule out the likelihood of a 50 basis-point rate cut
Economy
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
- In 2023, Dubai hosted 17.15 million international overnight visitors, and the city has maintained its strong tourism momentum into 2024
- The growth in the first six months of this year suggests that Dubai is on track for a record-breaking performance
Economy
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
- The first half of 2024 saw an increase in trading activity, higher trade values, and a wave of new investors
- Market capitalization of DFM listed companies stands at AED 679 billion (USD 184.8 billion) in the period
Economy
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
- Indians are employed in a wide range of professions from highly qualified fintech, healthcare, information technology, engineering and banking to blue collar jobs
- Within the GCC, the most popular destination for Indian job seekers is the UAE, which hosts 3.55 million Indians, followed by Saudi Arabia, with 2.64 million Indians
Economy
Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
- Figures showing the US economy expanded far more than expected in the second quarter
- Attention now turns to personal US consumption expenditure figures, due later today
Dubai’s GDP tops $31.3 bn in Q1 2024, growing 3.2%
The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth...
- The transportation and storage sector grew by 5.6 percent, contributing USD 4.2 billion (AED 15.4 billion) to the GDP, driven by increased demand for national carriers' services
- The financial and insurance sector also saw a 5.6 percent rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth in credit and deposit balances
Economy
Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
- Traders appeared to be unmoved by China's decision to cut interest rates
- Developments out of Washington overshadowed optimism that the FED will cut interest rates as soon as September
Economy
US Department of State issues favorable 2024 Bahrain Investment Climate Statement
The investment climate in the Kingdom of Bahrain is positive and relatively stable. Bahrain maintains a business-friendly environment and a...
- Oil and gas sector now makes up less than 20 percent of Bahrain’s GDP
- Bahrain’s total foreign direct investment (FDI) stock reached $33.8 billion in 2023
Economy
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
- Gold rose 0.5% to $2,482.29 per ounce, hitting an all-time high
- Markets are fully pricing in a rate cut of at least 25 basis points
Asian stocks rise as Powell rate warning taken in stride
Equities rose in Asia on Wednesday as traders took in their stride a warning from Federal Reserve boss Jerome Powell...
Company News
Latest News
Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
Democratization of investments: Digital platforms open private equity to individual investors
The shift towards greater accessibility – which has accelerated particularly within the last five years – has opened up new...
UAE labour market transforms with AI revolution and growing demand for high-skill professions
The country is among the most attractive markets for skilled global professionals and talent, thanks to its competitive advantages, including...
Economy
Most Read
GCC equity markets ended 2024 in positive territory
Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...
- DFM led its peers, wrapping up 2024 with an annual rise of 27 percent
- GCC traded values rose at an annualized rate of about 29 percent in 2024,
Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
- First sales from developers climbed by 30 percent year-on-year to US$91 billion
- The year marked a 42 percent year-on-year increase in the volume of apartment sales
Economy
Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
- The Kingdom's total international trade volume reached SAR 164.794 billion ($43.51 billion) in October, reflecting a 2% growth
- Non-oil exports in October totaled approximately SAR 19.413 billion ($5.24 billion), representing 21% of total exports