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...
Economy
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...
Economy
Business
UAE is fourth biggest market for Indian spices
NEW DELHI, INDIA -Â The UAE ranked fourth in the world among the top 12 markets for Indian spices in...
- World Spice Congress 2023 is being organized on the sidelines of the G20 Summit to be held in New Delhi in September.
- India produces 75 spices out of the 109 varieties listed by the International Organization for Standardization (ISO).
Economy
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
- The value of the kingdom's imports from the EU during the first five months of 2023 rose 3.6 per cent to $1.66 billion
- Germany topped the list of countries from which Jordan imports, with the value of import climbing to $356 million
Economy
Strategizing internet use key to halt disinformation
“Handling disinformation is the need of the hour. The Global Media Congress will help devise a strategy to use the...
- The annual Global Media Congress (GMC) in Abu Dhabi aims to strategize the best ways to use the power of the internet and tackle disinformation
- Francisco Chacon Hernandez, Ambassador of Costa Rica to the UAE, sees the importance of the GMC as a platform for policy makers to share best practices
Business
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
- The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
- The government of Pakistan has already approved a refinery policy for new projects in the country.
Geostrategy
Egypt calls for renewal of Black Sea grain export deal
MOSCOW, RUSSIA - Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of...
- Moscow withdrew from the agreement after protesting for months that parts of the deal that allowed for export of Russian fertilizer were not honored.
- Russia refused to extend a deal brokered by UN and Turkey, under which Ukrainian grain exports passed through the Black Sea to reach global markets.
Business
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.
- Natural gas prices are down sharply from the year-ago period following a mild winter.
- The comparative weakness in refinery margins reflects sluggish economic conditions.
Business
PIF sets up tourism firm Asfar
Firm Saudi Tourism Investment Company has been set up.
- The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions.
- The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe
Business
Tabreed H1 23 net profit $105m
New customers and projects were added in H1 2023.
- In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
- Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.
Yen swings after Bank of Japan policy tweak, Asian equities mixed
After a closely watched meeting, the Bank of Japan said it would allow "greater flexibility" in government bond markets, having...
- The currency has been hammered for more than a year as the BoJ refused to shift from its loose policy
- With prices picking up at home and the yen struggling, pressure has been growing on the bank to change tack
Evergrande’s e-vehicle unit shares plunge 70% after trading resumes
The company on Wednesday announced its earnings for 2021 and 2022 -- showing a loss of almost $12 billion --...
- Officials called a halt to dealing in China Evergrande New Energy Vehicle Group (NEV) on April 1 last year after it failed to release its financial results
- In its financial results posted Wednesday, NEV said its debt hit 183.9 billion yuan ($25.6 billion) at the end of December 2022
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...
Economy
Company News
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Egypt grapples with dollar crunch as debt explodes
With inflation up at 35 percent, and amid a severe foreign currency crunch, the Egyptian pound is plunging and the...
Economy
UAE economy to grow 5.7% in 2024 in spite of global challenges
Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including...
Business
WEF24: Geopolitical upheaval to affect global economy
Geopolitical tensions, including the Russia-Ukraine conflict, Middle East unrest, and China-Taiwan ties are key economic disruptors, says Bill Browder of...
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Business
Qatar awards $6bn in contracts for Al-Shaheen oilfield expansion
The four engineering, installation and procurement contracts will increase production at the Al-Shaheen oilfield -- the country's largest -- by...
- Al-Shaheen currently produces 300,000 barrels per day and is operated through the North Oil Company, a joint venture between QatarEnergy and France's TotalEnergies.
- QatarEnergy said the third phase of expansion at Al-Shaheen, which began production in 1994, will be implemented over five years.
Economy
Dubai is a key player in global business landscape
"The emirate is continuing to consolidate its position as an ideal platform that brings together creative ideas and innovative entrepreneurs...
- Dubai Chambers and Enterprise Ireland sign a strategic MoU to link Dubai and Irish firms, emphasizing collaboration in technology, manufacturing, and clean energy.
- The MoU will boost mutual trade and investment, fostering digital economy growth, and offer small businesses opportunities and cross-cultural training through alliance.
Business
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
- The discussions to boost trade ties took place during a UAE delegation's visit to the UK to participate in Investopia London, to be held on January 31, 2024
- The UAE minister said the relations between the two countries serve as a prime example for advanced strategic ties and exceptional economic partnership