Dollar droops before Powell testimony; euro weathers France uncertainty
The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
Economy
Economy
US Federal Reserve meets to consider raising rates to 22-year high
After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest...
- Futures traders assign a probability of close to 99 percent that the Fed will lift its base rate by 25 basis points on Wednesday, according to CME Group.
- The quarter percentage-point hike predicted by analysts and traders would raise the Fed's benchmark lending rate to a range between 5.25-5.50%, its highest level in 22 years.
Economy
Saudi Arabia’s oil exports fell by nearly 38 percent in May
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...
- Non-oil exports (including re-exports) decreased by 8.7 percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
- The value of imports amounted to SAR 67.7 billion in May 2023 compared to SAR 56.0 billion in May 2022.
Economy
Jordan and Iraqi PMs renew pledge to boost economic ties
Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister...
- The two prime ministers resolved to boost volume of trade exchange, expanding cooperation in the economic, trade and investment fields
- They also lay stress on ramping up cooperation in the field of energy, completion of the electrical interconnection project between the two countries
Business
KNPC exports first shipment of 95 octane motor fuel to Europe
Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...
- The deputy CEO of the company said that the first shipment was loaded on board the oil tanker Pacific Sarah from Mina Al-Ahmadi
- He said the shipment was dispatched in close cooperation and coordination with Kuwait Petroleum Corporation's international marketing sector
Economy
Iran clothing industry employs over 2m people: official
Tehran, Iran – The clothing industry in Iran which employs around two million people grew by 17 percent last year...
- Currently 100,000 production units have been registered in the garment industry
- These statistics do not include the stores operating on the virtual space and also unauthorized people
Economy
COP28 urges governments to make ‘food systems’ central to climate change
Dubai, UAE-- Calling on governments around the world to demonstrate leadership by signing the "Leaders Declaration on Food Systems, Agriculture...
- The presidency exhorted stakeholders in the food and agriculture sectors to speed up existing initiatives across food systems, agriculture, and climate action
- It also pleaded for action to ramp up innovation in the sectors in order to drive both development and climate action, leveraging mechanisms
Business
Saudia Cargo signs deal with Jan de Rijk
It will enable Saudia Cargo to widen network in Europe.
- As per the terms of the deal, Saudia Cargo will use Jan de Rijk's extensive trucking network to shore up its operations in Europe
- Set up in 1971, Jan de Rijk Co, is a leading provider of European transportation, distribution services, and supply chain management solutions
Economy
Eurozone witnesses steepest downturn in eight months in July
The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its...
- "The eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam."
- The eurozone's struggles were fueled by steep downturns signaled by surveys from economic powerhouses France and Germany.
Business
Abu Dhabi Maritime signs MoU with ADNOC Distribution
It seeks to enhance emirate's coastal and marine locations.
- The agreement between the two underscores the ongoing effort to strengthen Abu Dhabi's maritime sector
- Director-General of Operational Affairs at the DMT said that "together, we will unlock the untapped potential of our shores"
Economy
Jordan and Algeria look to ramp up trade, parliamentary ties
Amman, Jordan--Jordan and Algeria are looking to boost trade and parliamentary relations to further enhance bilateral ties between the two...
- The head of the Jordanian-Algerian Parliamentary Committee and Algerian ambassador discussed boosting of ties between the two countries
- The ambassador reiterated her country's commitment to improving ties with the kingdom, adding that a tax-free customs zone will be set up in the near future
Dollar droops before Powell testimony; euro weathers France uncertainty
The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
Company News
Latest News
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
Business
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...
Business
44% of Saudis are young, making up 78% of the labor pool
Riyadh, Saudi Arabia - Saudi Arabia on Monday launched "Youth Development Strategy" to help its youth to play a critical...
Economy
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Economy
SMEs drive economic innovation and growth in UAE
SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani,...
- SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani, CEO of Pemo, tells TRENDS.
- Gorani highlights the importance of a supportive ecosystem and government initiatives in nurturing this vital sector across the Gulf country.
Economy
Total market value of Saudi stocks hits $2.97 trillion
Riyadh, Saudi Arabia - The total market value of the primary Saudi stock market, represented by the All Tadawul Share...
- This valuation encompasses shares from 231 listed companies and funds currently actively traded in the market
- The total shares listed on the main stock market is reported to be 336.56 billion, with free shares accounting for 81.32 billion
Interview
WEF24: Creative leap diversifies Nigerian economy
Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and...
- Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and Creative Economy Hannatu Musa Musawa tells TRENDS.
- The African country is leading initiatives for global recognition, with Destination 2030 showcasing the country's rich cultural heritage and creative prowess, adds Musawa.