Gold futures hit record on US tariff shock; mixed day for stocks
Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks...
Economy
Trump says to raise tariff on India over Russia oil purchases
President Donald Trump threatened Monday to "substantially" hike US tariffs on goods from India over its purchases of Russian oil...
Economy
Economy
Iraq streamlines imports, focuses on strengthening domestic industries
In a move to fortify the local market, Iraq's Ministerial Council of Economy has taken decisive steps, including the removal...
- Iraq's Ministerial Council of Economy removes four items from import lists
- 4% customs tariff reduction announced for imported live animals for slaughter
Business
Dubai Municipality parks attract more than 15m visitors in H1
Dubai, UAE-- More than 15 million people visited Dubai Municipality public parks, neighborhood parks, lakes, and recreational facilities for the...
- The record-breaking trend marks a 50 percent increase in the same period of 2022, which recorded approximately 10 million visitors
- The spike in the number of visitors to the parks and other recreational facilities is made possible by their location and ease of access
Business
World’s largest cruise ship all set to sail
TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...
- Royal Caribbean's luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland's southwestern coast.
- Resembling a village more than a ship, the mammoth vessel boasts colourful waterparks, more than 20 decks and can carry nearly 10,000 people.
Business
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...
- The emirate’s hotel establishments generated revenues exceeding AED3 billion during the same period, a 26 percent growth compared to last year.
- The hotels also recorded an average occupancy rate of 70 percent, with the average stay in the emirate's hotels being 2.7 nights.
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Economy
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
- The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
- The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Economy
Global stock markets slip as European banks’ shares hit
The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese...
- The US trade deficit narrowed in June to $65.5 billion, compared with $68.3 billion in May, on a bigger pullback in imports than exports.
- Another weak batch of trade data compounded worries about the struggling Chinese economy. Sales of Chinese products to foreign markets sank 14.5 percent on-year last month.
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
- Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
- The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.
Economy
Residential prices, rents dip across Qatar as World Cup boost dissipates
Doha, Qatar - The residential property market in Qatar is grappling with a dual challenge of decreased demand and increased...
- Lusail's Waterfront and Fox Hills districts have experienced the highest quarterly depreciation in average quoted rents for apartments
- The office market in Qatar is grappling with a challenge of its own, with a widespread drop in average rental rates attributed to an oversupply of office space
Erdogan defends expansion of controversial coal mine
Dramatic scenes have emerged since July 24 when Akbelen forest in the Milas district of the Aegean province of Mugla...
- Turkish President said the power plant needed to continue production with new coal basins as the existing reserves were close to depletion
- Erdogan's comments come on the eve of a special session in parliament, currently on a summer break, to discuss the situation in Akbelen at the request of the opposition
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Gold futures hit record on US tariff shock; mixed day for stocks
Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks...
Economy
Company News
Latest News
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
Economy
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
Economy
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Business
Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
- The Strategy will generate an estimated 178,000 new jobs by 2030 as the entire tourism infrastructure develops to meet this demand
- It intends to almost double international overnight visitors from 3.8 million in 2023 to approximately 7.2 million in 2030
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
- Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.
- In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.
Economy
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
- The bank said the rate of damage appears to be leveling off as few assets remain intact
- The report also found that more than half of Gaza's population were on the brink of famine