Gold hits fresh record above $2,300 as Fed hints at easing monetary policy
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...
SAMA: E-payments share reached 70% of total payments in 2023
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments...
Economy
Economy
US leaders look for support on crucial debt default bill
The key deadline is June 5 -- when, according to Treasury estimates, the government will no longer have the funds...
- The bill, finalized on Sunday by President Joe Biden and House Speaker Kevin McCarthy, faces opposition from the progressive and hard-right wings.
- Biden and McCarthy both say they are confident the bill will pass a House vote scheduled for Wednesday and then move swiftly to the Senate.
Business
UAE-India Business Forum discusses investment opportunities
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has embarked on a landmark trade mission to India,...
- The UAE-India Business Forum brought together key business leaders, government officials and industry experts from both Sharjah and Mumbai.
- The trade mission's first leg commenced with the highly successful UAE-India Business Forum held in Mumbai, India's bustling commercial capital.
Economy
UAE Corporate Tax: All you need to know
The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards...
- The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties
- Four of the GCC's six member states have corporate tax systems, ranging from 10 percent in Qatar to 15 percent in Kuwait and Oman to 20 percent in Saudi Arabia.
Business
Saudi SEZs attract $12bn in investments since launch in April
An additional $31 billion in investments are in progress, the Special Economic Zones Investment Forum in Riyadh was told Tuesday....
- Saudi Arabia's Minister of Investment Khalid Al-Falih said kingdom closed deals worth SAR 285 billion ($76 billion) in 2022 across sectors ranging from agriculture to aerospace.
- The Special Economic Zones Investment Forum in Riyadh was told Tuesday that an additional $31 billion in investments in the SEZs are in progress.
Business
Sharjah’s Waste-to-Energy Project promotes renewable energy
SHARJAH, UAE - The Sharjah Waste-to-Energy Project, the first of its kind in the Middle East, has strengthened its efforts...
- Since its launch one year ago, the plant has increased its waste diversion rate from 76 percent to 90 percent.
- The move aligns with the UAE's goal of achieving climate neutrality by 2050 and diversifying the energy mix.
Business
UAE Banks’ Q1 2023 profit surges by 35% to $5 bn: Alvarez & Marsal
Dubai, UAE - UAE banks experienced a significant surge in profitability during the first quarter of 2023, according to the...
- In Q1'23, customer deposits witnessed a remarkable growth rate of 43.5 percent, surpassing the growth of loans and advances
- Net interest income (NII) witnessed a slight uptick of 0.4 percent QoQ, and the overall net interest margins (NIMs) remained stable at 2.8 percent
Economy
DEWA commissions water reservoir built at cost of US$42.85mn
Dubai, UAE-- In order to increase Dubai's water security and keep pace with the increase in demand, Dubai Electricity and...
- Built at a cost of US$42.85 million, it has a storage capacity of 60 million imperial gallons (MIG) and will take care of any rise in demand for water
- Saeed Mohammed Al Tayer, MD and CEO of DEWA said sound scientific planning has helped DEWA keep pace with the growing demand for water in Dubai
Economy
Iraq and Iran discuss boosting ties in transportation sector
Baghdad, Iraq--Iraq is looking to deepen cooperation with Iran in the transport sector and facilitate the movement of pilgrims between...
- An official in the Iraqi ministry said discussions focused on increasing cooperation in the field of land and air transportation, and ramping up the number flights
- The meeting between the Iranian and Iraqi ministers happened two days after Baghdad announced a plan to turn itself into a regional transportation hub
Economy
UAE Corporate Tax: All you need to know
The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards...
- The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties
- Four of the GCC's six member states have corporate tax systems, ranging from 10 percent in Qatar to 15 percent in Kuwait and Oman to 20 percent in Saudi Arabia
Economy
Qatar’s trade balance surplus touches US$6 billion in April
Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s...
- Qatar's value of imports in April dropped 6.3 percent from the previous year and 9.3 percent from the last month to touch $2.39 billion
- The country's prime minister said this month that non-oil sector has grown 9.9 percent in Q4 of 2022, and oil activities also saw a 4.8 percent rise
Gold hits fresh record above $2,300 as Fed hints at easing monetary policy
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...
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Chemanol to buy stake in ACC
Business
UAE, Mauritius conclude CEPA talks, set to boost trade
The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...
Business
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
Economy
UAE insurance sector grows with rise in gross written premiums in Q3 2023
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has said that the UAE insurance sector continued to...
Economy
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Economy
Saudi EXIM Bank, DBK sign MoU
It will boost the trade between Saudi Arabia and Kazakhstan.
- Under the MoU, both banks have also agreed to exchange information, experiences, and best practices to enhance the development of services and products
- It will also facilitate collaborative research efforts and knowledge sharing to design export credit policies and practices and provide workforce training opportunities
Economy
‘Private sector plays vital role in Gulf integration’
"The GCC has all the potential to become a strong economic alliance capable of asserting itself on the global economic...
- The GCC has all the potential to become a strong economic alliance capable of asserting itself on the global economic map.
- This potential is attributed to its natural resources, distinctive geographical location, and robust global alliances with nations.
Economy
UAE banking sector sees $71.87 billion in savings deposits until October 2023
Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the...
- The local currency, the dirham, accounted for the largest share of Savings Deposits, with around 82 percent, which is $59.12 billion
- Demand Deposits rose to $262.77 billion at the end of October 2023, with an annual growth rate of 5.6 percent