Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
Economy
Economy
Biden-McCarthy ‘productive’ debt ceiling talks fail to uplift markets
After their latest get-together on Monday, the Republican Speaker said: "I felt we had a productive discussion. We don't have...
- With just weeks to go before the United States runs out of cash, the standoff has become the key topic on trading floors
- Months of negotiations have failed to break the deadlock and lift the borrowing limit from the current $31.8 trillion
Economy
CBUAE ‘removes’ board of directors of insurance company
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating...
- The bank did not divulge details on the identity of the insurance company or what led to the removal of the board of directors
- It only added that "this administrative sanction is imposed in accordance with Article 41 of the Federal Law No. 6 of 2007"
Economy
Oil, non-oil sectors may hurt UAE’s growth prospects
OPEC-agreed oil output cuts, non-oil sector slowdown due to higher rates, and weaker external demand may act as potential setbacks...
- OPEC-agreed oil output cuts, non-oil sector slowdown due to higher interest rates, and weaker external demand may act as potential setbacks for UAE's economy this year
- The UAE's real GDP growth rate might drop to 3 percent in 2023, a sharp decrease from the robust 7.6 percent in 2022, predicts the latest forecast by GlobalData
Economy
Iran, Indonesia to sign preferential trade agreement to boost trade
Tehran, Iran-- Less than a year after signing a preferential trade agreement (PTA) with the UAE, Indonesia will sign a...
- According to Indonesia's trade ministry, the treaty will lead to improvement in trade ties and scale up the trade-transaction value between the two countries
- As per the PTA, products such as vegetable oil, cocoa, coffee, tea, spices, fruits, vegetables, and fish from Indonesia that are popular in Iran will be given preference
Economy
UAE institutional investors should focus on transition investment: NYUAD report
Abu Dhabi, UAE-- In order to advance the United Nations Social Development Goals, the UAE institutional investors should concentrate on...
- The participants in the workshop noted that transition investment can make a significant difference to the global economy and the MENA region
- The event drew a wide array of people like asset managers, researchers and policymakers to share knowledge and best practices on unlocking large-scale investments
Economy
UAE and Malaysia agree to boost cooperation in clean energy
Kuala Lumpur, Malaysia-- The UAE and Malaysia are looking to bolster cooperation in the field of energy, in addition to...
- The two ministers explored collaboration on investment and development in the energy sector and ways to boost capacity of the two countries in the field of sustainable development
- The visiting minister Al Mazrouei noted that the UAE is seeking to form new partnerships with allies in order to shape a better future for the coming generations
Economy
Entrepreneurship, SMEs drive Qatar’s economic growth
The Gulf country, according to reports, ranks first in the MENA region and fifth globally in entrepreneurship education and training...
- Qatar ranks first in the MENA region and fifth globally in entrepreneurship education and training at university and vocational levels, says a top QSTP executive
- Numerous initiatives are in place to stimulate the economy, including enhancing investment climate, encouraging local manufacturing and expanding logistics infra
Economy
UAE signs MoU with Microsoft, PwC to set up ‘centre for digital excellence’
Dubai, UAE-- The UAE has signed a memorandum of understanding (MoU) with Microsoft and PricewaterhouseCoopers (PwC) to set up the...
- The centre will look to shore up government's digital transformation, enabling government authorities to benefit from the best global practices and modern technologies
- The new entity will explore how advanced technologies affect government work and will also conduct research and development in digital transformation
Economy
Gross sovereign borrowing requirements will jump to $12.9 trn in 2023: OECD
Paris, France – Sovereign borrowing needs are expected to increase in 2023 against the backdrop of the financial and economic...
- Outstanding central government debt declined as a share of GDP, from a peak of 88 percent in 2020 to 83 percent in 2022
- The total stock of sovereign sustainable bonds now exceeds $325 billion, 75 percent of which are focused on climate and environmental projects
Business
Sharjah event discusses anti-money laundering practices
SHARJAH, UAE - Sharjah Economic Development Department (SEDD) organized multiple workshops for legal purposes and a number of investors and...
- In the workshops , the legislative frameworks for real beneficiary and combating money laundering were reviewed.
- The purpose of the event is to form an ideal investment climate which supports business continuity, said an official.
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
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Al Ansari 9M profit US$105m
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ADIB issues green sukuk
Business
MENA faces economic turbulence due to Gaza conflict
The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
Economy
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
Market Report
Saudi Arabia, South Korea ink pact to manufacture vaccines, biotech solutions
Seoul, South Korea - Saudi Arabia and South Korea on Sunday signed a Memorandum of Understanding (MoU) to collaborate in...
Economy
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Economy
UAE ranks first in Middle East, 4th globally as remote work destination
Dubai, UAE -- The UAE has ranked first in the Middle East and fourth globally as a leading destination for...
- The UAE ranked fourth after Spain, Argentina, and Romania, according to the website, which develops rankings based on a variety of factors
- UAE Minister Omar bin Sultan Al Olama said his country has established a flexible and future-oriented system for remote work
COP28 UAE
Innovative solutions crucial for marine conservation
The MENA Oceans Network, launched at the COP28, marks a pivotal step in addressing urgent ocean-related challenges in the region,...
- The MENA Oceans Network, launched at the COP28, marks a pivotal step in addressing urgent ocean-related challenges in the region, says Tatiana Antonelli Abella of Goumbook.
- This multi-stakeholder initiative, supported by the UN-UAE Office, aims to enhance marine conservation, promote a sustainable blue economy, and support SDG14 drive, she adds.
Geostrategy
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
- The economy ministry said on Saturday that Sunday would be the last day prospective buyers could apply for the scheme.
- Under the scheme, the government paid out thousands of euros per customer to partially cover the cost of buying an electric car.