US Fed poised to hold off on rate cuts, defying Trump pressure
Policymakers at the independent Federal Reserve have kept the benchmark lending rate steady since the start of the year as...
Economy
China’s premier tells EU leaders ‘we can’t afford’ massive industrial subsidies
Chinese Premier Li Qiang dismissed EU fears over Beijing's allegedly excessive subsidies to its industry, telling the bloc's leaders "we...
Economy
Business
TAQA to buy SWS Holding
The energy company will pay US$462 million for the buyout.
- TAQA will pay 50 percent of the amount on completion of the deal and the remaining 50 percent will be paid a year later
- The acquisition is expected to add some US$4.35 billion to TAQA's exisiting regulated asset value of approximately US$20.42 billion
Economy
Pakistan to hand over Karachi Port terminals to UAE
Dubai, UAE - Pakistan has taken steps to finalize a deal with the United Arab Emirates (UAE) for the handover...
- The decision was made during a meeting chaired by Finance Minister Ishaq Dar, held by the Cabinet Committee on Inter-Governmental Commercial Transactions
- To facilitate the negotiation process, a committee has been formed to establish a commercial agreement between the Karachi Port Trust (KPT) and the UAE government
Business
QSE unveils new trading system
It is expected to propel Qatar as an investment hub.
- The new platform aligns with the advanced financial market technologies deployed by exchanges like London Stock Exchange Group
- A multi-asset, multi-market, trading platform, it will provide wide support a range of asset classes including equity, fixed income, and derivatives
Economy
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1...
- Total Bank Deposits increased by 1.9 percent, rising from $626.47 billion at the end of March 2023 to $638.73 billion at the end of April 2023
- The Money Supply aggregate M2 climbed by 2.0 percent, from $485.57 billion at the end of March 2023 to $495.47 billion at the end of April 2023
Economy
‘EU acknowledges, appreciates Qatar’s labor reforms’
The EU also lauds the exceptional execution of FIFA 2022 in Qatar. It helped refine Qatar's reputation and correct misconceptions....
- European Union commends Qatar's successful organization of FIFA World Cup and its positive impact
- The bloc has also vowed to strengthen relations with Islamic countries and combat hatred against Islam
Turkey raises minimum wage by 34% to tackle inflation
Ankara, Turkey - Turkish government has announced a 34 percent increase in the monthly minimum wage, effective from July 1. ...
- The decision was reached by the minimum wage assessment commission, following negotiations between workers and employers
- President Tayyip Erdogan, who was re-elected, has indicated a willingness to implement interest rate hike in an attempt to stabilize the economy
Business
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...
- The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
- The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
- CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
- CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
Geostrategy
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
- At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
- Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
US Fed poised to hold off on rate cuts, defying Trump pressure
Policymakers at the independent Federal Reserve have kept the benchmark lending rate steady since the start of the year as...
Economy
Company News
WTO head ‘less optimistic’ for world trade due to Red Sea strikes
World Economic Forum
Latest News
World Economic Forum foresees ‘significant economic slowdown’
World Economic Forum
Qatar Central Bank head calls for enhanced GCC action to tackle challenges
Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among...
Economy
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
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Economy
China sets ambitious 5 percent growth target for 2024
Premier Li Qiang formally announced the growth objective, alongside the overall budget and key government policies for 2024, at China's...
- Last year's NPC saw President Xi Jinping anointed for a historic third term, cementing his rule as the most powerful Chinese leader since Mao Zedong
- This year's gathering will focus on a litany of economic and security challenges, including a protracted property sector crisis, and soaring youth unemployment
Opinion
Vision 2030 empowers women in Saudi legal sector
"The progressive momentum generated in the past decade fills us with positivity and reassurance in the Kingdom, where we have...
- Saudi Arabia's Vision 2030 accelerates female participation in the workforce, surpassing targets ahead of schedule.
- The Kingdom boasts milestones like its first female international referee, astronaut, and train drivers , among others.
Economy
Saudi Arabia takes the lead in global road connectivity rankings: minister
Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of...
- Al-Jasser highlighted a remarkable decrease of over 50 percent in serious accidents, deaths, and injuries in recent years
- The ongoing campaign, now in its fourth year, seeks to enhance the efficiency and safety of the extensive road network, the minister added