Oil prices seesaw as investors await Iran response to US strikes
US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on...
Geostrategy
MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
Geostrategy
Business
UAE gold forecasted to grow by 3.6% annually through 2030
Dubai, UAE - The UAE's precious metals market, which includes gold, jewelry, gold bars, and silver, is expected to reach...
- The UAE leads the Middle East in gold consumption, with the country's jewelry sector playing a significant role in this achievement
- In 2022, consumers in the country purchased a combined 46.9 tonnes of gold, representing a 38 percent increase from the previous year
Economy
UAE consul general visits Albany to foster deeper economic, cultural ties
Albany, New York-- The UAE has reiterated its resolve to strengthen economic and cultural ties with New York and the...
- UAE's Consul General in New York Amna Binzaal Almheiri reiterated the country's resolve to enhancing ties with the US and New York in trade and culture
- In her discussions with trade and cultural bodies, focus was on the partnerships established between the two countries and ways to ramp up joint cooperation
Economy
Iraq seizes big haul of captagon pills headed for local market
Continuing with its crackdown against drug traffickers in the country, Iraq security forces on Tuesday said they had taken into...
- A few months back, Iraqi authorities impounded three million captagon tablets at the border with Syria, a big producer of the drug
- In May, the country's security forces said they had seized 12 million benzhexol pills, a pharmaceutical drug also taken recreationally
Economy
Dubai records 78% realty sector YoY growth in May
Dubai, UAE: Dubai's property sector has witnesses a 78 percent increase in sales volume in May 2023 when compared to...
- Recent data indicating a 78% increase in sales volume in May 2023 when compared to the same period one year ago
- 11,700 real estate transactions were logged last month, an almost double bump from the 6,587 sales that were registered in May 2022
Economy
UAE aims to drive sustainable development with its new policy on energy market
Dubai, UAE-- The UAE has set its sights on regulating the energy providers market as a step toward developing the...
- The new policy looks to increase investments in the energy sector, modern technologies that will provide long-term economic and environmental benefits
- The minister emphasized the policy's role in bolstering the UAE's sustainability solutions to drive climate change mitigation efforts and enable integration between stakeholders
Economy
Saudi Arabia climbs to 13th rank on IATA air connectivity index
Riyadh, Saudi Arabia-- Saudi Arabia vaults to the 13th position on the air connectivity index of the International Air Transport...
- The kingdom rose by 14 places in the ranking that includes more than 200 countries, and it clocked highest connectivity level by linking up 131 destinations
- Saudi Arabia has recorded 42 percent growth in the number of passengers during the first four months of 2023 as against the same period last year
Economy
Regulating energy providers crucial for sustainability
“The new policy will contribute to the UAE’s GDP and help achieve financial returns that amount to AED21.5 billion (US$5.85bn)...
- UAE enforces policy to regulate energy providers, boost infrastructure, and foster investments, innovation, and modern technologies in the sector, says energy minister Al Mazrouei
- The new policy outlines contractual frameworks and public-private partnerships, targeting energy and water consumption reduction, carbon footprint, and building operational costs
Economy
Diversification, global investment key to UAE’s growth
The Gulf nation is strategically establishing comprehensive economic partnerships with various countries in bid to diversify its economy and encourage...
- The Gulf nation is strategically establishing comprehensive economic partnerships with various countries in bid to diversify its economy and encourage global investments
- As of June 2023, the UAE has entered into five such agreements, notably with Israel, India, Indonesia, Turkey, and Cambodia, with plans to sign three more in the first phase
Business
Qatar provides maritime radio station licensing for small ships in Al Khor, Al Ruwais cities
DOHA, QATAR - The Communications Regulatory Authority (CRA) has announced the provision of maritime radio station licensing services for small...
- Qatar's Communications Regulatory Authority aims to process the requests of a large segment of the residents of the northern cities of the country.
- These services will facilitate the completion of their applications related to maritime radio station licensing for small ships.
Economy
US consumer inflation drops 11th straight month
WASHINGTON, US - Consumer inflation in the United States cooled for an 11th straight month in May, the Labor Department said...
- The consumer price index (CPI) jumped 4.0 percent from a year ago, in line with analyst expectations and down from a 4.9 percent rise in April.
- On a monthly basis, the CPI rose 0.1 percent in May, decelerating from 0.4 percent in April, the Labor Department said.
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Oil prices seesaw as investors await Iran response to US strikes
US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on...
Geostrategy
Company News
Saudi, UAE report highest levels of gross debt
Infographics
Latest News
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...
Economy
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
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Economy
Morocco aims to increase exports by 12% in 2024, says kingdom’s trade minister
Dubai, UAE-- Morocco hopes to increase its exports by 12 percent this year, according to the kingdom's minister of industry...
- The minister said in Dubai the Moroccan government's economic growth forecasts are around 3.7 percent this year
- He said the WTO conference is an opportunity for dialogue toward fairer and more transparent trade measures
Economy
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
- Comoros and Timor-Leste sign Protocols of Accession, set to join WTO within 30 days.
- Accessions signify global confidence in the WTO and promise their economic growth.
Business
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
- EDB’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth.
- EDB has approved $353 million in financing under the Credit Guarantee Scheme with partner banks in UAE.