Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...
Economy
Ten years from home World Cup, Saudi sizes up ‘huge challenge’
As the only  bidder, Saudi Arabia was anointed host of the 2034 World Cup last October by FIFA. Infrastructure is...
Economy
Egypt’s headline inflation slows to 30.6% in April, first such drop in 9 months
Cairo, Egypt--Egypt's annual urban consumer inflation in April dipped to 30.6% from 32.7% in March, data from the state statistics...
- Following a series of currency devaluations since March 2022, inflation in the North African country has gone up, fueled by shortage of foreign currency
- According to Moody's, the slow implementation of its asset sale plan hobbles the country's foreign exchange liquidity and weakens trust in its currency
Economy
UAE’s GDP expected to have grown by 7.6% in 2022: CBUAE
Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up...
- The bank said that in spite of the rise in global inflation, the UAE's remained below the average rate of 4.8 percent, with a decline expected in 2023
- The report noted the bank's efforts to ramp up monetary stability, improve financial sector's resilience, and support economic activity in the UAE
Business
Dana Gas posts fall in profit
Its net profit fell 7 percent to US$50 million in Q1 of 2023.
- Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
- The company attributed the decline in revenue and net profit to a fall in energy prices from high levels
Economy
Rise of ChatGPT: GCC might lose 10 million jobs in 5 years
Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might...
- According to a Goldman Sachs economist, more than 65 percent of occupations will be partially or fully automated in the coming years
- Critics of generative artificial intelligence that powers chatbots argue that it can never be able to replace the genius of human mind
Economy
Morocco, UK ink pact on climate action, clean energy, green growth
Rabat, Morocco: Morocco and the United Kingdom signed on Tuesday a Strategic Framework for Cooperation on climate action, clean energy...
- The agreement aims to facilitate Morocco’s accelerated transition from fossil fuels to clean and affordable energy
- It also aims at the systemic integration of climate action into government and private sector planning and action
Economy
Saudi Arabia leads Arab world in gold reserves
The Kingdom holds 323.1 tons of gold, accounting for 21.4% of the total yellow metal held by central banks in...
- The Kingdom holds 323.1 tons of gold, accounting for 21.4% of the total yellow metal held by central banks in the Arab countries. Qatar, UAE and Kuwait are also regional leaders
- Saudi Arabia and Oman have the majority of the natural gold mines in the GCC region. Saudi gold ore production, meanwhile, stood at around 430,000 ounces in 2022
Business
First-ever Dubai-Palestine business meet focuses on startups
Dubai, UAE - A delegation of Palestinian business executives including 21 start-up representatives visited Dubai Chamber of Digital Economy.It is...
- The event included demonstration of key steps to set up a digital-first business in Dubai, and trade opportunities with Dubai companies.
- Participants at the event included Hashim Shawa, Chairman of Bank of Palestine Group, and; Linda Tarzi, Board Member at Bank of Palestine Group.
Geostrategy
Oman to ramp up ‘military and defense industry’ ties with Iran
Tehran, Iran-- Oman is keen to improve the military and defense ties with Iran in order to ensure the security...
- Sultan of Oman underscored the importance of developing military and defense industry cooperation between the two countries
- The visiting Iranian Major General Mohammad Bagheri termed Tehran-Muscat relations as stable and positive
Business
ADNIC records 17% profit rise
The firm's net profit soared to US$27.14mn in Q1 of 2023.
- The insurance company's total revenue took a dive to $273 million in Q1 of 2023 from $300 million for the same period in 2022
- Its net income from investment however shot up 94.0% to $12.60 million compared to $6.50 million for the same period in 2022
Business
Saudi Arabia, South Korea sign two MoUs for mobility, road projects
Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed two agreements on Tuesday for future mobility and roads in the...
- The agreements between the two countries will boost cooperation in mobility and innovation in the transport and logistics services sectors
- Both the countries will, in accordance with the spirit of the agreement, exchange experiences to solve challenges in adopting modern technologies
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...
Economy
Company News
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COP28 last chance to keep 1.5C target alive: John Kerry
US climate envoy issued the warning after COP28 president Sultan Al Jaber proposed a draft deal that did not include...
COP28 UAE
PIF sets up agri and ecotourism firm Dan Company
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism...
Business
Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
Geostrategy
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COP28 UAE
Global health crisis looms amid climate change: WEF
Global coalition and trillions of dollars are required to prevent escalating human deaths due to climate change, Dr. Shyam Bishen...
- Global coalition and trillions of dollars are required to prevent escalating human deaths due to climate change, Dr. Shyam Bishen of the World Economic Forum tells TRENDS.
- He emphasizes a strong link between climate change and human health, underscoring the critical role of private sector engagement in combating related health issues.
Business
UAE green bonds and sukuk issuances touch US$4.20bn
According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one...
- The chairman of the SCA board applauded the UAE for its commitment to sustainability
- He highlighted the SCA's decision to exempt companies wishing to list from registration fees
COP28 UAE
ITFC looks to ramp up green financing to 30% of its portfolio
Dubai, UAE-- The International Islamic Trade Finance Corporation (ITFC) is looking to ramp up its sustainable and green financing to...
- Sonbol anticipates a big boost in green financing within their portfolios and significant acceleration in this trend in the years to come
- He noted the significance of helping farmers with innovative financial solutions and new technologies so that food security can be ensured