Asian stocks drop after Fed warning, oil dips with Mideast in focus
Hong Kong, China - Asian stocks fell Thursday after the Federal Reserve warned Donald Trump's trade war would likely reignite...
Economy
Oil prices jump after Trump’s warning, stocks extend gains
Oil prices rallied Tuesday after Donald Trump urged Tehran residents to evacuate, stoking fresh fears of all-out war as Israel...
Economy
Days after being re-elected, Turkey’s Erdogan appoints new central bank governor
Hafize Gaye Erkan -- whose appointment was published in the official gazette on Friday -- has taken over the post...
- Erkan, a former co-CEO First Republic Bank and managing director at Goldman Sachs, will be the first woman to head the central bank
- Turkish president unveiled a new cabinet on Saturday appointing Mehmet Simsek, a former Merrill Lynch economist, as finance minister
Economy
UAE Fund Transfer System processes $1.06 trn in Q1 2023
Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more...
- Statistics showed that bank transfers and customer transfers conducted in the period under review stood at $674.32 billion and $329.90 billion respectively
- Statistics also noted that March was the busiest month with dirham-denominated transfers standing at $397.82 billion
Business
Swiss Parliament to examine UBS’ Credit Suisse takeover
Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission...
- The commission will examine "the legality, opportunity and effectiveness of the activities" of the Swiss authorities in the takeover.
- The commission will be composed of 14 lawmakers - seven from each house of parliament - with all major parties represented.
Business
Dubai International Chamber launches International Partners Network
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has launched the International...
- The International Partners Network will be focused on updating stakeholders on the chamber's attraction and expansion plans.
- The network supports the Chamber's strategic objectives of attracting 100 SMEs, 30 MNCs, expand100 Dubai-based companies by end of 2024.
Business
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...
- Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
- Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.
Economy
Eurozone in recession after two successive quarters of shrinking GDP
The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second...
- The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
- Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
Business
ADNOC L&S secures big contract
It won US$975mn artificial island construction contract.
- The company, a fully integrated energy logistics services provider, sees the contract a big milestone in its strategy to pursue new growth opportunities
- The company CEO said that the construction of artificial island "G" illustrates ADNOC L&S strategy to tap into new growth areas, exemplifying its range of services
Economy
Sharjah and Uzbekistan explore investments in tourism, education sectors
Sharjah, UAE-- Sharjah and Uzbekistan are looking to ramp up cooperation in trade and pour investments in sectors such as...
- The meeting between the two sides explored prospects for cooperation in trade and investment in key sectors like education, research and tourism
- Sheikh Majid Al Qassimi, director of DGR, said that ties between Sharjah and Uzbekistan open the window for both parties to broaden the scope of our partnerships
Economy
UAE tourism boom fuels leisure, entertainment industry in MENA
Dubai, UAE: The UAE’s target of attracting 40 million tourist visits by 2030, and its subsequent economic contribution of AED...
- The L&E sector in the Middle East and North Africa (MENA) currently generates approximately AED 30 billion ($8.2 billion) in revenue
- KSA is the world’s fastest-growing tourism destination MENA’s L&E sector generates approximately AED 30 billion in revenue
Economy
Saudi Arabia and Oman launch ‘joint tourist visa’ to boost industry
Riyadh, Saudi Arabia--Saudi Arabia and Oman have launched a joint tourist visa to boost trade and investment cooperation in tourism-related...
- The initiative to launch joint tourist visa and enhance cooperation in the sector was reached in a meeting between Saudi Arabia's tourism minister and his Omani counterpart
- Both will train and develop human capital in the tourism sector corresponding with the Gulf Tourism Strategy, which was formulated last November by leaders of the GCC countries
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Asian stocks drop after Fed warning, oil dips with Mideast in focus
Hong Kong, China - Asian stocks fell Thursday after the Federal Reserve warned Donald Trump's trade war would likely reignite...
Economy
Company News
Penguin, SkyBlue ink MoU
Business
Latest News
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Sudan economy falls victim to war between rival generals
With most banks out of service, the only exchange rate that matters to ordinary Sudanese is on the black market,...
Geostrategy
Bahrain to support ‘Arab tourism’ in order to boost cultural integration
Manama, Bahrain--Bahrain will support Arab tourism in order to enhance social, cultural and historical integration among Arab people, according to...
Economy
Most Read
Geostrategy
UAE to provide US$10m grant to support WTO initiatives, says foreign minister
ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE...
- Sheikh Abdullah bin Zayed expressed pride that the UAE is hosting the WTO’s MC13, the organization’s highest decision-making body, from February 26-29.
- He welcomed all leaders and representatives of the 166 member states to Abu Dhabi for crucial negotiations on key trade issues and discussions.
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
- According to Pakistani media, the country will expedite the project, which faced significant delays, in two phases
- Iran had previously given Pakistan a 180-day deadline until September 2024 to start completion of the pipe-laying work
Economy
Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
- Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global competitiveness, says a report.
- The bloc's shift from oil, through huge investments in logistics infrastructure and a business-friendly environment, positions them as prime locations for foreign investment.