Regulated dollar transactions on the rise in Iraq, says central bank
With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically....
Economy
UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
Economy
Global energy firms must pay up to prevent spill: Yemen company
To prevent a damaging oil spill in the Red Sea, the UN Development Programme in March took the unprecedented step...
- Hayel Saeed Anam Group, which in August contributed $1.2 million to UN clean-up campaign, made the appeal hours before a virtual donor conference hosted by Britain and Netherlands
- The Safer's 1.1 million barrels contain four times as much oil as that spilled in the 1989 Exxon Valdez disaster off Alaska, one of the world's worst ecological catastrophes
Business
Abu Dhabi’s property market records sales worth US$7.62bn in Q1
Abu Dhabi, UAE--The property market in Abu Dhabi has recorded 5,472 property sales and mortgages valued at US$7.62 billion in...
- The emirate recorded a 147 percent jump in the value of real estate transactions during the first quarter of 2023 compared to the same period of last year
- The Department of Municipalities and Transport has reported an increase in the value of mortgage transactions to $3.18 billion during the first quarter
Business
UAE and Jordan sign MoU to boost tourism, cultural exchange
Abu Dhabi, UAE--Looking to boost tourism and cultural exchange between the two countries, the Department of Culture and Tourism Abu...
- The deal will bolster tourism and economic cooperation between the two nations, driving growth in leisure traffic in key markets
- The partnership entails starting initiatives like joint sales workshops, training, roadshows to improve partner engagements and cultural exchange
Economy
‘UAE deals with around 50,000 cyberattacks daily’
"These proactive efforts play a vital role in protecting the country's digital sphere and ensuring a secure environment for critical...
- The UAE Cyber Security Council collaborates with partners to deter over 50,000 cyberattacks daily targeting critical national sectors, says its head
- Banking, financial, health, oil, and gas sectors are frequently targeted, but attacks are efficiently countered to safeguard the UAE's digital sphere
GCC central banks align rates with US Fed Reserve
The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response...
- The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response to the US Fed's decision to increase its benchmark lending rate
- Saudi Arabia's SAMA has increased its Repo rate to 5.75% and Reverse Repo to 5.25%, while the CBUAE has raised its ODF from 4.90% to 5.15%, effective from May 4, 2023
Business
Airbus Q1 net profit at $514m
The company delivered 127 aircraft in Q1 of 2023.
- Revenues generated by Airbus' commercial aircraft activities decreased by five percent year-on-year.
- The company's defense and space unit saw revenues drop by six percent, while the helicopter unit jumped by 26 percent.
Business
EITC posts Q1 revenue at $936m
Revenue is due to demand for fixed, mobile services.
- The prepaid customer base of EITC increased to 6.7 million, driven by the continued attractiveness of Flexi plans and brisk tourism activity.
- EITC's commercial initiatives led to a 9.4 percent increase in mobile customers, with 8.2 million subscribers at the end of the quarter.
Geostrategy
Guarantee security for Sudan aid deliveries, asks UN
The United Nations called for security guarantees at "the highest level" to ensure aid deliveries in Sudan, after trucks carrying...
- UN's top humanitarian official said the global body had a plan for delivering aid and supplies to address the dire situation in Sudan.
- UN's top humanitarian official said, "We will need to have agreement at the highest level and very publicly".
Economy
MENA region’s growth may decelerate this year: IMF
Oil exporters are set to experience slower growth due to a shift from oil to nonhydrocarbon activities, says Jihad Azour,...
- Oil exporters are set to experience slower growth due to a shift from oil to nonhydrocarbon activities, says Jihad Azour, Director of IMF's Middle East and Central Asia Department
- Growth in the region's emerging markets is also expected to fall from 5.1% in 2022 to 3.4% in 2023 due to tighter monetary and fiscal policies, suggests the latest IMF report
Geostrategy
258m people require food aid, says UN report
PARIS, FRANCE - Some 258 million people needed emergency food aid last year because of conflict, economic shocks and climate disasters,...
- In 2022, 258 million people faced high levels of acute food insecurity in 58 countries or territories, a UN report said.
- Over 40 percent of those lived in Democratic Republic of the Congo, Ethiopia, Afghanistan, Nigeria and Yemen, the report added.
Regulated dollar transactions on the rise in Iraq, says central bank
With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically....
Economy
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OPEC implores members to oppose any COP28 deal targeting fossil fuels
Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks...
COP28 UAE
UAE’s GCAA signs MoUs with Brazil, Switzerland in air-transportation sector
Riyadh, Saudi Arabia--The General Civil Aviation Authority (GCAA) of the UAE signed two memorandums of understanding (MoUs) with Brazil and...
Business
UAE leads global renewable energy drive: IRENA envoy
The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent...
COP28 UAE
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Economy
European Union fails to agree on budget reforms
Brussels, Belgium - EU finance ministers failed to seal a deal on an overhaul of the bloc's spending rules on Friday,...
- The lack of approval comes despite the ministers meeting for a dinner on Thursday to discuss the reform, before talks stretched into the early hours of Friday.
- The current rules, albeit suspended since 2020, say states must keep debt below 60 percent of gross domestic product and deficits below three percent of GDP.
Geostrategy
Battles continue across Gaza as UN holds vote on ceasefire
Israeli forces maintained a relentless bombardment and ground invasion across Gaza two months after Hamas's deadly attack sparked a war...
- Israel has vowed to destroy Hamas over its unprecedented attack on October 7.
- Fighters broke through Gaza's militarized border to kill around 1,200 people and seize hostages,
Business
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
- The report says that demand is outstripping supply and occupiers are faced with the prospect of leasing more secondary stock.
- Across the six primary submarkets tracked by Knight Frank in Abu Dhabi, rents have remained unchanged thus far during H2.