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
Economy
CBUAE ‘removes’ board of directors of insurance company
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating...
- The bank did not divulge details on the identity of the insurance company or what led to the removal of the board of directors
- It only added that "this administrative sanction is imposed in accordance with Article 41 of the Federal Law No. 6 of 2007"
Economy
Oil, non-oil sectors may hurt UAE’s growth prospects
OPEC-agreed oil output cuts, non-oil sector slowdown due to higher rates, and weaker external demand may act as potential setbacks...
- OPEC-agreed oil output cuts, non-oil sector slowdown due to higher interest rates, and weaker external demand may act as potential setbacks for UAE's economy this year
- The UAE's real GDP growth rate might drop to 3 percent in 2023, a sharp decrease from the robust 7.6 percent in 2022, predicts the latest forecast by GlobalData
Economy
Iran, Indonesia to sign preferential trade agreement to boost trade
Tehran, Iran-- Less than a year after signing a preferential trade agreement (PTA) with the UAE, Indonesia will sign a...
- According to Indonesia's trade ministry, the treaty will lead to improvement in trade ties and scale up the trade-transaction value between the two countries
- As per the PTA, products such as vegetable oil, cocoa, coffee, tea, spices, fruits, vegetables, and fish from Indonesia that are popular in Iran will be given preference
Economy
UAE institutional investors should focus on transition investment: NYUAD report
Abu Dhabi, UAE-- In order to advance the United Nations Social Development Goals, the UAE institutional investors should concentrate on...
- The participants in the workshop noted that transition investment can make a significant difference to the global economy and the MENA region
- The event drew a wide array of people like asset managers, researchers and policymakers to share knowledge and best practices on unlocking large-scale investments
Economy
UAE and Malaysia agree to boost cooperation in clean energy
Kuala Lumpur, Malaysia-- The UAE and Malaysia are looking to bolster cooperation in the field of energy, in addition to...
- The two ministers explored collaboration on investment and development in the energy sector and ways to boost capacity of the two countries in the field of sustainable development
- The visiting minister Al Mazrouei noted that the UAE is seeking to form new partnerships with allies in order to shape a better future for the coming generations
Economy
Entrepreneurship, SMEs drive Qatar’s economic growth
The Gulf country, according to reports, ranks first in the MENA region and fifth globally in entrepreneurship education and training...
- Qatar ranks first in the MENA region and fifth globally in entrepreneurship education and training at university and vocational levels, says a top QSTP executive
- Numerous initiatives are in place to stimulate the economy, including enhancing investment climate, encouraging local manufacturing and expanding logistics infra
Economy
UAE signs MoU with Microsoft, PwC to set up ‘centre for digital excellence’
Dubai, UAE-- The UAE has signed a memorandum of understanding (MoU) with Microsoft and PricewaterhouseCoopers (PwC) to set up the...
- The centre will look to shore up government's digital transformation, enabling government authorities to benefit from the best global practices and modern technologies
- The new entity will explore how advanced technologies affect government work and will also conduct research and development in digital transformation
Economy
Gross sovereign borrowing requirements will jump to $12.9 trn in 2023: OECD
Paris, France – Sovereign borrowing needs are expected to increase in 2023 against the backdrop of the financial and economic...
- Outstanding central government debt declined as a share of GDP, from a peak of 88 percent in 2020 to 83 percent in 2022
- The total stock of sovereign sustainable bonds now exceeds $325 billion, 75 percent of which are focused on climate and environmental projects
Business
Sharjah event discusses anti-money laundering practices
SHARJAH, UAE - Sharjah Economic Development Department (SEDD) organized multiple workshops for legal purposes and a number of investors and...
- In the workshops , the legislative frameworks for real beneficiary and combating money laundering were reviewed.
- The purpose of the event is to form an ideal investment climate which supports business continuity, said an official.
Business
Allen & Overy to merge with US peer
The merged firm will have a combined revenues of $3.4bn.
- The new group, called Allen Overy Shearman Sterling or A&O Shearman, was "truly a game-changing moment for both firms".
- The merged firm will have around 3,900 lawyers and about 800 partners across a total of 49 offices worldwide.
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
Latest News
China maintains basic balance in international payments in 2023
Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2...
Economy
Saudi stock market hits 12,500 points, highest since August 2020
Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its...
UAE achieves a milestone in economic diversification
“This is a genuine milestone for our nation. The expansion of foreign trade is a pillar of the UAE’s economic...
Economy
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Economy
KSA seeks to lead global sustainability drive with Alat
Led by Saudi Crown Prince Mohammed bin Salman, Alat is poised to revolutionize the tech sector, aiming for carbon neutrality...
- Led by Saudi Crown Prince Mohammed bin Salman, Alat is poised to revolutionize the tech sector, aiming for carbon neutrality and creating thousands of jobs.
- Alat, with its seven strategic units like semiconductors and smart devices, aims to innovate in over 30 categories, from robotics to heavy equipment, serving diverse industries.
Roadmap out for environmental education, sustainable development at WEEC2024
ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and...
Business
35 Jordanian companies to participate in Gulfood 2024 in Dubai
AMMAN, JORDAN – A total of 35 Jordanian companies are taking part in Gulfood 2024, the world's largest annual food...
- The Jordan Exporters Association is coordinating the country's participation in the event.
- JEA is coordinating local participation in the exhibition for the 20th consecutive time.