Washington hails ‘substantive progress’ after trade talks with China
Washington expressed optimism at the end of a weekend of trade talks with China aimed to de-escalate trade tensions sparked...
Economy
‘Bombshell’ OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...
Economy
Business
European Union backs tougher tax rules on crypto transactions
Regulators worldwide are increasingly worried about the lack of oversight of the digital currency sector but the European Union has...
- During a meeting of EU economy and finance ministers on Tuesday, they agreed on rules to go after individuals who stash their cash where tax authorities have no oversight.
- The rules will close loopholes that allow people to avoid taxation on their income using crypto assets, Swedish Finance Minister Elisabeth Svantesson said.
Economy
European economy expands less than previous estimates
On Monday, the European Commission boosted its 2023 economic growth outlook for the 20-country euro area by 0.2 points to...
- The European Union of 27 members registered a growth of 0.2% in Q1, in comparison to the first quarter of 2022, where it grew at 0.3%.
- The European Commission has forecast a rate of 5.8% for inflation in the current year, slightly above its prediction of 5.6% previously.
Economy
China sets economic growth target of 5% in 2023
Beijing, China - China has set a growth target of approximately 5 percent for the Gross Domestic Product (GDP) as...
- Government Work Report also sets an ambitious goal of generating 12 million urban jobs this year, surpassing the previous year's benchmark of at least 11 million
- The country's GDP experienced a growth rate of 4.5% in the first quarter of 2023 marking the highest growth since the first quarter, according to National Bureau of Statistics.
Business
Saudi Arabia’s per capita insurance spending up 30%
The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and...
- Health insurance accounted for 60 percent of total per capita spending on insurance, followed by general insurance (37%) and protection and savings (3%).
- The health insurance’s gross written premiums stood at $8.59 billion in 2022, up 27 percent from $6.78 billion in 2021
Economy
Moody’s upgrades Oman’s credit rating to Ba2 with positive outlook
Muscat, Oman - Moody's has upgraded Oman's credit rating from Ba3 to Ba2 while maintaining a positive outlook due to...
- Moody's attributed the upgrade and the rise in public revenues to the government's demonstrable efforts to manage its finances
- Earlier in April, the World Bank said Oman is expected to have the fastest-growing economy in the GCC region in 2023
Business
Central Bank of Bahrain Sukuk Al-Salam securities oversubscribed 197%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been...
- Carrying a maturity period of 91 days, subscriptions worth $225 million were received for the BD 43 million issue
- The issue, which begins on May 17 and matures on August 16, is expected to a give a return of 6.15 percent
Economy
UAE ministry calls on eligible employees to subscribe to the low-cost job security net
Dubai, UAE – The UAE Ministry of Human Resources and Emiratisation (MoHRE) has called on eligible employees to subscribe to...
- The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector, divided in two categories
- The insurance compensation can be claimed as long as the employee has subscribed to the Unemployment Insurance Scheme for at least 12 consecutive months
Geostrategy
Qatar and Bahrain to restart flights in signs of improving relations
Dubai, UAE-- Qatar and Bahrain have agreed to restart flights toward the end of the month, in a sign of...
- The resumption of flights between the estranged countries, according to Bahrain News Agency, falls within "the framework of the brotherly relations between the two countries
- In recent months, GCC countries have patched up differences with each other and begun to focus on their economies, taking advantage of high oil and gas prices
Economy
Turkey’s quake-hit economy to grow less this year: EBRD bank
The EBRD forecasts Turkish GDP will expand 2.5 percent this year, cutting prior guidance of 3.0 percent and citing the...
- EBRD chief economist Beata Javorcik said that Turkey has been prioritising growth over macroeconomic stability over the last many years
- European Bank for Reconstruction and Development forecast that Russian economy will shrink 1.5%, compared with a previous estimate of a 3.0% contraction
Business
Iran invites UAE businesses to invest in transportation projects
Abu Dhabi, UAE-- Iran is keen to boost transportation ties with the UAE and has invited investors from the country...
- Mehrdad Bazrpash, Iran Minister of Roads and Urban Development, met with Sheikh Mansour Bin Zayed Al Nahyan, Vice President of the UAE in Abu Dhabi
- The Iranian minister also met with Qatari Minister of Transport Jassim bin Saif bin Ahmed Al Sulaiti and both emphasized the need for expansion of relations
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Washington hails ‘substantive progress’ after trade talks with China
Washington expressed optimism at the end of a weekend of trade talks with China aimed to de-escalate trade tensions sparked...
Economy
Company News
Latest News
Saudi Arabia, Swiss Fund unveil billion-euro initiative for zero-emissions investments
Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in...
Economy
OECD predicts rise in global economy amid Middle East ‘risk’
The OECD raised its 2024 world economic growth forecast Monday but warned that the Middle East conflict posed a risk,...
Economy
Investment in Qatar free zones reaches US$1.3bn, says QFZ chairman
DOHA, QATAR - Minister of State and Chairman of Qatar Free Zones Authority (QFZ) Dr. Ahmad bin Mohammed Al Sayed...
Business
Most Read
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
- During Q4 2023, 19 IPOs raised US$4.9bn in proceeds. ADES Holding Company raise the most funds and contributed 25% to the overall IPO in Q4.
- Saudi Arabia dominated IPO activity in the region with 14 of the 19 listings in Q4 2023. ADES was the biggest with US$1.2bn in proceeds.
Business
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
- Many of the assets that did not come to market last year will fuel active dealmaking in 2024.
- The collapse of technology M&A has been the biggest drag on strategic mergers and acquisitions.
Economy
GCC ministers hold discussion on food security in the region
Riyadh, Saudi Arabia--Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), held a virtual meeting with ministers from...
- The GCC secretary-general said that food security in the GCC countries receives great attention from the leaders of the GCC countries
- He lay stress on involving all sectors of Gulf society, including the government, private sector, and civil society, to tailor the strategy