Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices...
Business
From Iran Talks to Dubai Metro: Key Middle East Developments You Need to Know on June 10, 2025
Key developments across the Middle East today highlight regional diplomatic, economic and humanitarian trends
Economy
Economy
Technology helps accelerate industrial decarbonization
There are three main pillars to this approach: transforming existing industries with advanced technologies, creating the green industries of the...
- Digitalization plays a key role in making existing industries more sustainable, driving low-carbon production and decarbonization throughout value chains
- R&D is vital for advancing technologies in green industries, with the UAE committed to increasing spending to further develop and deploy green innovations
Economy
US default would have serious repercussions, says IMF
The International Monetary Fund warned of severe consequences if the US defaults on its debt, ahead of a rapidly-approaching deadline...
- Democrats have been calling for a "clean" increase of the borrowing limit, accusing Republicans of using extreme tactics to push their political agenda.
- The lifting of the debt ceiling has historically been seen as a routine affair, given that it involves raising money to pay for spending commitments.
Science
Masdar, IRENA ink pact on tripling global renewable energy capacity by 2030
ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a...
- The main objective of the project is to establish a global baseline for renewable energy.
- The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions.
Economy
Bank of England hikes interest rate to highest level since 2008
The Bank of England lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation...
- Global policymakers are battling elevated inflation caused largely by runaway energy bills.
- Bank of England warned of "considerable uncertainties" on when UK inflation would return to its two-percent target.
Business
e&, Vodafone form relationship
As per pact, e& is a cornerstone shareholder of Vodafone.
- e& and Vodafone will explore offering joint cross-border digital services to multi-national customers and public sector organizations.
- Services will include fixed and mobile connectivity, Mobile Private Networks, IoT, cybersecurity, and cloud-based services.
Economy
Saudi Industrial Production Index up 4.1 percent in March
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 4.1 percent in March 2023, compared to the...
- The kingdom's General Authority for Statistics (GASTAT) said the IPI rose to 134.8 points in March, according to the base year 2010, compared to 129.5 points in March 2022.
- The index of the mining and quarrying activity increased by 1.6 percent and the sub-index of the manufacturing activity increased by 10.5 percent over previous year.
Business
Emirates Group yearly profit $3bn
The group declared a dividend of $1.2 billion to its owner.
- The Emirates airline business alone banked $2.9 billion after returning a $1.1 billion loss in the previous financial year.
- The Middle East's biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in over three decades.
Business
HSBC sees great Middle East-China growth potential
Dubai, UAE: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International...
- HSBC hosted Chinese ambassador to the UAE Zhang Yiming and a senior delegation from the UAE China Business Council
- Trade between China and the UAE reached a record high of $99.27 billion in 2022, marking an annual increase of 37.4%
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
Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices...
Business
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Moody’s downgrades Israel’s credit rating due to Hamas conflict
Fitch -- which is the last of the big three US ratings agencies -- placed Israel on negative watch over...
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
Business
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
Business
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Economy
OPEC Fund grants US$30m loan to Uganda to build key road link
Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a...
- The construction of the road will provide better, faster and safer transport connections in the central-east region of the country
- The Islamic Development Bank (IsDB) along with the government of Uganda will co-finance the road project in the African nation
Economy
UAE real GDP to grow 5.3 percent in 2024: S&P Global
Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according...
- The ratings agency said the country's high oil production and support from non-oil sectors will drive economic growth in the UAE in 2024
- The agency affirmed that several banks in the UAE achieved record profits in 2023 due to strong credit growth in a rising interest rate climate
Business
stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.
- The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
- The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.