US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and...
Economy
IMF, World Bank welcome efforts for Syria to reintegrate globally
Washington, United States - The International Monetary Fund and World Bank's leaders said in a joint statement Thursday that they...
Economy
Economy
Egypt reports 72% drop in current account deficit to US$1.8bn
Cairo, Egypt--Egypt’s current account deficit fell 77.2 percent to $1.8 billion in the first half of the North African country’s...
- The drop in the deficit was caused by current account turning a $1.41 billion surplus last year as imports dropped and exports soared
- According to S&P Global's report, the downturn in the business sector softened in April as cost inflation fell to a on-year low
Economy
Qatar’s inbound visitors see 183% rise in March
Doha, Qatar - Inbound visitors to Qatar surged by 183.5 percent YoY in March, according to the 111th issue of...
- The total number of visitors reached 433,000 in the month, a rise of 11% over February
- Gulf Cooperation Council visitors accounted for the highest number at 38%
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".
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US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and...
Economy
Company News
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Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...
Business
UAE emerges as a new leader in global healthcare
“This goal, aligned with the forward-looking vision of the UAE's leadership, will not only enhance the quality of life but...
Economy
US Fed rate cuts become question of when, not if
Washington, United States -- The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as...
Economy
Most Read
Economy
Embracing renewables secures UAE’s green future
"COP28 saw all parties reach an agreement on the historic ‘UAE Consensus.’ This consensus includes achieving a well-organized, responsible, fair,...
- UAE, under Dr. Sultan bin Ahmed Al Jaber's leadership, actively promotes global renewable energy.
- The 'UAE Consensus' at COP28 sets specific goals for a zero-carbon energy system, Al Jaber adds.
Iran, Turkiye ink contract to connect power grids
Ankara, Turkiye – Iran and Turkiye signed contract to connect their power grids during the visit of Iranian president Ibrahim...
- The Khoy-Van grid line is set to become operational as part of the agreement between the Iran Grid Management Company and the Turkish Electricity Transmission Company
- The contract signed by Iran’s Mehdi Moghimzadeh and Turkiye's Orhan Kaldirim clears the decks for connection of the 400-kilovolt BtB HVDC line between Khoy (Iran) and Van (Turkiye)
Market Report
Paris stocks hit record thanks to luxury
Europe's main stock markets shot higher, with Paris closing at a record high as shares in LVMH surged on record...
- Hong Kong stocks slumped after rallying for much of the week, as traders awaited guidance on more Chinese stimulus.
- Oil prices fell as traders banked profits from a strong week for crude.