ECB raises interest rate but says more steps likely to fight inflation

• It was the seventh-straight increase in the ECB's unprecedented campaign of monetary tightening that began last year after costs of everyday goods began to soar.
• Thursday's increase brings the ECB's deposit rate to 3.25 percent, its highest level since 2008.

DEWA customers can make payments via Samsung Pay

BMW Q1 net profit at $4.1bn  

• Overall vehicle sales declined by 1.5 percent year-on-year, with a 6.6 percent slide in China and a 1.9 percent decrease in Europe.
• In Europe, "the environment was characterized by persistent inflation and high interest rates," BMW said.

UAE, Switzerland discuss enhancing bilateral relations

• A UAE minister said financial dialogue offers opportunities for collaboration between both countries to achieve further growth and prosperity.
• He also mentioned that the global economy went through fast developments since both parties last met in Abu Dhabi in March 2022.

33% of Dubai tenants prefer one bedroom units to large apartments

• With overall property prices increasing, residents are searching for the best ways to invest their money, whether as a long-term profitable option or to live in the property
• Also, due to the overall increase in mortgage and rental rates investing in one or two-bedroom units versus larger apartments or townhouses has become preferable

AD Ports adds drydock services at Khalifa Port in expansion drive

• The port with the expansion in services, from container and cargo handling, vessel repairs and maintenance, is aiming to improve client service
• The CEO of AD Ports said the addition of new service will drive growth and enhance the company's competitive position in the market

Egypt reports 72% drop in current account deficit to US$1.8bn

• 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

Qatar’s inbound visitors see 183% rise in March

• 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

• 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

Abu Dhabi’s property market records sales worth US$7.62bn in Q1

• 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