Egypt central bank lowers interest rate for first time since 2020
Egypt's central bank on Thursday announced that it was lowering interest rates for the first time since 2020, days after...
Economy
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
Business
Presight stock jumps 143%
The stock rocketed to AED3.7 from an offer price of AED1.34.
- Its initial public offering (IPO), which was oversubscribed 136 times, received total gross demand amounting to US$25.8 billion
- The company's listing gives investors a chance to buy shares in the region’s leading international big data analytics company powered by AI
Economy
AI partnership to boost Abu Dhabi sustainability efforts
Abu Dhabi, UAE - The Technology Innovation Institute (TII) said Monday its AI and Digital Science Research Center (AIDRC) has...
- The Technology Innovation Institute's AI and Digital Science Research Center will partner with Mohamed bin Zayed University of Artificial Intelligence.
- Over a period of three years, the researchers will work on developing advanced AI models for cybersecurity and smart city applications.
Geostrategy
Criminals set to use ChatGPT for fraud, other cybercrimes: Europol
Created by US startup OpenAI, ChatGPT appeared in November and was quickly seized upon by users amazed at its ability...
- Europol said the criminals may use phishing, disinformation and malware to do more online frauds.
- ChatGPT can also be used to write computer code, especially for non-technically minded criminals. the agency said.
Business
Al Ansari Financial Services completes IPO, raising $195 million
Dubai, UAE - Al Ansari Financial Services on Monday announced it has set the final offer price for its IPO...
- The Global Offering attracted considerable demand from both the Qualified Investor Offering and the UAE Retail Offer
- The Qualified Investor Offering saw strong demand from both international and regional investors
Economy
Turkish foreign minister, UN chief discuss grain deal
Ankara,Turkey - Turkish Foreign Minister Mevlut Cavusoglu discussed during a phone call with UN Secretary-General Antonio Guterres the deal to...
- Last week Turkey announced the extension of the deal that has allowed exports of Ukrainian grain to resume following Russia's invasion
- Russia said it had agreed to a 60-day extension, while Ukraine's infrastructure minister said the deal had been extended for 120 days
Business
First Citizens agrees to buy failed Silicon Valley Bank
It will buy "all loans and deposits" from Silicon Valley Bank, whose fall this month set off global fears about...
- US regulators, in the wake of SVB fall, created Silicon Valley Bridge Bank, which will be taken over by First CItizens from Monday
- On Sunday, the Federal Deposit Insurance Corporation said the transaction cover US$119 billion in deposits and US$72 billion in assets
Business
Standard Chartered to sell Jordanian business to AJIB
Amman, Jordan--Standard Chartered has decided to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), according to both the...
- The emerging markets-focused lender intends to exit seven markets in Africa and the Middle East
- The bank wants to focus on faster-growing markets in the region, such as Saudi Arabia and Egypt
Business
Zain KSA posts record profit
The company's profit vaulted 157% to US$147m in 2022.
- The company's revenue jumped from $2.10 billion in 2021 to $2.40 billion in 2022, propelled by growth in business-to-business, 5G and other revenue streams
- The telecom operator invested $244 million in 2022 in order to develop the quality of services provided to its clients
Opinion
Fed in dilemma over inflation, financial stability
"It appears that the Fed has not learned from the mistakes of the 1980s. Throughout much of the 1970s, the...
- If the US Federal Reserve had implemented an increase of more than 25 basis points, it could have triggered further instability
- The Fed must learn from the past mistakes and proceed with caution to avoid financial instability, says deVere CEO Nigel Green
Economy
UAE-Israel free trade deal to take effect on April 1
The customs deal is viewed as the concluding phase of a free trade agreement following the normalization of relations between...
- The Israeli foreign ministry in a statement said the free trade deal would see customs duties "lowered or cancelled on approximately 96 percent of goods"
- Last year trade between the UAE and Israel touch $2.5 billion, excluding software and services, making the Gulf country Israel's 16th largest trading partner
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Egypt central bank lowers interest rate for first time since 2020
Egypt's central bank on Thursday announced that it was lowering interest rates for the first time since 2020, days after...
Economy
Company News
ADNOC Drilling, Alpha Dhabi set up JV
Geostrategy
Latest News
US regulators authorize first bitcoin funds on public markets
The authorization of the ETFs - which are comparable to stocks or mutual funds as far as accessibility to everyday...
Economy
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
Infographics
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
Business
Most Read
Economy
WEF 2024 aims to bridge trust gaps amid global discord
Geneva, Switzerland - The World Economic Forum Annual Meeting 2024 is set to gather over 2,800 global leaders in Davos-Klosters,...
- The WEF 2024 entails sessions addressing global security, economic growth, climate action, technological disruption, and health and well-being
- The forum will emphasize public-private collaboration to translate ideas into actionable solutions, acting as an accelerator for cooperation among leaders and initiatives
Economy
Arab region faces soaring youth unemployment crisis
The region, with the world's highest youth unemployment rate, requires the creation of 33.3 million jobs by 2030 to accommodate...
- The region, with the world's highest youth unemployment rate, requires the creation of 33.3 million jobs by 2030 to accommodate the large number of candidates.
- Arab countries are required to transform their education systems to align with the evolving labor market and create job opportunities for youth in the region.
Economy
UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
- The World Bank forecast the growth in the Gulf Cooperation Council countries to rise to 3.6 percent in 2024 and 3.8 percent in 2025.
- The report said that the growth rate in the Middle East and North Africa region slowed down sharply to 1.9 percent in 2023.