Damascus, Ankara agree natural gas deal for Syria
Damascus, Syria - Syrian Energy Minister Mohammad al-Bashir said Friday Damascus and Ankara had reached a deal for Turkey to...
Economy
Trump’s next 100 days: Now comes the hard part
In a dizzying first three months, Trump wielded executive power like no other modern president, signing more than 140 orders...
Economy
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
Business
DEWA, UAE energy ministry discuss cooperation for clean energy goals
DUBAI, UAE - MD & CEO of the Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed consolidating...
- DEWA’s current capacity has reached 490 Million Imperial Gallons per Day of desalinated water.
- DEWA is also working to increase the capacity of the transmission and distribution networks.
Science
UAE urges investment, action for water sustainability at UN meet
DUBAI, UAE – UAE Minister of Climate Change and Environment Mariam bint Mohammed Almheiri emphasized the importance of collaboration, data...
- The UAE is on track to reduce total water consumption of its food sector by over 15 percent despite doubling production by 2030.
- The UAE’s national plan - the Water Security Strategy 2036 - ensures that programs are implemented on the supply and demand side.
Economy
IMF chief: another ‘challenging year’ ahead, risks to financial stability up
Even with a better outlook for 2024, global growth will remain well below its historic average of 3.8 percent, she...
- Policymakers have acted decisively in response to financial stability risks, and advanced economy central banks have enhanced the provision of U.S. dollar liquidity, she said.
- IMF research shows that productivity-enhancing reforms in China could lift real GDP by as much as 2.5 percent by 2027, and by around 18 percent by 2037.
Damascus, Ankara agree natural gas deal for Syria
Damascus, Syria - Syrian Energy Minister Mohammad al-Bashir said Friday Damascus and Ankara had reached a deal for Turkey to...
Economy
Company News
Latest News
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
Saudi Arabia announces operational start of this year’s Hajj season
Riyadh, Saudi Arabia - Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah, officially inaugurated the operational activities for the 1445...
Sustainable practices make GCC economy resilient
A shift to green tech and renewable energy is fostering the Gulf economy's resilience and diversification for a sustainable future,...
Economy
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Market Report
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
- Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
- The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.
Business
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...
- The fund will track the performance of Shariah-compliant Indian equities listed on the Bombay Stock Exchange.
- The Index tracks the performance of the 30 most liquid Shariah-compliant Indian stocks listed on the BSE.
Economy
Morocco joins UAE, Jordan, Egypt, Bahrain in regional industrial collaboration
Manama, Bahrain – Morocco became the fifth country to join the UAE, Jordan, Egypt and Bahrain at the fourth meeting...
- Morocco is expected to bring significant value to the partnership, given the country’s advanced industrial capabilities
- The country's GDP exceeded $134 billion in 2022 and its industrial sector provided over 1 million jobs, through some 121,000 companies