Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
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
Geostrategy
UAE, Italy enhance bilateral relations to Strategic Partnership level
ABU DHABI, UAE - The United Arab Emirates and Italy on Saturday announced the enhancement of their  bilateral relations to...
- A pact for cooperation on energy projects and sustainability initiatives between Abu Dhabi National Oil Company and the Italian energy group Eni was signed.
- The MoU aims to strengthen cooperation in the field of emissions reduction, new energy technologies and low-carbon solutions.
Geostrategy
Earthquake caused direct damage of $5.1bn in Syria, says World Bank
A massive earthquake and aftershocks in February caused an estimated US$5.1 billion in direct physical damage in Syria, said the...
- The earthquake hit Turkey and Syria, devastated scores of cities and killed over 50,000 people in both countries.
- World Bank said that its report does not cover broader economic impacts and losses for Syria, such as production or business interruption.
Science
Ocean conference participants pledge US$19bn
Panama City, Panama - Delegates to a global conference on saving the world's oceans pledged US$19 billion, the host country Panama...
- European Union announced it would dedicate $865 million to ocean-related projects this year
- The total included a $6 billion from the United States, announced by White House climate envoy John Kerry
Economy
PPI of industrial sector in Qatar declines by 1.75% in January
Doha, Qatar - The Producer Price Index (PPI) of Qatar’s industrial sector declined by 1.75 percent in January 2023 when...
- The PPI for January 2023 was 129.59 points, down 4.71 percent from December 2022
- For manufacturing sector, a PPI increase of 0.08 percent was recorded in January 2023
Economy
Saving deposits in UAE banks rose to $67bn in 2022: CBUAE
Abu Dhabi, UAE - Saving deposits in the UAE banking system, excluding interbank deposits, increased to AED245.867 billion ($67 billion)...
- Rise in savings deposits represents a YoY growth of $1.08 billion or 1.7 percent, from about $66 billion in November 2021
- Demand deposits grew to $246 billion by the end of December last year, a YoY growth of 7 percent from $145 billion in 2021
Economy
UAE, Turkey sign free trade deal in sign of warming ties
Pushing aside their differences in relations strained by regional disputes, the oil-rich United Arab Emirates and Turkey signed a free...
- Turkey and the UAE have backed opposing sides in regional conflicts and have sparred over issues including gas exploration in the eastern Mediterranean
- Early last year, Erdogan made his first visit to the UAE in nearly a decade and called on business leaders to invest in his country
Economy
Iraq issues arrest warrants in ‘heist of the century’
The warrants do not name any of the officials, but according to the official, they are former finance minister Ali...
- An investigating judge in Baghdad has "issued arrest warrants for four senior officials of the former government."
- The four men include a former finance minister and staff members of former prime minister Mustafa al-Kadhemi
Economy
Proactive govt policies, high rates, slow global growth to lower impact of inflation in Gulf region
The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices...
- The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices and strong energy exports in 2022, reports suggest
- Inflation in the GCC averaged at around 4 percent mark and showed a downward trend for most countries in the region during the second half of 2022, they add
Business
Apple to produce iPhones in India
The proposed factory will be spread over 300 acres.
- "Apple phones to be built in the state soon," Karnataka state chief minister Basavaraj S Bommai tweeted on Friday
- "Apart from creating about 100,000 jobs, it will create a whole lot of opportunities for Karnataka," he added
Business
VW 2022 net profit at $16.7bn
Firm booked profit despite supply chain disruptions.
- German automaker Volkswagen on Friday said it booked a higher profit in 2022 despite supply chain disruptions and increased costs.
- The group expects vehicle deliveries to rise to around 9.5 million this year, from 8.3 million in 2022.
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
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GCC eyes economic upswing, business growth in 2024
Despite last year's challenges, the region is set to see robust growth this year, led by the UAE, which is...
Economy
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
Business
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
YEARBOOK 2023
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Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
Geostrategy
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
- Buffeted by a global energy crisis, inflationary pressures and geopolitical instability, the move to clean energy has faced a challenging time.
- This year's top 10 emerging technologies will likely become increasingly familiar in the years ahead as they help tackle some of our biggest challenges.
Economy
China factory activity decline deepens in December
The National Bureau of Statistics (NBS) said, "In December... the level of vitality in the manufacturing sector somewhat declined." In...
- The official manufacturing purchasing managers' index (PMI) stood at 49.0 in December
- It signaled a further slump from November's figure, representing the third month of contraction