Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
Business
UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Economy
IMF lifts 2023 growth forecast with boost from China reopening
While China's easing of coronavirus restrictions paves the way for a faster-than-expected recovery, the rise in central bank rates to...
- The global financial body expects the world economy to expand 2.9 percent this year, slowing from 2022 to a rate that remains weak by historical standards
- The fund now sees Germany and Italy avoiding recessions, as European growth proved "more resilient than expected" despite war in Ukraine
Economy
China’s general public budget revenue tops $3.01 trillion in 2022
General public budget revenue grew 9.1 percent from 2021, excluding the impact of value-added tax credit refunds, according to the...
- General public budget revenue grew 9.1 percent from 2021, excluding the impact of value-added tax credit refunds, according to the Ministry of Finance
- Monday's data also shows that the country's general public budget spending expanded 6.1 percent year-on-year to 26.06 trillion yuan in 2022
Business
European demand for US natural gas leads to investment boom
Production of the fuel reached 3.1 trillion cubic feet for the month of October, according to the most recently available...
- The industry has been in growth mode since the summer of 2021 when Russia began trimming shipments to Europe, according to Steven Miles
- In recent years, some 14 new liquefaction terminals have been approved in US, with the first set to begin operating in 2024
Business
Iran, Russia link banking systems amid western sanctions
Linking of banking system with Russia is seen as an attempt by both the countries to get around the US...
- Linking of banking system with Russia is seen as an attempt by both the countries to get around the US economic sanctions
- Iran's top authority, Supreme Leader Ali Khamenei, said on Monday that the country faced "a tangible welfare and livelihood problem."
Economy
China manufacturing activity rebounds in January
The world's second-largest economy is roaring back to life after Beijing's decision last month to abruptly drop its strict zero-Covid...
- The International Monetary Fund on Monday upgraded its forecast for China's 2023 gross domestic product (GDP) to 5.2 percent, citing Beijing's decision to fully reopen
- China's economy grew just three percent last year - its slowest pace in four decades excluding pandemic-hit 2020 - as Covid lockdowns and the property market crisis hampered growth
Business
‘Saudi to invest US$266bn in cleaner energy’
Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's...
- Despite its goal of achieving net zero carbon emissions by 2060, Saudi Arabia remains hugely dependent on crude oil exports.
- The Saudi minister said the Kingdom is determined to be the leading exporter of clean hydrogen.
Geostrategy
Abu Dhabi Global Market receives French delegation
ABU DHABI, UAE - Abu Dhabi Global Market (ADGM) Monday received a French delegation to strengthen bilateral relations through dialogues...
- ADGM is home to an increasing number of French companies including renowned anchor tenants such as BNP Paribas Group.
- Dialogues were exchanged through an open platform discussion along with closed-door sessions and roundtables.
Business
ADIB net profit in 2022 is $985m
ADIB's revenue increased by 23% to US$1.8 billion in 2022.
- ADIB reported a 60 percent growth in the fourth quarter of 2022 with a net profit of US$326 million.
- The bank's revenue in 2022 was driven by a 43 percent increase in fees and commissions and a 24 percent growth in funded income.
Economy
UAE launches project to establish centralized database of industrial companies
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) Monday launched the Industrial Census project, in collaboration...
- The project aims to create a comprehensive database of all establishments that practice industrial activities.
- The project will help create new investment opportunities for manufacturers, investors and owners of industrial companies.
Economy
Oil falls ahead of OPEC+, US Federal Reserve meetings
Brent crude futures were down 74 cents, or 0.8 percent, to $85.92 a barrel at 0710 GMT, while West Texas...
- Brent crude futures were down 74 cents, or 0.8 percent, to $85.92 a barrel at 0710 GMT, while West Texas Intermediate crude was down 61 cents
- The US central bank is expected to raise interest rates by at least 25 basis points in its policy meeting on January 31-February1
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Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
Business
Company News
Latest News
Digitization helps UAE make supply chain sustainable
"The UAE launched the 'Trade Tech Initiative' in partnership with the World Economic Forum. The initiative aims to accelerate the...
NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
Business
Faster hydrogen production needed for energy transition: WTO
Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production...
Economy
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Economy
Underinvestment haunts youth-led climate solutions
“Our appeal is that children and youth are integral to any discussion, debate, negotiation in a meaningful, participatory, and intentional...
- Less than 1% of global fund investments go into youth-led climate solutions, says Carla Haddad Mardini of UNICEF.
- Only 2.4% of climate finance aids children, she says, adding that COP28 sets groundwork for future climate actions.
COP28 UAE
ENEC signs MoU with Egypt
They will explore to advance the use of nuclear energy.
- The UAE's nuclear body is focused on strategic investments, research and development, and innovative approaches to cater to the need for clean energy sources
- It is cooperating with local stakeholders to determine deployment pathways, and with international partners for both technology and project collaboration opportunities
Geostrategy
Joint ministerial committee meets US secretary of state
Washington, US – A committee of the Joint Arab-Islamic Extraordinary Summit under the chairmanship of Prince Faisal bin Farhan bin...
- A ministerial committee led by Saudi foreign minister holds discussions with US Secretary of State.
- The committee asked the US to influence Israel and called for an immediate ceasefire in Gaza.