IMF approves additional $1.3 billion aid program for Egypt
Washington, United States - The International Monetary Fund has approved an additional $1.3 billion assistance program for Egypt under its...
Economy
The backbone of the digital economy is upskilling: Jayney Howson
AI won't replace jobs, but reskilling will unlock its true potential—lifelong learning is the key, Jayney Howson, SVP of Learning...
Economy
Economy
UAE’s national digital economy set to grow $140bn by 2031
The report outlines Dubai's digital economy startups and the emirate's position as a future digital capital.
- The report outlines Dubai's digital economy startups and the emirate's position as a future digital capital
- The Dubai Chamber's plans include attracting 300 digital startups and 100 tech experts to Dubai by 2024
Economy
Lebanon set to adopt new official exchange rate: central bank source
The Lebanese pound has been officially pegged at 1,507 to the greenback since 1997, but its market value began to...
- The first change to the official rate in more than two decades comes as the currency was trading at 58,000 to the dollar on the street on Tuesday
- Lebanon's finance ministry had announced last year that it would roll out the 15,000 official exchange rate in November, but the move was not implemented
Economy
New bank reforms reveal fraudulent dollar transactions: Iraq PM
Iraq's Prime Minister Mohammed Shia al-Sudani has said the country's new banking regulations have revealed fraudulent dollar transactions made from...
- An adviser to the PM had said that since mid-November, Iraqi banks wanting to access dollar reserves stored in the United States must make transfers using the electronic system
- The adoption of the SWIFT system was supposed to allow for greater transparency, tackle money laundering and help to enforce international sanctions
Economy
Kuwait budget deficit could surge to $16 bn, oil revenues fall by 19.5%
Spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and...
- The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April.
- Revenues -- 88 percent of which come from oil -- are projected at around $63.8 billion, a 16.9 percent drop.
Business
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.
- The huge profits by oil companies have sparked pushback from governments.
- In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
Business
World’s largest wealth fund lost record $164 billion in 2022
"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global...
- The fund has shares in more than 9,000 companies in nearly 70 countries, including Apple, Microsoft and Alphabet, the parent company of Google.
- At the end of 2022, the value of the fund, which is financed by taxes paid by the nation's oil and gas industry, still amounted to a whopping 12.43 trillion kroner.
Business
UniCredit 2022 net profit at $7bn
Bank said it would pay out US$5.6 billion to shareholders.
- The news sent the bank's share prices zooming more than eight percent higher in morning trading.
- The European Central Bank has been lifting interest rates since last year to tackle inflation and tame consumer price growth.
Business
Strong demand seen for first 2023 auction of UAE treasury bonds
Abu Dhabi, UAE-- The first auction of the UAE treasury bond program in 2023 has been oversubscribed by 6.2 times,...
- In 2022, the Ministry of Finance, the issuer, had issued bonds totaling AED 9 billion across tenors of two years, three years and five years.
- The auction has been oversubscribed by 6.2 times, receiving bids worth $1.76 billion.
Business
UBS Q4 net profit at US$1.7bn
Net profits at the banking giant rose 23% in Q4 of 2022.
- For the full year 2022, UBS meanwhile saw its net profit inch up to $7.6 billion from $7.5 billion a year earlier.
- As revenues generated by global markets dwindled, UBS's investment bank saw revenues shrink 24 percent in the fourth quarter.
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
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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
IMF approves additional $1.3 billion aid program for Egypt
Washington, United States - The International Monetary Fund has approved an additional $1.3 billion assistance program for Egypt under its...
Economy
Company News
Latest News
‘Investment policies must align with net-zero goals’
An alliance of public and private sectors is crucial for advancing the green agenda and effectively managing supply chain emissions,...
COP28 UAE
‘Tech solutions help make food practices sustainable’
UAE's launch of Food Innovation Hub emphasizes the government's eagerness to innovate and collaborate for sustainable food systems, WEF's Tania...
UAE witnesses 7% rise in youth green skills in 2023
“We will work to create about 135,000 jobs in the field of green transition worldwide, and therefore ensuring that there...
Economy
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COP28 UAE
COP28 last chance to keep 1.5C target alive: John Kerry
US climate envoy issued the warning after COP28 president Sultan Al Jaber proposed a draft deal that did not include...
- He said that nobody at COP28 wants to be part of the failure to live up to this responsibility
- The 2015 Paris Agreement set the increasingly elusive target of limiting warming to 1.5 degrees Celsius
Business
PIF sets up agri and ecotourism firm Dan Company
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism...
- The company plans to develop unique tourism projects around cities across Saudi Arabia with attractive natural and farmed landscapes.
- Dan aims to involve local communities in imparting experience that enables visitors to fully interact with Saudi regional culture and traditions.
Geostrategy
Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
- The two sides discussed the developments in Palestine and expressed their deep concern about the humanitarian catastrophe in Gaza.
- Russia and Saudi Arabia stressed on the need to stop military operations in the Palestinian territories, and the need to protect civilians.