Trump defiant as tariffs send world markets into panic
Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump's trade war,...
Economy
Trump puts world on edge as ‘Liberation Day’ tariffs loom
Trump kept rivals and allies alike guessing about who would be targeted and by how much, but promised to be...
Economy
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
Economy
More than 2,000 contestants to take part in Spinneys Dubai 92 Cycle Challenge
Dubai, UAE-- Over 2,000 cyclists from the UAE and overseas are expected to participate in the 13th edition of the...
- The cycling event will be organized on 19th February 2023 with the support of the Dubai Sports Council and the UAE Cycling Federation
- The Spinneys Dubai 92 Cycling Challenge comprises an outrider race for amateurs with a short distance of 40 km
ECB to hike rates again, but outlook brightens
Most analysts expect a 50-basis point hike in March but, with inflation starting to ease, there are already signs of...
- ECB president Christine Lagarde has repeatedly stressed rates will continue to rise at a steady pace, and the bank is expected to agree on a 50-basis point hike Thursday
- ECB board member Fabio Panetta, known for his dovish stance, said the bank should not commit to any particular hike beyond the forthcoming meeting
Economy
European Union provides US$70m in financing to Jordan
Amman, Jordan-- The European Union (EU) has signed two agreements with Jordan to provide it with a $70 million in...
- Jordan's Minister of Planning Zeina Toukan said these grants come at an important time to support the development and reform efforts in Jordan
- The EU’s "Food and Resilience Facility" aims to support specific interventions designed according to the domestic context and needs
Economy
UAE unveils ‘Emirates Health’ at medical conference in Dubai
Dubai, UAE--The UAE has launched several innovative health projects in the 48th edition of Arab Health 2023, which began today...
- The three entities have jointly developed projects on display as part of a unique national initiative to provide curative and digital health services
- During the four-day event at the Dubai World Trade Centre, the Emirates Health Platform will witness the launch of an innovative health services package
Trump defiant as tariffs send world markets into panic
Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump's trade war,...
Economy
Company News
JPMorgan Q3 profit at $13.2bn
Business
Latest News
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
EU reaches deal to reform electricity market
The agreement will see states given the "possibility to exclusively support" the acquisition of new renewable generation, in line with...
Economy
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...
Economy
Most Read
COP28 UAE
World Bank to expand climate funding in MENA by $10 billion
Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...
- The funding supports both reducing net emissions and resilience projects, said Meskerem Brhane, the bank's Regional Director for Sustainable Development, MENA.
- She added that by embracing green growth strategies, the region's GDP could potentially grow to over $13 trillion by 2050.
Clean energy sees marked investment rise since 2020
With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is...
- With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is making strides towards a greener future, says an expert.
- However, challenges remain in meeting the Paris Agreement goals and ensuring all nations can participate in the transition, adds Ferdinand Varga of Boston Consulting Group.
Economy
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
- Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
- Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc