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
Egypt detains three people for trying to steal 10-tonne statue
Egypt has detained three people for attempting to steal a millennia-old statue with a crane in the ancient southern city...
- The statement said that the Antiquities Authority in Aswan has proven the "antiquity (of the statue) and attributed it to Ramses II, with a weight of approximately 10 tonnes"
- Ramses II, one of the most famous pharaohs of the 19th dynasty, ruled for 67 years
Economy
Saudi Arabia’s industrial production rose 8.6% in November 2022, says GASTAT
RIYADH, SAUDI ARABIA - The General Authority for Statistics (GASTAT) published Tuesday on its official website the results of the...
- In November 2022, mining and quarrying grew by 5.7 percent compared to November 2021.
- Manufacturing activity increased by 19.7 percent compared to the same month of the previous year.
Business
Masdar inks deal to produce 1GW of clean energy in Kyrgyzstan
ABU DHABI, UAE - Masdar has announced the signing of an agreement with the Ministry of Energy of Kyrgyz Republic...
- The projects, with a total capacity of up to 1 gigawatt (GW), start with a 200-megawatt (MW) solar photovoltaic (PV) plant.
- The 200 MW plant is scheduled to begin operation by 2026.
Market Report
Stocks mostly drop as traders track China, US rates
Major stock markets mostly dropped as warnings that US interest rates would continue to rise and remain elevated offset growing...
- Sentiment is still closely linked to the outlook for US monetary policy as the Federal Reserve battles to bring inflation down from four-decade highs.
- Policymakers appear determined to keep lifting borrowing costs until they achieve their goal of two percent inflation.
Economy
Abu Dhabi Chamber enhances digital Effortless Certificate of Origin service
ABU DHABI, UAE - Abu Dhabi Chamber of Commerce and Industry (ADCCI) has launched the updated version of its Effortless...
- The Abu Dhabi Program for Effortless Customer Experience supports Abu Dhabi’s human-centric approach.
- It enables everyone living and working in the emirate and visitors to carry out tasks quickly, seamlessly and effortlessly.
Economy
Egypt’s December inflation vaults up to annual 21.3 percent
Cairo, UAE--Egypt's annual urban consumer inflation in December shot up to 21.3 percent from 18.7 percent in November, exceeding analyst...
- The price rises followed a currency devaluation in October and restrictions on imports
- The central bank allowed the Egyptian pound to depreciate by about 14.5 percent on Oct. 27 and let its value continue to weaken slowly and incrementally in November and December
Economy
Saudi Arabia mulling $10bn more investment in Pakistan
In December last year, the kingdom had extended the term of a $3 billion deposit to boost Pakistan's foreign currency...
- In December last year, the kingdom had extended the term of a $3 billion deposit to boost Pakistan's foreign currency reserves
- Today’s announcement comes a day after Chief of Army Staff General Asim Munir held a meeting with Prince Salman in Madina
Economy
SDPW to support carbon neutrality and zero emissions
Sharjah, UAE--The Sharjah Department of Public Works (SDPW) conducted a workshop on the "Sharjah Ports, Customs and Free Zones Authority...
- Head of the SDPW said that the department supports carbon neutrality in its buildings and is part of UAE's initiative to achieve carbon neutrality by 2050
- The SDPW maintained that it applies the highest international and local standards for green buildings and is committed to improving the efficiency
YEARBOOK 2023
ESG may witness higher traction across GCC this year
Some investment trends that emerged at the tail end of 2022 — clean energy, consumer staples, retail, and infrastructure —...
- Some investment trends that emerged at the tail end of 2022 — clean energy, consumer staples, retail, and infrastructure — will gain further impetus in 2023, says an expert.
- The dire climatic status quo and increasing population may impact consumption patterns, infra needs and utilization of finite resources, adds Neelam Verma of The Continental Group
Business
European wages to increase at ‘very strong’ rate, says ECB
"Robust labour markets" alongside "increases in national minimum wages" and "trade unions demand(ing) higher wage increases" are also set to...
- Wage growth over the next few quarters is expected to be very strong compared with historical patterns, the ECB said.
- In December, inflation in the eurozone dipped under the symbolic figure of 10 percent, after 18 months of uninterrupted increase
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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
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
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‘COP28 makes significant strides in climate action’
"COP28 is a very important conference because what it's doing is not just bringing people together, but it provides certainty...
Economy
Gold strikes fresh record high as rate cut bets surge
Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the...
Business
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...
COP28 UAE
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Economy
Turkey’s inflation surges to 62 percent in November
The latest batch of data show higher borrowing costs starting to slow down consumption -- a key goal of the...
- The TUIK state statistics agency said the rate moved to 61.98% last month from 61.36% in October
- The country's central bank expects inflation to peak in May of next year at between 70 and 75 percent
COP28 UAE
Ready to work with developing nations for green future: China
Chinese Vice Premier Ding Xuexiang said his country has promoted the targets for carbon peak and carbon neutrality, adding that...
- The vice premier called on the G77 and China to further speak with one voice and uphold common interests
- He urged all to promote sustainable development, a new path of coordination between development and protection
COP28 UAE
UAE and Turkmenistan pledge to ramp up ties ‘in all fields’
Dubai, UAE-- The UAE and Turkmenistan have agreed to enhance bilateral ties in all fields, particularly in the development sectors,...
- The leaders of the two countries reviewed ways to ramp up bilateral ties between the UAE and Turkmenistan in all fields
- They discussed the COP28 agenda and its role in bolstering international action to address the phenomenon of climate change