The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
Economy
CBUAE projects real GDP to grow by 7.6% in 2022
In its Q3 review, the apex bank attributed the upward review to the robust performance of some non-oil sectors, including...
- In its Q3 review, the apex bank attributed the upward review to the robust performance of some non-oil sectors, including tourism, hospitality, real estate and manufacturing
- The review expected the non-oil GDP to grow by 6.1 percent in 2022, against 4.3 percent previously, with the oil GDP to expectedly grow by 11 percent this year
Economy
Banking, realty sectors drive UAE financial markets
Dubai real estate market recorded 476 sales transactions worth AED1.17 billion, in addition to 92 mortgage deals of AED181.95 million.
- Dubai real estate market recorded 476 sales transactions worth AED1.17 billion, in addition to 92 mortgage deals of AED181.95 million on Monday
- The Central Bank of the Emirates has raised its estimates of real GDP growth in the country to 7.6 percent at the end of the current year 2022
Economy
Saudi Arabia, UAE lowest-risk investment havens in the ‘riskiest’ Middle East and Africa region
The region was ranked the riskiest by the Global Risk Report Quarterly Update. But the GCC region stood out, offering...
- In Africa, Morocco, Botswana and South Africa were the low-risk investment destinations, in that order, as far as the macroeconomic risks are concerned.
- Syria, Yemen, and Libya were on the list of the highest-risk countries in the third quarter.
Geostrategy
Iran says Jordan summit is a good opportunity for nuclear talks
TEHRAN, IRAN - Iran's foreign minister said Monday that a summit to take place this week in Jordan will be a...
- On-off talks to revive the deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), started in April last year.
- A UN nuclear watchdog team led by IAEA deputy director-general was on a one-day visit to Iran.
Geostrategy
Sharjah, Belgium discuss enhancing ties
SHARJAH, UAE - A Belgian delegation met with Sheikh Majid Al Qasimi, Director of the Department of Government Relations (DGR)...
- The two parties agreed on organising a Sharjah delegation visit to Belgium for strengthening bilateral relations.
- the Belgian Ambassador to the UAE expressed his interest in visiting universities in Sharjah to discover more partnership opportunities.
Geostrategy
UAE takes part in 17th Asia Pacific Regional Meeting of ILO
SINGAPORE - The UAE has participated in the 17th Asia Pacific Regional Meeting of the International Labor Organization (ILO) in...
- Over 500 representatives of governments, labor organizations and companies from 33 countries took part in the meeting.
- The meeting discussed labor priorities and ways to promote employment in the Asia Pacific.
Economy
Egypt’s IMF deal aims to reduce government debt
Cairo, Egypt--The IMF's new $3 billion financial support package for Egypt aims to reduce government debt to less than 80...
- Egypt negotiated its latest IMF loan as the economic fallout from the war in Ukraine exacerbated a foreign currency shortage resulting from Egypt's large trade deficit
- The package includes a monetary policy aimed at gradually reducing inflation, fiscal consolidation to ensure a downward public debt trajectory while enhancing social safety nets
Business
EGA to supply CelestiAL solar aluminium to Kobe Steel
The agreement with Kobe Steel will see the supply of EGA’s CelestiAL solar aluminium to one of the largest rolling...
- The agreement with Kobe Steel will see the supply of EGA’s CelestiAL solar aluminium to one of the largest rolling mills in Japan
- EGA currently supplies thousands of tonnes of aluminium to Kobe Steel every year, in a business relationship that stretches back more than 25 years
Economy
UAE looks to deepen renewable energy partnership with Scotland
Dubai, UAE--A UAE delegation led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade is on...
- The delegation visited the Scottish Enterprise, which highlighted its efforts to transform Scotland’s economy through innovation and investment
- The UK is one of the UAE’s top trading partners as the volume of bilateral non-oil trade between the two reached US$7.4 billion in the first nine months of 2022
Economy
Sheikh Tamim says ‘exceptional’ World Cup delivered to fans
Paying tribute to the finalists and fans in a Twitter statement after the match, Qatar's ruler said that the Gulf...
- Sheikh Tamim bin Hamad Al-Thani paid tribute to the finalists and fans in a Twitter statement after the match
- Messi was prominently pictured wearing a 'bisht' traditional cloak that the emir presented the Argentina icon before he lifted the World Cup trophy
The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
Company News
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Saudi banks see moderate improvement in margins in Q3: report
Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII)...
Economy
Climate change already reducing global GDP: report
Low- and middle-income countries have experienced a combined loss in capital and GDP totaling $21 trillion, about half of the...
$128 billion in US company deals during Dubai Airshow: US Ambassador
Abu Dhabi, UAE - Martina A Strong, the US Ambassador to the UAE revealed on Monday that American companies secured...
Business
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Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.
Business
Abu Dhabi’s EWEC opens Q4 2023 Clean Energy Certificates auction
ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023...
- CECs are the only accredited instruments in the Emirate that prove the environmental and economic benefits of consuming clean energy.
- Issued in units of 1MWh, each CEC certifies that the electricity consumed by the entity originates from a clean energy source.
Market Report
Stock markets on hold as investors await key US inflation data
Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that...
- The Dow edged higher at the open, while the S&P 500 and Nasdaq drifted lower.
- With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action.