China says will fight to ‘bitter end’ if US pushes trade war
Pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year -- interest...
Economy
Asian stocks rise as Powell rate warning taken in stride
Equities rose in Asia on Wednesday as traders took in their stride a warning from Federal Reserve boss Jerome Powell...
Economy
Lebanese bank faces depositor lawsuit following US court decision
In the midst of Lebanon's three-year financial collapse, banks have tightened controls on withdrawals in both US dollars and the...
- In the midst of Lebanon's three-year financial collapse, banks have tightened controls on withdrawals in both US dollars and the local currency
- Savers have challenged the restrictions in local and international courts, seeking to get back their money promptly in US dollars
Economy
Jordan, Iraq agree to extend MoU on importing Iraqi oil
Iraq is currently supplying Jordan with 10,000 barrels of oil per day (bpd).
- Iraq is currently supplying Jordan with 10,000 barrels of oil per day
- The average price of crude oil exported to Jordan reached $75.67
Economy
Britain, Dubai to deepen data partnership
There are as many as 5,000 British companies operating in the UAE, many of which depend on safe data transfers.
- There are as many as 5,000 British companies operating in the UAE, many of which depend on safe data transfers
- DIFC is the first financial centre in the MEASA region to engage with the UK Government on an adequacy assessment
Economy
Egypt to receive US$3 billion loan from IMF
Washington, United States--The Executive Board of the International Monetary Fund on Friday approved a $3 billion loan to Egypt, with an immediate...
- IMF said that Egypt is expected to receive, through the EFF program, about US$14 billion in additional financing "from its international and regional partners
- As the world's largest importer of wheat, it has been hit hard by soaring grain prices due to the Russian invasion of Ukraine
Economy
FIFA Cup helps Qatar, Egypt warm up bilateral ties
The two countries explore areas of joint cooperation to strengthen political, economic, investment and trade relations.
- The two countries explore areas of joint cooperation to strengthen political, economic, investment and trade relations
- Both seek to boost coordination of parliamentary positions between the two councils in regional and international forums
Geostrategy
France and Morocco mend ties after visa spat
RABAT, MOROCCO - France and Morocco announced Friday they were mending fences after months of tensions over visas, and said President...
- Speaking in Rabat alongside her Moroccan counterpart, French Foreign Minister said it was time to "write a new page together".
- French President Emmanuel Macron and Morocco's King Mohammed VI spoke by phone after their countries' dramatic World Cup semi-final clash.
Economy
Stocks markets, oil prices extend losses as experts warn of stagflation
After a healthy rally in recent weeks fuelled by signs that price rises were slowing, the US Federal Reserve, European...
- While inflation in most countries has started coming down -- helped by a drop in energy costs -- it remains at multi-decade highs.
- And observers have warned that economies could be heading for a period of stagflation where prices keep rising but growth stalls.
Economy
Dubai tourist arrivals vault 134% from Jan to Oct
Dubai’s hotel inventory in October 2022 comprised 144,737 rooms at 790 hotel establishments compared with 122,185 rooms available at the...
- Dubai’s hotel inventory in October 2022 comprised 144,737 rooms at 790 hotel establishments compared with 122,185 rooms available in October 2019
- UAE Tourism Strategy 2031 seeks to attract AED100 billion in additional tourism investments and 40 million hotel guests by 2031
Economy
Qatar’s budget surplus exceeds $21bn in 9 months
The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices.
- The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices
- The data also showed an increase of 26 percent in revenues and 0.78 percent in expenditures in the third quarter
Economy
EU adopts global minimum 15% tax on multinationals
Emmanuel Macron said France had been pushing the idea for more than four years. The global minimum tax is only...
- The landmark agreement between nearly 140 countries is intended to stop governments racing to cut taxes to lure the world's richest firms to their territory
- The plan was drawn up under the guidance of the Organization for Economic Cooperation and Development and already had the backing of Washington
China says will fight to ‘bitter end’ if US pushes trade war
Pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year -- interest...
Economy
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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...
Market Report
EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
Business
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Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
- The Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.
- “This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite,” CEO of Bank of Sharjah said.
Geostrategy
Some farmers in drought-hit Iraq forced to reduce crops: NGO
Baghdad, Iraq -- Sixty percent of farmers surveyed in four provinces of drought-hit Iraq reported having to reduce cultivated areas or...
- Successive years of drought have already displaced tens of thousands from rural areas in Iraq, particularly in the southern provinces that face extreme heat during the summer.
- In addition to drought, the authorities blame upstream dams built by Iraq's powerful neighbours Iran and Turkey for dramatically lowering water levels in the Tigris and Euphrate.
Economy
Bahrain and EU hold discussions to ramp up ties in energy sector
Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy...
- The Bahrani oil minister shared details with the envoy of the kingdom's oil projects and environmental initiatives aiming for zero neutrality by 2060
- The EU ambassador applauded the kingdom's progress and development, pledging to continue promoting investment for both parties sides