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
Business
EDB, ADCB ink pact for UAE SMEs
The MoU will enable SMEs access to financing options.
- The scheme is in line with EDB’s mandate to provide AED 30 billion towards the development of the UAE economy in five strategic sectors.
- The Memorandum of Understanding (MoU) will enable SMEs in the UAE to have improved access to strategic financing options.
Business
Amgen to buy Horizon Therapeutics
The US biopharma firm will pay US$28 billion for the deal.
- This is the biggest acquisition of the year in the health sector.
- The deal is subject to approval by US regulators and if all goes well it should be concluded in the first half of 2023, Amgen said.
Business
HUB71 startup community raises $1bn in venture capital
The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies.
- The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies
- Hub71 has built a diverse capital ecosystem of active investment partners ranging from Mubadala Investment Company to over 30 VC firms to family offices
Economy
UK economy posts growth as GDP rises 0.5% in October
Gross domestic product fell 0.6 percent in September after businesses closed for the royal funeral, and Britain's economy shrank by...
- Britain's finance minister Jeremy Hunt said in a statement that despite the figures showing growth, "there is a tough road ahead"
- The Bank of England has predicted the UK economy would contract in the final quarter of 2022, meaning the economy was in a recession
Economy
ECB mulls rate hike slowdown on ‘peak inflation’ hopes
As part of its monetary policy tightening, the ECB will on Thursday outline the next steps in its efforts to...
- Following two consecutive interest rate hikes of 75 basis points, markets are on tenterhooks to see whether the ECB will keep up the aggressive pace or downshift to 50 basis points
- This week's meeting of the ECB's 25-member governing council in Frankfurt will be the final one of 2022, a year that will be remembered for unprecedented consumer price shocks
Economy
UAE asks govt entities to buy locally produced food
The decision has been taken to support local production while the government continues to embrace open trade policy.
- The decision has been taken to support local production while the government continues to embrace open trade policy
- The desert country is working on vertical farming under a joint venture between Emirates Flight Catering and US-based Crop One
Economy
Dubai Customs and South Korea to boost trade ties
Dubai, UAE— Dubai Customs and a delegation from South Korea have discussed ways to further develop mutual trade cooperation. Dubai...
- Dubai Customs shared their experience in developing smart customs services and digital systems with the delegation
- The Korean delegation learned about the Post Clearance Audit System, which targets risky clearance transactions and enhances transparency in trade
Economy
TBI denies loan for ‘fake projects’, says recovered 1 trillion, 500 billion dinars
Responding to a story published on one of the satellite channels, the bank explained the amount of the total loans...
- Responding to a story published on one of the satellite channels, the bank explained the amount of the total loans in the bank is inaccurate
- The bank stressed there are no loans for fictitious projects, saying the report in the media which doesn't identify its sources directly affects it
Economy
China scraps Covid tracking app as virus rules ease
More than two years after it was launched, China will retire "Communications Itinerary Card", which tracks people who have been...
- It comes just days after China announced an end to large-scale lockdowns, mandatory quarantine in central facilities, and a broad relaxation of testing measures
- The app is only one of a panoply of tracking apps that have governed everyday life in China throughout the pandemic
Geostrategy
Yemen war has killed or maimed over 11,000 children: UN
Hundreds of thousands have died since, either as a result of fighting or indirectly through unsafe drinking water, disease outbreaks,...
- About 2.2 million Yemeni children are acutely malnourished, one quarter of them aged under five, and most are at extreme risk from cholera, measles and other diseases
- Yemen's war broke out in 2014 and quickly saw Iran-backed Houthi rebels seize the capital Sanaa, prompting Saudi-led forces to intervene to prop up the government
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
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Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
Economy
Indonesia’s exports to UAE expected to rise by $4bn with CEPA trade pact
Jakarta, Indonesia - The Comprehensive Economic Partnership Agreement (CEPA) is expected to increase Indonesia’s exports to the UAE by around...
Economy
Movement against ‘Pro-Israeli’ fast-food chains gains momentum
Tehran, Iran – Egypt, Jordan, and Turkey witnessed a significant surge in a boycott targeting multinationals that have either pro-Israeli...
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Business
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
- The 10-year loan was funded by a group of banks including Industrial and Commercial Bank of China
- Citigroup Inc, First Abu Dhabi (FAB), and HSBC Holdings Plc,will help in funs according to sources familiar with the matter.
Business
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
- At least 518 Egyptian companies are operating in the Saudi market, the minister said.
- He said that over 285 Egyptian brands are spread out across the Kingdom.
Business
Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...
- In Q3 2023, Asia was the principal destination of Qatar’s exports and imports, representing 74.9 percent and 36.3 percent respectively.
- In Q3 2023, the European Union, accounting for 10.4 percent and 27.5 percent of Qatar's exports and imports respectively.