GCC equity markets ended 2024 in positive territory
Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...
Asia stocks mostly down after Wall St. losses
The "Santa Claus rally" got off to a good start but US stocks then fell across the board on Friday,...
Economy
Turkey reduces main policy rate for fourth successive month
With the latest cut, the rate has reached "a sufficient level with regard to growing risks concerning global demand", the...
- On the wishes of President Recep Tayyip Erdogan, the Turkish bank said it had lowered its benchmark rate from 10.5 percent to nine percent.
- Erdogan had vowed to lower interest rates to single digits by the end of 2022 as he prioritizes economic growth and jobs over price stability.
Business
Nestle pours $1.8 bn in S Arabia
Firm said this will help bolster its presence in kingdom.
- Nestle's announcement is likely to be a major boost to Saudi Arabia as the kingdom pushes to attract greater foreign investment.
- Nestle will build a new factory, due to open in 2025 that will produce infant nutrition products and ready-to-drink coffee.
Geostrategy
Jordan Minister calls for MENA-Europe electric connection project
AMMAN, JORDAN - Jordan's Minister of Energy Saleh Kharabsheh stressed on the importance of conducting an electrical interconnection project to...
- Jordan's Minister said electric connection with Europe achieves integration by supplying the continent with relatively low-cost energy.
- He said that Jordan seeks to turn its electric power grid into a smart one.
Business
‘Introducing insurance share to beneficiaries is important privilege’
ABU DHABI, UAE - Insurance shares distributed among beneficiaries is one of the most essential privileges in the Federal Law...
- The authority said that shares are distributed to the daughter, sister or mother if they are widowed or divorced and to the son or brother if they are disabled.
- Pension shares are distributed to the heirs once the pensioner is deceased, given that those heirs do not earn a salary or receive their own pension.
Economy
ADDED digitally links freezones in Abu Dhabi
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) has completed the e-link project with four freezones...
- The e-link with freezones helps in providing info and data of the beneficial owner of economic establishments in line with laws and regulations in the UAE.
- They will enhance the country status in following highest level of international standards of transparency and governance.
Geostrategy
Gas price cap divides EU energy ministers’ meeting
BRUSSELS, BELGIUM - EU energy ministers met Thursday to debate measures to mitigate the energy crunch in Europe but were...
- They were to discuss a proposal by the European Commission, unveiled just two days earlier, that would set a cap on gas prices at 275 euros per megawatt hour.
- Many members complained that the plan comes with such conditions attached that it was designed never to be used.
Economy
Saudi fund deposits $237m into accounts of housing beneficiaries
Riyadh, Saudi Arabia---Saudi Arabia has deposited 891 million riyals in subsidy to the beneficiaries of a housing program, Iskan, aimed...
- The subsidy for the month of November was deposited into the accounts of the Sakani beneficiaries by the Real Estate Development Fund.
- Since the launch of the program in June 2017, a total of 42.6 billion riyals has been provided to its beneficiaries.
Business
Stocks rise, dollar slips as Fed signals softer rate hike pace
Wednesday's much-anticipated minutes showed most US central bank chiefs felt smaller increases would "likely soon be appropriate" as the economy...
- Bets were growing on officials announcing a 50-basis-point lift at their December gathering, down from four straight 75-point hikes
- Investors are keeping a close watch on China after it announced new Covid cases on Thursday as authorities worked to curb the spread with snap lockdowns
Business
China’s ‘iPhone city’ tightens Covid rules after violent protests
The curbs in Zhengzhou are part of China's national zero-tolerance approach to Covid, which involves grueling lockdowns, travel restrictions and...
- Hundreds of workers took to the streets around the vast iPhone factory in Zhengzhou, confronting hazmat-clad personnel wielding batons in a rare display of public anger in China
- In the wake of the unrest, Zhengzhou authorities ordered mass testing and an effective lockdown for several districts in the central Chinese city starting Friday
Economy
Tourism recovery reaches 65% of pre-pandemic levels
An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month...
- An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month total
- Travel was boosted by strong pent-up demand, improved confidence levels and the lifting of restrictions in an increasing number of destinations
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GCC equity markets ended 2024 in positive territory
Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...
Company News
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AI safety & innovation: Key focus of UAE-Spain tie-up
“I have been looking very carefully and intensely at the UAE’s strategy on AI, and it resonates a lot with...
Economy
Dubai govt approves incentives to boost emirate’s economy
Dubai, UAE – Dubai government on Thursday approved several initiatives to stimulate the industrial sector in the emirate besides announcing...
Economy
Gaza unrest poses risk to oil markets, global growth
Middle East tensions likely to spur a mild global recession, with oil potentially hitting $120-$150 per barrel, says a latest...
Economy
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Economy
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
- The IPI measures the relative change and reflects the production quantities of materials and goods.
- Data issued by the General Authority for Statistics showed that Saudi IPI fell to 122.99 points in September.
Business
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.
- The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
- ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.
Economy
France to host ‘humanitarian aid’ conference for Gaza
sraeli Prime Minister Benjamin Netanyahu has said there will be no fuel delivered to Gaza and no ceasefire with Hamas...
- Thursday's aid conference has been put together in a hurry on the sidelines of the annual Paris Peace Forum on November 10-11
- Few Arab nations are expected to send delegates, although the Palestinian Authority will send its prime minister and Egypt a ministerial delegation