China’s central bank cuts two key rates to boost economy
Beijing, China - China's central bank on Monday said it had cut two key interest rates to historic lows, in the...
Economy
Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...
Economy
Business
Ma’aden among top 3 buyers of carbon credits
Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon...
- The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
- The carbon auction is the largest in the world.
Economy
PIF to deploy spending to develop innovative sectors in kingdom
Riyadh, Saudi Arabia--Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a program that will leverage its...
- The Local Content Growth Program will targets Fund’s goal of increasing to 60 percent its contribution and the contribution of its affiliates towards the Saudi economy by 2025.
- The Program also includes a Local Content Policy, in which PIF’s portfolio companies will encourage and support local products and services.
Economy
Egyptian pound plummets after 2% interest rate hike
The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation.
- The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation
- The decision aims to uphold the CBE’s mandate of ensuring price stability in the local market over the medium term
Geostrategy
Iraq parliament approves new government after year of deadlock
Prime Minister Mohammed Shia al-Sudani's 21-member cabinet is expected to face myriad challenges. The oil-rich but war-ravaged country is plagued...
- Sudani, 52, was chosen to form the new government on October 13 following months of infighting between key Shiite Muslim factions
- The movement of firebrand cleric Moqtada, Sudani's rival in Iraq's majority Shiite camp, refused to join the government
Geostrategy
Israel, Lebanon strike ‘historic’ maritime border deal
UN chief Antonio Guterres said he "strongly" believed the deal can promote stability in the region and create "enhanced prosperity...
- The agreement was signed separately by Lebanon's President Michel Aoun in Beirut and by Israel's Prime Minister Yair Lapid in Jerusalem
- US President Joe Biden hailed the "historic" deal, that comes as Western powers clamour to open up new energy production and reduce dependence on Russia
Market Report
Markets mixed as investors digest ECB hike, US data
Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of...
- The euro lost against the greenback on Thursday, after having traded above one dollar for the first time since last month on Wednesday.
- After fluctuating for much of the day, Eurozone stocks were flat by late afternoon trading.
Geostrategy
UAE President, Austrian Chancellor discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
- Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
- The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.
Economy
US economy grows in third quarter this year
The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President...
- The latest GDP figures reflect increases in exports, consumer spending and government spending, said the US Commerce Department.
- Gross domestic product rose at an annual rate of 2.6 percent in the July to September period, according to Commerce Department data.
Economy
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...
- The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
- EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
Economy
Egypt agrees $3 billion loan with IMF as pound hits new low
The IMF had demanded the devaluation as a condition of the loan and the North African nation is among the...
- The IMF deal is also conditioned on reforms that include further cuts to subsidies, bringing yet more pain for struggling households.
- In Aug, global investment firm Goldman Sachs estimated that Egypt would need about $15bn in funding to be able to repay its foreign debt, currently estimated at about $150bn.
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China’s central bank cuts two key rates to boost economy
Beijing, China - China's central bank on Monday said it had cut two key interest rates to historic lows, in the...
Economy
Company News
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World ‘failing’ on pledge to stop deforestation by 2030: NGOs
Deforestation last year was over 20 percent higher than it should have been to meet the leaders' pledge, with 6.6...
Economy
Tech ticks: Metaverse, AI boost Jamaica’s tourism
From the metaverse allowing virtual experiences to the use of AI in training, Jamaica is at the forefront of integrating...
Interview
Sustainable finance part of UAE’s climate action plan
"The UAE's financial markets are proactively broadening sustainable finance options. The Dubai Financial Market has rolled out regulatory frameworks for...
Economy
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Business
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
- The private sector inked 48 MoUs in sectors ranging from transportation, tourism, energy, technology, infrastructure and cybersecurity.
- The pacts aim to enhance investments between Saudi Arabia and South Korea which reflect the efforts towards collaboration between the two nations.
Business
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.
- The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
- The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
Business
GCC unified tourist visa to be introduced within 2 years, says UAE minister
ABU DHABI, UAE – Emirati Minister of Economy Abdullah bin Touq Al Marri has announced that the Gulf Cooperation Council...
- The new visa will open doors to travelers, granting them access to six countries under a single, unified tourist visa.
- The minister said the UAE is getting ready to welcome the new flow of international tourists with the new unified visa.