Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic...
Economy
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...
Geostrategy
EU presidency says sanctions may next target Belarus
The Czech prime minister, whose country holds the rotating EU presidency, said the bloc may look at sanctions on Belarus...
- The EU has imposed sweeping sanctions against Russian industry and individuals.
- Certain sanctions against Belarus are already in place, but EU can't have Belarus joining Russia's policy, says the Czech prime minister.
Business
BP underlying Q3 profit at $8.2bn
BP, flush with cash, revealed a $2.5 billion share buyback.
- Profits were weaker than the second quarter due to a dip in oil prices.
- BP is meanwhile seeking to pivot towards cleaner energy and away from fossil fuels.
Economy
World economy projected to more than double in size by 2045: OPEC
The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23%...
- The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23% in the next 23 years
- Globally, oil demand is projected to increase from almost 97 million barrels a day (mb/d) in 2021 to around 110 mb/d in 2045
Economy
UN says Afghanistan poppy cultivation surges as prices rise
More than a year after it took power, Taliban has failed to curb opium poppy cultivation in the country as...
- According to the Vienna-based UNODC, the 2022 poppy crop was also "the most profitable in years"
- The income made by farmers from opium sales more than tripled from $425 million in 2021 to $1.4 billion in 2022, the report said
Economy
WB expects UAE’s real GDP to grow by 5.9% in 2022
The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal...
- The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal revenue
- The bank expects the real GDP to moderate to 4.1 percent in 2023 as slower global demand may dampen growth due to tightening financial conditions
Economy
Biden threatens tax hit for ‘war profiteering’ oil giants
His comments came days after oil giants ExxonMobil and Chevron reported bumper earnings, reflecting how a surge in crude prices...
- Biden said companies have a "responsibility to act" beyond the narrow self-interest of executive shareholders
- Hefty profits reported earlier by TotalEnergies and Shell have also reignited a European debate on windfall profits taxes
Economy
ILO says global crises will lead to a fall in labor market
The war raging in Ukraine and other overlapping crises are taking a toll on labor markets worldwide, the UN said,...
- In a fresh report, the International Labor Organization cautioned that the outlook for global labor markets has deteriorated in recent months.
- It also warned that excessive policy tightening could cause "undue damage to jobs and incomes in both advanced and developing countries."
Geostrategy
Saudi Arabia, UAE say global investments required for oil production
Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production, just days before...
- Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy
- Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the Gulf countries were both increasing production capacity.
Geostrategy
UAE, Kyrgyz Presidents review bilateral relations
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...
- UAE and Kyrgyzstan affirmed their common interest in enhancing bilateral relations.
- The meeting explored various opportunities of the UAE- Kyrgyz friendship and affirmed to further cooperation in economy, trade.
Economy
Most non-oil economies in MENA region seeing ‘gradual slowdown’: IMF
Despite soaring inflation and murky economic prospects worldwide, the IMF maintained its projection of 5.0 percent growth for the region...
- MENA region varies wildly, from low-income states growing at just 0.8 percent to the wealthy Gulf monarchies that are running at 6.5 percent growth.
- "Almost two-thirds of the non-oil countries in the region are witnessing a gradual slowdown," he said, presenting the IMF's latest report which includes Iran but not Israel.
Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic...
Economy
Company News
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ADIB publishes ‘sustainable finance framework’ establishing criteria for borrowing
Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which...
Economy
Saudi Arabian ministry issues 174 industrial licenses
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September,...
Business
Turkish inflation rate holds near 61 percent
Turkey is suffering the worst bout of inflation of President Recep Tayyip Erdogan's two-decade rule. The official annual inflation rate...
Economy
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Business
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.
- Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
- It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Economy
Jordan becomes UAE’s regional investment hub
“Jordan has become a regional investment hub of choice for the UAE's direct investments, totaling US$4 billion. This represents 14%...
- The UAE has invested $4 billion directly in Jordan, with non-oil trade reaching $4.5 billion in 2022, reflecting their deep-rooted ties and mutual interests.
- In 2022, the UAE, Jordan, Egypt, and Bahrain announced a comprehensive industrial partnership, allocating a $10bn investment fund for collaborative projects.
Economy
Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...
- Federal Reserve's decision to hold interest rates comes amid concerns of persistent inflation
- The CBUAE and QCB's decision underscores the link between global and regional monetary policies