‘Starvation tactics’ being used against 25 million people in Sudan
UN experts on Thursday accused the two sides in Sudan's civil war of using "starvation tactics" against 25 million civilians,...
Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
Economy
Economy
UAE-Egypt trade touches $67 billion in the last 22 years
The economic ties between the UAE and Egypt were strengthened this year by the signing of the Industrial Partnership for...
- The UAE is Egypt’s second leading trade partner in the region while Egypt is the fifth leading trade partner of the UAE in terms of non-oil trade
- The UAE is also the largest international investor in Egypt, with cumulative investments worth over $15 billion
Business
ADCB Q3 net profit at US$432m
The diversification of revenue streams boosted the bank's profitability.
- The bank reported a non-interest income of US$259 million (AED 952 million).
- ADCB said its operating income surged by 21 percent to reach US$955 million (AED 3.510 billion).
Infographics
UAE, Saudi pension systems improve performance on 2022 Mercer CFA Index
The 2022 Mercer CFA Institute Global Pension Index compares 44 retirement income systems against more than 50 indicators and benchmarks.
- The CFA Institute said the index highlights both the considerable diversity and the positive features present in many systems.
- The study also confirms that no pension system is perfect and that every system has shortcomings.
Economy
60% houses in Iraq lose access to drinking water, says survey
BAGHDAD, IRAQ - In drought-hit Iraq, six out of 10 households have had their access to drinking water disrupted and...
- The Norwegian Refugee Council (NRC), an aid group active in the oil-rich but war-scarred country, surveyed 1,341 households in August.
- NRC study found that the crisis has had an immediate impact on access to drinking and irrigation water and on the production of crops.
Economy
Oman’s CPI inflation rate rises 2.4 percent in September
MUSCAT, OMAN - The inflation rate of Consumer Price Index in Oman reached 2.4 percent during September 2022. A monthly...
- The report noted prices of education group increased by 5.1 percent.
- The prices of health group and food group surged by 3.5 percent and 5 percent respectively.
Geostrategy
Lebanese lawmakers fail to pick President for fourth time
Already governed by a caretaker cabinet, crisis-hit Lebanon is hurtling towards an imminent power vacuum, with just days before the...
- A total of 50 lawmakers in Lebanon's 128-seat parliament left their votes blank, many from the Iran-backed Hezbollah.
- Parliament speaker Nabih Berri called for another vote on Thursday in the hope of overcoming long-running arguments.
Market Report
Most markets up but China fear casts shadow
Most markets rose on hopes the Federal Reserve would soon slow its pace of interest rate hikes, though the mood...
- Tokyo, Sydney, Seoul and Taipei led gains after a strong performance in New York.
- The rise was sparked by a report the Fed could begin to take its foot off the pedal in its rate hike campaign.
Business
Credit Suisse to pay $234m fine
Bank to pay fine on money laundering, tax fraud charges.
- Credit Suisse said it had reached the settlement to resolve a legacy matter in relation to investigation into historical cross-border private-banking services.
- The bank added that the settlement does not comprise a recognition of criminal liability.
Economy
Moroccans protest against cost of living crisis
The protest was organized by the country's main trade union, the UNTM, which is close to the Justice and Development...
- The rally, outside parliament and witnessed by AFP journalists, came after several protests already this week in Rabat and other Moroccan cities
- Consumer price inflation was 8.3 percent year-on-year in September, due in large part to surging food prices, which were up 14.7 percent
Economy
Eurozone downturn deepens as Germany heads for recession
Economic activity in the eurozone plummeted further in October and Germany, the EU's top economy, looks headed for a recession,...
- The S&P Global Flash Eurozone purchasing managers' index (PMI) fell to 47.1 for October, down from 48.1 a month earlier, as soaring inflation and high energy prices buffeted Europe
- The survey showed that both manufacturing and services in Germany were showing accelerated rates of shrinkage, though that had yet to feed through into jobs-shedding
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‘Starvation tactics’ being used against 25 million people in Sudan
UN experts on Thursday accused the two sides in Sudan's civil war of using "starvation tactics" against 25 million civilians,...
Company News
Latest News
GCC-China strategic alliance focuses on mutual trust
"A Free Trade Agreement between the GCC countries and China will be a pivotal channel to amplify GCC-Chinese relations across...
Economy
‘Technology may help bridge global economic divide’
External shocks, such as COVID, Ukraine war and rising costs have exacerbated economic disparities, while geopolitics hinders effective global decision-making,...
Interview
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
Business
Most Read
Business
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
- The recovery in land sales reflects developers’ efforts to acquire the best plots for launching real estate and commercial projects.
- Several sale deals in Dubai focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise.
Economy
Policy and infra drive Dubai’s global rise
The emirate's pro-business policies, dedicated trade zones, and emphasis on tech innovation position it as a premier financial hub, George...
- Dubai, historically a pivotal trading center, has evolved into a global hub for commerce, leveraging its strategic location and world-class infrastructure, says an expert.
- Business-friendly policies, specialized trade zones, and a commitment to tech innovation make the city a leading financial marketplace, adds George Pavel of Capex.com.
Business
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
- The objective is to establish logistics zones that will enhance efficiency of the sector, improve service quality and generate additional job opportunities.
- This initiative is expected to strengthen the role of the logistics sector in supporting the national economy.