Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
Asian stocks mostly up after US tech rally
Asian stocks were mostly higher on Tuesday after a tech rally on Wall Street, but their gains remained modest in...
Business
GM posts Q3 profit of US$3.3b
US automaker was bolstered by strong vehicle pricing.
- Revenues jumped 56 percent to $41.9 billion, a quarterly record.
- GM Chief Financial Officer Paul Jacobson acknowledged rising worries about the drag from inflation on economic growth.
Business
UBS Q3 net profit is US$1.7b
The bank income in Q3 fell by 10 percent to $8.2billion.
- The energy crisis had affected their retail and small business clients in Switzerland.
- The CEO of UBS said clients are concerned about high inflation, elevated energy prices and the war in Ukraine,
Business
SALIC, Minerva Foods buy Australian Lamb Company
ALC is one of the largest meat producers in Australia.
- The acquisition was done through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva in Australia.
- ALC operates two processing facilities in Victoria State, with a capacity to process up to 3.78 million heads annually.
Geostrategy
Saudi Arabia key place for solutions to global supply chain issues, says investment minister Khalid Al Falih
Saudi Investment Minister was speaking at the Sixth Edition of the Future Investment Initiative, hailed as 'Davos in the Desert',...
- George Osborne, Former First Secretary of State, UK said the US and China need to find a way to work together in order to make the world a better place.
- Some rules and policies that came into existence post WW II are not fair to many Asian and African nations, said Senegal's president Macky Sall.
Geostrategy
GCC, S. Korea begin sixth round of talks on free trade agreement
SEOUL, SOUTH KOREA - The sixth round of revived negotiations between the Riyadh-based Gulf Cooperation Council (GCC) and the Republic...
- GCC and South Korea expressed readiness to advance discussions on a free trade agreement after a 13-year suspension.
- The agenda of the sixth round include trade in goods and services, investment, digital trade, and intellectual property rights.
Analysis
UAE-UK partnership may unlock potential of clean hydrogen, boost economy, create 200,000 new jobs
The latest WGEO study is part of "our efforts to support the Dubai Clean Energy Strategy 2050 and the Dubai...
- By 2050, hydrogen is estimated to deliver more than $8.7bn annually to the UAE economy and $14.8bn GVA to the UK, says the latest WGEO report
- A UAE-UK collaboration -- involving policy, innovation, trade, and investment - has potential to create over 100,000 new jobs in each country, it adds
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.
Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
Company News
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Futuristic strategies elevate Dubai
Dubai's transformation from a humble fishing village to a global tourist powerhouse is nothing short of remarkable. Just decades ago,...
Economy
Bahrain’s SCE signs agreement with Foulath Holding Company
Manama, Bahrain--The Supreme Council for the Environment (SCE) signed a cooperation agreement with Foulath Holding Company to boost sustainable development...
Economy
Shekel’s decline raises economic concerns in Israel
Israeli officials show confidence in the economy's resilience amid Gaza conflict, but experts warn of challenges if tensions escalate with...
Economy
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Economy
Federal Reserve likely to pause interest rate hikes
The Federal Reserve will likely announce it is holding interest rates at a 22-year high on Wednesday, as it looks...
- Interest rate hikes slow down inflation by raising the cost of borrowing from the bank, which dampens economic activity and weakens the labor market.
- Since peaking at more than seven percent in June last year, inflation as measured by the Fed's favored yardstick has fallen by more than half.
Economy
Buildings should absorb more carbon than they release
"Buildings should produce more clean energy than they consume. This transformation demands a reevaluation of our relationship with nature. Rather...
- Renowned architect and design innovator Michael Pawlyn emphasizes the need for net positive sustainability actions.
- The health of natural systems is pivotal for future progress, he adds during the recent Majlis Mohamed bin Zayed lecture.
Economy
Capital flows to emerging markets facing short-term headwinds: QNB
Doha, Qatar--Qatar National Bank (QNB) said that the global macro trends are starting to present short-term challenges to emerging markets...
- QNB said in its weekly analysis that after a span of positive inflow of capital to emerging markets touching US$50bn in January, the flow turned negative since August
- Indicators suggest below trend growth in the Euro area, China and several other EM and as a result the growth gap is expected to further widen in favour of the US versus EM