Asia-Pacific markets mixed after Powell signals smaller rate cuts
Asia-Pacific markets are mixed on Tuesday, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the...
Economy
UAE airports see 14.2% passenger traffic surge in H1
Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling...
Economy
Business
DEWA’s Jebel Ali plant enters Guinness World Records for second time
It was named as the Largest Single-Site Water Desalination Facility in the World by the Guinness World Records.
- The plant has the production capacity of 490 million Imperial Gallons of water per Day, which is equivalent to 2,227,587 Cubic Metres per Day.
- DEWA aims to increase its SWRO production capacity to 303 MIGD by 2030, reaching 42 percent instead of its current share of 13 percent.
Geostrategy
Iraq investigates $2.5 billion ‘theft’ from tax agency
The anti-corruption commission announced Sunday it has launched an investigation and said in a statement that it will provide the...
- The finance ministry's probe uncovered a theft of 3.7 trillion Iraqi dinars (about $2.5 billion) from the account of general commission for taxes at Rafidain Bank
- Iraq ranks 157 out of 180 countries in Transparency International's corruption perceptions index and criminal charges are rare in the country
Economy
IMF and Tunisia reach agreement on $1.9 billion loan
The agreement in principle, reached between IMF staff and Tunisian authorities meeting this week in Washington, still requires the approval...
- Under a four-year accord, Tunisia has committed to undertake a "comprehensive economic reform program" as the country gets access to the money.
- On Saturday, thousands of people took to the streets of Tunis and protested against the policies of President Kais Saied who seized power last year.
Geostrategy
Finance Ministers of UAE, India discuss trade, economic ties
UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini met with India's Minister of Finance Nirmala Sitharaman...
- The meeting sought to discuss means of boosting mutual cooperation between UAE and India in areas of common interest.
- The meeting deliberated the priorities set by India in its upcoming G20 presidency and the ways the UAE can support them.
Geostrategy
Biden has ‘no plans’ to meet Saudi Crown Prince at G20 summit: US
Stormy US-Saudi relations have seen new strain over Riyadh's recent support for oil production cuts, with Biden warning of unspecified...
- The move was widely seen as a diplomatic slap in the face, since Biden traveled to Saudi Arabia in July and met with the crown prince.
- The Biden administration has voiced openness to retaliatory measures in Congress by enraged Democrats,. Saudis defended the move as motivated purely by economics.
Economy
Dubai Customs issues authorization certificates to free zone companies
Dubai Customs provides the services and facilities to licensed companies in the free zones of the Emirate to boost investments...
- Dubai Customs facilitates procedures to determine the value of the goods imported by the free zone companies.
- It provides services and facilities to licensed companies in free zones to boost investments and attract more investors.
Economy
Abu Dhabi Foreign Experts Court examines 200 cases
The Foreign Experts Court of the Abu Dhabi Judicial Department (ADJD) has managed to maintain high adjudication rates in the...
- The Foreign Experts Court has achieved a 90 percent disposition rate out of a total number of about 200 commercial cases.
- The panel of the Foreign Experts Court consists of a single judge and two foreign experts.
Business
Saudi to build world-class mining business in cooperation with South Africa
Riyadh, Saudi Arabia-- Saudi Arabia's Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer said...
- Saudi Arabia expects its mineral wealth to exceed $1.3 trillion as it plans to triple spending on exploration of metals over the next three years.
- Saudi deputy minister Khalid bin Saleh says the two countries will focus on quality of the projects.
Economy
UAE’s minister is new Chairman of WBG-IMF committee
During his two-year tenure, the minister will work with the committee that include ministers, and the Board of Governors of...
- The committee aims to achieve international cooperation and consensus on issues related to development
- Development Committee is a ministerial-level forum that represents the member countries of the WB and IMF
Economy
IMF, Egypt finalize work to reach staff-level agreement soon
Washington, US-- International Monetary Fund and Egyptian authorities have agreed to finalize their work to reach a Staff-Level Agreement very...
- IMF has said the implementation of Egypt's comprehensive structural reform agenda would gradually enhance the competitiveness of the economy.
- The two sides are still in the process of determining the Egyptian exchange rate policies.
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Asia-Pacific markets mixed after Powell signals smaller rate cuts
Asia-Pacific markets are mixed on Tuesday, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the...
Economy
Company News
Latest News
Markets fall as Biden set for Middle East diplomacy drive
US and European stock markets mostly fell and oil prices rose as US President Joe Biden prepared for a trip...
Market Report
Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
Business
Saudi Arabia launches bus transport project linking 200 cities
RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant...
Business
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Economy
Jordan, Egypt foster economic policy collaboration with new MoU
Amman, Jordan - Jordan and Egypt have signed an MoU to foster cooperation in economic and development policy formulation, as...
- The MoU emphasizes the importance of coordination and the development of bilateral relations in technical cooperation between planning institutions in the two countries
- This encompasses the development of policies in the economic and development sectors, along with the mutual exchange of expertise, training, and capacity building
Business
MENA banking sector records 30% surge in net profits in H1 2023
Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in...
- Digital transformation is reshaping the sector, with a focus on AI, sustainable finance, and enhanced customer experiences
- The UAE's banking sector saw a remarkable 31% increase in net profits and total assets, driven by substantial investments in technology initiatives
Economy
‘Qatar prioritizes fiscal control to sustain growth’
"Factors such as robust fiscal discipline supported by strong oil prices, debt reduction efforts by the Ministry of Finance, and...
- Qatar readies for an energy transition, prioritizing savings for intergenerational equity and steering clear of pro-cyclical fiscal policies to ensure financial stability
- Robust fiscal discipline backed by strong oil prices, debt reduction efforts , and improved macroeconomic indicators lead to positive sovereign credit ratings for Qatar