Lebanon flights suspended as Hezbollah-Israel tensions continue to spiral out of control
Major airlines such as Emirates, Qatar Airways and Air France have suspended growing numbers of flights to Lebanon as tensions...
Residential, hospitality sectors drive Saudi Arabia’s real estate market in H1 2024
The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as...
Economy
Economy
Germany pledges 413.9m euros in development aid to Jordan
The Jordanian-German discussions covered a wide range of vital sectors including education, water and renewable energy
- The Jordanian-German discussions covered a wide range of vital sectors including education, water and renewable energy
- The aid also comprises 15 million euros as an additional grant for the National Water Carrier Project
Economy
IMF to provide Ukraine with $1.3 billion emergency aid
The package will help meet Ukraine's "urgent balance of payment needs... while playing a catalytic role for future financial support...
- The IMF also said Ukrainian authorities deserve considerable credit for having maintained an important degree of macro-financial stability
- IMF Managing Director Kristalina Georgieva said that key policies have been geared toward safeguarding priority expenditures and preserving financial stability
Business
OPEC+ output cut ‘a snub’ to Biden and United States
While Saudi Arabia has said it does not use oil as a political tool, US experts see this as a...
- The move may have ‘serious consequences’ for Saudi Arabia and irreparable damage to its relationship with the Biden administration, warn analysts
- Economists in Europe, meanwhile, worry that the OPEC+ decision to cut oil production will deepen the continent’s economic and energy woes
Business
Delegations from France, Italy visit Expo Center Sharjah
Delegations from France and Italy have visited the Expo Center Sharjah to discuss ways to strengthen cooperation and exchange expertise...
- The meetings were held on the sidelines of the 50th edition of the Watch & Jewelry Middle East Show.
- The delegations toured the exhibition and looked into ways to work with the center.
Market Report
Stocks fall, dollar boosted by US jobs data
Stocks mostly slid and the dollar surged after US jobs data showed only a timid slowdown in the labor market,...
- There was a brief rebound at the start of the week as investors hoped data pointing to economic slowdown would allow the Fed to slow down rate hikes.
- Rising interest rates boost the dollar as foreign investors seek to buy dollar-denominated debt.
Geostrategy
UAE, Egypt discuss cooperation in defense industries
A high-level UAE delegation, on a visit to Egypt, met with senior officials of the Egyptian Ministry of Defense.
- The two sides discussed opportunities for strengthening the overall relations between the UAE and Egypt.
- They discussed promoting partnerships between the defense industry of the two countries.
Economy
Global food prices fall for sixth month in a row, says UN
World food prices have fallen for a sixth month in a row in September, UN data showed as they continued...
- The UN agency FAO said its price index averaged 136.3 points in September, a 1.1 percent drop from August.
- The monthly decline was driven by a "sharp fall" in the prices of vegetable oils, the United Nations agency said.
Geostrategy
EU leaders try for common response to energy crisis
EU leaders meeting in Prague looked to bridge divisions on how to tackle soaring energy prices as they grapple with...
- EU leaders were discussing how to better protect their critical infrastructure in the wake of leaks from the Russia-Europe Nord Stream gas pipelines.
- Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in gas prices.
Business
TSMC Q3 revenue at US$19.4bn
The firm operates the world's largest silicon wafer factories.
- The Taiwanese firm controls more than half of global foundry output, with clients including Apple and Qualcomm.
- TSMC produces some of the most advanced and smallest chips which are still highly sought after and in short supply.
Business
Samsung expects 31.7 percent decline in Q3 profit
The South Korean tech giant, Samsung Electronic, has said that it expects operating profits in the third quarter to fall...
- Operating profit for July to September was predicted to reach 10.8 trillion won ($7.7 billion), down 31.7 percent
- The global economy is now facing multiple challenges, including soaring inflation, rising interest rates, and a growing threat of a broad debt crisis
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Lebanon flights suspended as Hezbollah-Israel tensions continue to spiral out of control
Major airlines such as Emirates, Qatar Airways and Air France have suspended growing numbers of flights to Lebanon as tensions...
Company News
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Ma’aden, BADC ink agreement
Business
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
Business
Kuwait Fund and Central American Bank sign MoU
Marrakesh, Morocco-- Kuwait Fund for Arab Economic Development (KFAED) and the Central American Bank for Economic Integration (CABEI) have signed...
Business
UAE economy robust, bolstered by tourism and real estate: OPEC
Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate,...
Economy
Most Read
Economy
GCC keen to address economic problems: Albudaiwi
Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication...
- He made the remarks while taking part in the annual meetings of the World Bank and the IMF in the city of Marrakesh, Morocco
- The GCC chief underscored the collective responsibility in eliminating poverty by supporting developing and impoverished nations
Economy
Dubai’s sustainable vision beyond skyline
Dubai is prioritizing renewable energy, sustainable design, water conservation, and biodiversity protection. Its commitment to a sustainable future showcases its...
- Dubai, renowned for its iconic skyline and luxury, is now leading the charge against climate change with investments and initiatives such as Dubai Clean Energy Strategy 2050
- The emirate prioritizes public transit, electric vehicles, and waste-to-energy solutions, placing global collaboration and partnerships at the heart of its climate strategy
Business
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...
- SAVI will support innovation and the commercialization of smart and autonomous vehicle technologies in the UAE
- The Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO) are spearheading the development of SAVI