Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...
Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
Business
Riyadh Chamber hosts Saudi-Russian business meeting
The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.
- The meeting stressed the importance of commercial relations between Saudi Arabia and Russia.
- Businesses can benefit from investment opportunities and partnerships in the two countries.
Geostrategy
Germany to continue with $198bn energy fund despite EU criticism
Germany pushed back against critics of a 200-billion-euro ($198-billion) energy fund, as Berlin faces fresh accusations it is going it...
- France and key members of the European Commission are asking for EU-wide solutions to the energy crunch aggravated by the Ukraine war.
- They fear that European countries with high debts cannot afford the largesse demonstrated by Germany, the EU's biggest economy.
Economy
UAE free zone residence visas now valid for two years
The visas currently under process, even those in the last stages of completion, will also be valid for two years...
- The decision comes into effect from October 3, 2022. Earlier, the residence visas were valid for three years.
- The UAQ Free Zone says that all residence visas or Emirates IDs issued for three years will be valid until renewal.
Market Report
Asian, European markets surge on interest rate hopes
Asian and European stocks rallied and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease...
- Monetary tightening by Federal Reserve and other central banks has raised fears that it could plunge countries into recession.
- Eurozone manufacturing survey data showed a contraction on the back of the region's ongoing energy crisis.
Geostrategy
Lebanese man storms bank to demand money for son in Ukraine
Banks in the country, mired in an economic crisis for more than two years, partially reopened last week under strict...
- The armed pensioner, in his 50s, demanded access to the 24,000 dollars in frozen funds in his account.
- He was detained, his brother said, and it was unclear whether he had been able to release any of his savings.
Business
Multiply Group buys 80% of IEH
Firm aims to expand its utilities, energy investments.
- Multiply Group had recently invested US$2.7 billion in a 7.3 percent stake in the Abu Dhabi National Energy Company.
- Other investments include 100 percent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry.
Economy
Saudi to host Asian Winter Games in NEOM megacity
"The deserts and mountains of Saudi Arabia will soon be a playground for winter sports," the Olympic Council of Asia...
- First announced in 2017, NEOM has consistently raised eyebrows for proposed flourishes like flying taxis and robot maids
- The Asian Winter Games are slated to take place in Trojena, an area of NEOM "where winter temperatures drop below zero celsius
Business
Why crypto’s big ‘merge’ is causing big headaches
Regulators have begun to pay attention, with US Securities and Exchange Commission Chairman Gary Gensler suggesting proof-of-stake looked like a...
- De Vries, whose Digiconomist website models the energy use of Bitcoin and Ethereum, said consumption had indeed plummeted by more than 99 percent on Ethereum
- Cryptocurrencies were envisaged as a decentralized alternative to the banks, corporations, and governments that failed so spectacularly during the global crash of 2008
Economy
Saudi Arabia, China sign agreement on air transport
The agreement was signed between the President of the Civil Aviation Authority of Saudi Arabia Abdulaziz bin Abdullah Al-Dialej and...
- The pact was signed between the Saudi Arabia’s President of the Civil Aviation Authority Saudi Arabia Abdulaziz bin Abdullah Al-Dialej and his Chinese counterpart
- It aims at increasing the number of air flights and stations and achieving further cooperation in the air transport sectors of the two countries.
Economy
OIC new mechanism to settle investment disputes
The OIC, a 57 member body, has been working on a mechanism for the investment dispute redressal among member states...
- The OIC, a 57 member body, has been working on a mechanism for the investment dispute redressal among member states for years now
- The four-day meeting in Casablanca is set to establish the permanent mechanism to encourage, protect and guarantee investment of member states
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Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...
Economy
Company News
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Ma’aden, BADC ink agreement
Business
UAE allots US$200m to boost growth in low-income countries
Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing...
Economy
Collaboration crucial for renewable energy transition
"World peace and security, along with social, economic, and political stability, hinge on two pivotal factors: addressing climate issues and...
Economy
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...
Geostrategy
Most Read
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...
- The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund Annual Meetings in Morocco.
- The US$20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital.
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...
- The MoU between the two entities is designed to respond to humanitarian crises and natural disasters, and to exchange information
- The agreement was signed by KFAED's Director-General Waleed Al-Bahar and CABEI's Executive Vice President Jaime Palacios in Marrakech
Economy
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,...
- OPEC’s Monthly Oil Market Report (MOMR) for October 2023 noted that the UAE tourism sector continued to rebound and exceeded the pre-pandemic level
- The report added that the government launched reforms to attract further investments, such as allowing 100% foreign ownership of onshore companies