Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...
Economy
Economy
Bahrain central bank’s $185m treasury bills oversubscribed 216%
Manama, Bahrain—Bahrain’s latest government treasury bills, valued at Bahrain Dinar 70 million ($185 million), have been oversubscribed by 216 percent....
- The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government.
- The issue date of the bills is 21 September 2022 and the maturity date is 21 December 2022.
Economy
Markets drop again as traders brace for another big Fed hike
With recent data showing US inflation rooted at four-decade highs, investors are increasingly pessimistic about the outlook for the global...
- Several central banks are due to make rate announcements this week, with Japan and Britain among the biggest, although the main event is Wednesday's Fed decision.
- Policymakers, including Fed boss Jerome Powell, have repeatedly said their ultimate aim is to bring inflation under control, even if that means sending the economy into recession.
Economy
UAE financial restructuring body holds second meeting
The UAE finance ministry's Financial Restructuring Committee (FRC) recently held the second meeting of its Consultative Council.
- The meeting discussed the development of the financial reorganization service.
- It deliberated on the best ways to communicate relevant information about financial restructuring procedures.
Economy
Lebanese currency slides to record low amid bank closures
With four out of five Lebanese now considered poor according to the United Nations, the country has been desperately seeking...
- For decades, the Lebanese pound was pegged at 1,500 to the dollar, meaning that it has lost around 95 percent of its value since 2019
- Unable to transfer or withdraw their dollar deposits, many have resorted to desperate bank heists to free their money
Geostrategy
Iran takes battle of frozen US assets before UN’s top court
Iran wants billions of dollars in US assets to be unfrozen and returned to it, while the US says money...
- The case before the International Court of Justice comes as hopes fade of reviving a landmark deal which former US president Donald Trump withdrew from in 2018
- In 2008, US announced that it was pulling out of the Treaty of Amity after the ICJ in a separate case ordered Washington to lift sanctions on Iran
Economy
Metaverse helps UAE boost growth, productivity
Adoption of metaverse technologies is part of the UAE government's strategy to diversify its economy away from oil as the...
- Adoption of metaverse technologies is part of the UAE government's strategy to diversify its economy away from oil as the country focuses on innovation and talent development
- The Higher Committee for Future Technology and Digital Economy is set to make Dubai a leading hub for developing and using metaverse technologies worldwide
Economy
Saudi NDF pumped $7.45 billion into Covid relief measures
Riyadh, Saudi Arabia— The National Development Fund (NDF) of Saudi Arabia has since March 2020 financed SAR28 billion ($7.45 billion)...
- Initiatives from the Social Development Bank and Kafalah Program were introduced to finance small and emerging enterprises specialized in health care and education.
- The Fund launched an initiative to postpone outstanding debts and restructure the soft loans for 33 developing countries worldwide to ease their burden.
Business
ISO Annual Meeting 2022 to begin Monday in UAE, trade on agenda
The International Organization for Standardization (ISO) Annual Meeting 2022 starts Monday at the ADNOC Business Center in UAE's Abu Dhabi.
- Hosted by UAE Ministry of Industry and Advanced Technology (MoIAT), the ISO Annual Meeting 2022 runs from September 19 to 23.
- The event will witness the participation of over 2,000 delegates physically and virtually.
Business
UAE health ministry inks pact with Mediclinic Middle East
UAE Ministry of Health and Prevention (MoHAP) has signed a memorandum of cooperation (MoC) with Mediclinic Middle East to strengthen...
- UAE Ministry of Health and Mediclinic Middle East will cooperate in exchange of expertise and enhancing health research.
- Both entities will cooperate in organizing scientific conferences, training programs related to health research in the country.
Geostrategy
DEWA CEO briefs Utah House of Representatives delegation
MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer met a delegation from the Unified...
- Speaker of Utah House of Representatives Brad Wilson led the delegation to the UAE.
- The delegation want to learn about DEWA’s innovative development projects in the water, renewable and clean energy sectors.
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Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
Company News
EIH buys stake in Gewan Holding
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DUBAL, Oriental Copper ink MoU
Business
Putin launches Russian gas shipments to Uzbekistan
"This is the largest trilateral energy project" between the three ex-Soviet countries, Putin said, after formally launching the shipment. He...
Economy
Dubai Customs strengthens partnerships with courier firms to expand e-commerce
DUBAI, UAE - Dubai Customs recently convened an extensive meeting with the courier and express shipping companies, aimed at bolstering...
Business
FAO raises its forecast for global cereal production in 2023
ROME, ITALY - The Food and Agriculture Organization of the United Nations (FAO) raised its forecast for global cereal production...
Economy
Most Read
Economy
UAE as hub will help food security corridor under I2U2 framework: Indian minister
Abu Dhabi, UAE - The UAE as a geographical and business hub will help the proposed ‘food security corridor project...
- The UAE as a trading hub can cater to the GCC, CIS countries [former Soviet Republics], eastern Europe and all of Africa, Piyush Goyal said
- Food corridor will get large economies of scale and will contribute not only to global food security but also help keep the food prices in check., he added
Economy
Vision 2040: Saudi Arabia’s new economic blueprint
Saudi Crown Prince Mohammed bin Salman recently unveiled glimpses of the audacious Vision 2040 that will focus on green hydrogen,...
- Saudi Crown Prince Mohammed bin Salman recently unveiled glimpses of the audacious Vision 2040 that will focus on green hydrogen, clean energy, and technology advancements
- With a focus on diversifying the economy, enhancing global competitiveness, and fostering innovation, Saudi Arabia is poised to redefine its global economic standing
Business
Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
- The Dubai Land Department report showed that 248 plots were sold for US$476 million.
- The DLS report said 1,197 apartments and villas were purchased for US$865 million.