US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
Economy
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...
Economy
Geostrategy
Lebanese woman robs bank to ‘pay for ill sister’s’ treatment
It was just the latest in a string of heists as Lebanese depositors, whose savings have been trapped in banks...
- Sali Hafiz streamed a live video of her raid, in which she could be heard yelling at employees to release a sum of money while entrances to the bank were sealed.
- She instantly turned into a folk hero on social media in Lebanon, where many are desperate to access their savings and furious at a banking sector perceived as a corrupt cartel.
Economy
European Union plans to cut soaring gas, electricity prices
In the EU's electricity market, the price is based on the last source used to meet demand -- often a...
- Wholesale energy prices thus soared together when the war in Ukraine sent the cost of gas skyrocketing.
- Commission chief Ursula von der Leyen said the levy, or cap, would raise at least $140 billion. The commission wants to reduce monthly consumption by 10 percent.
Business
Why are millionaires flocking to UAE?
By the end of 2022, the UAE is expected to attract more than 4,000 high-net-worth individuals, mostly from India, Russia,...
- Around 25 percent of GCC's millionaires are moving to the UAE. At the same time, others are relocating to other regions like the UK, US and Europe.
- The total private wealth of the wealthy in the UAE increased by US$46 billion between 2019 and 2021, to nearly US$917 billion, according to a Global Citizens report.
Geostrategy
Drop in German investors confidence sparks recession fear
BERLIN, GERMANY - German investor confidence fell in September for a third straight month, a closely watched survey showed on...
- The ZEW institute's economic expectations index dropped 6.6 points from the previous month to minus 61.9 points.
- For its survey, ZEW quizzes experts about the current economic situation and the outlook for the coming six months.
Geostrategy
India to invite UAE as ‘guest country’ at G-20 Summit
India, the incoming President of the Group of Twenty (G-20) announced that it will invite the UAE as one of...
- The G-20 accounts for 85 percent of global GDP, 75 percent of international trade and two-thirds of the world population.
- This is the first of a series of announcements being made by India preparatory to its assumption of the G-20 Presidency on December 1, 2022.
Geostrategy
High-level UAE economic delegation visits Georgia
A UAE economic delegation led by Minister of State Ahmed Ali Al Sayegh visited Tbilisi, Georgia.
- UAE-Georgian economic relations have witnessed remarkable development in recent years.
- Total non-oil trade between UAE and Georgia in 2020 and 2021 grew by 52 percent to reach US$223 million.
Business
UAE’s TDRA becomes member of global body EFQM
UAE's Telecommunications and Digital Government Regulatory Authority (TDRA) has announced that it has become a member of the European Foundation...
- Telecommunications and Digital Government Regulatory Authority will support the implementation of EFQM's leading approach.
- TDRA will utilize the integrated services provided by the EFQM to better equip its own teams to drive excellence.
Economy
New PPP law will help UAE achieve competitive economy: Massimo Falcioni
PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
- PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
- ECI, Falcioni added, has partnered with private companies and government institutions to enhance public infrastructures in and outside the UAE
Economy
US inflation likely eased in August, but not enough
Thanks to falling gasoline prices, US inflation has slowed down in August, but not enough to satisfy policymakers, especially President...
- Prices have been soaring for months, exacerbated by the Russian invasion of Ukraine, which has impacted energy and food prices
- Inflation also has become a hot political issue just weeks away from key midterm congressional elections, and Biden has made fighting high prices his top domestic priority
Economy
Saudi Arabia launches three new iron and steel projects
An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects.
- An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects
- A factory will also be established to produce circular iron blocks with an estimated production capacity of one million tonnes per year
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
Economy
Company News
Inma Holding profit tumbles
Business
Latest News
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...
Business
Tens of millions of children uprooted by climate disasters: UNICEF
In a sweeping report on the issue, the United Nations agency detailed the heart-wrenching stories of some of the children...
GCC economic integration: The grouping okays more measures at Muscat meeting
Riyadh, Saudi Arabia - The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its...
Economy
Most Read
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.
Arts & Culture
People marvel at ancient Iraq in new ‘Assassin’s Creed’ game
The central character, pickpocket turned master assassin Basim, speaks classical Arabic in "Assassin's Creed Mirage",.
- In the game, the hooded and stealthy hero fights his way through an ancient maze of alleyways, souks and rooftops.
- The entire scene in the game has been rendered in loving detail with what its creators say is the help of historical sources.
Economy
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
- The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
- The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.