Bitcoin close to record as cautious markets eye US election
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has...
Putin thanks UAE president for positive role in prisoner exchange with Ukraine
UAE President Sheikh Mohamed meets his Russian counterpart Vladimir Putin to discuss bilateral ties and Middle East. Sheikh Mohamed will...
Market Report
Stocks mostly slide; pound hits 37-year dollar low
Stock markets mostly slumped Friday, while the British pound tanked to a 37-year dollar low as weak UK retail sales...
- Sales by volume dived 1.6 percent in UK last month, more than triple expectations.
- Sterling has hit a series of 1985 lows in recent weeks, also as the US Federal Reserve implements aggressive hikes interest rate hikes.
Geostrategy
UAE participates in G20 Finance Track’s Infrastructure meeting
UAE Ministry of Finance (MoF) participated in G20 Finance Track’s fourth and last Infrastructure Working Group (IWG) meeting for 2022...
- The members of the Infrastructure Working Group deliberated the progress made on scaling up sustainable infrastructure investments.
- The IWG also discussed means of promoting private sector investment in sustainable infrastructure.
Geostrategy
Germany seizes Rosneft’s subsidiaries
Berlin took control of the German operations of Russian oil firm Rosneft to secure energy supplies which have been disrupted...
- The seizures come as Germany is scrambling to wean itself off its dependence on Russian fossil fuels.
- Move covers the companies Rosneft Deutschland GmbH and RN Refining & Marketing GmbH and their corresponding stakes in three refineries: PCK Schwedt, MiRo and Bayernoil.
Economy
Third ‘armed bank withdrawal’ in a week in Lebanon
When a branch of the Byblos bank opened in the southern town of Ghaziyeh, a depositor, reported to be in...
- A man in 50 stormed a branch of Byblos bank in the southern town of Ghaziyeh and threatened bank employs with a gun and demanded his savings
- The man walked away with around $19,000 and turned himself in to the police moments later as a crowd formed in front of the bank to support him
Business
DEWA smart meters’ number up 73% in four years
Dubai, UAE---Dubai Electricity and Water Authority (DEWA) recorded a growth in the number of smart water meters by 73.6 percent...
- DEWA has more than two million smart electricity and water metres in Dubai.
- Automating metre readings helps customers receive instant information on their consumption patterns and effectively manage, monitor and control their consumption.
Economy
Away game: Qatar World Cup looms as money-spinner for Dubai
With little investment the UAE, and in particular Dubai, stands to gain if, as expected, supporters opt to stay in...
- Budget airline flydubai will run at least 30 return flights a day to Doha, just an hour away
- Dubai Sports Council has estimated about a million World Cup fans could arrive in the city
Economy
Morocco, Nigeria agree on project to pipe gas to W.Africa and Europe
The agreement to go ahead with the Nigeria-Morocco Gas Pipeline project was inked in Rabat by the two countries and...
- Once completed, it would be connected to the Maghreb–Europe Gas Pipeline in order to reach the European gas network
- The project was agreed upon at a time of strong international demand for oil and gas and a surge in prices following Russia's invasion of Ukraine
Economy
Tunisia government reaches pay deal with key union
The deal involves a five percent annual hike to public sector wages every year until 2025. The head of the...
- Tunisia has been hit hard by the coronavirus pandemic and global diplomatic fallout from the war in Ukraine
- The government is locked in negotiations with the International Monetary Fund over a $2 billion bailout
Geostrategy
ENEC shares expertise at cyber energy leadership forum
The Emirates Nuclear Energy Corporation (ENEC) hosted the first edition of the CyberEnergy Leadership Forum (CELF) in Abu Dhabi. Over...
- The one-day forum featured a leadership briefing, followed by a technical forum hosted by ENEC and the United States Department of Energy
- ENEC is a leading entity that is spearheading cyber security in the UAE’s clean energy sector
Business
Rosneft H1 net profit up 13%
The energy giant's H1 net profit rose to $7.2 billion.
- Having processed 45.8 million tonnes of oil this semester, Rosneft said its debt decreased by 12 percent from the beginning of the year.
- The company' revenues increased by 32.5 percent, reaching $86.7 billion.
Bitcoin close to record as cautious markets eye US election
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has...
Company News
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Saudi non-oil GDP growth to be strong despite oil cuts
Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a...
Economy
‘Qatar is a role model in security, sustainable tourism’
"The country's experience in securing the FIFA World Cup Qatar 2022 was noteworthy. The nation's success in this significant challenge...
Economy
Yellen urges more IMF, World Bank reforms for climate, poverty fight
Benguerir, Morocco - US Treasury Secretary Janet Yellen said on Tuesday she backed efforts to boost the lending firepower of the...
Business
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Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.
Economy
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
- The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago.
- It forecast that the economies of Middle East and Central Asia will grow by 2 percent in 2023 and 3.4 percent in 2024.
Economy
World economy resilient, says IMF; keeps growth forecast unchanged
The IMF kept its 2023 global growth forecast unchanged but warned that the economy is "limping along" as inflation remains...
- Inflation, which has fallen sharply since last year, is predicted to remain elevated at 6.9 percent this year.
- Central banks across the globe have raised interest rates sharply in efforts to contain inflation.