Stocks firm, dollar subdued as market flirts with outsized Fed cut
Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start...
Economy
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Economy
UAE stocks post gain of US$2.72bn in market cap
The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments...
- The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments.
- Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.38 points while Dubai General Index (DFMGI) slid 0.406 percent to 3,382.31 points.
Economy
ECB to make a bumper rate hike to curb inflation
Struggling to tame surging inflation in the eurozone that has seen steep increases in the price of energy in the...
- Inflation hit 9.1 percent in August, an all-time high for the eurozone and more than four times the two-percent rate targeted by the ECB
- At its last meeting in July the ECB exceeded expectations with a 50-basis-point increase in interest rates, its first hike in more than a decade
Economy
UN says human progress set back five years by Covid
Depicting a gloomy picture of the state of human progress, a United Nations report argues that an unprecedented array of...
- The Human Development Index has steadily risen for decades, but began sliding in 2020 and continued its fall in 2021, erasing the gains of the preceding five years
- A large contributor to the Human Development Index's recent decline is a global drop in life expectancy, down from 73 years in 2019 to 71.4 years in 2021
Four Saudi universities among top 100 international universities
King Abdulaziz University achieved 4th place globally with 187 patents in one year.
- King Abdulaziz University achieved 4th place globally with 187 patents in one year
- King Fahd University of Petroleum and Minerals achieved 25th place with 91 patents
Market Report
UAE stocks gain US$3bn in Wednesday trade
Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED...
- Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED 350
- Among other stocks, the Emirates NBD and Mashreq Bank increased 1.92 percent, and 1.270 percent to AED13.250 and AED80.00 respectively
Economy
Countries growing 70% of world’s food face ‘extreme’ heat risk by 2045
Climate change is already stoking heatwaves and other extreme weather events across the world, with hot spells from India to...
- Heat stress already poses an "extreme risk" to agriculture in 20 countries, including agricultural giant India
- Rice is particularly at risk with other crops like cocoa and even tomatoes also singled out as of concern
Economy
Digitalization helps GCC realize decarbonization goals
Firms in the region are increasingly augmenting their focus on operational transformation with new approaches to manage and optimize energy...
- Enterprises in the region are increasingly augmenting their focus on operational transformation with new approaches to manage and optimize energy consumption, says an expert
- The Gulf states are seeking to place themselves on a more environmentally sustainable footing through investment in renewable energy, says Ashraf Yehia of Eaton Middle East
Economy
Oil and gas sector fuels demand for industrial space in Dubai
Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations.
- Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations
- Demand during H1 2022 was primarily concentrated across traditional hotspots such as Dubai South, JAFZA and National Industries Park
Economy
Saudi GDP surges 12.2% in Q2, surpassing estimate
The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding...
- The oil economy grew 4.4 percent in the second quarter from the first quarter
- Non-oil activities rose by 8.2 percent on an annual basis and 4.5 percent from the first quarter
Economy
China export growth slows sharply in August: official data
Last month, China's exports expanded 7.1 percent year-on-year, down from 18 percent growth in July, China's General Administration of Customs...
- The slowdown in trade comes as global demand for Chinese products weakens with energy prices soaring and the United States facing the threat of recession
- Sporadic Covid-19 lockdowns around China have also dampened consumer enthusiasm and business confidence
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Stocks firm, dollar subdued as market flirts with outsized Fed cut
Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start...
Economy
Company News
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
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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.