ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
Economy
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
Economy
Money transfer firms replace banks in crisis-hit Lebanon
Once the flagship of Lebanon's economy, the banking sector is now widely despised and avoided after banks barred depositors from...
- As Lebanon's deep crisis shows no sign of abating, money transfer agencies are filling the gap, also offering currency exchange
- Lebanon has been battered by its worst-ever economic crisis since the financial sector went into meltdown in 2019
Economy
UNESCO recognizes Yanbu Industrial City as International Learning City
According to the Ministry of Education, the learning cities project is implemented in partnership between its Continuous Education Department and...
- According to the Ministry of Education, the learning cities project is implemented in partnership between its Continuous Education Department and Yanbu Royal Commission
- The project, the Ministry of Education, said, aims to enhance inclusive longlife learning culture in the society
Analysis
Recent floodings in UAE call for sustainable infra
It is a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick...
- It's a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick steps aren't taken to deal with heavy rainfalls, Dake Rechsand CEO tells TRENDS
- 'The existing greenscape and bluescape infrastructure are less suitable for handling excessive rain. Therefore, we are witnessing floods,' Chandra Dake adds
Business
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.
- The decline was attributed to a 10 percent drop year-on-year (YoY) in local assets – which represent 74% of total assets – to $38 billion.
- Investment funds are either open- or closed-end, with total assets of open-end funds at approximately SAR 159.7 billion ($42.5bn).
Economy
UAE approves code for education professionals
The UAE Ministry of Education has approved the Code of Conduct for professionals in the sector to set up clear,...
- The code of conduct will enhance an educator’s professional responsibilities
- The code is a framework of the basic values and ethics that an educator must commit to.
Geostrategy
Russia sanctions not working, says Italy far-right leader
The leader of Italy's far-right League party, Matteo Salvini, has sparked debate by saying that the unprecedented sanctions the West...
- Skyrocketing energy prices since the start of the war in Ukraine have wreaked economic pain on countries.
- Someone in Europe has made a bad calculation. It is essential to rethink the strategy to save jobs and businesses, said Matteo Salvini, a far right leader in Italy.
Business
Pure Health to invest US$500m
It will buy stake in a US healthcare firm Ardent.
- Ardent Health Services is the fourth largest private hospital operator in the United States with operations across six states.
- Pure Health would receive board observer rights but would not have a seat on Ardent’s board of directors.
Economy
Saudi banks’ assets surpass UAE peers first time since 2007
Based on June data of Saudi and UAE central banks, the aggregate assets of Saudi banks (3.529.1 trillion) exceeded those...
- The Saudi banks’ assets broke the SAR 3 trillion-mark for the first time at the end of Feb 2021, the SAR 2 trillion-mark in Mar 2014 and the SAR 1 trillion-mark in Oct 2007.
- Saudi banks’ assets in June made up almost 135 of real gross domestic product (GDP) of SAR 2.614.7 trillion – their highest level ever.
Economy
Qatar Central Bank issues treasury bills valued $164m for Sept
Doha--Qatar Central Bank (QCB) has issued treasury bills for September 2022 for three, six and nine months, with a value...
- The duration of the bills is three, six and nine months with interest rates ranging between 1.09 percent and 2.22 percent.
- This issuance came as part of the Qatar Central Bank's monetary policy initiatives and its efforts to strengthen the financial system.
Economy
Bahrain launches multi-entry e-visa for training purposes
Bahrain has launched a multi-entry e-visa for training purposes, allowing a holder to stay in the kingdom for six months.
- The Nationality, Passports and Residence Affairs (NPRA) said the visa is part of the 24 initiatives to enhance the NPRA services and the economic recovery plan
- The visa could be applied for on www.evisa.gov.bh for a fee of BD60
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ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
Economy
Company News
Latest News
‘Qatar remains committed to curb financial crimes’
The Gulf country "remains commitment to international strategies and plans targeting financial crime. In 2023, FATF completed its evaluation of...
Economy
Farmers turn to solar power in Syria’s former breadbasket
Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
Business
Most Read
Economy
Jordan takes measures to cut effect of global crises on food security
Amman, Jordan-- Jordan has taken measures to hedge against the impact of international crises on food security and lower its...
- The kingdom's agriculture minister said the measures directly contributed to improving the resilience and sustainability of food security in Jordan
- He noted that the kingdom, through a national strategy, established the food security council and launched an initiative to stop the wastage of food
Economy
Libya orders Brussels envoy detention on graft charges
Shortly after her dismissal by the internationally recognized government in Tripoli, Amel Jerary, whose detention was ordered by the country's...
- The government in western Libya had earlier announced Jerary's dismissal without giving an explanation
- The corruption scandal erupted after an audio recording attributed to Jerary was posted on social media
Business
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
- IMF economists said trade disruptions could lower investment in renewable energy and electric vehicles by almost 30 percent till 2030
- It said further geopolitical fragmentation could lead to "turmoil" in the commodity markets, causing long-term economic losses