Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
Economy
US Department of State issues favorable 2024 Bahrain Investment Climate Statement
The investment climate in the Kingdom of Bahrain is positive and relatively stable. Bahrain maintains a business-friendly environment and a...
Economy
Economy
Saudi Fund to finance building of Cameroon hospital
The hospital will help tackle chronic disease and reduce mortality rates and also alleviate overcrowding in other hospitals of the...
- The agreement was signed by SFD CEO Sultan Al-Marshad, and the Cameroonian Minister of Economy, Planning, and Regional Development, Alamine Ousmane Mey
- The agreement will help to build and equip the hospital with 200 beds and develop specialized medical departments, centers, and buildings
Economy
Energy crisis pushes nuclear comeback worldwide
Investment in nuclear power declined after Japan's 2011 Fukushima disaster, the world's worst nuclear accident since Chernobyl in 1986, as...
- Governments face difficult decisions with rising gas and electricity bills and scarce resources threatening to cause widespread suffering this winter
- One of the countries reconsidering nuclear energy is Japan, where the 2011 accident led to the suspension of many nuclear reactors over safety fears
Economy
Taming inflation will inflict ‘pain’ on Americans: Fed’s Powell
Addressing the annual gathering of central bankers in Jackson Hole, Wyoming, Powell did not hold back or leave room for...
- The Fed this year launched an aggressive campaign to raise interest rates and Powell made it clear that the fight against inflation is not over
- Powell doused hopes of a policy pivot, making it clear that Fed policy and the benchmark borrowing rate would have to remain "sufficiently restrictive."
Economy
Agreement signed to implement Abu Dhabi Agri Genome Program
The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) signed a collaboration agreement with the Khalifa Centre for Genetic Engineering...
- The program aims at applying the best international practices related to agricultural genetic research.
- It aims to develop local spices of plant, animal and fish, to improve agricultural production and address the emirate's climatic and environmental challenges.
Economy
Stocks slump after Fed chair vows tough inflation fight
Stock slumped on Friday after Federal Reserve boss Jerome Powell pledged to act "forcefully" against soaring inflation in a battle...
- Modest signs of slowing in the world's largest economy, easing price pressures spurred hope in financial markets the central bank might ease up on its interest rate hikes.
- Powell made it clear that Fed policy and the benchmark borrowing rate would have to remain "sufficiently restrictive" to return inflation to its two percent target.
Business
DEWA organizes virtual seminar, 90 Turkish firms participate
Dubai Electricity and Water Authority (DEWA) has organized a virtual seminar with 90 leading Turkish companies in the energy and...
- DEWA has a clear strategy and specific goals to increase the share of clean and renewable energy in Dubai’s energy mix
- The company has launched pioneering projects and initiatives to diversify clean energy sources
Business
German govt to relook huge gas levy amid outrage
German ministers vowed to reexamine a planned gas surcharge imposed on consumers after it emerged that some energy companies seeking...
- The levy, to be imposed from October 1, had been grudgingly accepted as a compromise to help prevent the energy market from collapsing.
- The levy sparked outrage after it emerged that some energy firms which have doubled their revenues in H1 2022, have registered to receive a share.
Geostrategy
Turkey plays down US sanctions threat over Russia ties
Turkey's finance minister told businesses on Friday they should not be concerned by the threat of sanctions that Washington warns...
- The value of Ankara's trade with Moscow shot up by nearly 50 percent between May and July this year as NATO member Turkey has refused to join the international sanctions.
- US Deputy Secretary of the Treasury had warned Turkish banks and companies they would face secondary sanctions if they cooperated with sanctioned Russians.
Economy
Egypt’s central bank cancels maximum cash deposit limit in banks
During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its...
- During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its global economic impact
- The bank decided to increase the maximum limit of cash withdrawals in banks from $2605 to to $7,814
Economy
Japan seeks ‘sustainable world’ in Africa aid forum
The eighth Tokyo International Conference on African Development (TICAD8) comes against the backdrop of China's rising influence, cemented on the...
- It is the first TICAD held every three years either in Japan or an African country since the pandemic began
- Alongside the summit, businesspeople will attend an economic conference while various parallel events and workshops will address civil society and women's inclusion
Most Read
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
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
Economy
Company News
Latest News
UN conference adopts plan to reduce harmful chemicals
PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations...
Geostrategy
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
Economy
IMF approves $1.3bn for Morocco to help transition to a greener economy
WASHINGTON, US - The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) for Morocco of...
Geostrategy
Most Read
Haj 2024: Saudi Arabia to increase licensed companies for overseas pilgrims
Riyadh, Saudi Arabia - Saudi Arabia has unveiled plans to expand the number of licensed companies authorized to offer services...
- Under the new regulations, the licenses will be valid for a period of five years, and the estimated fee 100,000 Saudi riyals
- To qualify for these licenses, companies must possess a valid trade register and have a minimum capital of 500,000 Saudi riyals
Business
Saudi Fund for Development and Seychelles sign US$25m loan agreements
Riyadh, Saudi Arabia-- The Saudi Fund for Development (SFD) has signed two loan agreements with Seychelles to support the social...
- The SFD will contribute $25 million to support the social housing project in the Seychelles and the reconstruction of La Digue School project
- The fund has so far implemented 700 development projects and programs in more than 90 countries with a value surpassing $18.7 billion
Economy
Greece and Saudi Arabia agree to link their power grids
Athens, Greece - Greece and Saudi Arabia announced their agreement to establish a jointly-owned company with the goal of connecting...
- The collaboration between Greece's Independent Power Transmission Operator and Saudi National Grid will result in each party holding a 50 percent stake
- Besides this partnership with Saudi Arabia, Greece is also in the process of constructing an undersea cable to link its grid with Egypt