Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Economy
China’s August factory activity weakens for second straight month
The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity in the world's second-biggest economy, came in at 49.4...
- Sporadic Covid-19 lockdowns around China have dampened consumer enthusiasm and business confidence
- China's manufacturing Purchasing Managers' Index has been in contraction territory for five out of the past six months
Economy
Realty, banking blue chips continue to power UAE markets
Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively.
- Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively
- Driven by Emaar, Dubai General Index (DFMGI) advanced 0.79 percent to 3,463.5927.16 pts, with the property blue chip closing higher at AED4.80
Arts & Culture
Sharjah Chamber set to organise ‘Al Maleh and Fishing’ Festival
The Sharjah Chamber of Commerce and Industry (SCCI) has announced it will be organizing "Al Maleh and Fishing" Festival in...
- The SCCI added that all preparations are in place, and the festival is scheduled to begin on September 8, 2022, in Dibba Al Hisn City.
- The four-day event will involve the participation of several government entities and private sector companies.
Economy
Saudi bank loans to public and private sectors grow 14% by July end
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 14 percent by the end of...
- The total loan granted by Saudi banks amounted to SAR 2.324 trillion ($620bn) by July end.
- Private-sector lending also increased by 14 percent year-on-year (YoY) to SAR 2.213 trillion ($590bn).
Business
Amazon Web Services unveils the AWS Middle East (UAE) region
Abu Dhabi, UAE - Amazon Web Services (AWS) announced Tuesday the launch of its second Region in the Middle East,...
- AWS estimated its projected spending on the construction and operation of new Region will support an average of nearly 6,000 full-time jobs.
- The AWS Middle East (UAE) Region will also add an estimated $11 billion over the next 15 years to the UAE’s gross domestic product (GDP).
Geostrategy
Moscow warns EU against restricting Russian tourists
The Kremlin on Tuesday warned it would respond if the European Union makes it harder for Russians to travel to...
- The idea to ban Russian tourists from Europe has divided EU nations, with some in full support and some against it.
- The European Union had already suspended visa facilitation for Russian official delegations and business leaders.
Business
DMCC welcomes 15 companies for training program
Dubai Multi Commodities Centre (DMCC), the Government of Dubai Authority on commodities trade and enterprise, has announced that 15 companies...
- The program will support the growth of impact-driven businesses that align with the United Nations Sustainable Development Goals.
- The program is a part of the DMCC’s wider Environmental Social Governance strategy
Infographics
UAE offers low-risk business climate
Unstable political conditions in several Arab countries make them high- or extreme-risk places for businesses.
- Country risk assessment is the process of determining a nation's ability to transfer payments.
- It takes into account political, economic and social factors. It is used to help organizations make strategic decisions when conducting business in a country with excessive risk.Â
Geostrategy
What can Europe do to fight soaring power bills?
European leaders want to break the link between soaring gas prices and electricity bills, a wholesale reform of the EU...
- Electric power can't be stockpiled, unlike natural gas, so production and use must constantly be balanced.
- In the EU, electricity pricing is determined by the cost of the last energy source employed to respond to demand - often a gas-fired power plant
Business
DEWA ranks as 3rd most valuable utility brand in Middle East
Dubai Electricity and Water Authority (DEWA) has been ranked the third most valuable utility brand in the Middle East and...
- Dubai Electricity and Water Authority has been ranked the third fastest growing brand in the UAE
- The report said that the remarkable success of DEWA's IPO in H1 2022 was also due to the strength of the utility's brand
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
Company News
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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
Innovative solutions crucial to deal with challenges
"From 2021 to 2022, Saudi exports to Portugal jumped by 50 percent, and imports from Portugal rose by nearly 40...
Economy
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...
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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.
Geostrategy
Qatar, Iran discuss cooperation in free zones, investment
DOHA, QATAR - Minister of State and Chairman of the Board of Directors of the Free Zones Authority Ahmad bin...
- The Qatari minister and the Advisor to the Iranian President discussed reinforcing cooperation between the two countries.
- The Iranian leader and accompanying delegation toured the Free Zones at Ras Bufontas and Umm Alhoul Free Zone.
Economy
Largest climate fund seeks new funding for vulnerable
The Green Climate Fund (GCF) was set up as part of the landmark 2015 Paris Agreement to funnel grants and...
- The Green Climate Fund says Thursday's conference in Germany will allow it to invest more in a decade it sees as critical for climate action
- It has laid out a 50by30 vision to manage $50 billion by 2030, almost triple its current capital of $17bn, to focus efforts on developing countries