Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
Economy
Dollar droops before Powell testimony; euro weathers France uncertainty
The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
Business
Hydrogen policy will help UAE in generating clean energy
Abu Dhabi Department of Energy (DoE) Monday announced that the development of its hydrogen policy and regulatory framework aims to...
- The development of hydrogen policy and regulatory framework aims to accelerate the UAE's global leadership in low-carbon and clean hydrogen.
- For the policy, the DoE is working with key Abu Dhabi government and private sector stakeholders.
Economy
UAE’s H1 non-oil trade billion dirhams for first time in its history
The UAE has proven to the world the recovery of international trade after the most difficult pandemic that humanity has...
- The contribution of imports from the UAE’s non-oil trade has decreased to 55 percent, while the share of non-oil exports was 17 percent.
- Imports were AED580 billion during the first half of 2022, for the first time in its history as well. It recorded a growth of 19 percent compared to the same period in 2021.
Business
Abu Dhabi’s Al Bateen Executive Airport reopens after upgrade
Al Bateen Executive Airport has reopened following the successful completion of a major refurbishment project which will allow the airport...
- Al Bateen Executive Airport has reopened after the completion of a major refurbishment project.
- The work, completed in under 90 days, involved resurfacing and widening the 3.2km runway to accommodate wide-body aircrafts, among others.
Economy
China cements influence in Iraq through oil, infrastructure deals
After decades of conflict, Iraq is in need of foreign investment, and specifically investment in energy sector infrastructure. China, with...
- Beijing has become one of the largest importers of Iraqi crude, and in 2021 accounted for 44 percent of Iraq's oil exports, according to prime ministerial adviser Muzhar Saleh.
- Iraq is among the many partners in China's vast "Belt and Road" infrastructure initiative, which Western leaders say risks saddling poorer countries with debt.
Economy
WGES 2022 to promote investment tie-ups in green projects
The summit will be attended by several local and global high-profile participants, including heads of states and governments, as well...
- The summit will be attended by several local and global high-profile participants, including heads of states and governments, as well as prominent global speakers
- The UAE is the first country to develop the Green Key Performance Indicators focusing on three dimensions - environmental, economic and social - of sustainable development
Geostrategy
After six months of war, what’s next for Ukraine?
Russian President Vladimir Putin announces on February 24, 2022 a "special military operation" to protect the Russian-speaking self-declared separatist republics...
- Kyiv and Moscow on July 22 sign a UN-Turkey mediated deal in Istanbul to resume grain exports in a bid to relieve a global food crisis
- On August 5, Russia and Ukraine accuse each other of shelling the Zaporizhzhia nuclear power plant in southern Ukraine that is under Russian military control
Economy
China slashes lending rates to spur economic growth
Battered by the government’s zero-Covid policy and a slump in the property market, China’s central bank cut benchmark loan rates...
- Analysts had been expecting cuts to the LPR rates, but said they may not be enough to rescue the property sector
- China's economic growth came in at just 0.4 percent on-year in the second quarter -- its slowest rate since the Covid crisis began in 2020
Economy
Most Asian markets down as traders eye key Powell speech
All eyes are on a symposium in Jackson Hole, Wyoming where Fed boss Jerome Powell will deliver a speech that...
- The optimism has slowly been eroded in recent weeks as Fed officials have warned that the battle against inflation was far from won
- Jonathan Millar of Barclays said it was unlikely Powell would signal a slowdown in rate hikes this week.
Economy
King Abdullah calls for speeding up of food security plan
The king has called on the Jordanian government to speed up the implementation of the national plan for sustainable agriculture...
- The king lay emphasis on the importance of continuous outreach to Jordanians across the kingdom, to update them on agricultural projects
- Prime Minister Khasawneh said the higher council for food security, whose bylaw was recently endorsed, will have an important executive role
UAE investments in Egypt rise by 169% in 6 months
In a statement, CAPMAS said that the value of the trade exchange between Egypt and the UAE increased to about...
- In a statement, CAPMAS said that the value of the trade exchange between Egypt and the UAE increased to about US$1.2 billion
- The value of remittances from Egyptians working in the UAE rose by 1.4 percent, reaching US$3.5 billion during the 2020-2021 fiscal year
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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
Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
Economy
Company News
Latest News
First migrants in a week land on Italy’s Lampedusa
Bad weather over the past week had prevented those fleeing North Africa to venture the risky Mediterranean crossing. The earlier...
More than 2,500 migrants dead or missing in Mediterranean in 2023: UN
The land journey from sub-Saharan African countries, where many of the migrants hail from, to departure points on the Tunisian...
Lebanese children ‘miss out’ on education as crisis takes toll
Lack of funding for the school system has precipitated repeated teachers' strikes and school closures, resulting in children being increasingly...
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Geostrategy
China wants to be world’s strongest nation, says Blinken
WASHINGTON, US - China is seeking to surpass the United States as the top power in the world, US Secretary of...
- Asked at a forum about China's intentions, Blinken said, "I think that what it seeks is to be the dominant power in the world -- militarily, economically, diplomatically".
- President Joe Biden's administration, while saying it is clear-eyed on China and stepping up pressure, has also been increasing dialogue in hopes of managing tensions.
Business
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
- The CBUAE is keen to deepen its cooperation with the CBE to positively impact the trade and investment, said the Governor of UAE’s central bank.
- This step will bolster cooperation between the financial sectors in both the currencies, said the Governor of Egypt’s central bank.
Geostrategy
Israel sells Arrow 3 missile defense system to Germany for US$3.5bn
TEL AVIV, ISRAEL - Israel's US$3.5-billion sale of its Arrow 3 missile defense system to Germany, sparked by security fears after...
- Israeli arms exports reached a new record of $12.5 billion dollars last year, double the amount from three years earlier, says its defense ministry.
- Israel, together with its top ally the United States, has developed hi-tech systems designed to knock incoming rockets and missiles out of the sky.