US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
Economy
Economy
Jordan government committed to public-private engagement
The government is committed to expanding the management consulting services sector's participation in enhancing industrial production processes and facilitating access...
- Jordan's government views its partnership with the private sector as a cornerstone to achieve economic and social development
- The ministry of industry, trade and supply's consulting council was established to formulate economic policy and legislation
Economy
Two new solar projects to double Qatar’s renewable energy output
Qatar on Tuesday announced two major solar projects that will more than double its energy output from the renewable source...
- The plants at Mesaieed and Ras Laffan will take Qatar's solar output to 1.67 gigawatts by the end of 2024, Qatar Energy said in a statement.
- South Korean conglomerate Samsung will lead construction of the new solar plants, with an initial investment of more than $600 million.
Business
Aldar says it recirculated $2.39bn into UAE economy through ICV
Aldar Properties said Tuesday that it has recirculated AED8.8 billion ($2.39 billion) to the local economy through In-Country Value (ICV)...
- The ICV aims to boost economic performance and support local industries by redirecting higher portions of public spending into the national economy.
- In its sustainability report, Aldar said that Aldar Projects also signed development project contracts worth AED8.5 billion, including 16 contracts with UAE-based companies.
Business
Sharjah records 2,417 real estate transactions in July 2022
Sharjah Real Estate Registration Department (SRERD) has revealed that total transactions carried out in July 2022 amounted to 2,417 transactions...
- The department's statistics reveal that Muwaileh Commercial area had the highest number of sales transactions in Sharjah,
- SRERD monthly report showed that sales transactions were recorded at 24.3 percent
Business
EGA H1 2022 profit $1.61bn
Cast metal sales rose 11% compared to H1 2021.
- EGA noted this is its best ever half yearly performance as the first half of 2022 exceeded the net profit of entire 2021.
- EGA's adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was $2.07billion in H1 2022.
Business
DEWA breaks own record for overhaul of gas turbines
Dubai Electricity and Water Authority (DEWA) has announced breaking its own world record in major inspection outage duration for the...
- DEWA has reduced the maintenance outages for critical inspection operations from 11 days to nine days.
- There is a reduction in the maintenance duration of 84 percent compared to 2006.
Economy
Iraqi Central Bank report shows financial recovery in past 10 years
A Central Bank of Iraq report showed that the unemployment rate rose to 16.5 percent in 2021, compared to 11.9...
- A Central Bank of Iraq report showed that the unemployment rate rose to 16.5 percent in 2021, compared to 11.9 percent in 2012
- As for imports, they decreased from $50 billion in 2012 to $34 billion in 2021, as well as exports which decreased from $94 billion in 2012 to $73 billion in 2021
Economy
Central Bank of Kuwait issues $792 million bonds
According to a CBK statement carried by state news agency KUNA, the new securities have a return rate of 2.625...
- According to a CBK statement carried by state news agency KUNA, the new securities have a return rate of 2.625 percent
- On August 8, the bank issued bonds and Tawarruq valued at US$ 526 million with a three-month term and return rate of 2.375 percent
Market Report
Stocks slide as traders mull Fed outlook, gas price spike
World stocks sank Monday and the dollar rallied on concern the Federal Reserve will stick to its interest rate-hiking plans...
- The euro is under pressure after Russia's Gazprom said late Friday that the Nord Stream pipeline would be closed for maintenance.
- Oil slumped on speculation over an Iran nuclear deal that could ease a supply crunch caused by producer Russia's invasion of Ukraine, as well as recession fears.
Economy
Oman producer prices increase by 40.7 percent in Q2
Producer prices in Oman increased by 40.7 percent during the second quarter of 2022 The producer price index in the...
- The rise in the index was due to the 48.7 percent rise in oil and gas products and a 40.7 percent increase in non-oil products.
- The price of non-oil products rose due to the increase in the prices of the manufacturing group by 9.4 percent, and the mining, electricity and water group by 1.8 percent.
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US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...
Company News
Latest News
Congress passes bill, averting US government shutdown
Three hours before the deadline, the Senate voted to keep the lights on through mid-November with a resolution that had...
Geostrategy
Old Doha Port signs many agreements during Monaco Yacht Show
Monaco, Monaco--The Old Doha Port has signed several agreements with professional global companies, specialized in yacht during its participation in...
Business
Aerial taxis to help Dubai fly high in air mobility
"The challenges in air mobility are posed by weather conditions. Leveraging data and insights from past experiences, strategies have been...
Economy
Most Read
Economy
Social aspects of ESG put some firms in a tight spot
While companies are increasing their investments in social initiatives, many grapple with effective execution and evaluation, highlights a new study...
- While companies are increasing their investments in social initiatives, many grapple with effective execution and evaluation, highlights a new study by Kearney
- With only a third of companies seeking external insights, there's a clear opportunity for enhanced collaboration and knowledge-sharing, the report points out
Geostrategy
China rejects US disinformation accusations, calls Washington ’empire of lies’
Beijing, China - China on Saturday accused the United States of being an "empire of lies", hitting back after a State...
- The report, released Thursday by the US State Department's Global Engagement Center, accused China of financing propaganda, disinformation.
- "It is the U.S. that invented the weaponizing of the global information space," a Chinese foreign ministry spokesperson said in a statement.
Geostrategy
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...
- The plan sets out 28 concrete targets and guidelines for key sectors across the entire lifecycle of chemicals, from production to waste.
- It calls for a transition to more sustainable chemical alternatives, responsible management of chemicals in industry, agriculture and healthcare.