US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
Economy
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...
Economy
Market Report
Foreign investors in Arab exchanges buy $119.6bn in 2021
The Arab Monetary Fund (AMF) said that the Abu Dhabi Securities Exchange (ADX) was ranked first in the Arab region...
- ADX was ranked first in the Arab region in 2021, in terms of buy and sell transactions by foreign investors, says AMF
- Buying transactions by foreign investors in ADX totaled $32.2 billion at the end of last year
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
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
US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
Economy
Company News
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Strong growth key to GCC’s FDI appeal
Infographics
Saudi Arabia projects 2024 budget deficit at 1.9% of GDP
The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is...
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...
Economy
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...
Geostrategy
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Economy
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...
- The expansion of available funds will be further leveraged by mobilizing private and domestic capital required to tackle the climate crisis.
- The reforms also create a Countercyclical Lending Buffer to support ADB developing member countries facing unexpected crises.
Geostrategy
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...
- The arrangement will help Morocco strengthen its preparedness and resilience against natural disasters, including from climate change.
- The 18-months arrangement, "Will help Morocco address climate vulnerabilities, bolster its resilience against climate change,” the IMF said.
Geostrategy
The many ways US government shutdown affects people
WASHINGTON, US - The United States is heading toward a government shutdown this weekend with no foreseeable way out of a...
- Sharp disagreements in the Republican Party has prevented passage of the bills needed to keep the government funded and open.
- The credit ratings agency Moody's warned this week that a shutdown would be "credit negative" for US sovereign debt.