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
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
Economy
Saudi PIF buys shares in Alphabet, Zoom, Microsoft
The Fund purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares...
- The Fund purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares of Alphabet
- It also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively
Economy
Qatar launches public consultation about National Blockchain Blueprint
The blueprint establishes the frame for blockchain at the national level and identifies its key elements; innovation and creativity.
- The blueprint establishes the frame for blockchain at the national level and identifies its key elements
- It underlines the potential of blockchain technology and the opportunities that it can offer to Qatar
Economy
UN ship with grain for Africa leaves Ukraine: ministry
The MV Brave Commander left the Black Sea port of Pivdennyi and will sail to Djibouti "for delivery to Ethiopia",...
- Kyiv and Moscow agreed a deal brokered by the UN and Turkey last month to unblock Black Sea grain deliveries after Russia's invasion
- The agreement lifted a Russian blockade of Ukraine's ports and established safe corridors through the naval mines laid by Kyiv
Economy
China heat wave pushes up prices as hens lay fewer eggs
Extreme weather has become more frequent owing to climate change, scientists say, and this will likely grow more intense as...
- In Hefei city, farmers reported a drop in egg production because of the heat, according to a Jianghuai Morning News report
- Hefei has so far logged 14 days of temperatures above 38 degrees Celsius, Hefei Evening News said, noting that this was a record
Business
US acts to make hearing aids affordable
In October, the cost of hearing aids will be down by an estimated $2,800 per pair as there would be...
- At $5000 a pair, safe and effective and high quality hearing aids have been unaffordable for many Americans.
- Children, as well as people with severe hearing loss, would still need a prescription.
Economy
UAE busy in strengthening its food security system
The UAE is strengthening its food security system through policies that include promoting cooperation with other countries and markets, diversifying...
- The UAE is strengthening its food security system through policies that include promoting cooperation with other countries and markets.
- The policies include diversifying sources, attracting local and foreign agricultural investment.
Economy
Dubai has comprehensive plans to ensure food security: Crown Prince
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum was on a tour of Bustanica, the world’s largest vertical farm that...
- The Dubai Food Security Committee constantly reviews current opportunities and challenges within the national food security strategy framework, he said.
- The crown prince said Dubai will continue pursuing ways to strengthen the emirate’s resilience and food sustainability irrespective of the global environment.
Business
Kuwait’s National Fund shored up 132 SMEs during pandemic
Kuwait's National Fund for SME Development (SME Fund) has helped resolve the problems of 132 small and medium-sized enterprises (SMEs)...
- Founded in April 2013 under Act 98, the government Fund approved establishing 1,422 projects and joint agreements with 992 SMEs.
- Some SMEs offered essential backing to the national economy during pandemic in areas such as medical services, logistics and foodstuff.
Business
Non-Arab foreigners invest $4.23bn in UAE stocks since Jan 2022
According to Abu Dhabi and Dubai financial markets, non-Arab foreign investors purchased local stocks worth AED70.27bn from the beginning of...
- The purchases of non-Arab foreign investors in the Dubai Financial Market totaled some AED18.75bn since the start of this year.
- The UAE has been ranked first in the Arab world and 19th globally for its ability to attract foreign direct investment in a report by UNCTAD.
Business
Walmart Q2 revenue $152.9bn
The retail giant sales surged, partly due to inflation.
- Revenues for its second fiscal quarter ending July 31 were $152.9 billion, up 8.4 percent from the year-ago period
- Profits rose 20.4 percent to $5.1 billion, with some of the increase connected to the accounting for an asset sale in Brazil
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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
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
Company News
Latest News
SALIC buys 10.7% stake in BRF
Business
World Bank chief vows to tackle ‘dysfunctionality’ at development lender
The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its...
Economy
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
Economy
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
Business
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Economy
Innovation steers Middle East through tourism swings
Facing tourism seasonality challenges, the region diversifies offerings, enhances infrastructure, and collaborates, for year-round success despite temperature fluctuations.
- The Middle East combats tourism seasonality and temperature challenges with innovative strategies for consistent year-round appeal
- Using diversified tourism, improved infrastructure, and collaboration, destinations can maximize off-peak season benefits in the region
Geostrategy
France warns Lebanon financial aid at risk over presidency deadlock
French President Emmanuel Macron's special envoy urged Lebanese factions to find a "third way" for electing a new president, warning...
- Lebanon has been without a president for almost a year after ex-head of state Michel Aoun's mandate expired.
- Lebanon's president is elected by parliament, where neither side has a majority, rather than by universal suffrage.
Economy
Dubai Government reduces public debt by US$7.8bn
DUBAI, UAE - The Public Debt Management Office (PDMO) of the Government of Dubai's Department of Finance (DOF) announced a...
- The achievement has been realized within a year and a half since the establishment of the office in 2022.
- This includes a full redemption of Sukuk certificates worth $898 million, the repayment of bilateral and syndicated facilities totaling $1.4 billion.