Stocks firm, dollar subdued as market flirts with outsized Fed cut
Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start...
Economy
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Economy
World Green Economy Summit in Dubai supports UAE COP28
Since its launch in 2014, the WGES has succeeded in galvanising global efforts to promote the shift towards a green...
- Since its launch in 2014, the WGES has succeeded in galvanising global efforts to promote the shift towards a green economy
- The WGES also plays a key role in supporting the UAE’s outstanding climate action efforts and its commitment to sustainability
Economy
Egypt to issue international bonds worth $6 billion
More than a year after it issued bonds for the Japanese market, Egypt intends to issue another tranche of international...
- Egypt offered $500 million worth international bonds for the first time denominated in the yen in the Japanese market
- Egypt plans to obtain external financing by about $7.62 billion, which means an increase in the volume of external financing by about 87 percent over last year
Business
Sanction partners: Iran’s top automaker eyes Russian market
Russia has come under increasingly tough sanctions since its February invasion of Ukraine, while Iran has faced stringent sanctions reimposed...
- The two countries have responded to the sanctions by boosting cooperation in key areas to help prop up their economies.
- "We are going to pay special attention to the Russian market, and we are also thinking of partnering with Russian investors," said Iran Khodro CEO Mehdi Khatibi.
Economy
In Dubai 305m riders use public transport in H1 2022
Dubai’s Roads and Transport Authority (RTA) announced that the number of riders using public transport and shared mobility clocked nearly...
- The number of riders using public transport was 36 percent for Dubai Metro and 29 percent for taxis
- March 2022 was the busiest of all months recording 62 million riders
Economy
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62...
- The Saudi Central Bank said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent by volume in 2021
- In the business sector, the share of electronic payments reached a substantial 84 percent of all payments in 2021
Geostrategy
Egypt appoints new ministers in cabinet reshuffle
A statement said the House of Representatives had approved "all the nominations set forth in a letter from President Abdel...
- Sisi's official Facebook page said the president had urged parliament to discuss the changes in the more than 30-strong cabinet
- The reshuffle does not include the key defense, interior, finance or foreign ministries
Economy
Iraqis grow weary of squabbling political parties
Iraq has been ravaged by decades of conflict and endemic corruption. It is blighted by ailing infrastructure, power cuts and...
- Political deadlock has left Iraq without a new government, president or prime minister following general elections 10 months ago
- Coordination Framework says it wants a new government as quickly as possible, and its supporters on Friday began their own sit-in to press for that demand
Economy
Droughts exact heavy cost on Morocco
Water shortage has dealt a crippling blow to farming in the North African country as successive droughts exact a heavy...
- Water shortage is not limited to a few scattered villages but the whole North African country has been hit
- According to WHO, at 600 cubic meters of water annually per capita, Morocco is already well below the water scarcity threshold of 1,700 cubic meters per capita per year
Economy
Saudi banks disburse $537bn in loans in Q2, up by 14.2%
According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the...
- The SAMA data showed that the value of Saudi banks’ aggregate loan portfolio totaled $537 billion at the end of the second quarter of 2022
- According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the trade sector and ensuring its sustainability
Economy
US Fed decisions may effect UAE’s inflation scene
The dollar's first-quarter increase of about 10% against a basket of international currencies may reduce the impact of imported inflation...
- The dollar's first-quarter increase of about 10% against a basket of international currencies may reduce the impact of imported inflation due to dirham's peg to the US currency
- Inflation has affected many sectors in the UAE where there is less freedom in price-fixing, says Wael Makarem, Senior Market Strategist - MENA at Exness
Stocks firm, dollar subdued as market flirts with outsized Fed cut
Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start...
Economy
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Asian markets swing as US jobs data disappoint
Market Report
Saudi Fund for Development and Seychelles sign US$25m loan agreements
Riyadh, Saudi Arabia-- The Saudi Fund for Development (SFD) has signed two loan agreements with Seychelles to support the social...
Business
Greece and Saudi Arabia agree to link their power grids
Athens, Greece - Greece and Saudi Arabia announced their agreement to establish a jointly-owned company with the goal of connecting...
Economy
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Business
Europe should move faster on energy transition, say IEA, ECB
PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...
- Europe must invest more quickly in its energy transition if it wants to remain a global industrial power, top policymakers said.
- Private sector investment faces barriers including policy uncertainty, bureaucratic red tape and higher energy costs, they said.
Geostrategy
GCC, Pakistan ink preliminary free trade agreement
RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...
- The agreement was signed by GCC Secretary-General Jasem Mohamed AlBudaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
- The Secretary-General stressed that the GCC countries are proceeding with free-trade negotiations with other countries.
Science
Politicians fail to understand scientific facts of climate, says expert
PARIS, FRANCE - Wavering ambition by governments and a growing belief that science is politically subjective are great causes for concern...
- Several extreme weather events have occurred in 2023, which the European Union's climate monitor says is likely to be the hottest in human history.
- These underscores the urgency of slashing planet-heating greenhouse gas emissions to avert the catastrophic impacts of greater global warming.