Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
Economy
Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
Economy
Economy
Economists appeal to US to return Afghanistan’s frozen assets
The economists said that the plunge in economic activity and the sharp cuts to foreign aid by previous supporters of...
- 71 economists and development experts including Nobel economics prize winner Joseph Stiglitz and Yanis Varoufakis urged US to release Afghanistan's frozen assets
- They said a recent US offer to give the Taliban access to half the money by setting up a trust with international oversight was not enough
Geostrategy
Moqtada Sadr calls on judiciary to dissolve parliament
Sadr justified his calls for judicial action by noting that constitutional deadlines for appointing a new president and prime minister...
- Sadr has invited MPs and his supporters to take legal action to demand that parliament be dissolved
- Iraq's former PM earlier had called for parliamentary sessions to resume in order to study a possible dissolution of the body
Economy
Central Bank of Kuwait raises discount rate by 2.75%
CBK Governor said the decision was taken in light of the recent international economic and geopolitical developments.
- CBK Governor said the decision was taken in light of the recent international economic and geopolitical developments
- The Governor added that the rate hike was to keep up with the major international interest rates, and to reinforce a favourable environment for economic growth
Economy
Key sectors face changes as UAE eyes net-zero status
As the Gulf country sets aside about US$163bn to achieve zero-emission, the number of enterprises focusing on renewable energy is...
- As the country sets aside about US$163bn to achieve zero emission, the number of enterprises focusing on renewable energy is growing, says Simon Birkebaek of BCG
- However, the UAE is still working on the policy framework to achieve net-zero energy status and many key sectors may witness changes in the way they have been operating
Business
Saudi finance ministry partners with Al-Ahly to develop savings bonds
Saudi’s Ministry of Finance and the National Center for Debt Management has partnered with Al-Ahly Financial Company to develop and...
- Saudi Finance Ministry and National Center for Debt Management partner with Al-Ahly Financial Company.
- The deal between the two entities is aimed at promoting the culture of saving in the Kingdom.
Business
UAE inflation low but businesses burdened by rising costs: Report
IMF estimates inflation in the UAE is expected to be at 3.7 per cent in 2022, falling to 2.8 percent...
- About 37 percent of UAE businesses are changing their pricing strategy in line with cost increases and 31 percent are focusing on product or service differentiation.
- Businesses in the UAE report cost increases of 18 per cent for energy and utilities, 17 per cent for raw materials and 14 per cent for wages and staff compensation.
Geostrategy
New buyer sought for first grain to leave Ukraine under deal
The Sierra Leone-flagged vessel Razoni left the Ukrainian port of Odessa on August 1 carrying 26,000 tons of maize.
- The Sierra Leone-flagged vessel Razoni left the Ukrainian port of Odessa on August 1 carrying 26,000 tons of maize
- Another ship docked in Turkey Monday with a cargo of 12,000 tons of Ukrainian maize, becoming the first to reach its destination
Business
Doha Bank raises non-Qatari ownership threshold to 100%
Doha Bank, a Qatari public shareholding company, announced it after having earned all necessary approvals
- Doha Bank, a Qatari public shareholding company, announced it after having earned all necessary approvals.
- The change has been made at the Qatar Central Securities Depository with immediate effect, the bank said in a statement
Economy
Global stock markets retreat on eve of US inflation data
If the official consumer price data Wednesday come in above analysts' forecasts, the markets could see a sharp sell-off, analysts...
- Federal Reserve officials in recent days have stressed that more hikes are coming to tame soaring inflation
- Oil prices reversed some of the prior day's gains and remain around six-month lows as recession fears mount
Dubai marine service to enhance maritime sector efficiency
The service aims to establish a unified civilian entity affiliated with the DMCA, Dubai Municipality and Dubai International Marine Club.
- The service aims to establish a unified civilian entity affiliated with the DMCA, Dubai Municipality and Dubai International Marine Club
- Dubai Maritime City Authority said the purpose of Marine Assistant service was to develop a system that enhances the efficiency and competitiveness of Dubai’s maritime
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Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
Economy
Company News
ADNOC Gas signs deal with IOCL
Business
Latest News
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...
Economy
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
Geostrategy
Non-oil sector to drive UAE economic growth to 3% in 2023: S&P
S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is...
Economy
Most Read
Business
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors...
- Demand for lithium, an essential component of car batteries, could increase ninefold between 2022 and 2050, said the International Energy Agency.
- Lithium and other metals that the IEA calls “key to the clean energy transition” will be the topic of a summit hosted by the global energy watchdog in Paris.
Economy
Saudi Arabia draws 135m visitors for entertainment events by mid-2023
Riyadh, Saudi Arabia - Saudi Arabia has attracted 135 million visitors to events hosted in 120 cities up to the...
- The GEA has been instrumental in transforming Saudi Arabia's entertainment landscape, issuing more than 14,000 licenses
- Saudi Arabia's flourishing entertainment scene is part of its ambition to become a global hub for culture and leisure
Business
Iran’s exports of agriculture products climb up 10% to US$1.62bn
Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of...
- The United Arab Emirates, Iraq and the Russian Federation were the major destinations for Iran's exported crops
- During the first 5 months of 2023, a total of 2,169 million tons of agricultural products worth $1.62 billion were exported