Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
Business
Economy
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...
- Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
- Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
Geostrategy
Syria more than doubles petrol prices, says commerce ministry
Syria's internal commerce ministry has announced a petrol price hike of around 130 percent in the war-torn country facing fuel...
- The cost of a liter of subsidized fuel will rise to US$0.99 (2,500 Syrian pounds), from US$0.43 (1,100 Syrian pounds)
- The cost of non-subsidized petrol will rise from US$1.39 (3,500 Syrian pounds) to US$1.59 (4,000 Syrian pounds), the ministry said.
Videos
UAE ahead of US, UK as millionaire destination
The Ukraine conflict has triggered the biggest immigration of high-net-worth Russians, many of whom are likely to move to the...
- Destinations such as Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand are behind UAE as preferred millionaire destinations.
- Henley Global Citizens Report estimates that 15,000 High Net Worth Individuals could leave Russia by the end of this year.
Economy
Amman Chamber members’ exports rise by 57 percent in 7 months
Exports by member firms of the Amman Chamber of Industry (ACI) increased by 57 percent during the past seven months,...
- Media reports said exports spiked to JD4.159 billion ($5.86 billion) during the past seven months of the year, compared to JD2.656 billion in the same period of 2021.
- Jordanian industries can access more than 142 markets around the world through the export of 1,400 commodities.
Videos
Ways of digital banking in Middle East
The establishment of over 40 financial free zones in the UAE has encouraged innovation in digital banking. The fintech market...
- Banking that is done through the digital platform without any paperwork is referred to as digital banking.
- Increased efficiency, cost reduction and increased accuracy are some of the advantages of digital banking.
Business
Arrival of first ship in Lebanon with Ukraine grain put off
The Sierra Leone-flagged Razoni was cleared for passage through the Bosphorus Strait by a team that included Russian and Ukrainian...
- An official following the shipment said the vessel might not even dock in Lebanon if the cargo's owner manages to sell it elsewhere
- The Sierra Leone-flagged Razoni set sail from the Ukrainian port of Odessa last Monday carrying 26,000 tons of corn, and stopped in Turkey the next day
Market Report
GCC stocks rise amidst US-China tension
The performance of the Gulf stock exchanges varied this week, affected by several factors and events, most notably the tension...
- The performance of the Gulf stock exchanges varied this week affected by several factors and events
- The visit of US House Speaker Nancy Pelosi to Taiwan and the tension between the United States and China affected the stock market
Business
Dubai Chambers gets new CEO and President
Dubai Chambers has announced a leadership change, with Hamad Buamim, President and CEO, moving on after 16 years of service....
- He replaced Hamad Buamim, who was the President and CEO of Dubai Chambers for past 16 years.
- Under Buamim, the membership of Dubai Chambers by over four times from 80,000 to over 320,000.
Geostrategy
Turkey to pay for some Russian gas in rubles, says Erdogan
President Recep Tayyip Erdogan has confirmed that Turkey will start paying for some of its Russian natural gas imports in...
- Neither Erdogan nor Russian officials have said what portion of the gas will be covered by ruble payments
- Russia accounted for about a quarter of Turkey's oil imports and 45 percent of its natural gas last year
Science
Sustainable research centers in UAE being built on SDME designs
Several regions across the UAE are witnessing the implementation of the designs of some of the teams that participated in...
- In the UAE many sustainable research centers based on the designs of the teams participating in the first and second Solar Decathlon Middle East are being constructed
- SDMEs were organized by Dubai Electricity and Water Authority as part of its, Dubai Supreme Council of Energy and the US Department of Energy partnership
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
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
Company News
Latest News
Egypt, Sudan and Ethiopia restart Nile dam talks
The massive $4.2-billion dam built by Ethiopia has stoked tensions with Egypt and Sudan as they fear the dam will...
Geostrategy
UAE and Indonesia pledge to enhance economic cooperation
Jakarta, Indonesia-- The UAE and Indonesia have discussed mechanisms to expand regional cooperation and opportunities for trade and investment cooperation...
Economy
Urban developments transform Saudi realty
The exhibition saw the launch of massive real estate ventures, including integrated, modern cities, with a combined investment of around...
Most Read
Geostrategy
Eastern authorities want Libya aid conference in flood-hit Derna
Benghazi, Libya - Libya's flood-devastated port city of Derna will host an international conference next month to aid reconstruction efforts, authorities...
- Despite a wave of nationwide solidarity since the flood, there was no immediate show of support for the proposed conference from the Tripoli-based government
- And even the office of strongman Khalifa Haftar, the main military backer of the eastern administration, questioned how many donor governments would attend
Business
UAE, Armenia ink 4 MoUs at joint business forum
YEREVAN, ARMENIA - Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) Abdullah Mohamed Al Mazrouei and...
- A UAE delegation of around 100 representatives of government and private entities took part in the forum.
- In the first seven months of 2023, trade between UAE and Armenia was valued at US$870 million.
Economy
Jordan seeks World Bank support to boost infrastructure projects
Amman, Jordan-- Jordan and the World Bank have held discussions to enhance cooperation in infrastructure projects and the public-private partnerships....
- Jordanian Minister of Investment Kholoud Al Saqqaf met with World Bank Vice President for Infrastructure Affairs Guangzhe Chen in Amman to broaden the cooperation
- The Jordanian minister reviewed a list of partnership projects between the public and private sectors, which focus on transportation, water and infrastructure sectors