ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
Economy
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
Economy
Oil demand up as surging gas prices force countries to switch fuels: IEA
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries...
- Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and "escalating concerns over the deteriorating economic outlook, IEA said.
- Prices of natural gas and electricity have jumped to new records, prompting some countries to switch to oil use.
Economy
MoCCAE discusses food security with feed manufacturers in UAE
UAE's Ministry of Climate Change and Environment (MoCCAE) hosted a meeting with licensed feed manufacturers in the country to explore...
- UAE's Ministry of Climate Change and Environment hosts a meeting with licensed feed manufacturers to talk of enhanced food production
- Participants highlight the importance of modern technologies in feed production and to adhere to the highest safety standards
Economy
Global youth unemployment set to slip to 73 million in 2022: UN
The figure is still six million higher than the pre-pandemic level of 2019, with the recovery in youth unemployment lagging...
- Many dropped out of the labor force, or failed to enter it altogether, due to the difficulty of finding a job during Covid-19 lockdowns.
- The Arab states have the highest and fastest-growing unemployment rate of young people worldwide at 24.8 percent, 42.5 percent for young women.
Economy
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures...
- Among the steps were CBUAE's gradual exit strategy from the Targeted Economic Support Scheme as the UAE economic recovery commenced
- The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
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.
ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
Economy
Company News
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Lebanese children ‘miss out’ on education as crisis takes toll
Lack of funding for the school system has precipitated repeated teachers' strikes and school closures, resulting in children being increasingly...
Saudi Arabia eyes global EV role following Lucid’s plant setup
Riyadh, Saudi Arabia -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products,...
Economy
China wants to be world’s strongest nation, says Blinken
WASHINGTON, US  - China is seeking to surpass the United States as the top power in the world, US Secretary of...
Geostrategy
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Geostrategy
Israel sells Arrow 3 missile defense system to Germany for US$3.5bn
TEL AVIV, ISRAEL - Israel's US$3.5-billion sale of its Arrow 3 missile defense system to Germany, sparked by security fears after...
- Israeli arms exports reached a new record of $12.5 billion dollars last year, double the amount from three years earlier, says its defense ministry.
- Israel, together with its top ally the United States, has developed hi-tech systems designed to knock incoming rockets and missiles out of the sky.
Market Report
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
- The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.
- The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.
Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...
- The disruption began at 12:30 pm (1030 GMT) and had still not been resolved by the evening, Volkswagen said
- The cause of the technical problems was not known but "an external attack is unlikely to be the cause", German automaker said