AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
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
Economy
Ajman records 13% growth in certificates of origin during H1, 2022
Abdullah Al Muwaiji, Chairman of the ACCI, said that the export growth in Ajman was supported by the advanced infrastructure...
- Abdullah Al Muwaiji, the ACCI Chairman, said that the export growth in Ajman was backed by the advanced infrastructure
- ACCI has issued a set of commercial reports to its members, traders, and industrial business owners, to identify export opportunities available in global markets
Economy
WUWM Abu Dhabi 2022 to discuss global food chain
The World Union of Wholesale Markets (WUWM) Conference 2022, which will be held in the Middle East for the first...
- The World Union of Wholesale Markets (WUWM) Conference 2022 will be held in the Middle East for the first time
- As the world’s largest network of wholesale markets, WUWM represents the industry’s most significant suppliers of fresh food
Economy
Jordan forms a PPP council to boost mining sector
Jordan's Minister of Energy and Mineral Resources on Tuesday announced the formation of a Public-Private Partnership (PPP) council for mining,...
- This Public-Private Partnership is part of the plan for implementation of the economic modernization vision
- The minister said that there is a need for establishing a research center for mining and metallurgy as part of the vision
Business
IHG H1 profits surge to $216mn
IHG said it would resume its interim dividend
- InterContinental Hotels Group said that profits rose sharply in the first half after Covid travel restrictions were lifted around the world
- IHG, which also owns brands such as Crowne Plaza and Holiday Inn, said that first-half revenues jumped by 52 percent to $1.8 billion.
Business
ADNOC Drilling H1 profit $379mn
The firm's revenue increased 13 percent to US$1.27 billion
- ADNOC Drilling revenue increased 13 percent to US$1.27 billion compared to the same period last year
- First half EBITDA was $580 million, up 16 percent year-on-year, with a market-leading margin of 45.7 percent
AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
Company News
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SALIC buys 10.7% stake in BRF
Business
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
Business
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...
Geostrategy
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...
Market Report
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Economy
Saudi Arabia raises the bar, says 100m tourist goal inadequate
Riyadh, Saudi Arabia - Saudi Arabia has announced its intention to revise its tourism goals, increasing the target number of...
- The previous target of 100 million visits is no longer sufficient, said Saudi minister Mahmoud Abdulhadi
- In the first quarter of 2023, Saudi Arabia attracted 7.8 million tourists, the highest quarterly performance in the country's history
Business
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
- The clean energy partnership between the UAE and Indonesia saw further consolidation when the two companies signed the deal to expand FPV plant
- The UAE company has developed the region’s largest floating solar facility, the 145 MW Cirata floating solar PV plant in a joint ventre with PT PJB, now PLN NP
Business
Markets mostly up but US rate outlook feeds uncertainty
With inflation still sitting well above the central bank's target and the labor market showing few signs of softening, decision-makers...
- All three main indexes on Wall Street tanked Tuesday, shedding more than one percent apiece.
- Asia started on the back foot but most markets managed to eke out gains following a painful start to the week.