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
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
Economy
Economy
Egyptian pound plunges to near all-time low as inflation surge
In late March, inflation-hit Egypt also devalued its currency, which lost around 18 percent of its value overnight.
- Egypt's currency has not fallen so sharply since December 2016 when it hit 19.3 to the US greenback after a drastic devaluation.
- With its food security under mounting pressure, Egypt in June said it would receive $500 million in financing from the World Bank.
Economy
Panel to steer development of digital ecosystem in UAE formed
The United Arab Emirates has formed a committee that aims to supervise and guide the development of the digital ecosystem...
- The committee will also enhance readiness, competitiveness, flexibility and digital alignment between projects and digital systems in federal government agencies.
- Ohood Khalfan Al Roumi, Minister of State for Government Development and The Future, will chair the committee.
Business
HSBC H1 pre-tax profit falls
Pre-tax earnings sank 15 percent to $9.2 billion.
- Executives are expected to field questions about a restructuring bid from its biggest shareholder Ping An Insurance Group.
- The bank rebuffed calls to spin off its Asian activities on the eve of a shareholder meet
Economy
UAE gross banks’ assets $936 billion at the end of May 2022
UAE’s central bank said Monday that gross banks’ assets, including bankers’ acceptances, rose to AED3.44 trillion ($936 billion) at the...
- The CBUAE said the gross credit grew by 2.6 percent, rising from AED1.81 trillion at the end of April 2022 to AED1.86 trillion at the end of May 2022.
- Gross Credit rose due to 3 percent increase in Domestic Credit, overriding the 0.1 percent reduction in Foreign Credit.
Economy
Over 20K investor accounts join DFM in first 7 months of 2022
Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022. The market...
- Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022
- The market witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental firms
Business
Algeria eyeing entry into Russia-linked BRICS group
Algerian President Abdelmadjid Tebboune has suggested that his country, Africa's largest natural gas exporter, could join the BRICS economic group...
- Tebboune's comment of joining BRICS came after Russian President called on BRICS leaders to move towards "formation of a multipolar system of inter-government relations"
- The President participated in a BRICS virtual summit at the end of June, when Putin called on leaders of the group to cooperate in the face of "selfish actions" from the West
Geostrategy
US envoy pushes Lebanon-Israel talks over maritime dispute
US envoy Amos Hochstein arrived in Beirut Sunday to push talks to resolve a bitter maritime border dispute between Lebanon...
- Hochstein met with Lebanon's Energy Minister Walid Fayad on Sunday, and is scheduled to meet with President Michel Aoun and prime minister Najib Mikati the following day
- The maritime border dispute between Lebanon and Israel escalated in early June, after Israel moved a production vessel to the Karish offshore field, partly claimed by Lebanon
Economy
Qatar launches ‘Qatar Host’ tourism training programme
The initiative is part of the Service Excellence Programme, which builds on Qatar Tourism’s strategy, to enhance the visitor experience...
- The initiative is part of the Service Excellence Programme, which builds on Qatar Tourism’s strategy, to enhance the visitor experience at every touchpoint along their journey
- The programme involves a multi-pronged approach to ensure a seamless customer journey. In collaboration with stakeholders
Economy
Jordan draws up public sector modernization plan
Jordan king Abdullah urged coordination among state institutions to ensure the implementation of the modernisation roadmap.
- Jordan king Abdullah urged coordination among state institutions to ensure the implementation of the modernisation roadmap
- Prime Minister Khasawneh said that the roadmap identified seven pillars as top priorities for improvement and modernisation of public services
Economy
Libya oil production returns to pre-blockade levels: official
Libya's oil production has returned to the volume recorded before a months-long blockade that paralysed the economy, official sources said...
- Oil production fell to around 400,000 barrels of crude per day during the mid-April to mid-July blockade
- On July 15, Libya's new oil chief lifted force majeure at all the country's oil fields and export terminals
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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
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
Company News
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ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
Business
Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...
Business
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...
Market Report
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Syria’s Bashar Al-Assad visits China seeking funds
China becomes one of only a handful of countries outside the Middle East that Assad has visited since the 2011...
- The Syrian President arrived Thursday in the eastern city of Hangzhou, where he will attend the opening ceremony of the Asian Games on Saturday
- Asad's Air China plane was greeted on the tarmac by jubilant music and rows of performers wearing colourful costumes, as Chinese and Syrian flags flapped in the sky
Economy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
- The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
- The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.
Turkey expected to hike interest rate to 20-year high
The mercurial Turkish leader performed one of his trademark policy reversals after winning a difficult re-election in May. The vote...
- Erdogan called high rates "the mother and father of all evil" and spent years pushing the central bank to lower borrowing costs to speed up economic growth
- Inflation rate approached 60 percent in August and is climbing much faster than projected by Erdogan's new economic team of former Wall Street executives