China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...
Economy
Asia-Pacific markets mixed, dollar down Monday as Fed readies to acknowledge cuts
Asia-Pacific markets were mixed on Monday after a week that saw a broad rally in stocks, as investors awaited a...
Economy
Business
AD Ports, Hutchison to explore investments in GCC, Asia, Africa
Abu Dhabi Ports and Hutchison Ports have signed an MoU to identify joint investment and business opportunities related to feedering,...
- They will partner to operate within Tanzania to enhance the capabilities and market competitiveness of port operations in the country, including Dar Es Salaam Port.
- Potential areas of focus include improving servicing to several of Tanzania’s landlocked remote areas and neighboring countries.
Business
Uber posts Q2 loss of $2.6bn
Uber revenue more than doubled to $8.1 billion in Q2. Uber reported better-than-expected revenue in Q2, fueled by strong demand...
- Uber reported better-than-expected revenue in Q2, fueled by strong demand for the San Francisco-based company's ride-hailing and food delivery services
- Revenue more than doubled to $8.1 billion in the three months through June -- a 105 percent increase
Geostrategy
UAE minister discusses economic cooperation, trade with Mongolia
During the meeting, the minister emphasized the UAE's commitment to solidifying its economic and trade partnership with Mongolia to support...
- Minister of Economy Abdullah bin Touq Al Marri held a meeting with Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE Odonbaatar Shijeekhuu
- The meeting was held in Dubai with an aim to strengthen trade and economic cooperation between the UAE and Mongolia
Geostrategy
Iraq tensions soar as protesters rally against parliament occupation
Thousands of Iraqis took to the streets of Baghdad Monday in counter-protests as rival supporters of Shiite Muslim cleric Moqtada...
- Sadr's supporters on Saturday breached the normally high-security Green Zone also home to government buildings and embassies
- In multi-confessional and multi-ethnic Iraq, government formation has involved complex negotiations since a 2003 US-led invasion toppled dictator Saddam Hussein
Economy
A year on, Iran’s Raisi faces economy in trouble
Having pledged to help especially the poor, the ultraconservative cleric now faces runaway consumer prices that have sparked protests.
- Having pledged to help especially the poor, the ultraconservative cleric now faces runaway consumer prices that have sparked protests
- Raisi was elected in June last year in a ballot for which less than half of voters turned up, after his major rivals had been disqualified by electoral bodies
Economy
UAE plays pivotal role in securing global energy supplies: OPEC Secretary-General
Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in...
- Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in line with OPEC's long-term strategy
- He said that December 2022 will mark six years since the conclusion of the OPEC+ agreement, of which the UAE is a pivotal part
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.
China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...
Economy
Company News
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QIB posts 7.7% profit rise
Business
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...
Economy
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...
Business
‘Saudi Arabia committed to peaceful nuclear energy’
"The Kingdom underscores the need for collective international efforts to enforce the provisions of the Non-Proliferation Treaty and ensure its...
Economy
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Business
ADX inks pact with Expo Center Sharjah to boost financial services
Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) signed an agreement with the Expo Center Sharjah to enhance...
- The MoU between ADX and Expo Centre Sharjah aims to enhance services provided to the investor community in Sharjah
- ADX and Sharjah Expo will be able to provide their respective customers with a more comprehensive range of services and offerings
Business
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent....
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
- The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.
Business
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
- Setting accounting standards for Islamic finance institutions helps support the growth of the industry.
- Maintaining the Islamic financial industry's achievements requires focusing on capacity building.