Dollar droops before Powell testimony; euro weathers France uncertainty
The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
Economy
Economy
Abu Dhabi Chamber, Philippine Business Council discuss ties
A delegation from the Philippine Business Council, headed by Prof. Gau Raganit, visited the Abu Dhabi Chamber of Commerce and...
- Abu Dhabi Chamber, Philippine Business discuss strengthening relations between the Chamber and Filipino investors
- The two sides discuss increasing the level of cooperation in diverse sectors of mutual interest
Business
IFZA, CBD ink banking deal
Opening corporate bank accounts to become easier for free zone firms.
- The free zone companies will now be able to also obtain personalized services.
- A study by Dubai Chamber of Commerce said entrepreneurs face a lot of issues in opening a corporate bank account in UAE.
Economy
High energy prices help Russia weather damaging sanctions: IMF
Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia's economy appears to be...
- Sanctions were meant to sever Russia from the global financial system and choke off funds available to Moscow to finance the war.
- International Monetary Fund's latest World Economic Outlook upgraded Russia's GDP estimate for 2022 by 2.5 percentage points.
Economy
More than 10 million visit UAE govt portal in first half of this year
The Telecommunications & Digital Government Regulatory Authority (TDRA) said that over 10 million people visited the Official Portal of the...
- Over 24 million pages were viewed through the visits to U.AE portal in H1 of 2022
- These results indicate the high value of U.AE as a prime source of information and services
Infographics
Beirut named most expensive city in Arab world
The cost of living in Beirut is also more than its purchasing power, which is the lowest among Arab cities....
- Cost of Living Index measures compares expenses an average person incurs on goods and services in different regions.
- The Index is also used to track how much the costs of basic expenses rise over a period.
Market Report
ADX market value rises in Q2, 2022 to US$542.42bn
Abu Dhabi Securities Exchange has recorded its highest rise in terms of market value and trading value at end of...
- The ADX ranked first in Arab region in terms of market value increase, says the Arab Monetary Fund
- The Abu Dhabi Securities Exchange rose from $513.19bn at the end of Q1 of 2022 to $542.42bn in Q2 of 2022
Business
‘Most IT security officials believe firms threat strategy poor’
A global survey conducted among 2,100 IT Security Decision Makers (ITSDMs) reveals that 60 percent of respondents believe their organizations...
- Only 16 percent of respondents in the UAE and Saudi Arabia say they are able to keep pace with the threat landscape
- Most organisations (91 percent) surveyed in the UAE and Saudi Arabia experienced identity-related security breach in the past 18 months.
Economy
Don’t let inflation ‘genie’ out of the bottle: IMF economist
With price surges in major economies approaching 10 percent, central banks must stay the course and continue to raise interest...
- With price surges in major economies approaching 10 percent, central banks must continue to raise interest rates until inflation retreats, the IMF's chief economist said
- Soaring prices for food and fuel, exacerbated by the war in Ukraine, have been squeezing family budgets worldwide, and even leading to unrest in some countries
Economy
Turkey to drill for gas in Mediterranean early next month
Turkey will resume gas exploration off its coast in the Mediterranean on August 9, the energy ministry said Tuesday. "Turkish...
- The EU came close to sanctioning Ankara in 2020 for pushing into contested east Mediterranean waters in search of fresh natural gas reserves
- Turkey disputes its maritime borders in the eastern Mediterranean with EU members Greece and Cyprus
Economy
Eye-popping: Saudi prince unveils mirrored skyscraper eco-city
A futuristic Saudi megacity is to feature two skyscrapers extending across a swathe of desert and mountain terrain, according to...
- NEOM, a biotech and digital hub spread over 26,500 square kilometres (10,000 square miles), was once touted as a regional "Silicon Valley"
- The "first phase" of the project, lasting until 2030, will cost 1.2 trillion Saudi riyals (roughly $319 billion), Prince Mohammed said
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Dollar droops before Powell testimony; euro weathers France uncertainty
The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
Company News
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ExxonMobil to buy Denbury
Business
Iran, Djibouti resume diplomatic ties after 7 years
Iran announced the restoring of diplomatic ties with Djibouti over seven years after it joined other regional nations in severing...
Geostrategy
China to control half the world’s hydrogen electrolyser capacity
China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent...
Egypt’s central bank keeps interest rates unchanged
Cairo, Egypt – The Central Bank of Egypt (CBE) decided to maintain interest rates at current levels during its meeting...
Economy
Most Read
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...
- Ajman’s total exports reached US$1.2 billion in H1 2023, compared to US$1.1 billion during the same period in 2022.
- Ships and boats topped the list of exported products, followed by mineral oils, fish and steel products.
Market Report
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...
- In a move dubbed a "hawkish hold" by analysts, the Fed held borrowing costs but indicated another hike is likely in 2023 to tackle US inflation.
- Sweden's Riksbank and Norway's Norges Bank each raised their key interest rates by a quarter-point.
Geostrategy
RAKEZ team wraps up roadshow to boost trade in China’s Guangdong province
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad,...
- The RAKEZ delegation aims to foster deeper ties with local enterprises, prominent trade associations and key government entities.
- The delegation hosted business forums across Guangzhou, Shenzhen and Dongguan cities, highlighting the prospects of the Middle East market.