US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
Economy
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...
Economy
Economy
Dubai’s real estate market sales transactions reach US$6.2bn
Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion approx (AED22.75 billion), the highest volume of sales transactions...
- Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion
- The transactions were the highest volume of sales transactions for June in the past nine years
Business
ADNOC announces second discovery of natural gas resources
Abu Dhabi National Oil Company (ADNOC) today announced a second discovery of natural gas resources in the first exploration well...
- The reservoir was struck in in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni.
- The discovery from a new deeper reservoir indicates between 1 – 1.5 trillion standard cubic feet (TSCF) of raw gas in place.
Business
ExxonMobil Q2 profits rises to US$17.9bn
ExxonMobil's second quarter profits nearly quadrupled to $17.9 billion in results released Friday that underscored the elevated state of oil...
- ExxonMobil's Q2 profits nearly quadrupled to $17.9 billion that underscored the oil and natural gas prices
- The US oil giant's revenues in the second quarter rose 68.7 percent to $111.3 billion
Business
Alpha Dhabi reports net profit of US$2.2bn in H1 2022
Alpha Dhabi Holding has announced its financial results for the half-year ended June 30. The company reported net profit of...
- Alpha Dhabi reports net profit of US$2.2 billion in H1 2022 ending June 30, up from US$ 453 million in the corresponding period last year
- The firm is also starting to see the benefits of its expansion outside the UAE with overseas revenue accounting for US$ 572 million
Economy
Germany’s economic model wobbles amid energy crisis
Germany's second-quarter growth figures to be published on Friday are expected to be meek as the outlook for Europe's largest...
- Less expensive to produce and transport, with prices pinned down in long-term contracts, Russian gas has for decades contributed to Germany's economic prosperity
- To wean itself completely off Russian gas, Germany is looking further afield for new supplies including shipments of liquefied natural gas from the United States and Qatar
Economy
Asian markets rise as US data boosts hopes of slower Fed hikes
Asian stocks rose Friday after data showing another contraction in the US economy boosted hopes that the Federal Reserve will...
- After an extended period of pessimism on trading floors fuelled by soaring inflation, investors are beginning to speculate that the market may have reached its nadir
- The prospect of US rates not rising as fast as previously expected hit the dollar, which has soared in recent months against most other currencies
Economy
Algeria, Nigeria, Niger discuss gas pipeline to Europe
The Trans-Saharan Gas Pipeline (TSGP) would transport billions of cubic metres of gas some 4,128 kilometres (2,565 miles) from Nigeria...
- The Trans-Saharan Gas Pipeline (TSGP) would transport billions of cubic metres of gas some 4,128 kilometres (2,565 miles) from Nigeria in West Africa
- Algeria, Africa's largest natural gas exporter, has already seen increased demand following Moscow's invasion of Ukraine
Geostrategy
Macron welcomes Saudi Crown Prince, two discuss energy supply
French President Emmanuel Macron on Thursday warmly welcomed Saudi Arabia's Crown Prince Mohammed bin Salman for talks in Paris, with...
- Crown Prince and the French President held an expanded meeting in the presence of the delegations of the two countries, according to Saudi Press Agency
- For western countries desperate to find new sources of energy, the 36-year-old de-facto leader of the world's biggest oil producer has become an essential figure.
Economy
US Department of State releases 2022 Investment Climate Statements
The US Department of State released on Thursday the 2022 Investment Climate Statements, which help US companies make informed business...
- These help US companies make informed business decisions by providing up-to-date information on the investment climates of more than 160 countries.
- The statements also assess how governments uphold international labor standards and combat corruption among other considerations.
Geostrategy
UAE, Kenya to begin negotiations on free trade agreement
UAE and Kenya announced their intention to begin talks for a Comprehensive Economic Partnership Agreement (CEPA) between the two countries...
- UAE and Kenya announce their intention to begin talks for a Comprehensive Economic Partnership Agreement
- If inked, the CEPA pact will be the first free trade deal between UAE and an African nation
US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
Economy
Company News
Latest News
Evergrande shares sink after restructuring plan scrapped
Evergrande's enormous debt has contributed to the country's deepening property market crisis, raising fears of a global spillover. The property...
Business
Germany’s housing sector slumps into crisis
Scholz's government had promised to build 400,000 homes a year to alleviate an endemic housing shortage made worse by burgeoning...
Economy
Foreign direct investment crucial for economic growth
At this year's technology summit in the United States, which spotlights economic diversification through the strategic use of energy-generated wealth,...
Economy
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Science
NASA capsule brings to Earth first major asteroid sample
Dugway, United States-- A seven-year space voyage came to its climactic end Sunday when a NASA capsule landed in the desert...
- The sample, according to scientists, will provide a better understanding of the formation of our solar system and how Earth became habitable
- NASA scientist Amy Simon said the sample return is "really historic" and it is the biggest sample NASA has brought back since the Apollo moon rocks
Economy
Jordan, Egypt and Iraq pledge to boost ties in economic and political fields
New York, US-- Jordan, Iraq, and Egypt have pledged to cement the partnership between themselves in order to boost cooperation...
- The foreign ministers of the three countries met in New York on the sidelines of the 78th session of the United Nations General Assembly in New York
- They reaffirmed the importance of completing the projects and taking the new initiatives in the fields of electrical connections, renewable energy, communications, trade
Infographics
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
- Gulf Cooperation Council economies are the most competitive in the Middle East region, according to the latest IMD World Competitiveness Ranking.
- In the 2023 IMD World Competitiveness Ranking, the top three economies are Denmark, Ireland and Switzerland, while the US ranks seventh.