Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...
Economy
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
Business
ADNOC eyes stake in key Egypt firm
ADNOC Distribution will acquire 50 percent stake in TotalEnergies Egypt.
- ADNOC Distribution said it will acquire a 50 percent stake in TotalEnergies Egypt for about US$186 million
- The acquisition will also see the refurbishment of several service stations to full ADNOC branding
Economy
Saudi economy to be fastest-growing economy in 2022, says IMF
The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6...
- The International Monetary Fund in its World Economic Outlook, 2022 says the Saudi economy will register a 7.6 percent growth rate this year
- Saudi Arabia's expected growth, as per IMF, would be the highest among advanced, emerging market and developing economies
Economy
UAE launches Power to Liquids roadmap to decarbonize aviation sector
The United Arab Emirates has launched the Power-to-Liquids (PtL) Roadmap: Fueling the Aviation Energy Transition in the United Arab Emirates,...
- The PtL roadmap shows the financial, economic and environmental benefits of PtL in decarbonizing the UAE's aviation industry.
- It says PtL offers a unique opportunity for the Emirates to leverage domestic resources, infrastructure and expertise to grow and decarbonize the economy.
Business
Saudi Central Bank, CMA support 12 fintech startups
The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business...
- The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business models
- The companies that took part displayed cutting-edge fintech products that directly address social demands and provide solutions to pressing issues
Economy
US Fed decision impacts key policy rates across GCC
While Saudi apex bank has raised its repurchase rate by 75 bps to 3%, and its reverse repo rate by...
- Hours after the US Federal Reserve hiked its key interest rates by 75 bps, the GCC countries followed the suit and increased their policy rates by the same margin
- While the Fed’s step was aimed at combating the soaring inflation, the regional economies followed the US moves as their currencies are pegged to the dollar
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.
Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...
Economy
Company News
Latest News
CBD H1 2023 net profit $133m
Business
ADNOC in talks with OMV
Business
UAE and Japan hold discussions to boost economic, strategic ties
Tokyo, Japan-- The UAE and Japan have held discussions to boost partnership in various sectors of the economy even as...
Economy
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...
Science
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...
Economy
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Geostrategy
GCC chief highlights importance of boosting ties with UK
New York, US--Secretary-General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, has stressed the importance of strengthening ties with...
- Albudaiwi made the remarks during a meeting with Lord Tariq Ahmad, UK's Minister of State for the Middle East, North Africa, South Asia, in New York
- During the meeting many issues were discussed, including the developments in the negotiations of the FTA between the GCC and the UK and Northern Ireland
Geostrategy
Two weeks after calamity, Libya flood toll surpasses 3,800
Many of the dead are believed to have been swept out to sea, from where their bodies are still washing...
- A total of 3,845 people are now confirmed to have died, said Mohamed Eljarh, spokesman for the relief committee
- He said the figure included only those whose burial had been recorded by the health ministry, so it is "expected to rise every day"
Business
China-Arab States Expo kicks off, highlighting deep trade ties
Yinchuan, China--The sixth China-Arab States Expo commenced today in Yinchuan, northwest China's Ningxia Hui Autonomous Region, marking yet another chapter...
- WIth more than 1,000 entities participating in the expo, it showcases innovations from 18 trailblazing companies across various sectors
- The main highlight of the event in northwest China is the clean energy section, themed “Deepen Energy Cooperation, Create a Green Future”