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
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
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
Economy
Global economic growth slows amid gloomy, uncertain outlook: IMF forecast
Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions.
- Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions
- China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine
Business
Microsoft earnings fall
The poor performance result of sagging demand.
- The US technology giant reported profit of $16.7 billion on revenue of $51.9 billion, topping the same quarter a year earlier but missing market forecasts.
- The earnings stumble was due mostly to foreign exchange rates and shutdowns of personal computer factories in China
Economy
Lebanon approves $150m World Bank loan for wheat import
Lebanon's parliament approved on Tuesday a $150 million World Bank loan to import wheat, as shortages of subsidized bread intensify...
- Long lines have formed in front of bakeries and supermarkets where people wait hours for a bag of subsidized Arabic bread.
- Lebanon imports 80 percent of its wheat from war-torn Ukraine, according to a representative of Lebanon's wheat importers.
Economy
IMF cuts global growth outlook amid US, China slowdowns
In its latest World Economic Outlook, the International Monetary Fund cut the 2022 global GDP estimate to 3.2 percent, four-tenths...
- The top priority for policymakers is to rein in soaring prices, even at the cost of inflicting pain on their citizens, the fund said.
- China's economy is expected to slow dramatically in 2022, expanding just 3.3 percent -- the lowest in more than four decades.
Economy
Iraqi Kurd farmers battle drought as Lake Dukan retreats
The artificial lake was created in the 1950s following construction of the Dukan dam, to supply irrigation and drinking water...
- The artificial lake was created in the 1950s following construction of the Dukan dam, to supply irrigation and drinking water for the region, as well as generate electricity
- With rainfall becoming a rarity and after three successive years of drought, Iraq has been forced to halve the area it devotes to agriculture
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
Company News
CBD H1 2023 net profit $133m
Business
ADNOC in talks with OMV
Business
Latest News
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
Infographics
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...
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...
Geostrategy
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Geostrategy
Egypt, Sudan and Ethiopia restart Nile dam talks
The massive $4.2-billion dam built by Ethiopia has stoked tensions with Egypt and Sudan as they fear the dam will...
- The three countries, according to Ethiopia's foreign ministry, started a second round of negotiations in Addis Ababa
- Egyptian President Abdel Fattah al-Sisi and Ethiopian Prime Minister Abiy Ahmed agreed in July to finalise a deal within four months
Economy
UAE and Indonesia pledge to enhance economic cooperation
Jakarta, Indonesia-- The UAE and Indonesia have discussed mechanisms to expand regional cooperation and opportunities for trade and investment cooperation...
- Speaking at the UAE-Indonesia Business Forum, Al Mazrouei reaffirmed the UAE's commitment to developing relations between the two countries
- The forum reviewed a number of economic and investment issues of common interest in the fields of energy, mining, tourism, real estate, and aviation
Urban developments transform Saudi realty
The exhibition saw the launch of massive real estate ventures, including integrated, modern cities, with a combined investment of around...
- The recent "Cityscape Global" exhibition in Riyadh showcased the vast urban development initiatives, signaling a bright future for the Kingdom's urban and housing sectors
- The exhibition highlighted Saudi Arabia's $17 billion Diriyah Gate project and other urban developments, with investments totaling approximately $18.3 billion