Middle East conflict: Trade tensions rise as oil jumps and tariffs shake markets
Several ports suspended operations in the Middle East after drone strikes. DP World said operations at Jebel Ali port in...
Economy
Meta, YouTube face trial over children harm
Opening statements in the first trial began in Los Angeles County Superior Court, where Instagram parent company Meta and Google’s...
Geostrategy
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
- Update will replace the current licensing process in 2025
- Kingdom wants to hit $100 billion of FDI annually by 2030
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
- Bitcoin traded 8.5% lower at below $54,000at $54,000 at time of publishing
- About $700 million of bullish crypto positions using derivatives were liquidated in the past 24 hours
Economy
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...
- Central bank’s economic forecasts do not take into account who wins the presidency.
- Powell seemed to rule out the likelihood of a 50 basis-point rate cut
Economy
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
- In 2023, Dubai hosted 17.15 million international overnight visitors, and the city has maintained its strong tourism momentum into 2024
- The growth in the first six months of this year suggests that Dubai is on track for a record-breaking performance
Economy
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
- The first half of 2024 saw an increase in trading activity, higher trade values, and a wave of new investors
- Market capitalization of DFM listed companies stands at AED 679 billion (USD 184.8 billion) in the period
Economy
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
- Indians are employed in a wide range of professions from highly qualified fintech, healthcare, information technology, engineering and banking to blue collar jobs
- Within the GCC, the most popular destination for Indian job seekers is the UAE, which hosts 3.55 million Indians, followed by Saudi Arabia, with 2.64 million Indians
Economy
Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
- Figures showing the US economy expanded far more than expected in the second quarter
- Attention now turns to personal US consumption expenditure figures, due later today
Dubai’s GDP tops $31.3 bn in Q1 2024, growing 3.2%
The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth...
- The transportation and storage sector grew by 5.6 percent, contributing USD 4.2 billion (AED 15.4 billion) to the GDP, driven by increased demand for national carriers' services
- The financial and insurance sector also saw a 5.6 percent rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth in credit and deposit balances
Economy
Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
- Traders appeared to be unmoved by China's decision to cut interest rates
- Developments out of Washington overshadowed optimism that the FED will cut interest rates as soon as September
Economy
US Department of State issues favorable 2024 Bahrain Investment Climate Statement
The investment climate in the Kingdom of Bahrain is positive and relatively stable. Bahrain maintains a business-friendly environment and a...
- Oil and gas sector now makes up less than 20 percent of Bahrain’s GDP
- Bahrain’s total foreign direct investment (FDI) stock reached $33.8 billion in 2023
Middle East conflict: Trade tensions rise as oil jumps and tariffs shake markets
Several ports suspended operations in the Middle East after drone strikes. DP World said operations at Jebel Ali port in...
Economy
Company News
Latest News
Scientists train AI model to predict future illnesses
Paris, France - Scientists said Wednesday that they had created an AI model able to predict medical diagnoses years in...
Science
AI to boost trade by nearly 40% by 2040: World Trade Report 2025
The 2025 edition of the World Trade Report reveals that, with the right enabling policies, artificial intelligence (AI) could boost...
Economy
US Fed set for first rate cut of 2025 as Trump pressure looms
The US Federal Reserve is poised to make its first interest rate cut of 2025 on Wednesday, but it battles...
Economy
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Economy
US Fed poised for first rate cut of 2025 as political tension mounts
The Fed's likely move would follow a monthslong push from President Donald Trump to slash rates, and comes amid growing...
- Since the bank's last reduction in December, it has held interest rates at a range between 4.25 percent and 4.50 percent as policymakers monitor the effects of Trump's sweeping tar
- Analysts now broadly expect a 25 basis points rate cut at the end of its two-day meeting on Wednesday, as hiring slows.
Economy
Turkey cuts interest rate again as inflation eases
Turkey's central bank on Thursday cut its policy interest rate for a second meeting in a row as the country's...
- Turkey's central bank had raised its key interest rate to 46 percent in April after protests over the jailing of Istanbul's powerful opposition mayor
- The bank decided to reduce it again on Thursday to 40.5 percent -- a bigger cut than the two-percentage-point reduction expected by analysts
Economy
Global oil supply hit record high in August: IEA
Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production,...
- Eight key members of OPEC+ group, including Saudi Arabia and Russia, have been gradually increasing production since April after restricting output in recent years.
- Non-OPEC+ nations have also been raising their output, with the IEA saying production from the United States, Brazil, Canada, Guyana and Argentina was "at or near all-time highs".