MEA market decision-making cycle is fast but risk-averse: Ralph MelisÂ
The Middle East and Africa (MEA) markets are characterized by rapid growth, high owner influence, diverse operator models, and a...
Interview
Gulf sovereign wealth funds face a strategic test amid escalating conflict
The escalating conflict involving Iran, Israel and the United States is emerging as a major test for the Gulf’s sovereign...
Economy
Economy
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
- The US Fed funds rate was maintained at the 5.25% - 5.50% range
- The US Consumer Price Index (CPI) showed no increase in May
Economy
Saudi Arabia launches ‘National Semiconductor Hub’Â
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
- To be supported by deep tech venture capital fund that exceeds $266 million
- Hub is a strategic effort to establish a semiconductor design industry ecosystem in Saudi worth SR50 billionÂ
Economy
Concerns and optimism on World Environment Day as Arabian Gulf takes bold initiatives
Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future...
- "In the case of climate, we are not the dinosaurs. We are the meteor. We are not only in danger. We are the danger", says UN chief
- Sheikh Mohammed bin Rashid says: "We renew our call to the younger generations to make all efforts to ensure its [environment's] sustainability."
Economy
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
- The survey reveals a boost in the outlook for the US, where nearly all chief economists (97%) now expect moderate to strong growth this year, up from 59% in January
- Expectations for China are slightly less optimistic, with three-quarters expecting moderate growth and only 4% predicting strong growth this year
Economy
Egypt hikes subsidized bread price for first time in decades
Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...
- The price of a loaf, long set at five piastres ($0.001), would quadruple to 20 piastres ($0.004) from June 1, Prime Minister Mostafa Madbouly told a news conference
- Madbouly acknowledged the move would be unpopular but emphasised the need to "rationalise the burden on the state treasury to ensure the sustainability of subsidies."
Economy
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts.  In a recent interview on CNBC, Kashkari, who serves...
- The labor market remains strong in the U.S.
- The consensus is that the first rate cut won’t arrive before September
Economy
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
- The region saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions
- Transaction value in the Middle East is projected to rise from US$230 billion in 2023 to US$903 billion by 2028
Economy
Asian shares mixed after Fed minutes, while Nvidia provides support
Asian markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates...
- Federal Reserve's most recent policy meeting indicated officials would keep interest rates elevated
- Nvidia showed it turned a profit of $14.9 billion in the first quarter
Business
France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
- In 2017, the UAE became the first country in the world to appoint a minister of state for artificial intelligence, digital economy and remote work
- In April, US tech giant Microsoft announced a $1.5-billion investment in UAE-based artificial intelligence firm G42
Economy
Qatar banking on AI with nearly $2.5 bn in investments
Qatari Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani delivered on...
- Qatar is moving towards a comprehensive digital transformation by investing more in technology, innovation and AI
- The Qatar Central Bank (QCB) to issue guidelines on how to adapt artificial intelligence
MEA market decision-making cycle is fast but risk-averse: Ralph MelisÂ
The Middle East and Africa (MEA) markets are characterized by rapid growth, high owner influence, diverse operator models, and a...
Interview
Company News
Latest News
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,...
Economy
Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...
Business
Europe hyperloop test hits new speed record in Dutch trial
The Hague, Netherlands -- A Dutch tech startup said Wednesday it had set a European speed record for its futuristic...
Geostrategy
Most Read
Business
Stocks climb eyeing US rate cut, political turbulence
A steep downward revision to US job creation cemented expectations that the Federal Reserve would begin lowering its benchmark rate...
- US employment growth is likely to be revised down by 911,000 for the 12 months ending in March, official data showed.
- Investors are now looking to consumer inflation data coming Thursday, since a hot reading could keep the Fed from cutting further as it looks to curb price increases.
Economy
Saudi launches Damascus area reconstruction project
Saudi Arabia announced on Sunday humanitarian projects for Syria including the removal of wartime rubble around Damascus, weeks after inking...
- The oil-rich Gulf kingdom has been a major backer of the new Syrian government, which came to power after an Islamist-led offensive toppled longtime Syrian ruler Bashar al-Assad
- Other agreements inked on Sunday would see Riyadh support the reconstruction of 34 schools in Syria's Aleppo, Idlib and Homs provinces
Geostrategy
Key OPEC+ members to boost oil production again
Oil ministers in the V8 grouping -- comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and...
- Those countries had already increased production by 2.2 million bpd in recent months.
- They said that the new incoming cycle could see up to an extra 1.65 million bpd eventually coming onto the market.