UAE cements position as a top global investment hub in 2024
UAE ascends to 8th on Kearney's 2024 Foreign Direct Investment Confidence Index, affirming its appeal as a prime investment haven,...
Economy
March sees GCC Index drop as heavyweight sectors lag
GCC equity markets experienced a March downturn, influenced by seasonal selling pressure during Ramadan, leading to a 3.0% drop in...
Economy
Economy
Turkey sees April inflation hit 69.97%, near 20-year high
Turkey is experiencing the highest inflation among major emerging markets and industrialized G20 economies.
- The inflation rate rose from 61.1 percent in March
- On a monthly basis, prices rose by 7.25 percent
Economy
Fears mount for China’s economy as leaders dig in on zero-Covid
Mass testing of China's vast population could bring fresh misery to the economy, experts warned Friday, after Beijing vowed to...
- Authorities have refused to bend to mounting public outcry at food shortages and spartan quarantine conditions
- China's government has brandished the strategy as proof that it values human life above material concerns
Economy
Lebanon expatriates cast votes in parliamentary election
Expatriates began voting at 7 am (0500 GMT) Beirut time on Friday in nine Arab countries and in Iran, while...
- This is the second time in the country's history that citizens residing abroad are able to vote for their 128 representatives
- The elections are the first since protesters took to the streets in 2019 against the ruling elite, blamed for its economic collapse
Economy
Saudi-US cooperation to spur growth of digital content market in KSA
Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the...
- Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the US met the president and COO of Omnicom Media Group Daryl Simm
- The meeting also included several specialized technological companies in the fields of FinTech, software, and administrating alternative investments
Business
Digital banks set to flourish in Saudi Arabia, UAE
Ongoing loan restructurings and the gradual withdrawal of pandemic-related support packages may put further pressure on asset quality. However, the...
- In November 2021, Saudi Central Bank (SAMA) Governor Fahd Al-Mubarak reportedly said that the Kingdom is going to license more digital banks.
- UAE’s Emirates NBD, Mashreq and Commercial Bank of Dubai were among the first to offer digital-only services.
Economy
Al Maktoum Solar Park key to achieving UAE’s net zero goal: DEWA
Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy...
- When completed, the park will reduce over 6.5 million tons of carbon emissions annually.
- Dubai also launched the Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai's total power capacity from clean energy sources by 2050.
Economy
OPEC+ agree on modest supply boost amid demand concerns
Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the...
- As in previous months, the cartel continued to open the taps slightly, a strategy begun in the spring of 2021 when the economy began recovering after the pandemic-induced cuts.
- Russia's invasion of Ukraine has added to supply concerns, which have increased with Europe's announced moves on a potential Russian oil embargo.
Economy
Financial institutions exposed to high risk by global water crisis: Report
Financial institutions are exposed to significant risks posed by depleted and contaminated water supplies, a report released by non-profit Carbon...
- A first-of-its-kind report by CDP and Planet Tracker shows how global companies in key industries are already losing billions as a result of the global water crisis.
- By focusing on oil & gas, electric utilities, coal and metals & mining sectors, the report found that $13.5 bn in assets are already stranded and $2 bn at risk due to water issues.
Economy
BoE hikes interest rate to highest level in 13 years
The Bank of England on Thursday raised its main interest rate by a quarter point to one percent to tackle...
- BoE policymakers voted 6-3 at a regular meeting for a hike to one percent -- the highest level since the global financial crisis in 2009
- The latest increase came as Britons on Thursday headed to the polls in local elections, seen as a mid-term test for embattled Prime Minister Boris Johnson
Economy
Saudi Central Bank raises interest rate to curb inflation
In order to curb the soaring inflation in the kingdom, the Saudi Central Bank (SAMA) has raised its main interest...
- SAMA raised its repo rate and reverse repo rate to 1.75 percent and 1.25 percent respectively
- The Saudi decision came in the wake of the US Federal Reserve decision to hike the interest rate
UAE cements position as a top global investment hub in 2024
UAE ascends to 8th on Kearney's 2024 Foreign Direct Investment Confidence Index, affirming its appeal as a prime investment haven,...
Economy
Company News
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Renewables helped save $520bn fuel costs globally in 2022: Report
In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
Geostrategy
Saudi Arabia’s banks post 9.6% rise in aggregate profits in July to US$1.71bn
Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in...
Economy
Sharjah to host Gulf-Iraq business forum to ramp up economic ties
Sharjah, UAE--Sharjah will host the first-ever Gulf-Iraq Business Forum on 26th and 27th September to boost economic ties between the...
Business
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Economy
GCC shows economic resilience as inflation hits globe
GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth...
- GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth across the region
- Saudi Arabia's CPI is being driven by housing and food, the UAE experiences a sharp CPI drop due to transport costs, while Qatar sees its lowest inflation since July 2021
Arts & Culture
NEOM to set up education, research and innovation center
TABUK, SAUDI ARABIA – NEOM has announced plans to establish a world-class education, research and innovation (ERI) center, following last...
- NEOM’s ERI center will enable access to a world-class education, research and innovation ecosystem at any stage of the life of a learner.
- The curricula deployed across NEOM’s ERI pillars will prepare a digitally fluent workforce, equipping students with real-life skill sets.
Geostrategy
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.