Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Economy
Gross bank assets up 0.8% to AED3,321.5bn at Dec 2021 end: CBUAE
The UAE Central Bank announced that the money supply aggregate M1 increased to AED 701.9 billion at the end of...
- The rise in M1 was due to AED 16.6 billion increase in Monetary Deposits
- The Money Supply aggregate M3 also increased by 1.5 percent, from AED 1,830.1 billion
Geostrategy
Libya’s energy sector paralyzed as second oil export terminal is shut
The suspension of operations at Brega terminal, which has an export capacity of 60,000 barrels per day, follows a force...
- Force majeure, a legal move, allows parties to free themselves from contractual obligations when factors such as fighting make meeting them impossible.
- Oil installations have often been attacked or blockaded by armed groups who hold sway in Libya.
Economy
UAE real non-oil GDP grew by 7.8 percent in Q4 2021: CBUAE
UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business...
- The growth was attributed to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE said.
- The bank said there was a 9.3 percent annual increase in Emirati oil production during the same period, in line with a related OPEC+ agreement.
Business
Firms listed on Muscat Stock Exchange post $1.4bn in net profits
Omani companies, which are listed on the Muscat Stock Exchange (MSX), reported total net profits of $1.39bn for the year...
- The profits were 3.7 percent less than the $1.44bn in 2020 due to a fall in net profits of four out of the top five sectors at the MSX.
- As per the report, Oman’s banking sector, the biggest sector in the exchange by market capitalization, offset some of the net profit declines of other main sectors.
Economy
UAE’s non-oil contribution to GDP hit 72.3% in 2021
The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8...
- The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8 percent respectively
- The UAE’s GDP at constant prices achieved a growth of 3.8 percent in 2021, exceeding the forecasts of relevant international institutions
Geostrategy
As major economies meet, US looks to increase pressure on Russia
Russian officials are expected to participate remotely in this year's G20 meeting led by Indonesia.
- Russian officials are expected to participate remotely in this year's G20 meeting led by Indonesia
- IMF and World Bank warned that the Ukraine war has devastating impact on global economy
Economy
Jordan economy is strong, far from bankruptcy: Khasawneh
Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis.
- Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis
- He revealed that the government achieved 104 per cent of its target revenue last year and experienced growth
Economy
Moroccan MPs call for cap on oil firms’ profit margins
Moroccan lawmakers on Monday called for a cap on oil firms' profit margins, describing them as "exorbitant" amid soaring fuel...
- Morocco, which relies on imports for its fuel consumption, has suffered from the skyrocketing prices of fuel
- In late March, the government said it would pay out more than $200 million to truck drivers who staged a national strike over spiralling fuel costs
Economy
UAE cabinet approves regulations of decree on entry, residence of foreigners
The UAE Cabinet has approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners aimed at...
- Substantial amendments are introduced to the Golden Residence Scheme to simplify the eligibility criteria and expand the categories of beneficiaries.
- New types of visas have been introduced without requiring a host or sponsor for the first time.
Economy
Abu Dhabi Business Centre adds 80 new economic activities during 2021
The Abu Dhabi Business Centre (ADBC), a part of Department of Economic Development (ADDED), announced that 80 new economic activities...
- New added activities cover many vital business sectors, including 40 new commercial activities, 25 professional and six industrial activities.
- In agricultural sector, the new added activities include beekeeping training, breeding reptiles and amphibians.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
Company News
Latest News
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
Business
Bread-short Tunisia to restore flour supply to some bakeries
Since the beginning of August, European-style bakeries selling baguettes in the formerly French-ruled country had been prevented from accessing their...
Business
Saudi Arabian Crown Prince launches KAUST’s new strategy
RIYADH, SAUDI ARABIA - Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Prime Minister and Chairman of KAUST Board...
Science
Most Read
Economy
Carbon neutrality strategy to propel green transition
This ambitious strategy, commissioned by the ASEAN Member States and with the support from the Australia for ASEAN Futures (AUS4ASEAN)...
- The ASEAN Strategy for Carbon Neutrality aims to complement national initiatives of ASEAN Member States in meeting their Paris Agreement commitments
- The strategy, supported by AUS4ASEAN initiative, highlights the urgency of pursuing carbon neutrality to unlock the value potential of a green transformation
Economy
Indonesia president to participate in BRICS summit in South Africa
Jakarta, Indonesia--Indonesian President Joko Widodo departed for South Africa on Sunday to attend the BRICS summit in Johannesburg amid speculation that...
- Before leaving for the BRICS summit, Widodo told reporters that apart from attending the event he will also meet with other world leaders
- Launched in 2009, BRICS aims to tame Western economic domination in global affairs, much to the consternation of the Western political leadership
Economy
Iran-China cooperation at its best in various fields: envoy
Tehran, Iran-- China's ambassador to Iran has affirmed that his country's cooperation with Iran is at its best in various...
- The Chinese ambassador said there were many opportunities for cooperation with west Azarbaijan province in the areas of international trade with Europe
- He noted that a document has been signed to boost China's trade with Europe via Iran, noting that the capacities of west Azarbaijan can be used in this regard