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
Gold hits fresh record above $2,300 as Fed hints at easing monetary policy
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...
Economy
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...
- The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
- The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Business
MA’ADEN Q1 profit is SAR 2.9b
The company recorded sales of SAR 8.9 billion, up by 64%.
- The company recorded sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year
- EBITDA stood at SAR 4.4 billion, up by 101 per cent compared to the same quarter of 2021
Economy
DFZs to contribute AED250bn to Dubai’s GDP by 2030
DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as...
- DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as a preferred investment destination
- The Council also explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal
Analysis
‘UAE’s new labor law is a game-changer’
Legal and business leaders tell TRENDS that the new legislation is in line with the industrial modernization roadmap that the...
- The changes in the new labor law are fairly substantial and necessitate amendments to existing employment contracts
- They also call for modifications to policies and procedures concerning future agreements with new employees
Business
UAE and Turkey close to signing economic partnership agreement
The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the...
- The new partnership is expected to double bilateral trade between both countries.
- Bilateral trade between the UAE and Turkey has climbed 80 percent over the past three years.
Economy
Ukraine war to hit MENA’s poor nations, boost oil-producers: IMF
The International Monetary Fund's 2022 growth forecast for the region, which includes Arab countries and Iran, was forecast at 5.0...
- The predicted growth masks the disparities between the region's 22 countries--from oil exporters to nations wracked by war and others that depend heavily on wheat and fuel imports.
- An IMF report said inflation in MENA surged to 14.8 percent in 2021 and is projected to remain elevated at 13.9 percent this year, largely due to higher food and energy prices.
Ramadan brings $6bn windfall for MENA
The spending through the month of April has been widespread, including a broader increase in sales volume and a diversification...
- Saudi spending on travel, accommodation, and dining in restaurants rose by 37% in Ramadan 2022
- Consumers in the MENA are predicted to spend US$ 6.2 bn online during Ramadan in 2022
Economy
India launches outreach programmes on UAE-India CEPA pact
The CEPA was signed in New Delhi on February 18 in the presence of Crown Prince of Abu Dhabi Mohamed...
- The CEPA was signed in New Delhi on February 18 in the presence of Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi
- The first in a series of countrywide outreach programmes was held in Hyderabad in India this week, organised by the Government of Telangana state
Economy
Turkey partially lifts COVID-19 mask mandate
The move follows similar actions by European countries, which lifted the mask mandate partially or entirely.
- Mask use would still be in place in mass transit and hospitals
- It would go when the number of daily cases ‘drops below 1,000’
Business
Jordan and UAE groups join hands to develop beach project
Jordan Free and Development Zones Group Director Arwa Hiyari said the beach project is aimed at diversifying tourism.
- The project features a tourism camp housing restaurants, swimming pools and top-notch chalets of different sizes.
- The project will also provide new services for Dead Sea visitors and create job opportunities, an official said.
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
Company News
Latest News
Saudi Arabia to host CAF Super Cup match between Al Ahly and USM Alger
Johannesburg, South Africa--The 2023 CAF Super Cup match between Al Ahly of Egypt and USM Alger of Algeria will be staged...
Economy
COP28 to help green transition in developing nations
"International reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change...
Economy
Space Economy: Saudi Arabia targets stars and beyond
From the establishment of the Saudi Space Authority to Serco Middle East's new space division in Riyadh, the Kingdom is...
Economy
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Economy
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDANÂ - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
- The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
- In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
Economy
Saudi Arabia’s foreign trade rises to $172bn in a year
Riyadh, Saudi Arabia - Saudi Arabia’s foreign trade soared to $172 billion last year, the Saudi Minister of Commerce and...
- The volume of non-oil exports witnessed a 40% growth between 2018 and 2022 reaching a total of $28.7 billion
- The Saudi Export-Import Bank played a vital role by providing loans amounting to $4.6 billion
Economy
Jordan secures US$1.9bn in foreign aid amid dire global economic conditions
Amman, Jordan--Jordan has succeeded in securing US$1.9 billion in foreign aid and negotiations are underway to ramp it to $3.2...
- Speaking at a forum, Jordan's minister of planning spoke of the kingdom's financial landscape and how it interacted with global economic trends
- The minister also underscored the kingdom's collaboration with international financing entities that offer affordable funding to Jordan's private sector