UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
Economy
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Economy
Yemen president cedes powers to council as ceasefire holds
Houthi spokesman Mohammed Abdulsalam dismissed the move by President Abedrabbo Mansour Hadi as ‘a desperate attempt to rearrange the ranks...
- A United Nations-brokered truce that started on Saturday has offered a glimmer of hope in the conflict amid the humanitarian crisis
- The truce came as peace talks were unfolding in Riyadh without the participation of the Houthis, who refused talks on ‘enemy’ territory
Economy
IMF, Lebanon strike conditional deal on $3 bn aid
The IMF announced Thursday a conditional agreement to provide Lebanon with $3 billion in aid to help it emerge from...
- The country has been battered by triple-digit inflation, soaring poverty rates and the collapse of its currency since a 2020 debt default
- Experts reiterated doubts over the willingness of Lebanon's political elite, widely blamed for endemic corruption, to implement the reforms needed to resuscitate the economy
Business
Fuel price fall by five percent as demand takes a hit
The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in...
- Brent oil futures for June delivery fell 5.2 percent to $101.07 per barrel, while West Texas Intermediate for delivery in May slid 5.6 percent
- Oil executives rejected suggestions they had withheld supply to drive up prices and said they are in the process of increasing investments in response to higher commodity prices.
Economy
IMF reaches agreement on $3 billion deal for Lebanon
The country has been battered by triple-digit inflation, soaring poverty rates, and the collapse of its currency since a 2020...
- PM Najib Mikati said the deal is "a visa stamp for donor countries to begin co-operating with Lebanon and to put Lebanon back on the global finance map".
- The aid would be released only after the parliament in Beirut approves a 2022 budget and a new bank secrecy law to fight corruption.
Business
Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.
- Shell is gradually withdrawing from Russia owing to the war due to the UK government policy.
- Shell previously apologized for buying a cargo of Russian oil at a vast discount following the invasion.
Business
EGA, Ma’aden tech cooperation
The two will explore potential collaboration in the aluminum value chain.
- The two firms will also consider cooperation in managing by-products from processes in the aluminum value chain
- EGA has developed its own aluminum smelting technology for more than 25 years.
Business
DFSA regime to provide whistleblowers enhanced legal protection
Enhanced legal protection will be provided to persons who report financial misconduct internally within the entities regulated by Dubai Financial...
- DFSA regulatory regime for whistleblowing is the first of its kind to be introduced by a financial service regulator in the UAE.
- The regime applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre.
Rich nations to tap 120m barrels from emergency oil reserves: IEA
The IEA members which include the United States, European countries, Australia and Japan, among others had already pledged last month...
- IEA, which holds emergency stockpiles totaling 1.5 billion barrels, concurred with the decision to tap oil reserves again
- Joe Biden had already announced that the US would release 1 million barrels its oil reserves onto the market every day for six months
Economy
Rome unveils €650m boost for electric vehicles
"First the pandemic and now the war (in Ukraine) are putting a severe strain on this sector which represents one...
- Prime Minister Mario Draghi has chaired the cabinet meeting where the new decree has been adopted and funded by the "automobile fund"
- Purchases of low-emission electric or hybrid vehicles will be eligible for a bonus of between €2,000 and €3,000 in Italy
Science
Climate-related health emergencies on the rise in Africa: WHO
Floods, water, and vector-borne diseases have been worsening the health crises in Africa, said WHO's regional director for Africa.
- The WHO has said health emergencies caused by climate change are increasing in Africa
- The UN health agency has called on governments to implement WHO air quality guidelines
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UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
Economy
Company News
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ADNOC L&S secures big contract
Business
Saudi CST urges public for feedback on ‘space use plan’ for frequency spectrum
Riyadh, Saudi Arabia--The Communications, Space and Technology Commission (CST) has urged the public to provide their views on its space...
Science
Saudi Arabia and India sign agreement on digital economy
Riyadh, Saudi Arabia - Saudi Arabia and India signed on Friday an agreement on digitization and electronic manufacturing. The agreement...
Economy
Challenges prevail as UAE adapts to remote work
The UAE labor law has introduced changes to support remote workers, but there are still gaps compared to European countries,...
Interview
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Business
China’s investment rises 23% in BRI countries in Jan-July 2023
BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in...
- This growth amounts to approximately US$13.69 billion, constituting nearly 20 percent of the overall investment in January-July 2023.
- The value of newly signed contracts amounted to US$103 billion, indicating a marginal 0.6 percent year-on-year increase.
Stocks dragged further by US rate worry, China gloom
Expectations of another Fed hike have pushed 10-year Treasury yields -- a gauge of future rates -- close to their...
- All three main indexes on Wall Street sank for a third straight session on Thursday, while London, Paris and Frankfurt also suffered heavy losses
- Asian markets were well in the red, including Hong Kong, which was down for a sixth consecutive trading day, while European investors were also on the back foot
Economy
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.