Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
Economy
Economy
Famine-threatened Yemen fears impact of Ukraine war
Across the MENA region, people are struggling to secure even the most basic staples in view of soaring food and...
- More than 17 million people in Yemen face high levels of food insecurity
- Famine conditions already afflict more than 30,000 Yemenis, UN agencies said
Analysis
GCC keeps pace with global solar, wind trends
Countries like the UAE, Saudi Arabia, and Oman appear on track to take giant strides in diversifying their portfolios when...
- Across the greater MENA region, Yemen, Jordan, Turkey, and Morocco have generated more than 10 percent of their power from solar and wind
- However, things appear poised to change very soon, with several projects that may improve the region’s overall renewable outlook
Economy
S&P degrades Russia’s forex payments rating to ‘selective default’
Credit rating agency S&P Global Ratings on Saturday downgraded Russia's foreign currency payments rating to "selective default" after Moscow paid...
- The agency does not expect investors to be able to convert the ruble payments to dollars equivalent to the amounts originally due
- Russia's finance ministry on Wednesday announced it had made a payment of almost $650 million due on April 4 in rubles
Economy
S&P keeps Kuwait’s credit ratings at A+ with negative outlook
Kuwait's long and short-term foreign and local currency sovereign credit ratings have been affirmed at 'A+/A-1' by Standard & Poor's...
- The international agency also cautioned that it could lower the ratings if no sustainable comprehensive financing arrangements are agreed
- The S&P forecasted that higher oil prices would bolster Kuwait's fiscal and balance of payments positions over 2022-2023
Geostrategy
UN seeks $80m to avert ‘imminent’ Yemen oil spill
Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month.
- Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month
- The UN has said an oil spill could destroy ecosystems, shut down the fishing industry and close the lifeline port of Hodeida for six months
Saudi Arabia to allow one million hajj pilgrims this year: statement
Saudi Arabia said Saturday it will permit one million Muslims from inside and outside the country to participate in this...
- After the onset of the coronavirus pandemic in 2020, Saudi authorities allowed only 1,000 pilgrims to participate
- The government wants to ensure pilgrims' safety "while ensuring that the maximum number of Muslims worldwide can perform the hajj", Saturday's statement said
Economy
Russia’s ruble stages rebound despite Western sanctions
After a historic collapse in the wake of Russia's military offensive in Ukraine, the ruble has staged a spectacular bounceback,...
- The Feb. 24 military operation triggered unprecedented Western sanctions on Moscow, sending the ruble into free-fall and accelerating already high inflation
- Analysts say that success is in many ways artificial and does not bode well for the health of the Russian economy
Economy
UAE, UK hold technical workshops on illicit finance threats and risks
UAE and UK authorities met for a series of technical workshops in March 2022 in both Abu Dhabi and London...
- The workshops were held under the UAE-UK Partnership to Tackle Illicit Financial Flows.
- The experts discussed a range of key topics, including understanding money laundering threats and vulnerabilities in the UAE and UK.
Business
DIFC launches ‘Studio Launchpad’ focused on ubiquitous finance
Dubai International Financial Centre (DIFC) has announced the launch of Studio Launchpad, saying it is the world’s first venture studio...
- The Launchpad is supported by an international group of venture building experts, digital asset pioneers and emerging technology strategists.
- Â Studio Launchpad is designed to attract and engage a consortium of leading start-up and corporate venture studios.
Economy
World food prices hit record high over Ukraine war: FAO
Russia's invasion of Ukraine sent ‘shocks’ through markets for staple grains and vegetable oils, the UN's Food and Agriculture Organization...
- Russia and Ukraine’s vast grain-growing regions are among the world's main breadbaskets
- They have a huge share in global exports of commodities like wheat, vegetable oil, and corn
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Company News
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European stocks rise, China rate cut fails to ease worries
European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris...
Market Report
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...
Business
Arab Parliament endorses call to support victims of terrorism
Cairo, Egypt-- Arab Parliament on Monday endorsed the call for victims of terrorism in the Arab world to be supported...
Economy
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Economy
UAE’s ERC unveils housing project for victims of February quake in Syria
Latakia, Syria--The Emirates Red Crescent (ERC) has inaugurated the Al Naqa housing project in the Latakia Governorate in Syria. The...
- In April the ERC had announced its intention to build 1,000 prefabricated housing units in seven areas in the Latakia Governorate for the victims of earthquake
- The governor of Latakia, Amer Hilal, expressed his gratitdue to the UAE for implementing relief projects in Syria since the early days of the earthquake
Economy
Saudi Arabia issues tax warning to businesses: Pay up or face hefty fines
Riyadh, Saudi Arabia - Saudi authorities have issued a clear warning to businesses operating within the country: settle your outstanding...
- The warning specifically targets businesses in the commercial sector that fall under the purview of value-added tax
- VAT serves as one of Saudi Arabia’s prevailing tax systems and functions as an indirect tax levied on the purchase and sale of goods and services
Economy
GCC steps up to diversify Europe’s natural gas supply
Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia...
- Amid the Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia offering alternative natural gas options
- These countries have signed several long-term agreements to supply Europe with liquefied natural gas, helping to diversify Europe's energy sources and enhance energy security