UAE announces monthly allowance of 50% of basic salary for imams, muezzins
Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent...
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
Economy
Oil prices, stocks higher after EU snubs Russia ban
European stocks, which had been firmly higher earlier in the session, ended the day with only modest gains
- European stocks, which had been firmly higher earlier in the session, ended the day with only modest gains
- Bitcoin rose above $45,000 as Moscow is expected to accept cryptocurrency in exchange for Russian gas
Economy
UAE expats seek extra citizenship cushion
More than ever before, wealthy expatriates in the UAE as well as the world are pursuing citizenship options elsewhere.
- Citizenship investments have become popular among foreign expatriates living in the UAE
- Having a Plan B is one of the benefits of getting a second citizenship, especially in uncertain times
Business
UAE and Dutch export credit firms to bolster cooperation, facilitate halal trade
Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with its Dutch counterpart...
- Etihad Credit Insurance and its Dutch counterpart Atradius DSB to bolster collaboration through joint strategic projects.
- The partnership also seeks to facilitate stronger halal trade through ECI’s Sharia-compliant finance solutions.
Business
Saudi Arabia wants Trojena on global tourism map
Trojena is the new mountain tourism destination whose establishment was recently announced by Saudi Crown Prince Mohammed bin Salman.
- Trojena aspires to redefine visitors’ and residents’ perceptions of mountain tourism
- The project will be launched in 2026 and will be located in the heart of NEOM
Economy
Palestinian trade deficit rose by 1 percent in Jan 2022
Exports decreased in January 2022 by 16 percent compared to December 2021.
- Exports decreased in January 2022 by 16 percent compared to December 2021
- The imports, on the other hand, slumped in January 2022 by 3 percent compared to December 2021
Economy
Canada torn between economy, climate in deciding oil project
Environment Minister Steven Guilbeault will soon face his first major test in deciding on a new offshore oil project.
- Norwegian firm Equinor is seeking to develop oil discoveries in the Flemish Pass Basin, generating $2.8 billion in royalties
- However, exploiting an estimated 300 million barrels of oil over 30 years would set back efforts to curb climate change
Business
Banks break pledges with fossil fuel billions: Report
The analysis by London-based think tank InfluenceMap found the world's 30 biggest listed finance groups provided $740 billion to fossil...
- The analysis by London-based think tank InfluenceMap found the world's 30 biggest listed finance groups provided $740 billion to fossil fuel producers in 2020 and 2021
- The biggest providers of fossil fuel financing were JP Morgan with $81 billion, Citigroup with $69 billion, and Bank of America with $55 billion
Analysis
Why GCC should heed Fed rate changes
Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a...
- Any increase in US interest rates affects dollar-pegged countries, including the Gulf countries
- Four Gulf Arab central banks raised interest rates by a quarter percentage point, for the first time since 2018
Economy
Oman’s GDP rises by 16 percent in 2021, crude biggest contributor
Several other activities recorded an increase, namely transport and warehousing by 19.4 percent, wholesale and retail trade by 15.5 percent,...
- Statistics indicated that this increase is attributed to the rise in the value-added of oil activities at the end of December 2021 by 38.5 percent.
- The largest share was for crude oil at the end of December 2021, which amounted to RO 8.998 billion, constituting a growth of 46.6 percent.
Economy
Saudi Arabia’s non-oil exports rise by 27 percent in Jan 2022
Saudi Arabia’s non-oil exports increased by 27.5 percent year-on-year in January 2022, rising to SAR 24.1 billion ($6.42 billion) from...
- The most important non-oil goods were 'Plastics and Rubber and Articles Thereof' (32.7 percent of non-oil merchandise exports).
- The kingdom’s overall merchandise exports increased by 49.6 percent in January 2022 compared to January 2021.
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UAE announces monthly allowance of 50% of basic salary for imams, muezzins
Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent...
Company News
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ADIA, EQT to buy Dechra
Business
Non-oil sectors to maintain UAE economy’s robust growth: OPEC
This performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate. The...
Economy
Markets struggle again as US inflation fails to sooth rate worries
A highly anticipated report showed July consumer prices rose more than the previous month but less than feared, giving the...
Iraq’s apex bank introduces new exchange categories for dollar sales to travelers
BAGHDAD -- The Central Bank of Iraq has introduced three distinct categories of exchange companies dedicated to selling dollars to...
Economy
Most Read
Business
Dubai Municipality parks attract more than 15m visitors in H1
Dubai, UAE-- More than 15 million people visited Dubai Municipality public parks, neighborhood parks, lakes, and recreational facilities for the...
- The record-breaking trend marks a 50 percent increase in the same period of 2022, which recorded approximately 10 million visitors
- The spike in the number of visitors to the parks and other recreational facilities is made possible by their location and ease of access
Business
World’s largest cruise ship all set to sail
TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...
- Royal Caribbean's luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland's southwestern coast.
- Resembling a village more than a ship, the mammoth vessel boasts colourful waterparks, more than 20 decks and can carry nearly 10,000 people.
Business
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...
- The emirate’s hotel establishments generated revenues exceeding AED3 billion during the same period, a 26 percent growth compared to last year.
- The hotels also recorded an average occupancy rate of 70 percent, with the average stay in the emirate's hotels being 2.7 nights.