Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...
Economy
Regulated dollar transactions on the rise in Iraq, says central bank
With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically....
Economy
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.
Business
DEWA prices shares AED2.25-2.48 in Dubai’s biggest IPO since 2017
The IPO size implies a market capitalization at listing of between $30.63 billion and $33.76 billion, which would make DEWA,...
- The IPO subscription started on Thursday and will run until April 2 for the UAE retail investors and until April 5 for the institutional investors.
- DEWA is the majority owner of Empower, the world's largest district cooling services operator by connected capacity.
Geostrategy
Jordan, India discuss cooperation in fertilizer industry
The Jordanian Minister of Investment, Khairy Amr voiced Jordan's readiness to provide facilities for Indian investment in Jordan and invited...
- The Jordanian Minister of Investment, Khairy Amr voiced Jordan's readiness to provide facilities for Indian investment in Jordan and invited Indian experts to his country
- Indian minister reaffirmed the Indian government's keenness to prioritize Jordan in importing phosphates and fertilizers
Economy
Ukraine war sends Middle East food prices soaring: Guterres
The world must not forget the millions of people in need across the Middle East and North Africa, UN chief...
- The UN chief issued the warning during a meeting on the expanding cooperation between UN and the 22-member League of Arab States
- At the meeting, ambassadors of the Arab countries adopted a presidential statement praising the increasingly critical partnership
Economy
Oil sees further gains on sanctions talk, while equities slip
The recent rally across equities over the past week appears to have run its course for now as investors nervously...
- The recent rally across equities over the past week appears to have run its course for now as investors nervously track developments in the Ukraine war
- All eyes are on meetings this week of NATO, where Joe Biden and other leaders are expected to discuss further punishing Moscow for the month-long invasion
Economy
UAE Fatwa Council sets value of Zakat for Ramadan at AED25
The council has also set minimum values of iftar meals and atonement for not fasting during the previous Ramadan.
- Within this fatwa, the council set the value of iftar meal at a minimum of AED15
- This amount can be paid to the registered charities which provide iftar meals
Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...
Economy
Company News
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Global wealth set to rise by 38% over the next five years: study
Zurich, Switzerland – The latest Global Wealth Report predicts global wealth to reach $629 trillion by 2027, despite 2022 being...
Economy
New industrial licenses surge 17% in first year after Abu Dhabi Industrial Strategy launch
The number of new industrial Rowad permits issued in Abu Dhabi increased from 204 to 238 from July 2022 to...
Economy
Oil price, COVID-19 spur Arab world’s public finance
Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
Economy
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Economy
Lebanon freezes former central bank governor’s bank accounts
Seen as a key culprit in the country's dramatic economic crash, former governor Riad Salameh's bank accounts were ordered to...
- He is wanted in France and Germany, and Interpol has issued a Red Notice for his arrest
- Lebanon's fractious political class has failed to name a replacement for Salameh
Economy
ESG shapes MENA region’s urban regeneration strategy
ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and...
- ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and Makkah, says a report
- Embracing the L-I-F-E (learn, integrate, fix and earn) approach for urban renewal offers GCC sustainability, resilience, growth, social unity, and global acclaim
Business
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.
- The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
- Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.