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
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
Economy
IEA appeals to governments to cut oil use over supply fears
The IEA urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from...
- The outbreak of war in Ukraine has sent prices for the fuel up sharply and led to major economies, such as the US and Canada, sanctioning Russia by banning imports of oil
- The IEA warned earlier this week of the risk of a global supply crisis as major oil companies, trading houses, shipping firms and banks have shunned Russia
Economy
Dubai, India discuss trade and economic cooperation
"We provide the best facilities and customs services to Indian businesses which can also benefit from the advanced infrastructure and...
- "We provide facilities and customs services to Indian businesses which can also benefit from the advanced infrastructure and logistics," Dubai customs official Musabih said
- Indian counsel Kalimutu applauded Dubai Customs’ efforts in facilitating Indian trade, which helps grow mutual trade and investments
Business
OPEC Fund approves $233 million for development projects
The grants were approved at the 179th session of OFID’s Governing Board in Vienna.
- The projects will reportedly, among other things, support economic recovery, help bring up new infrastructure, and boost food security
- Overall, they are expected to benefit public-sector projects and promote sustainable development around the world
Analysis
GCC looks to ease fiscal burden with privatization
The privatization move will also help the regional governments in maintaining better economic growth, increasing private participation and attracting foreign...
- Planning, executing, and concluding are the three primary stages of privatization
- The privatization process in Kuwait will expand to 38 government institutions and activities
Economy
Ukraine conflict could cut global economic growth by one point: OECD
Those countries "that have a common border with either Russia or Ukraine" would be particularly affected, while bearing the brunt...
- Growth in the eurozone risked being cut by up to 1.4 percentage points, according to the OECD.
- It also warned against the risk of a "sharp increase in poverty and hunger", particularly in developing economies.
Business
KSA is Austria’s main trading partner in Gulf: Official
The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to...
- The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to almost SAR 3.3 billion in 2020.
- An Austrian delegation of companies specialized in various economic, industrial, agricultural, tourist and other sectors visited the Asharqia Chamber.
Interview
GCC retail electronics set for boost as buyers return
The retail electronics sector has proliferated in GCC countries, with demand rising not only due to the urge to own...
- In 2020, the global consumer electronics market was expected to generate revenues of $1.4 bn, with a CAGR of 4.6%
- The retail electronics market reached over $1 bn globally in 2022, and is expected to grow by 1.82% annually
Economy
Saudi Central Bank hikes interest rates by 0.25 percentage points
The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.
- The repo rate is being changed by 0.25 percentage point from 1 percent to 1.25 percent
- The reverse repo rate is being raised by 0.25 percentage point from 0.5 percent to 0.75 percent
Business
Binance awarded specialist license by Dubai’s Virtual Asset Regulatory Authority
Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and...
- Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and services to pre-qualified investors
- The VARA issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem
Economy
CBUAE raises base rate by 25 basis points on Fed cue
The new rates are said to be effective from Thursday, March 17.
- The base rate is anchored to the US Federal Reserve’s IORB
- It signals the general stance of the CBUAE’s monetary policy
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
Company News
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DEWA picks bidder for 1,800MW phase of Al Maktoum Solar Park
Dubai, UAE -- In a step towards its clean energy ambitions, the Dubai Electricity and Water Authority (DEWA), has announced...
Business
QCB to grant licenses to website providers for comparing prices of insurance policies
Doha, Qatar--Qatar Central Bank (QCB) has exhorted companies willing to work in providing website services to compare prices of insurance...
Business
Residents fume as Hawaii fire death toll climbs to 89
Lahaina, a town of more than 12,000 and former home of the Hawaiian royal family, has been reduced to ruins,...
Economy
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Business
Cristiano Ronaldo’s goal propels Al-Nassr to win King Salman Club Cup
Taif, Saudi Arabia-- Cristiano Ronaldo led his team to victory as Al-Nassr FC won the 2023 King Salman Club Cup...
- Inspired by Ronaldo, Al Nassr beat its rival Al-Hilal after extra time despite playing for more than an hour with just 10 men
- The final match which went into extra time after the game was tied at 1-1 was held at the King Fahd Sports City Stadium in Taif
Economy
GCC deals with rice shortage amid Russia-Ukraine war
The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export...
- The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export bans, disrupting global supply chains
- Saudi Arabia experiences an increase in rice consumption, overtaking wheat, while experts emphasize the potential for local rice cultivation in the country.
Infographics
Saudi home to three of top five Arab smart cities
Saudi Arabia, which has pioneered the development of smart cities in the region, plans to establish more than 200 smart...
- The Middle East and North Africa's smart city spending is expected to reach $2.7 billion by 2022, driven primarily by the region's progressive, innovative city projects.
- NEOM, Egypt's New Administrative Capital, Abu Dhabi's Masdar City, and Dubai Digital Park are examples of this trend.