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
UN warns of clashes in Libya as armed groups mass near Tripoli
On Thursday, the US ambassador in Libya, Richard Norland, also expressed fears over an escalation.
- Tensions have simmered since the parliament swore in a prime minister earlier this month despite interim premier Abdulhamid Dbeibah
- Dbeibah has refused to hand over power to Fathi Bashagha, and says he is the country's rightful steward until elections are held
Economy
IMF expects to cut global growth forecast due to Ukraine war
The IMF in January cut the global growth forecast for 2022 to 4.4 percent due to the Omicron variant of...
- Russia’s invasion of Ukraine, and sanctions that include a US ban on Russian oil imports, are spilling over to the global economy
- These are causing costs for energy and other key commodities like wheat, fertilizers and metals to surge, the IMF has said
Economy
Egypt inflation hits 10 percent as Ukraine impact pushes food prices up
Egypt's inflation rate hit 10 percent in February, official figures showed Thursday, as the country heavily reliant on wheat imports...
- The country, heavily reliant on wheat imports from Russia and Ukraine, braces for the full impact of their war.
- CAPMAS attributed the latest hike to a surge in prices of food especially vegetables, bread and grain.
Economy
UAE reaffirms commitment to OPEC+ pact, production adjustments
The United Arab Emirates on Thursday reaffirmed its commitment to OPEC+ alliance agreements, a day after an envoy said it...
- A surge in prices and supply fears following Russia's invasion of Ukraine have led to calls for the Organization of the Petroleum Exporting Countries to increase output.
- The OPEC+ group plans to boost production by just 400,000 barrels a day in April, the same pace as in recent months.
Economy
What would be the impact of a US “digital dollar”?
It would still be a dollar issued by the US Federal Reserve central bank, like all US bills and coins...
- It would still be a dollar issued by the US Federal Reserve central bank, like all US bills and coins used now, but in a digital form
- At the same time, the digital dollar would be worth the same as its paper counterpart, a divergence from cryptocurrencies which currently have highly volatile valuations
Economy
Saudi achieves 30 percent female labor force target 10 years early
Saudi Arabia has achieved its target of getting 30 percent female labor force participation nearly 10 years ahead of schedule,...
- The research, carried out by Roland Berger on behalf of Uber, shows that women made up 36 percent of workers in the Kingdom in 2021 — up from 22 percent just three years earlier.
- The increase was partly attributed to the success of the Wusool program, which made transport more accessible to working women.
Economy
Brent oil rebounds 5 percent from slump as hopes of supplies rise
European benchmark Brent North Sea crude climbed 5.1 percent to $116.80 per barrel in morning deals. New York's WTI contract...
- Brent tumbled as low as $105.60, having hit a peak of $139 just two days before, as the Ukraine crisis continues to send shockwaves through markets.
- The UAE said Wednesday it would urge fellow states in the OPEC oil producers' cartel to boost output.
Economy
Ukraine war affects green energy transition
The EU, IEA, and NGOs stress that the development of renewable energy sources and biogas must be accelerated.
- The global demand for the dirty fossil fuel reached a historic high in 2021 as several countries including China prefer it to pricier gas
- Some countries could burn coal for longer, using it to transition to renewable energy sources without passing through a gas-power phase
Geostrategy
Britain urges all G7 members to ban Russia oil imports
The US has led a Western assault on Russia's economic lifeline by banning imports of oil and gas followed by...
- The British foreign secretary, standing alongside US Secretary of State Antony Blinken, hailed transatlantic unity against Russia
- Blinken called absurd and offensive the Russia proposal of safe passage of Ukrainians through its own territory
Analysis
Can Gulf producers tame oil prices?
However, Gulf countries have an interest in acting in coordination — both within OPEC, and with Russia-led allies in the...
- US President Joe Biden on Tuesday announced a ban on US imports of Russian oil and gas
- Britain said it would phase out crude imports from the country by the end of this year
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
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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
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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.