Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Geostrategy
Oil nears $100 as Western powers prepare sanctions against Russia
The jump in oil prices is compounding worries about inflation around the world, with the US Federal Reserve coming under...
- That has in turn battered equity markets in recent months, and the latest developments out of Europe led to another day of hefty selling on Tuesday.
- Russia's recognition of the breakaway regions of Ukraine will "strongly increase" economic uncertainty for the EU, its economy commissioner Paolo Gentiloni said.
Economy
Fitch says outlook on Moroccan banks’ operating environment stable
Fitch Ratings has upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB), one of the five Moroccan banks whose...
- Fitch upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB).
- Five banks, which account for nearly 77 percent of Morocco's banking system assets were reviewed by the ratings agency.
Economy
4% growth in new companies registered in Ajman Free Zone in 2021
The record shows 1,792 newly registered companies in the zone, testifying to the increased investor confidence in the services provided...
- The record shows 1,792 newly registered companies in the zone, testifying to the increased investor confidence in the services provided by the emirates.
- The growth is attributed to the competitive advantages offered by AFZ such as the strategic location, advanced infrastructures and modern facilities.
Economy
Financial corruption hinders Gulf economic model
Beside Covid-19 pandemic, many countries in the region face war and conflicts. A robust economic system necessitates an effective strategy...
- Many Middle Eastern countries face rampant political corruption and the recycling of corrupt positions, says Transparency International
- The UAE is considered the least corrupt Arab country in 2021; however, its score decreased by 2 points from 2020, according to the "Corruption Perceptions Index 2021"
Business
Ecommerce prospers in GCC amidst Covid-19 woes
An improved regulatory support, government promotional initiatives, and heightened interest from business leaders in the private sector benefits the sector...
- Together with Egypt, Saudi Arabia and the UAE now account for more than 80% of the region’s overall e-commerce market.
- Spurred on by a highly digitized population and a lockdown-induced spike in consumer demand, e-commerce valuation hits $22bn
Economy
Fed official says March rate hike will depend on data
"I support raising the federal funds rate at our next meeting in March," governor Michelle Bowman said.
- "I support raising the federal funds rate at our next meeting in March," governor Michelle Bowman said
- She stressed that should the economy evolve as she expects, "additional rate increases will be appropriate in the coming months."
Business
Aramco stock rises 4%
Recently, a 4% stake of the oil giant had been transferred to PIF in an $80bn deal.
- The share price hit SR39.3 ($10.5) yielding a market cap of $2.09 trillion
- Earlier in the session, the shares hit an all-time high of SR40 ($11)
Business
Bahrain-based GFH Financial Group launches GCC $100m Sukuk Fund
GFH Financial Group (GFH), a Bahrain-based Islamic investment bank, has announced that is has launched and seeded a $100 million...
- The bank signed an agreement with Credit Suisse to provide financing and fund administration services.
- GFH said it aims to generate returns to the fund through active asset allocation, credit selection, optimal leverage and duration management.
Geostrategy
Using alternative sources of energy saved UAE $191 bn: Suhail Al-Mazroui
UAE has saved $191 billion by using alternative sources of energy, according to Suhail Al-Mazroui, UAE energy minister. Speaking at...
- Energy minister Suhail Al-Mazroui said his country is working on 40 international projects helping other countries implement solar and wind projects.
- UAE has plans to capture 25 percent of the global hydrogen market share, Al-Mazroui told IPTC 2022 Riyadh.
Business
Bahrain lays foundation stone for United States Trade Zone
The ceremony among others was attended by the Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani and...
- The ceremony among others was attended by the Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani and US Ambassador to the Kingdom of Bahrain Steven C. Bondy
- The USTZ project follows the visit of the UAE's Crown Prince and Prime Minister Salman bin Hamad Al Khalifa to the USA in November 2019
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Company News
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‘UAE’s compliance level high in anti-money laundering’
She adds that the Ministry’s participation in this workshop forms part of its commitment to fostering regional and international cooperation...
Economy
Jordan and Cyprus to deepen energy, trade, tourism ties
Amman, Jordan-- Jordan and Cyprus are looking to boost cooperation in energy, trade, industry and tourism sectors in order to...
Economy
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...
Geostrategy
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Geostrategy
UAE launches National Program for Infrastructure Development – Salamah 365
DUBAI, UAE – UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei launched the National Program for Infrastructure...
- Salamah 365 aims to enhance public safety by leveraging innovative solutions and interactive warning systems to rectify identified accident blackspots.
- It also aims to implement a locally tailored model of pedestrian crossings, predict floods before they happen by monitoring dams and valleys.
Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Business
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.
- The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
- The company reported a jump of US$74.9 million YoY in insurance services results.