China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
Business
dnata of Dubai to invest $233m in Amsterdam Airport
dnata, the global air and travel services provider, will invest more than $223.22 million in a fully automated cargo center...
- dnata Cargo City Amsterdam will significantly enhance cargo capacity in The Netherlands and create new, direct jobs with dnata
- It will enable dnata and its customers to substantially expand operations and business, stimulating local economy and trade
Economy
UAE to levy 9% tax on business profits from next year
The UAE’s Ministry of Finance will start levying a 9 percent tax on business profits from June 1, 2023 thereby...
- The ministry has confirmed that it will impose no tax on profits of up to AED375, 000
- The tax will be levied on all corporations and commercial activities in the country, except for the "extraction of natural resources"
Economy
High gas prices to hit demand in 2022: International Energy Agency
IEA said the demand for natural gas is expected to fall sharply in Europe and slow in Asia. Gas demand...
- Consumption grew by 4.6 percent last year, more than double the decline experienced as the pandemic emerged in 2020, said the agency.
- How demand will fare in the short-term will depend on the weather during the northern hemisphere's heating season, the IEA said in a report.
Economy
Portugal re-elects PM Antonio Costa with majority
Under PM Costa's watch, Portugal has the highest immunization rate against Covid-19 in Europe, maintained fiscal discipline, increased the minimum...
- The Socialists received 41.7 percent of the vote giving it 117 seats in the 230-seat parliament, up from 108 in the outgoing assembly
- The early election came as the nation of around 10 million people tries to boost its tourism-dependent economy
Analysis
Transformation will propel MENA economy: IMF
Major economies in the MENA region have already got the ball rolling when it comes to diversifying their economies.
- Jihad Azour, Director of the Middle East and Central Asia Department at IMF, has said the economic recovery of the region is affected by several factors
- However, the region needs to rely on an agenda of transformation policies to continue down the path of economic recovery
Business
UAE and Australia discuss ways to strengthen bilateral relations
The deliberations were held during a meeting between Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International...
- Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met with David Hurley, the Governor-General of Australia, at Expo 2020 Dubai.
- The two sides reviewed Australia's participation in Expo 2020 Dubai and the role played by this international event.
Videos
Eight biggest GCC sovereign wealth funds
Sovereign wealth funds across the world invest trillions of dollars into real estate, bonds and other assets. TRENDS takes a...
- More than $1.3 trillion of funds are managed by some of the biggest sovereign wealth funds in the GCC.
- These funds invest in global real estate, financial assets, bonds and private equities.
Economy
DEWA spends $16.33 million to extend water transmission pipeline
Dubai Electricity and Water Authority (DEWA) has completed 54.23 percent of the extension of several key water transmission pipelines in...
- The network spans over 22 kilometers and the diameter of pipes is 1200mm.
- The project location runs from Al Quoz Industrial Fourth to Al Thanyah Fifth, alongside Al Khail Road in Dubai.
Economy
Tunisia, Algeria, Morocco must support their local agriculture: OTE
The rise in international raw material prices has increased subsidy spending in Tunisia, Algeria, and Morocco.
- The Tunisian Observatory of Economy has recommended that Tunisia, Algeria, and Morocco support local agriculture, especially cereal cultivation
- This step, it said, would help the three countries avoid being at the mercy of price volatility on a global scale, and recover their food sovereignty
Economy
Italy re-elects Mattarella as president, averts political chaos
Mattarella has already served a tumultuous seven-year term, during which he has sought to be a unifying figure through five...
- Italy's political parties Saturday voted overwhelmingly for outgoing President Sergio Mattarella to remain for another term
- The former constitutional court judge had repeatedly ruled out serving for a second term but gave in as the parties failed to find another candidate
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Company News
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Gulf Air, Emirates sign deal
Business
UAE’s digital platform, U.AE, attracts 9.1m visitors in H1
Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until...
Economy
GCC central banks follow Fed in raising key rates
The decision by the central banks, in the US and most of the Middle East, to hike interest rates are...
Economy
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
Business
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Economy
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
- The average price of a barrel of oil over the fiscal year stood at $97.1, an increase of 21.4 percent compared to the previous year. Output was 2.7 million barrels per day.
Business
DIB H1 2023 net profit $844m Â
Profit driven by core revenues, effective cost management.
- Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
- Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.
Economy
IMF Global Outlook: Saudi slowdown to weigh on MECA growth
A projected decline in the Middle East and Central Asia from 5.4 percent in 2022 to 2.5 percent in 2023...
- The downgrade for Saudi Arabia for 2023 reflects production cuts announced in April and June in line with an agreement through OPEC+.
- Global growth is projected to fall from an estimated 3.5 percent in 2022 to 3 percent in both 2023 and 2024.