Saudi Arabia appoints new CEO to drive NEOM’s mega-city project forward
In a big move, Saudi Arabia appoints Aiman al-Mudaifer as NEOM’s interim CEO, a strategic choice to advance the futuristic...
Most Asian markets rise ahead of toss-up US election
Asian markets mostly rose Tuesday a day before results from the US presidential election rolled in, with opinion polls showing...
Economy
West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
- Iran and its Lebanese ally Hezbollah have vowed revenge for the killings of Ismail Haniyeh and Fuad Shukr
- The White House warned that a "significant set of attacks" by Iran and its proxies was possible as soon as this week
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
- Update will replace the current licensing process in 2025
- Kingdom wants to hit $100 billion of FDI annually by 2030
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
- Bitcoin traded 8.5% lower at below $54,000at $54,000 at time of publishing
- About $700 million of bullish crypto positions using derivatives were liquidated in the past 24 hours
Economy
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...
- Central bank’s economic forecasts do not take into account who wins the presidency.
- Powell seemed to rule out the likelihood of a 50 basis-point rate cut
Economy
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
- In 2023, Dubai hosted 17.15 million international overnight visitors, and the city has maintained its strong tourism momentum into 2024
- The growth in the first six months of this year suggests that Dubai is on track for a record-breaking performance
Economy
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
- The first half of 2024 saw an increase in trading activity, higher trade values, and a wave of new investors
- Market capitalization of DFM listed companies stands at AED 679 billion (USD 184.8 billion) in the period
Economy
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
- Indians are employed in a wide range of professions from highly qualified fintech, healthcare, information technology, engineering and banking to blue collar jobs
- Within the GCC, the most popular destination for Indian job seekers is the UAE, which hosts 3.55 million Indians, followed by Saudi Arabia, with 2.64 million Indians
Economy
Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
- Figures showing the US economy expanded far more than expected in the second quarter
- Attention now turns to personal US consumption expenditure figures, due later today
Dubai’s GDP tops $31.3 bn in Q1 2024, growing 3.2%
The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth...
- The transportation and storage sector grew by 5.6 percent, contributing USD 4.2 billion (AED 15.4 billion) to the GDP, driven by increased demand for national carriers' services
- The financial and insurance sector also saw a 5.6 percent rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth in credit and deposit balances
Economy
Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
- Traders appeared to be unmoved by China's decision to cut interest rates
- Developments out of Washington overshadowed optimism that the FED will cut interest rates as soon as September
Saudi Arabia appoints new CEO to drive NEOM’s mega-city project forward
In a big move, Saudi Arabia appoints Aiman al-Mudaifer as NEOM’s interim CEO, a strategic choice to advance the futuristic...
Company News
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Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
Asia-Pacific markets mixed after Powell signals smaller rate cuts
Asia-Pacific markets are mixed on Tuesday, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the...
Economy
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Business
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
- The deal could significantly shake up Australia's air travel market which is currently dominated by Qantas
- In 2023, Australia's center-left government rejected Qatar's bid to put on 21 extra international flights to and from Australia
Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
- Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025
- Estimates put total government revenues for 2025 at approximately US$320 billion, which would create a deficit of US$27bn
Economy
China launches late stimulus push to meet 2024 growth target
China's central bank on Friday lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch...
- hina plans to issue special sovereign bonds worth about $284.43 billion this year
- A wide range of economic data in recent months has missed forecasts