Swiss central bank posts 2023 loss
The bank has raised its interest rates to tame inflation..
UAE achieves milestone in combating financial crimes
“It highlights the collaborative efforts of various committees, entities, and national bodies, including the Central Bank and the National Committee...
Economy
Economy
Bahrain plan eyes $2.5bn fresh direct investment by 2023
The primary aim of the plan is apparently to create quality jobs and enhance Bahrain’s economic competitiveness.
- The Economic Recovery Plan was initiated by the directives of King Hamad bin Isa Al Khalifa
- It has since won the approval of the cabinet, which is chaired by Crown Prince Salman bin Hamad Al Khalifa
Economy
Saudi economic growth in Q3 5.7 percent likely: Capital Economics
Compared to the growth of only 0.7 percent in the second quarter of this year, Saudi Arabia's economy is likely...
- Capital Economics says increases in oil production, along with a loosened fiscal policy, will only boost recovery further.
- In mid-October, the World Bank revised Saudi Arabia’s 2022 growth forecast from 3.3 percent to 4.9 percent.
Business
UAE stocks lead higher, mixed show by Saudi index
TASI fluctuated during the week, owing to a rise in Aramco shares. The energy giant's net income grew to $30.4...
- Seven sectors on the Abu Dhabi Stock Exchange gained during the week, led by telecommunications that rose 1.16 percent.
- Aramco’s market capitalization has increased by more than 8 percent this year to just over $2 trillion.
Economy
60,000 Saudi nationals added to private-sector job force in Q3 under Nitaqat
Around 60,000 Saudi nationals were added to the kingdom's private-sector labor force under the Saudization program during the third quarter...
- The number of Saudi nationals in the private sector job market was 1,826,875 in Q3, an increase of 3.41 percent.
- Around 65.06 percent of these workers were males and 34.94 percent females.
Economy
Syria to withdraw subsidy to its richest citizens
Syria's 800,000 richest citizens -- typically high-earners working in the private sector -- will now be exempt from government subsidies...
- In a press conference, Syria's Internal Trade Minister, Amro Salem, said that there are segments of society that do not need subsidies
- Syria's 800,000 richest citizens -- typically high-earners working in the private sector -- will now be exempt from government subsidies on bread and fuel
Economy
UAE unveils hydrogen leadership roadmap
Green hydrogen is envisaged to play a significant role in UAE’s domestic strategy to meet the UAE 2050 Net-Zero goals.
- The roadmap is said to be a comprehensive national blueprint to support domestic, low-carbon industries in the UAE
- It is also expected to contribute to the UAE’s net-zero ambition, and establish it as a competitive exporter of hydrogen
Economy
Urban management can benefit from blockchain
Blockchain may be able to solve quite a few of the problems in the planning and implementation of a smart...
- While smart cities are a key trend, today's hurdle is high competition and complex device integration
- Blockchain technology may be able to take care of not only these but also security and other issues
Market Report
Abu Dhabi Securities Exchange launches derivatives market
The new market will give investors and traders the opportunity to benefit from increased leverage, two-way market exposure, and hedging...
- The new market will give investors and traders the opportunity to benefit from increased leverage, two-way market exposure, and hedging capabilities
- Index futures will be introduced in the first quarter of 2022, ahead of the expansion into a wider range of derivative products.
Economy
Abu Dhabi realty transactions hit AED 16 billion in Q3
Among the 3,932 real estate transactions involving land and buildings generated AED 4.6 billion, while 2,224 mortgage transactions generated AED...
- Among the 3,932 real estate transactions involving land and buildings generated AED 4.6 billion, while 2,224 mortgage transactions generated AED 11.6 billion
- Yas Island topped the Q3 2021 report with the highest value in terms of total sales at AED 1.1 billion, followed by Saadiyat Island with total sales of AED 705 million
Economy
Top oil producers stick with modest output boost
This is despite pressure from big consumer nations to open up the taps much more decisively amid soaring prices. The...
- The decision came from the 13 members of the Organization of Petroleum Exporting Countries and their 10 allies
- They reconfirmed, in a brief meeting via videoconference, a July decision to gradually step up production each month
Swiss central bank posts 2023 loss
The bank has raised its interest rates to tame inflation..
Company News
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UAE bolsters AI integration to boost competitiveness
"The UAE government prioritizes keeping pace with global advancements to proactively address opportunities and challenges," adds Al Olama. "This priority...
Economy
Abu Dhabi to provide UAE nationals with 5,000 jobs in health sector
Abu Dhabi, UAE-- Some 5,000 new jobs have been opened up in the healthcare facilities by the Department of Health,...
Economy
AI ‘disrupts economy’ but Middle East optimistic
The Boston Consulting Group survey found that 58 percent of Middle East employees, managers, and leaders believe that AI will...
Economy
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Economy
Kuwait 2023-24 draft budget estimates $22.2 billion deficit
Lower oil prices and volumes attributed to the estimated deficit, according to a newspaper report. MP Osama Al-Zaid said the...
- Al-Zaid said non-oil revenues were estimated at 2.2 billion dinars, an increase of 10 percent over the previous budget.
- He said these were only estimates, not real deficit, and Kuwait "will be able to avoid it by maximizing state revenues, controlling expenditures, and preventing financial waste".
Economy
UAE per capita income rises to 7th rank globally
ABU DHABI, UAE - The UAE ranked seventh in the world in terms of per capita national income, according to...
- According to the Atlas method, the per capita national income in the UAE, in current US dollars, increased to US$48,950 in 2022.
- The expression of Gross National Income (GNI) in US dollars is done using the Atlas method, which was introduced in its current form in 1989.
Business
East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.
- The agreement is worth US$293 million (SAR 1.1 billion).
- AÂ promissory note of $306 million was provided to guarantee the credit facility.