Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
Economy
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
Economy
Business
Sukuk momentum may continue over the medium term on investor appetite: Fitch
Sukuk momentum is expected to continue over the medium term supported by intact investor appetite, funding diversification and refinancing needs,...
- Sukuks amounting to $57.3 billion were issued in the GCC region, Malaysia, Indonesia, Turkey and Pakistan in the third quarter of 2021.
- Global outstanding sukuk reached $775.4 billion in the third quarter, 2.8 percent higher than the previous quarter.
Economy
Africa needs to revamp transportation for economic development: DP World CEO
Africa offers significant potential for investment and economic partnerships that can create mutual benefits for UAE businesses and their African...
- Africa offers significant potential for investment and economic partnerships, Sultan Bin Sulayem said at Global Business Forum Africa.
- Dubai keen to transfer its experience to help develop business in Africa, Bin Sulayem said.
Economy
UAE’s non-oil foreign trade up 27% to AED900 bn in H1 2021
According to preliminary data released by the Ministry of Economy, the value of non-oil exports alone amounted to AED170 billion...
- Gold, aluminum, plastics, copper iron and steel are the most important non-oil exports of the country
- The UAE’s top five export destinations include India, Saudi Arabia, Hong Kong, Kuwait and China
Economy
Digital upskilling key to MENA economic revival
About 70% CEOs in the Middle East believe that lack of digital skills is a threat to their businesses, a...
- An independent survey of Middle East CEOs conducted by Price Waterhouse Coopers in 2020 revealed that 70 percent believe that a lack of digital skills is a threat to their business
- A recent report by Korn Ferry, the US management consulting firm, predicts a global talent shortage of more than 85.2 million people by 2030
Economy
IMF, G20 fret over supply chain bottlenecks, inflation fears
As demand has spiked, suppliers have not been able to keep up: Ships are lined up outside American ports waiting...
- The supply challenges on a global scale will be a key focus of meetings of the IMF and the Group of 20
- IMF chief Kristalina Georgieva said the global economy faces a "particularly challenging
Economy
Saudi Arabia looks to boost the country’s GDP to $1.71 trillion
Saudi Arabia seeks to boost its economic output to reach $1.71 trillion, Saudi Investment Minister Khalid Al-Falih said on Wednesday.
- Al-Falih said Saudi Arabia plans to boost the investment rate to 30 percent as compared to the current 22 percent
- The minister said this leap requires efforts to empower the private sector by providing an integrated investment environment
Economy
Look beyond subsidies to fight high energy prices: IMF
Governments should avoid using general subsidies as a way to soften the blow from recent high energy prices, said Paulo...
- The IMF has said generalized energy subsidies benefit rich households who don't need the support
- In addition, they are not friendly to the environment, and in fact they lead to very negative incentives
Economy
UAE economy to grow at 2.1% this year, 4.2% in 2022: IIF
The Institute of International Finance (IIF) said that the UAE economy is rebounding from its deepest downturn in decades as...
- In September the UAE Central Bank had forecast the economy will grow 2.1 percent this year and 4.2 percent in 2022
- the Institute of International Finance (IIF) said it expects the real GDP growth to pick up to 2.2 percent in 2021 and 4.9 percent in 2022
Economy
Saudi EXIM Bank joins Berne Union
This will help the bank address major issues in export credit.
- The bank’s membership in the union represents a major milestone in its role as a facilitator
- It is also said to be in line with the bank’s objective of boosting the export of national products through local and global partnerships
Economy
CBUAE, ADGM to cooperate in FinTech sector
CBUAE and ADGM will collaborate on the development and growth of the FinTech ecosystem in the UAE.
- Under the agreement, CBUAE and ADGM will enhance the collaboration under their co-sandbox program
- This will enable FinTech companies to test their innovative solutions under the existing digital sandbox program
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Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
Economy
Company News
Stock markets slip on auto woes, economy fears
Market Report
Latest News
OPEC+ strives for market balance, sustainable growth
The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...
Economy
Investcorp buys stake in SEC Newgate
Investcorp buys majority stake in SEC Newgate for $100m.
Business
UAE finance ministry releases annual report, highlights achievements in 2022
ABU DHABI, UAE - UAE Ministry of Finance (MoF) released its annual report for the year 2022 highlighting performance, initiatives,...
Economy
Most Read
Yellen to visit China, raising need to ‘responsibly manage’ ties
In Beijing, Yellen will discuss how the United States views its economic relationship with China, a senior Treasury official said...
- Yellen is expected to discuss with her counterparts the importance for both countries to responsibly manage our relationship, communicate directly about areas of concern
- Yellen's planned July 6-9 trip comes just weeks after Secretary of State Antony Blinken met China's top leader President Xi Jinping and Foreign Minister Qin Gang in Beijing
Business
ACWA Power okays dividend
The shareholders approved to distribute an 8.3% dividend.
- The shareholders also endorsed the buyback of two million shares, to be earmarked for the employee stock incentive program
- From the date of the EGM approval, the repurchased shares will be kept no longer than seven years and then allocated to employees
Economy
Al Sada to be chairman of Rosneft
The shareholders elected a new board of directors as well.
- The new chairman has a wide experience in the energy sector and is at present chairman of the board of trustees of the Doha University of Science and Technology
- He has served as Qatar's minister for energy and industry, apart from holding the chairmainship of the Board of Qatar Petroleum, now called QatarEnergy