UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy
Economy
FAB joins Net-Zero Banking Alliance
FAB is the first bank in the UAE and GCC to join the NZBA.
- The NZBA was launched in April by the United Nations Environment Program Finance Initiative
- It aims to bring together banking institutions committed to aligning their lending and investment portfolios with net-zero carbon emissions by 2050
Economy
OFID to support Paraguay SMEs, agriculture
OFID has signed a term loan agreement for $30 million with Banco Regional of Paraguay, the third of its kind...
- Banco Regional will on-lend from OFID’s loan to small and medium-sized enterprises pr SMEs, particularly agribusinesses
- The loans are aimed at SMEs severely disrupted by economic slowdowns as a result of the Covid-19 pandemic
Economy
Bank deposits up 0.7% to $525.17bn by August-end: CBUAE
The deposits rose to AED1,928.7 billion at the end of August from AED1,915.1 billion at the end of July.
- The CBUAE attributed the rise in total bank deposits to a 0.6 percent increase in resident deposits
- It also cited a 1.5 percent increase in non-resident deposits for the rise in total deposits
Economy
Asian traders move cautiously ahead of inflation release
With the world's top economy well on the recovery track, the US central bank has already signalled it will begin...
- With the world's top economy well on the recovery track, the US central bank has already signalled it will end the financial support put in place at the start of the pandemic
- The prospect of higher borrowing costs has put the brakes on a rally across global markets that has run for about a year and a half
Economy
Tunisia, Morocco hoteliers eye an end to Covid woes
Tunisia found itself on European nations' red lists, making it virtually impossible for holidaymakers from major markets including France, Germany...
- In a good year like 2019, Tunisia registers about nine million hotel stays, and the tourism sector accounts for up to 14 percent of GDP.
- Roughly 3.5 million visitors entered Morocco by the end of August, up from 2.2 million the year before.
Business
Apple cuts iPhone 13 output forecast on chip shortage: report
Apple is unlikely to meet production goals for its new iPhone before the holidays because of a global electronic chip...
- The firm will have to settle for 80m against the planned 90m iPhone 13s.
- Chip shortages were affecting all parts of the industry, not just Apple, said Apple chief Tim Cook.
Economy
UAE approves budget of AED 290bn to 2026
The cabinet also approved the 2022 budget, which calls for spending of AED 58.931 billion ($16.05 billion).
- The cabinet also approved the 2022 budget, which calls for spending of AED 58.931 billion
- A major share of the 2022 budget was allocated to the development and social benefit sectors, at 41.2%, while the infrastructure and financial resources sectors took home 3.8%
Interview
Expo 2020: Accenture enables ideal visitor interface
Accenture created integrated intelligent systems for Expo teams, nations, vendors and supplier, says Angelo Lorusso, the company's MD and Client...
- Accenture delivers an integrated solution at Expo 2020 Dubai right from designing, implementing, and running the platforms that power hyper-personalized guest experience
- Accenture supports Expo Live – an innovation and partnership program by teaming up with Smart Labour, a UAE-based Expo Live grantee helping blue-collar workers gain new skills
Economy
IMF pegs 2021 global growth at 5.9%
The IMF noted that emerging variants of the novel coronavirus have made policy choices more difficult, with limited room to...
- The predicted 5.9 percent growth is 0.1 percentage point less than the IMF’s July prediction
- The IMF said this revision was due to supply disruptions for some and worsening pandemic dynamics for others
Economy
Saudi Arabia issues over 1,600 residential plots in September
The plots are said to have been issued under the country’s Sakani Housing program, which is a part of Saudi...
- The Sakani scheme runs in partnership with the private sector
- It also channels financing options to people who can also construct their own homes
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UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Company News
Latest News
Saudi Arabia extends 1mbpd oil cut, Russia slashes exports
The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency...
Business
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...
Most Read
Economy
Lebanon looks to recycling to rid streets of garbage
Beirut, Lebanon--Beirut motorists pull up to a drive-through counter -- not for fast-food, but to exchange empty bottles and cardboard for...
- The country has seen a decline in recycling carried out by the government agencies during its three-year-long economic turmoil
- At Drive Throw, the recyclables are sorted carefully, highlighting how recycling could be a solution to Lebanon's trash problem
Economy
UAE economy set to post strong growth in second half of this year
While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic...
- The economy is expected to sustain its growth on the back of a rise in the purchasing managers' index to its highest level in five months in May this year
- The robust increase in new business, according to the S&P Global, underlined growing confidence across surveyed firms about economic prospects
Infographics
Saudi tourism on growth path despite hiccups
Saudi Arabia is investing $500 billion in NEOM, a future city in the northwest, expected to be a hotspot for...
- The $500 billion development on the Red Sea coast, which will include luxury resorts, residential developments, and a nature reserve, is one of the key tourism projects.
- The Kingdom is also developing the UNESCO World Heritage Site of AlUla into a major tourist destination.