KSA beats economic challenges with non-oil revenue
Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a...
Economy
WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
Geostrategy
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
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.
KSA beats economic challenges with non-oil revenue
Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a...
Economy
Company News
ADB operations cross $20bn
Economy
Latest News
Maqta Gateway buys TTEK
Business
Energy prices may jump if output slashed, warns Shell CEO
LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...
Business
Dubai logs over $871m in realty transactions on Thursday
DUBAI, UAE - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...
Business
Iraq join Egmont Group of financial intelligence units
BAGHDAD, IRAQ - Iraq joined the Egmont Group of Financial Intelligence Units, the Supreme Judicial Council announced. "The efforts made...
Geostrategy
Most Read
Business
UN report confirms success of UAE investment endeavors: Al Marri
"The UNCTAD report for 2022 reaffirms the remarkable and unprecedented achievements resulting from the cumulative balance of FDIs flows in...
- UAE received the fourth largest number of greenfield projects (997), behind only India (1008), the UK (1230) and the US (2075), according to the UN Investment Report 2022.
- Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said the report confirmed the UAE’s position as a "compelling destination for global capital".
Economy
UAE Dirham can be third currency for India-Russia Trade, says Russian economist
New Delhi, India - Russian academic Sergey Luzyanin has suggested that the United Arab Emirates' Dirham could be considered as...
- Sergey Luzyanin shed light on Russia's need for a third currency option due to concerns over the volatility of the Indian Rupee
- The need for a third currency arises as Russia continues to face Western sanctions imposed after its involvement in Ukraine
Economy
Bahrain, UK sign MoU to preserve biodiversity and curb marine pollution
London, UK--Bahrain and the United Kingdom have signed a memorandum of understanding (MoU) on biodiversity and marine pollution. The MoU...
- The agreement will enable the two countries to explore areas of cooperation in monitoring the environment, marine life, biodiversity and safety from pollution
- Both Bahrain and the UK, under the terms of the MoU, will exchange scientific and technical information, visits, training, research and cooperative projects