Female founders flourish in UAE’s startup ecosystem
Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international...
Economy
Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
Economy
Business
$80 oil sparks mixed fortunes for world economy
Rising oil prices handed a major boost to producers but threaten the global recovery and stoke inflationary pressures because they...
- Global supplies have been disrupted because US production remains hampered by the ongoing fallout from Hurricane Ida.
- OPEC now expects global oil demand to exceed its pre-pandemic level in 2022 thanks to Covid vaccines and recovering economies.
Business
Construction works complete on a stretch of UAE rail network
DUBAI: Etihad Rail has completed construction works on a stretch of the 1200-km UAE National Railway Network, the company said on...
- The work was completed ahead of schedule on Package A of Stage Two, which extends over 139 km.
- 40 percent of the network’s annual transport capacity has been reserved through commercial agreements.
Economy
SEDCO Capital, Lombard Odier launch Shariah-compliant fund
The Fund's composition reflects a convergence of SEDCO Capital's Prudent Ethical Investment (PEI) approach with Lombard Odier's investment expertise
- The Fund's composition reflects a convergence of SEDCO Capital's Prudent Ethical Investment (PEI) approach with Lombard Odier's investment expertise
- The Fund aims to deliver capital growth through an active asset allocation strategy with the goal of outperforming the Dow Jones Islamic Market World Developed Total Return Index
ACWA Power final IPO price nearly $15 per share, targets raising $1bn
The company expects to raise more than $1 billion from the public offering, valuing the company at about $10 billion.
- Retail offering started on Wednesday and will run until Oct. 1
- ACWA is considering issuing green bonds in 2022 and beyond to raise funds for some renewable energy projects.
Elon Musk wants US regulators to let cryptocurrency ‘fly’
Los Angeles: Tesla chief executive Elon Musk thinks US regulators should take cryptocurrency out of their crosshairs, leaving it free...
- China's central bank last week said all financial transactions involving cryptocurrencies are illegal.
- Tesla early this year announced it had bought $1.5 billion worth of Bitcoin.
Business
Tariq Al Samahiji CEO of GFH Group’s UK ops
Al Samahiji is the non-executive chairman and co-founder of Orpheus Partners.
- He served as CEO of BNP Paribas Najmah and Global Head of BNP Paribas Islamic Finance and Investments.
- GFH said it currently has assets of over $12 billion globally and looks to build its international portfolio through organic and inorganic growth.
Economy
DEWA partners with Global Manufacturing and Industrialisation Summit
DEWA has implemented Fourth Industrial Revolution technologies, such as Artificial Intelligence, Cloud Computing and the Internet of Things to drive...
- DEWA and GMIS will collaborate to promote the use of advanced energy-saving innovations
- The collaboration will enable greater synergy between utility providers and industrial enterprises to eliminate energy wastage
Business
OPEC sees oil demand growing over next two decades
The cartel's world oil outlook goes against the vision of the International Energy Agency, which warned in May that demand...
- Developing countries will fuel demand while it will begin to fall in wealthier nations from 2023, said OPEC.
- The OPEC report comes as Brent crude oil prices jumped above $80 per barrel for the first time in almost three years.
Business
Saudi Arabia digitizes 50m realty papers under National Transformation Program
Saudi Arabia has managed to digitize some 50 million real estate documents under the Real Estate Title Digitization Initiative. It...
- The central digitization labs work around the clock and are the largest of their kind in the MENA region
- The digitization process goes through several steps: listing and collection of documents, entry and revision, transfer to digitization labs, sterilization and restoration
Economy
Higher oil prices, widespread vaccine roll-out to drive Saudi economic rebound: S&P
Saudi Arabia’s economy will benefit from higher oil prices and its successful COVID-19 vaccine roll-out, ratings agency S&P Global has...
- Growth is heavily observed in non-oil sectors, particularly in real estate where the government aims to drive national home ownership to 70 percent by 2030
- The semi-annual review from S&P affirmed the A-/Stable/A-2 sovereign rating of the Kingdom, attributing it to a positive post-pandemic performance
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Female founders flourish in UAE’s startup ecosystem
Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international...
Economy
Company News
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World Bank approves $1bn for Turkiye’s earthquake reconstruction
Ankara, Turkiye - The World Bank has announced its approval of $1 billion in financing to assist Turkiye in the...
Economy
UAE offers the world an eco-friendly economic model
“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...
Economy
US Fed Chair Powell leaves door open to two straight rate hikes ahead
The Fed recently paused its aggressive cycle of rate increases after 10 consecutive hikes, to give policymakers more time to...
Economy
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Economy
Markets rise as upbeat US data plays against rates outlook
Wall Street popped higher Tuesday after a string of readings soothed concerns about a possible recession, while traders were also...
- President Joe Biden said on Tuesday that while economists had predicted a contraction was on the way, it still had not materialized.
- Investors are now keeping tabs on a meeting in Portugal where speakers include top central bankers including Fed boss Jerome Powell and the head of the European Central Bank.
Economy
Qatar’s nominal GDP to hit $227.3bn in 2023, inflation 3%
Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven...
- The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6 percent in 2024.
- The report forecasts the current account surplus to reach 20.8 percent of GDP in 2023 and 22.8 percent of GDP in 2024.
Geostrategy
Rescue ship saves 86 migrants off Libyan coast: charity
The UN's International Organization for Migration estimates that 1,724 migrants had disappeared trying to cross the Mediterranean to Europe so...
- Spokesman for the charity said that most of the migrants were minors, trying to cross the Mediterranean on their own, without family
- Italian authorities said the passengers can disembark at its port of Bari, which the charity said was still a three-day voyage away