UAE sets innovative media policy to propel the country onto global stage
DUBAI – Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the UAE Media Council (UAEMC), has approved a comprehensive legislative...
Economy
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
Economy
2021 a year of recovery in oil market: OPEC Sec Gen
Barkindo underscored the importance of the efforts by the Declaration of Cooperation (DoC) Participating Countries in accelerating the rebalancing process...
- Barkindo underscored the importance of the efforts by the Declaration of Cooperation (DoC) Participating Countries in accelerating the rebalancing process in the global oil market
- The Secretary General also stressed the need to remain cautious and attentive to an ever-evolving market situation
Economy
Infrastructure push spurs job growth in GCC
The UAE and Qatar are hosting global events like EXPO 2020 this October and FIFA World Cup in 2022Â respectively...
- In recent months, all GCC countries have unveiled major infrastructure projects following vaccination of the majority of the population and a rebound in oil prices
- The UAE and Qatar are hosting global events like EXPO 2020 this October and FIFA World Cup in 2022 respectively and initiating infrastructure projects worth billions of dollars
Economy
Morocco, Algeria slam France’s decision to slash visas
France on Tuesday said it would sharply reduce the number of visas granted to people from Algeria, Morocco and Tunisia,...
- In Morocco, Foreign Minister Nasser Bourita told reporters the French decision was “unjustified”
- Many of its Tunisian citizens displayed their concern Wednesday in front of the offices of TLS Contact, the private company authorised to receive applications for France
Economy
Saudi MSMEs get new three-month payment respite
The Deferred Payment Program was launched on March 14 last year, as Covid-19 was spreading across the world. According to...
- The respite is in the form of the extension of the Deferred Payment Program for the MSMEs
- The initiative is one of the many Private Sector Financing Support Programs the central bank has launched to help the economy
Economy
Non-oil sector fuels Bahrain economy growth
The results are said to be showing signs of economic recovery of Bahrain.
- The overall growth is apparently due to the rise achieved by the non-oil sector
- The rise has been supported by transportation & telecommunications and hotels & restaurants activity
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:Â 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.
UAE sets innovative media policy to propel the country onto global stage
DUBAI – Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the UAE Media Council (UAEMC), has approved a comprehensive legislative...
Economy
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Glaxo buys Bellus for US$2bn
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Business
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...
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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.