Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
Business
Economy
Fed may hint at ending stimulus, but no big moves expected
The growing consensus is that the much-anticipated first step will not be announced until November and ultimately begin in December.
- The growing consensus is that the much-anticipated first step will not be announced until November and ultimately begin in December
- But Fed Chair Jerome Powell could still provide details on the plans to start to taper the massive bond buying program
Interview
Gulf region poised for higher growth in 2021: Expert
The economies of the region are recovering fast on the back of the rising oil prices and speedy vaccination programs,...
- The economies of the region are recovering fast on the back of the rising oil prices and a reasonably speedy vaccination program
- In 2022, tourism should also significantly boost growth, resulting in recovery in the non-oil sector as domestic consumption and investment demand improves
Economy
Dubai expected to record 3.1% economic growth in 2021
Dubai’s economy would grow by a further 3.4 percent in 2022, ‘spurred by the hosting of Expo 2020’.
- Dubai’s economy had seen a growth of 1 percent during Q1 2021, compared to Q4 2020
- This signaled that the emirate’s economy was on the path to recovery, said Dubai’s Department of Economic Development
Economy
OECD lowers global, US economic growth forecasts
The forecast for China remained unchanged at 8.5 percent. The growth prospects of Argentina, Brazil, Mexico, South Africa, South Korea...
- The recovery remains very uneven, with strikingly different outcomes across countries, OECD said.
- Global gross domestic product has surpassed its pre-pandemic level following last year's Covid-induced recession.
Analysis
Investment in agritech key to UAE’s food security
Investing in agricultural technologies can take the UAE closer to its goal of being one of the top 10 countries...
- Over 100 entities use organic farming techniques in the UAE, including advanced farms that utilize modern agricultural technologies.
- The Abu Dhabi Investment Office is investing at least US$100m in agritech startups as part of their food security strategy.
Economy
Asian markets stabilize but Evergrande fears linger
The battle in Washington to raise the US debt limit was also fuelling concern that the government could miss payments...
- Dubai led declines among stock markets in the Gulf on Monday, as its main share index fell 1.2 percent.
- Hong Kong's Hang Seng Index, which plunged more than three percent Monday, edged up 0.2 percent.
Analysis
‘Apathy and despair’ as Iraq looks to October election
The polls were initially scheduled for 2022, but moved forward to June this year, then postponed to October.
- Respondents have said only the candidates’ faces are newer while the political ideals are unchanged
- Issues like constant power cuts and non-upgradation of infrastructure are also weighing on voters’ minds
Economy
Saudi holdings of US treasury bills rose to $128.1bn in July
For the second month in a row, Saudi Arabia’s holding of US Treasury securities rose in July, touching $128.1 billion.
- The Kingdom is the 16th largest holder of US debt
- This increase in June and July is in line with global trends, as countries around the world increased their holdings by 5.7 percent
Economy
Lebanon’s health sector is about to collapse: WHO
Lebanon is undergoing one of the worst economic crises in the world, with economists predicting that hyperinflation is imminent in...
- Basic and life-saving medicines are in short supply, with restrictions in foreign currency severely limiting import
- This has been caused by the Lebanese pound losing 90 percent of its purchasing power since end-2019, and subsequent government policies
Economy
Guilt-riven Lebanon expats ship aid as crisis bites at home
Social media platforms are filled with posts by Lebanese appealing for contacts abroad to send basic goods.
- Lebanon’s currency has plunged to an all-time low, which has sparked inflation
- It has also eroded the purchasing power of a population denied free access to their own savings by stringent banking controls
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Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Company News
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SoftBank to sell Alibaba stake
Business
Qatar and Iran agree to deepen ties in labor sector
Tehran, Iran-- Qatar and Iran have agreed to bolster ties in the labor sector with the aim of raising capacities,...
Economy
Top Abu Dhabi firms to attend Europe’s asset and wealth management conference
Abu Dhabi, UAE-- Prominent Abu Dhabi companies are taking part in Impower Fund Forum, the largest asset and wealth management...
Economy
UAE national banks provide $11bn in financing to commercial, industrial sectors
Dubai, UAE - National banks in the UAE have increased their credit financing to the business and industrial sectors by...
Economy
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Business
Institutional investors buy more local stocks in UAE markets since Jan
Abu Dhabi, UAE -- Institutional investors bought more local stocks than they sold in the Abu Dhabi Securities Exchange (ADX)...
- Net purchases by institutional investors totaled AED 5.6 billion ($1.52 billion), after buying stocks worth AED165.4 billion and selling AED159.7 billion in stocks.
- Institutional investments accounted for some 78 percent of the total trading volume, both buying and selling, in both markets since the start of the current year.
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Economy
Abu Dhabi first quarter GDP up 3.9% on strong non-oil growth
Official data show a 6.1 percent growth in non-oil GDP during the first quarter of 2023, driven by strong performances...
- This the highest quarterly value in the past nine years. The contribution of non-oil activities to the total GDP reached its highest level in eight years to 52.8 percent.
- The construction sector recorded highest quarterly growth rates in nine years during the first quarter of 2023 and the fourth quarter of 2022 in a row.