Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
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
Business
UAE outperforms ten global tourism destinations in H1
The emirates achieves hotel occupancy rate of 62 percent, ahead of the US, UK and Turkey
- Hotel revenues grew by 31 percent to reach AED11.3 billion.
- Domestic tourism accounted for 30 percent of the total number of guests at hotels.
Research
Saudi biggest Arab economy, Sudan most indebted
The Saudi economy, as per IMF, is recovering "well" from the pandemic, estimating the kingdom's non-oil economy will grow by...
- COVID-19 increased the average debt in Arab countries to 81.8 percent of its GDP in 2020, up from 69.4 percent in 2019.
- Qatar has the highest GDP per capita in the Arab world due to its small population.
Videos
Assets of UAE banks rise despite pandemic
The UAE banking sector has posted a moderate yearly growth of 0.6 percent with total assets reaching US$873.6 billion, or...
- Total customer deposits in the country’s banks between Q2 2020 and Q2 2021 witnessed 2.3 percent year-on-year growth reaching US$519.4 billion or AED1.908 trillion.
- Personal loans to residents recorded 3.6 percent increase at US$92 billion or AED336.5 billion during the period
Business
Mitsubishi to supply Empower 100,000 refrigeration ton capacity chillers
DUBAI: Emirates Central Cooling Systems Corporation (Empower) will be using Mitshubishi's air-conditioning and heating systems for its environmentally friendly district...
- A deal between the two allows Empower to increase capacity to 200,000 refrigeration tons.
- Empower will start using the new units in its plants under construction located in Zabeel, Business Bay, Madinat Jumeirah.
Economy
World Green Economy Summit to tackle global food security
WGES will look into ways to advance the food and agricultural technology sectors
- WGES will look into ways to advance the food and agricultural technology sectors
- One of these is the Dubai Food Tech Valley, a programme launched by ruler of Dubai Al Maktoum
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Company News
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France, UAE share vision to shift towards clean energy
PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision...
Geostrategy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
Economy
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Economy
IMF and Pakistan reach $3 billion stand-by deal
Pakistan's negotiations with the IMF for the last tranche of a $6.5 billion bailout package agreed in 2019 stalled in...
- The economy has been stricken by a balance-of-payments crisis, while months of political chaos have scared off potential foreign investment
- Inflation has rocketed, the rupee has reached a record low against the dollar, and the country can no longer afford imports
Geostrategy
Lack of Lebanon reforms threatens stability, says IMF
The International Monetary Fund warned in a report that Lebanon's failure to implement reforms could have "irreversible" consequences for the...
- In April 2022, Lebanon and the IMF reached a conditional agreement on a $3-billion-dollar loan needed to save the economy.
- Lebanese officials have still yet to enact the substantial changes required to kickstart the 46-month financing program.
Economy
US first quarter economic growth 2 percent after strong consumer spending
Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department...
- The growth of 2 percent for US economy is markedly higher than the annual rate of 1.1 percent originally estimated.
- However, GDP growth in the world's biggest economy has still cooled from 2.6 percent in the final three months of 2022.