EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
Economy
Lebanon to order central bank forensic audit soon
Lebanon's outgoing finance minister Ghazi Wazni has told reporters that auditing firm Alvarez & Marsal would be signed on within...
- Central bank governor Riad Salameh is already under the scanner for his alleged role in Lebanon’s economic crisis
- The former Merryll-Lynch banker is also being investigated by French authorities over money-laundering charges
Economy
Kuwait partners with World Bank for development
The memorandum is said to be in line with Kuwait Vision 2035 and the national development plan 2021-2025.
- For Kuwait, Finance Minister and Minister of State for Economic and Investment Affairs Khalifa Hamadah signed the memorandum
- World Bank’s Regional Director for Saudi Arabia and the Arab Gulf Countries, Esam Abo-Sulaiman was the co-signatory
Business
Shipping industry evades gloom, makes big money
The pandemic might have battered other sectors of the world economy, but the shipping industry has raked in revenues not...
- Jump in earnings has been caused due to a 333% hike in shipping cost
- The hike in cargo charges, however, has raised the specter of inflation around the globe
Business
Saudi insurance sector Q2 results: premiums up, net income down
DUBAI: Saudi Arabian insurance sector showed overall positive developments during Q2 as gross written premiums (GWPs) grew by 8.1 percent...
- Fall of net income by 59 percent attributed to the claims returning to pre-pandemic normal levels.
- Energy and property claims grew by 98 percent and eight percent respectively.
Economy
Oil demand to top pre-pandemic level next year: OPEC
The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering...
- The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering demand
- The OPEC's output rose by 151,000 barrels per day during August to hit 26.76 mbd
Economy
$250bn GCC rail project on track after hiccups
The project linking the six GCC countries is expected to boost exports, diversify mode of transportation and reduce carbon emissions...
- Once the project is completed in the GCC, the developers plan to link the railway line with the ones in Jordan, Syria and Turkey and connect to Europe from thereon.
- GCC Railway project not only benefits the six countries economically but attracts investments, both local and foreign
Economy
Egypt’s exports leap up 49 percent to $3.61bn
Egypt’s exports recorded a nearly fifty percent jump to $3.61 billion in June 2021, as a compared to $2.94 billion...
- The country’s trade deficit fell by 27.8 percent during June to reach $2.49 billion, down from $4.07 in June 2020
- Egypt witnessed a hike in exports of some commodities such as plastic (78 percent), ready-made clothes (54.6%), pasta and other food items (53.1 percent)
Economy
Bahrain’s value of indigenous exports rises 103%
The value of exports of national origin of Bahrain increased to BD386 million ($1.06 billion) in August 2021, compared to...
- Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD77 million (around $205 million) from Bahrain
- The United States was second with BD62 million (around $165 million) and the United Arab Emirates third with BD53 million (around $141 million)
Economy
Oman’s actual revenues fall 20 percent to $22.1bn
Oman has suffered a sharp decline in its total actual revenues, falling a staggering twenty percent to $22.1 billion in...
- Current expenditures, on the other hand, totaled $24.6bln in 2020
- The fall is being blamed on the Covid restrictions and a drop in oil prices
Economy
Saudi Arabia posts 1.8 percent GDP growth in second quarter
GASTAT announced this increase while making public the country’s GDP and National Accounts report for the second quarter of 2021....
- Compared to Q1 2021, seasonally adjusted GDP recorded a growth of 0.6 percent
- This increase resulted mainly from the increase in the oil sector by 2.4 percent
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
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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