UAE achieves a milestone in economic diversification
“This is a genuine milestone for our nation. The expansion of foreign trade is a pillar of the UAE’s economic...
Economy
WTO chief insists global trade body still counts
WTO members' trade ministers have their biennial meeting in Abu Dhabi from February 26-29, at which they could put the...
Economy
Sports sector adds $1bn to Dubai economy each year
The growth in the sector is a result of the Dubai community’s increasing interest to participate in sports activities over...
- Around 1.5 million people regularly engage in sports and physical activities in the emirate, acccording to the Dubai Sports Council
- This has led to an increase in the number of national and international sporting events being hosted in Dubai
Economy
GDP of OECD economies up by 1.6 percent in Q2
Despite the rise in the GDP of the Organization for Economic Co-operation and Development (OECD) economies to 1.6 percent in...
- The UK recorded the strongest growth (4.8%) followed by Italy (2.7%)
- GDP also increased in the other Major Seven Economies, but to a lesser extent
Infographics
ADX is the least expensive equity market in MENA
ADX has plans to get at least 10 companies as well as additional services such as derivatives trading by the...
- ADX has plans to get at least 10 companies as well as additional services such as derivatives trading by the end of 2021
- The cost of execution includes several components and depends on the exchange
Economy
US stocks continue to advance
The S&P 500 and Nasdaq advanced after posting records at the close of trading Friday
- The S&P 500 and Nasdaq advanced after posting records at the close of trading Friday
- The broad-based S&P 500 was up 0.2 percent at 4,518.34 and the tech-rich Nasdaq Composite Index climbed 0.4 percent to 15,186.63
Economy
Foreign investment in Saudi markets rose 150% in Q2
The sectors in the country that attracted the most foreign investment were banking, basic items, energy, and communications.
- Saudi Arabia was granted membership of the World Trade Organization in 2005
- This is opened up the country to ever-increasing investments from foreign parties
Economy
Iran to build 6 million homes for underprivileged
The decision came from the country’s Constitutional Council, which is tasked with finalizing parliament legislation.
- Iran’s new President Ebrahim Raisi has already promised to build 4 million houses until the end of his term in 2025
- The government is expected to provide 60 percent of the funds needed to build a housing unit
Economy
Saudi net foreign assets dip by $4.4bn in July
Saudi Central Bank’s (SAMA) net foreign assets suffered a $4.4 billion drop in July, SAMA data showed on Sunday.
- Investments in foreign securities edge higher
- A country’s net foreign assets are a vital indicator of its economic health and a measure of its ability to support its currency’s peg to the dollar..
Economy
Saudi exports leap up 40 percent to $6.2bn in June
Saudi non-oil exports recorded a 40 percent jump, the highest-ever monthly level, in June 2021, touching $6.2 billion.
- Exports in June went up by 40 percent from a year ago
- According to the Saudi Export Development Authority (Saudi Exports) the number in June includes exports of products worth SR21 billion
Analysis
UAE investing hub despite high starting cost
Starting a business in the Emirates makes a $7,444 hole in the pocket, but world-class infrastructure, excellent connectivity, business-friendly policies and...
- Having been pegged to the US Dollar since 1973, the AED is favorable to all business firms within the country due to its steadiness.
- Saudi businesses in the past had to clear 13 procedures and required to have 1,057 percent of income per capita in the bank before starting a business.
Economy
War-weary Libyans yearn for end to daily blackouts
In the decade since the NATO-backed overthrow of longtime dictator Moamer Kadhafi, repeated outbreaks of fighting have caused heavy damage...
- In the decade since the NATO-backed overthrow of longtime dictator Moamer Kadhafi, repeated outbreaks of fighting have caused heavy damage to the power distribution network
- On most days, Tripoli residents can expect multiple cuts to the mains supply totalling 12 hours a day
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UAE achieves a milestone in economic diversification
“This is a genuine milestone for our nation. The expansion of foreign trade is a pillar of the UAE’s economic...
Economy
Company News
Latest News
IsDB, AFD to finance $4bn projects in developing countries
Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...
Business
Eurozone economic growth slows sharply in June
BRUSSELS, BELGIUM - Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production,...
Economy
Interest rate increase must to control inflation, says Federal Reserve official
A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...
Economy
Most Read
Geostrategy
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...
- Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
- The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
Economy
Bank of England hikes rate half-point even as high inflation remains
LONDON, UK - The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to...
- The decision came one day after data showed UK annual inflation remained at 8.7 percent in May, defying expectations of a slowdown.
- The half-point lift was in stark contrast to the Federal Reserve, which last week pressed pause on US rate hikes after a sharp easing in the country's inflation.
Economy
UAE airports receive 31.8 million passengers in Q1: CBUAE
Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of...
- In the UAE, the aviation sector contributes, directly or indirectly, to about 14 percent of GDP as against 2 to 3 percent in emerging markets
- In 2022, Dubai's airport, one of the busiest in the world, received 66 million passengers, more than double the previous year