GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
Economy
Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
Market Report
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
Economy
Iraq’s Mosul struggles to rebuild without funds
Mosul, the country's second city in Nineveh province, was the last major Iraqi bastion of the Islamic State group's failed...
- Mosul, the country's second city in Nineveh province, was the last major Iraqi bastion of the Islamic State group's failed "caliphate" between 2014 and 2017
- The city was retaken by the Iraqi army and a US-led coalition after intense bombardment and fighting that left it in ruins
Analysis
Covid-19 fails to impact realty in UAE, Saudi Arabia
While the UAE has seen a record amount of real estate sales in the first six months of 2021, Saudi...
- Demand for villas increased in the UAE because of the pandemic outbreak and also due to low-interest rates.
- The real estate sector contributed 14.2 percent of the Saudi GDP ranking third as the most contributing economic activity.
Analysis
GCC cautious, but optimistic about crypto
The UAE and Saudi Arabia have already formed policies to regulate cryptocurrencies, while Bahrain has given an official stamp on...
- US investors made $4.1 billion from Bitcoin in 2020
- However, a UAE resident lost AED15,000 (a little more than $4,000) after investing in DubaiCoin
Market Report
S&P, Nasdaq end at records following Powell speech
At the closing bell, the broad-based S&P 500 had advanced 0.9 percent to 4,509.37 -- its first close over the...
- At the closing bell, the broad-based S&P 500 had advanced 0.9 percent to 4,509.37 -- its first close over the 4,500 mark
- The tech-rich Nasdaq Composite Index jumped 1.2 percent to 15,129.5
Business
Philippines-UAE trade rose 32% in first 5 months of 2021
Total trade between the Philippines and UAE already crossed Dh1.3 billion from January to May 2021
- Total trade between the Philippines and UAE already crossed Dh1.3 billion from January to May 2021
- With more than 190 countries converging in the Expo, the Philippines aims to showcase the very best of its culture, heritage, and technology
Economy
Saxo Bank reveals a 200% spike in UAE female investors
Women now make up almost 12 percent of Saxo Bank’s active clients for the market
- Women now make up almost 12 percent of Saxo Bank’s active clients
- Increase over the past year aligns with UAE's Women Empowerment Initiatives
Economy
OPEC daily basket price stands at $70.75 a barrel
The price of the basket was $70.59 on August 25
- The price of the basket was $70.59 on August 25
- The OPEC Reference Basket of Crudes (ORB) is made up of oil producing countries
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GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
Economy
Company News
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Qatar to head ICAO’s Technical Cooperation Committee
Doha, Qatar--Qatar has been elected to be the chairperson of the International Civil Aviation Organization (ICAO)'s Technical Cooperation Committee (TCC)....
Economy
Libya’s east-based government threatens to block oil exports
Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports...
Economy
Iran’s oil exports surge to 1.9 million barrels per day in May
In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge...
Business
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Business
Iraq’s finance and business center to be a hub for trading, selling
BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling...
- The Prime Minister's financial advisor emphasized the center's role in Iraq's financial and banking development strategy.
- He said that the center would cater to both the banking and non-banking financial businesses, such as insurance companies.
Business
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
- The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
- The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Economy
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...
- Local banks' private sector deposits increased by 0.6 percent to settle at $119.4 billion, revealed the CBK's economic research department.
- Local banks' assets fell by 0.1 percent to record $280 billion, while the net foreign assets decreased by 0.2 percent to $34.3 billion.