UAE allocates $5m to WTO’s Women Exporters In Digital Economy Fund
Dubai, UAE – United Arab Emirates on Sunday allocated $5 million to a $50 million fund launched Sunday ahead of...
Economy
Sudan economy falls victim to war between rival generals
With most banks out of service, the only exchange rate that matters to ordinary Sudanese is on the black market,...
Geostrategy
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
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
UAE allocates $5m to WTO’s Women Exporters In Digital Economy Fund
Dubai, UAE – United Arab Emirates on Sunday allocated $5 million to a $50 million fund launched Sunday ahead of...
Economy
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Microsoft, G42 sign MoU
Business
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...
Economy
Bahrain central bank $185m Treasury bills oversubscribed 109%
Manama, Bahrain -- Treasury bills valued at Bahrain Dinar 70 million ($185 million) issued this week by the Central Bank...
Business
Cruise visitors to Qatar in 2022-23 rise 151 percent
DOHA, QATAR - New data from Qatar Tourism (QT) revealed that the country welcomed 253,191 cruise visitors during its 2022-23...
Business
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Economy
Equities, ruble sink as traders eye Russia after failed uprising
While the advance by the Wagner mercenary force led by Yevgeny Prigozhin was called off before it reached Moscow, analysts...
- The ruble sank to 87 to the dollar -- its weakest level since March last year in the early days Putin's invasion of Ukraine -- as traders reacted to the developments in Russia
- Oil prices rose around one percent though with concern about demand owing to rate rises keeping gains limited, while futures for European natural gas jumped more than eight percent
Economy
EIB to finance Jordan’s upgrade of water-supply system with US$66.52mn
Amman, Jordan--The European Investment Bank (EIB) has approved the provision of $66.52 million for Jordan to upgrade the water supply...
- EIB said the project will improve the quality of drinking water in the area and reduce the loss of water due to leakage from the major water networks
- Late last year, EIB singed a $218 million loan agreement with Jordan to construct a desalination project between Aqaba and Amman, to be completed in 2028
Economy
Remittance flows to Egypt to surge by 3.1% in 2023: World Bank
Cairo, Egypt - The remittances to Egypt, the biggest recipient of such flows in the MENA region, are set to...
- Remittances, which amount to billions of dollars, play a crucial role in supporting the national economy
- The majority of the remittances sent by the diaspora, half of which lives in GCC nations, go back to Egypt