WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...
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Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Economy
All projects under Saudi Vision 2030 ‘colossal’
The number and value of mega projects set to transform the country’s real estate landscape and showcase the kingdom’s vision...
- Nearly $300bn of the total spends dedicated to new infrastructure, according to consultancy firm Knight Frank.
- Inquiries for development consultancy and development management services have increased over the last six to 12 months.
Fighting in Syria’s Daraa displaces 38,000: UN
Clashes between the two sides since late July have marked the biggest challenge yet to the Russian-brokered deal that returned...
- Clashes between the two sides since late July have marked the biggest challenge yet to the Russian-brokered deal that returned the southern province to government control
- The Britain-based Syrian Observatory for Human Rights said that government forces are restricting the entry of goods into Daraa al-Balad
Oman lifts travel ban on India, Pakistan, Bangladesh
Fully-vaccinated passengers from 21 countries can now travel to Oman, according to a new circular issued by the country’s Civil...
- All those coming to Oman are required to present a Covid-19 vaccine certificate
- The certificate must contain a QR Code stating that they have received two doses of an Oman-approved vaccine
Business
Kuwait looks to regulate local used-car trade market
The regulation will look to limit the maximum number of cars non-Kuwaiti residents in the country can own.
- Local authorities were recently alerted to people in the country with up to 50 vehicles in their names
- These people were apparently trading in used cars without a proper license
Analysis
Lebanon to disburse dollars to families
The decision to disburse the $246-million World Bank loan in dollars will have a significant impact on the beneficiaries.
- Lebanon had approved a $246-million loan from the World Bank in March this year
- Its disbursal had been held up due to government’s initial decision to disburse the loan in Lebanese pounds
Economy
Developing countries to get $275bn of IMF reserves
Managing Director IMF Kristalina Georgieva said the largest allocation in history, about $650 billion in Special Drawing Rights, was a...
- The IMF's last SDR distribution came in 2009 when member countries received $250 billion in SDR reserves to help ease the global financial crisis.
- The possibility of a new trust is being explored, which could use channeled SDRs to help the most vulnerable countries with structural transformation.
Economy
Riyadh eyes top 10-city league with $440bn makeover
As part of its grand "Riyadh Strategy," the kingdom will give the city a complete makeover, building satellite townships, new...
- Saudi Crown Prince Mohammed bin Salman’s “Riyadh Strategy” includes satellite townships and new airports, among other state-of-the-art projects
- The Saudi government expects a matching sum of US$220bn from the private sector in its efforts to turn Riyadh into a global city
Despite economic crisis, Lebanon to reopen schools
Rights groups have decried an “education catastrophe”, with more than a million children in Lebanon out of school since the...
- Rights groups have decried an “education catastrophe”, with over a million children in Lebanon out of school since the country’s Covid-19 outbreak began in February last year
- Other students are at risk of never returning due to a financial downturn that has seen poverty rates soar to reach 78 percent of the population
US oil prices soar
At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26...
- At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26 dollars
- The main international contract, Brent for October delivery was up 4.7 percent at $68.25
Geostrategy
Iran to get $300m Japanese loan to upgrade oil refinery
Japanese Foreign Minister Toshimitsu Motegi said this assistance would be in the form of low-interest loans.
- The pledge was made during Motegi’s trip to Baghdad, the first by a Japanese foreign minister since 2006
- The financial aid will be used to expand one of Iraq’s major refineries in Basra
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WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...
Videos
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Dubai Police and DIB sign agreement to support Bayti initiative with US$5.44mn
Dubai, UAE--The Dubai Police and Dubai Islamic Bank (DIB) have signed an agreement to back the social initiative, "Bayti", with...
Economy
Insurance becomes mandatory for foreign vehicles entering UAE
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign...
Economy
Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
Business
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Business
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
- National banks accounted for 86 percent of the total capital and reserves of banks operating in the UAE, which stood at US$102 billion by April-end.
- Share of foreign banks in aggregate capital and reserves of banks operating in the UAE settled at 13.6 percent, reaching US$ 16 billion by April-end.
Business
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...
- The MoU was signed by the president of the Islamic Development Bank, Dr. Mohammed Al-Jasser in Vienna.
- Al-Jasser said last year that one out of every three member states of the Islamic Development Bank (IDB) is living in poverty.
Economy
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,...
- Inflation remains well above the European Central Bank's target of two percent, which will keep pressure on the ECB to keep raising interest rates.
- The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month.