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
Strategic initiatives help UAE lead digital economy
“This economy merges national skills and technological solutions, creating an advanced model that contributes to achieving the goals of the...
Economy
Economy
Six new projects approved for development of Hatta
Tourism and water have been the economic mainstay of Hatta, an inland exclave of Dubai.
- Hatta residents will be allowed to build 200 holiday homes to support domestic tourism.
- 504-km-long chairlifts, waterfalls, hotel among other projects.
Analysis
New GCC wealth drives private banking
Private banks cater to the complex banking needs of the Ultra High Net Worth Individuals and High Net Worth Individuals...
- Saudi UHNWI population has grown by 227 percent since 2016, the fastest growth rate globally over this period.
- Private banking yields returns up to 30 percent annually, but more typically are in the 7-13 percent.
Economy
Lebanon unlivable as economic, fuel crises deepen
Residents line up for days to get gas, while electricity only runs for 2 hours a day
- Lebanon’s energy crisis is dragging people to unlikely places in their desperate quest for life’s essentials
- Residents line up for days to get gas, while electricity only runs for 2 hours a day
Economy
Megaship that blocked Suez heads back to Asia
The MV Ever Given had "successfully crossed" the canal after unloading its cargo in Britain and was now on its...
- The vessel was seen sailing in open waters accompanied by Egypt-flagged tugboats
- The Ever Given got stuck diagonally across the canal during a sandstorm on March 23
Economy
Ex-head of Tunisia’s Anti-Corruption Committee placed under house arrest
Chaouki Tabib headed the independent authority from 2016 to 2020, when he was sacked by former Prime Minister Elyes Fakhfakh
- Chaouki Tabib headed the independent authority from 2016 to 2020, when he was sacked by former Prime Minister Elyes Fakhfakh
- Tunisian President Kais Saied last month dismissed the prime minister, froze parliament and assumed executive authority
Economy
Morocco to keep Algeria-Spain gas pipeline open
The operating contract for the Moroccan section of the Maghreb-Europe Gas Pipeline, which links fields in Algeria with Spain, runs...
- The operating contract for the Moroccan section of the Maghreb-Europe Gas Pipeline, which links fields in Algeria with Spain, runs out in October
- There was concern its renewal might fall foul of the latest spat between the two countries
Economy
Tackling Covid, reviving economy priorities: Raisi
More than 16.3 million people out of Iran’s 83 million inhabitants have been given a first vaccine dose, but only...
- Raisi has tapped 63-year-old optometrist Bahram Eynollahi as his health minister
- Iran, battling the Middle East's deadliest Covid outbreak, launched a vaccination drive in February
Economy
More than 4m could lose water in Lebanon, warns Unicef
Unicef is calling for the urgent restoration of power supply, which is the only solution to keep water services running.
- Lebanon is currently suffering from one of the world’s worst economic crises since the mid-1800s
- Matters have only been made worse by the withdrawal of fuel subsidies by the country’s central bank
Business
Egypt to earmark $2.5bn for 17 desalination plants
Fresh water resources are becoming scarce due to drought in Egypt, which is more than 90% dependent on the Nile...
- The plants will supply drinking water to people in a country where potable water is often not very readily available
- This move is the latest in Egypt’s list of initiatives to improve the supply of drinking water to its people
Economy
Saudi Arabia looks to boost exports
Saudi Arabia will resume negotiations with 11 countries for free trade agreements meant to increase non-oil exports share in GDP.
- Saudi Arabia is looking for more trading partners under free trade agreements as the country aims at increasing non-oil exports share in GDP
- The kingdom is resuming negotiations for free trade agreements with 11 countries, Okaz paper reported
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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
Company News
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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
Musk, Zuckerberg seek cage fight to settle differences
Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...
Business
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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
Economy
In policy about-turn, Turkey to raise rates to fight inflation, steady lira
The Turkish leader pushed the central bank to start slashing interest rates two years ago as part of a "new...
- Erdogan still defends his markets-defying idea that high interest rates contribute to rising consumer prices that have been Turkey's bane for the past five years
- The central bank is expected to change course and raise rates on Thursday after Erdogan appointed a former Wall Street executive to head the institution following his re-election