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
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
Business
Economy
UAE on way to become cashless economy by 2025
According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the...
- According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the world’s average of 43 ATMs
- The central bank digital currency (CBDC) could be launched in the UAE and Saudi Arabia in the next two to five years
Business
Dubai property transactions up 50 percent in Q2: Report
Increased international interest has been a key factor in driving residential transactions to near-record levels. Dubai’s handling of Covid-19 pandemic...
- Residential transaction volume totaled 14,426 units, a rise of 35.48 percent from Q1 2021.
- Palm Jumeirah saw the highest increase in villa rents, at 3.9 percent Q-o-Q.
Investigation
GCC seeks to tap green hydrogen demand
The GCC countries see hydrogen as a key factor in fuel transition and have drawn up plans to export green...
- UAE first in GCC to reduce emissions by 24 percent by 2030 and to 50 percent by 2050
- GCC countries have plenty of space, sunshine wind energy in some areas
Economy
Inflation in Saudi Arabia leaps to 0.4 percent in July
Owing to higher prices in the transport sector, Saudi Arabia's consumer price index rose 0.4% in July from a year...
- CPI rise stemmed from higher prices in the transport sector
- There was also an increase of 1.2 percent in food and beverages
Analysis
A lot is at stake for poor in Tunisia
The country's economy is witnessing deterioration as sources of income decline, unemployment rises to 18 percent and rising debt necessitates...
- Lifting subsidies is a risky decision that could spark public unrest
- The number of poor and vulnerable people will rise from 16.7 percent to 20 percent
Business
UAE’s Operation $300bn eyes more M&As
The strategic merger between Arkan and Emirates Steel Industries highlights the focus of the UAE's new industrial initiative 'Operation $300bn.'
- The UAE government wants to raise the industrial sector’s contribution to the GDP from US$36.20bn to US$81.66bn by 2031
- The strategy is aligned with national goals and international commitments relating to advancing sustainable economic growth, deploying clean energy solutions
Economy
Lebanon’s bank chief vows no forex raid to fund fuel unless law changed
Lebanon's central bank governor has vowed not to reverse his decision to stop subsidising fuel imports, unless parliament votes to...
- The country's Foreign exchange reserves have dwindled in recent months to now stand at $14 billion
- Earlier this week, the central bank had said it would no longer subsidise fuel imports
Economy
Saudi Arabia starts $3.4bn infrastructure projects in Tabuk region
The projects in the Tabuk region will include initiatives related to housing, transportation, environment, and agriculture.
- The Tabuk region is currently the epicenter of quite some activity, like the building of a substation for the Green Duba power plant
- Tabuk City also happens to be a hub for tourists who wish to explore the northern parts of Saudi Arabia
Geostrategy
OFID lends Jordan $70m to boost economy
The loan is expected to be used to provide for stimulus packages to for workers and create new jobs.
- The loan will support the creation of some 14,500 jobs in the forestry and tourism sectors
- It will also promote the employment of fresh graduates in the ICT sector, and strengthen the staffing of healthcare institutions
Economy
Lebanon’s fuel crisis deepens as leadership brawls
As the fuel crisis worsens in Lebanon, the country's leadership appears to be at odds over how to end the...
- Dwindling fuel supply has plunged Lebanon into extended blackouts and long queues for petrol and bread
- This week the central bank announced an effective end to fuel subsidies that have drained the reserves at a time when Lebanon is in a state of financial collapse
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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
Company News
Lufthansa to sell catering unit
Business
Latest News
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of...
Economy
Dubai International Chamber opens new office in Johannesburg
Dubai, UAE - Dubai International Chamber, one of the three chambers operating under Dubai Chambers on Wednesday marked the official...
Economy
Most Read
Business
QSE unveils new trading system
It is expected to propel Qatar as an investment hub.
- The new platform aligns with the advanced financial market technologies deployed by exchanges like London Stock Exchange Group
- A multi-asset, multi-market, trading platform, it will provide wide support a range of asset classes including equity, fixed income, and derivatives
Economy
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1...
- Total Bank Deposits increased by 1.9 percent, rising from $626.47 billion at the end of March 2023 to $638.73 billion at the end of April 2023
- The Money Supply aggregate M2 climbed by 2.0 percent, from $485.57 billion at the end of March 2023 to $495.47 billion at the end of April 2023
Economy
‘EU acknowledges, appreciates Qatar’s labor reforms’
The EU also lauds the exceptional execution of FIFA 2022 in Qatar. It helped refine Qatar's reputation and correct misconceptions....
- European Union commends Qatar's successful organization of FIFA World Cup and its positive impact
- The bloc has also vowed to strengthen relations with Islamic countries and combat hatred against Islam