Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
Economy
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
Economy
DP World to help SMEs with trade finance
This is part of its strategy to become a global trade enabler.
- DP World will connect companies needing trade finance solutions with financial institutions on its Cargoes Finance platform
- The platform will disseminate trade data to financial institutions, so they can assess credit and compliance risks
Economy
Non-Saudis can now own one property in the country
This new move could make Saudi Arabia appear more expat-friendly as the nation looks to project itself as a regional...
- Interested individuals may use Saudi Arabia's Absher platform to go about acquiring property in the country
- However, they will have to fulfill conditions, like having a valid and ongoing residency permit in the country
Geostrategy
Only serious reforms will get Lebanon foreign aid: Saudi Arabia
The Saudi Cabinet, however, reiterated its solidarity with the country whose people are looking at a deepening economic crisis.
- Lebanon’s economic crisis has been described by the World Bank as one of the 10 worst of its kind since the mid-1800s
- The World Bank also said the crisis has the potential to be among the top 3 of all time
Research
Saudi Central Bank to augment Islamic banking
The Saudi Central Bank or SAMA has launched two programs to augment Islamic banking through research and translation, local reports...
- They are the Islamic Finance Research Support Program and the Islamic Finance Research Translation Program
- Both programs are expected to offer cash prizes for the best research papers in various categories
Economy
Saudi Arabia issues record 478 licenses in first quarter
Following a 2018 reform in the Kingdom that allowed for a first time the 100 percent foreign ownership of companies,...
- In none of the quarters since 2005 has such a number of licenses been issued, according to Saudi investment ministry.
- Manufacturing sector accounted for the bulk (114) of new licenses issued followed by e-commerce and construction (78 each).
Geostrategy
MENA connectedness ranking rising: Survey
The UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
- Ranks third among the world’s seven regions and is well above the global average.
- UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
Business
ADNOC Distribution H1 net profit $313m
Higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made in the first half...
- The company’s fuel volumes saw progressive recovery towards pre-COVID-19 levels.
- In H1 2021, the company received no objection certificates from the Saudi General Authority for Competition to acquire 35 stations in the kingdom.
Dubai exports, re-exports to West Africa rise by 42% during H1
Nigeria was the largest West African export market for member companies, accounting for a 32 percent share of the value...
- Plastics accounted for 31 percent of exports, followed by electrical machinery/electronics (14 percent)
- Commodities with the highest untapped potential for export and re-export include polyethylene, sugar cane and rice, trigger batteries.
Economy
Saudi industrial production rises to 11.9 percent
Saudi Arabia has reported a sharp rise in its Industrial Production Index (IPI) to 11.9 percent in June 2021 from...
- The increase resulted Increase mainly from mining and quarrying, which gained 19.3 percent
- Oil production rose from 7.4 million bpd in June 2020 to 8.9 million bpd in June 2021
Economy
Egypt’s headline inflation rises to 5.4 percent
Egypt's annual urban consumer inflation increased to 5.4% in July from 4.9% in June, official statistics agency CAPMAS said on...
- Month-on-month inflation also went up to 0.9 percent from 0.2 percent
- CAPMAS attributed the hike to the increase in prices of oils and fats, meats, vegetables, housing, water, electricity, gas and fuel
Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
Economy
Company News
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Lufthansa to sell catering unit
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...
Business
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
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Geostrategy
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...
- Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
- The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
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