UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy
Business
ADNOC and Fertiglobe to sell blue ammonia to Idemitsu
The sale is part of UAE-Japan industrial cooperation and development of ammonia supply chains.
- ADNOC sold its first cargo of blue ammonia to Japan's Itochu on Aug. 3.
- Sales part of UAE-Japan industrial cooperation and development of ammonia supply chains.
Business
Investors may prefer this new Abu Dhabi license
New license for professionals to be issued by ADDED allows 100 foreign ownership of a business. ADDED also highlighted that...
- ADDED will also issue a form of service agent agreement to streamline the relationship between partners.
- 604 activities covered under the license, including accounting, training, consultancy, beauty centers.
Economy
Saudi budget deficit narrows sharply
Better days for Saudi economy seem to be on the horizon as the kingdom’s budget deficit has narrowed sharply in...
- Saudi budget deficit fell by 38 percent from Q1
- Spending rose to SR252 billion from SR212 billion
Business
US announces extra $165 mln in Yemen aid
Yemen's conflict flared in 2014 when Iran-backed Huthi rebels seized the capital Sanaa
- Yemen's conflict flared in 2014 when Iran-backed Huthi rebels seized the capital Sanaa
- The fighting has killed tens of thousands, displaced millions and left some 80 percent of Yemenis dependent on aid
Business
Dubai Chamber launches online tool to fill $10b export gaps
The launch of the tool is in line with the emirate’s new target to boost its foreign trade from around...
- The tool is focused at 30 promising markets across the MENA region, Asia, Africa, and Europe
- They added that Dubai Chamber’s online tool has 26 major commodities listed on it
Business
Riyadh leads Q2 Saudi Arabia residential market boom
Latest review by global property consultant Knight Frank says apartment values in Saudi capital grew by 7.6 percent year on...
- Latest review by global property consultant Knight Frank says apartment values in Saudi capital grew by 7.6 percent year on year.
- Riyadh and Jeddah likely to witness a 25 percent and 36 percent increase in total office supply in the next three years.
Business
Lebanon fuel scarcity leads to brawls that kill three
The fatalities have taken place in two different incidents in the country where fuel is scarce due to an ongoing...
- In one case, two people were killed in a brawl in the Lebanese city of Tripoli
- In the second instance, a youngster was shot dead at a gas station in a village
Business
Dubai Economy issues 3,243 trader licenses in H1
Trader License enables freelancers and start-ups to conduct businesses online and across social networking accounts.
- Trader License enables freelancers and start-ups to conduct businesses online and across social networking accounts.
- Males account for 63 percent of the licenses issued and IT tops the list of activities.
Business
Middle East’s largest wind farm produces first carbon-free MWh
The project, Saudi Arabia's first, is being developed by leading renewable energy companies EDF Renewable and Masdar.
- The project, Saudi Arabia's first, is being developed by EDF Renewable and Masdar.
- On completion, the farm will power about 70,000 Saudi households.
Business
Aramco net income rises to $25.5 billion in Q2
Higher oil prices and a recovery in demand, easing of COVID-19 curbs, vaccination campaigns, stimulus measures, and accelerating activity in...
- The company announces a dividend of $18.8 billion.
- Higher oil prices and a recovery in worldwide demand, easing of travel restrictions drive the rise in income.
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Company News
Lufthansa to sell catering unit
Business
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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
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...
Geostrategy
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...
Economy
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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
Geostrategy
French envoy to hold talks with Lebanese leaders to end divisions
Amid continuous divisions plaguing the country, France's new envoy for Lebanon, Jean-Yves Le Drian, landed in Beirut to hold talks...
- French President Emmanuel Macron appointed the former foreign minister as special envoy to Lebanon earlier this month
- For months, the international coomunity has exhorted Beirut to elect a new leader capable of enacting reforms
Economy
UAE government unveils next generation of ‘future design tools’
Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to...
- The network released a guidebook that will be a reference for national institutions to craft initiatives aligning with global transformation trends
- The platform will encourage government entities to adopt future-proof practical projects, prioritize future-supporting projects and support cooperation