UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
Economy
Bitcoin close to record as cautious markets eye US election
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has...
Economy
Gaza unrest poses risk to oil markets, global growth
Middle East tensions likely to spur a mild global recession, with oil potentially hitting $120-$150 per barrel, says a latest...
- Middle East tensions likely to spur a mild global recession, with oil potentially hitting $120-$150 per barrel, says a latest report by Oxford Economics.
- The report predicts a quick rebound in equity markets post-conflict dip, while urging policymakers to ready economic safeguards and call for peace.
Business
Al Ansari 9M profit US$105m
The operating income of the group rose to US$234 million.
- Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
- The second payment of the dividend of an equivalent amount will be disbursed in April 2024.
Economy
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
- The IPI measures the relative change and reflects the production quantities of materials and goods.
- Data issued by the General Authority for Statistics showed that Saudi IPI fell to 122.99 points in September.
Business
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.
- The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
- ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.
Economy
France to host ‘humanitarian aid’ conference for Gaza
sraeli Prime Minister Benjamin Netanyahu has said there will be no fuel delivered to Gaza and no ceasefire with Hamas...
- Thursday's aid conference has been put together in a hurry on the sidelines of the annual Paris Peace Forum on November 10-11
- Few Arab nations are expected to send delegates, although the Palestinian Authority will send its prime minister and Egypt a ministerial delegation
Putin, Erdogan and Raisi make visits in Central Asia
Tashkent will host the Iranian and Turkish presidents, as well as Pakistani Prime Minister Anwaar-ul-Haq Kakar and Central Asian leaders....
- The talks in Tashkent summit are expected to focus on trade, humanitarian cooperation and transport
- Turkish president Recep Tayyip Erdogan is likely to bring the Gaza issue to the table
Business
UAE rides property-market boom as demand soars
Global firms looking to hire space for offices and demand from govt, local dwellers have turbocharged the sector, driving property...
- Demand for office space in Abu Dhabi was primarily fueled by government and semi-government institutions, which remain the city's primary tenants
- To cope with the high demand, Dubai will supply the market with an extra 72,000 square meters of office space by the end of the fourth quarter
Business
Oil slumps below $80 for first time since July, stocks wobble
Brent crude, the main international contract, briefly dropped more than 2 percent to hit $79.80, before bouncing back above $80...
- Crude had already plunged about four percent the previous day on news that China's exports fell at a faster pace than predicted in October.
- The drop in oil prices provided some support to stocks, but they still struggled. After opening with modest gains, Wall Street's main indices slipped into the red.
Economy
Jordan signs two deals worth $140m for water sector development
Amman, Jordan - Jordan's government has signed two deals with the German KfW Development Bank to secure a financial package...
- Jordan's Petra News Agency reported that the initial tranche of financing encompasses a $84 million soft loan
- A subsequent $56 million soft loan will spearhead a program dedicated to curtailing water losses and diminishing the rates of unbilled water
Economy
Saudi FDI flows revised to US$33bn in 2022 under new IMF-approved methodology
Riyadh, Saudi Arabia-- Foreign direct investment (FDI) into Saudi Arabia amounted to $32.52 billion in 2022, revised upwards from $8...
- The IMF-endorsed methodology relies on analyzing individual financial statements to realize highly accurate annual statistics
- The new methodology and figures for FDI was invented after nearly 18 months of work between the Ministry of Investment, GASTAT and SAMA
UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
Economy
Company News
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UAE announces monthly allowance of 50% of basic salary for imams, muezzins
Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent...
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
Geostrategy
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Economy
‘UAE offers an economic model for all to emulate’
"This underscores our role in fostering development and regional and global cooperation, aiming to provide an economic model for all...
- UAE minister Sheikh Nahyan bin Mubarak Al Nahyan highlights economic prosperity and global integration in Dubai.
- Attended by more than 600 economic leaders, the event serves as a platform for investment and trade enhancement.
Economy
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
- The indicators of rising assets, financing and capital adequacy ratios reflect the sector's flexibility and resilience to adapt to the changes the world is witnessing
- At the end of December 2023, total deposits of resident and non-resident customers with banks operating in the UAE rose by 4.2% and annually by 13.5% ), reaching $686bn
Geostrategy
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
- Iranian Oil Minister Javad Owji had said that oil production would reach 3.6 million barrels per day by the end of the Persian year on March 19.
- Iran's oil sector suffered a blow in 2018 when Western sanctions were reimposed, forcing foreign companies to leave the country,