Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
Business
Israeli forces killed 45,553 Palestinians since Oct 2023: Health ministry
Gaza, Palestinian Territories -- The Israeli forces have killed at least 45,553 Palestinian civilians and injured at least 108,379 others,...
Geostrategy
Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
- Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
- Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.
Geostrategy
Stocks trip and oil surges as Middle East tension grows
The threat of regional war compounded fears that the Federal Reserve would not cut interest rates as much as previously...
- Optimism was at a premium on trading floors after a deadly strike on the Iranian consulate in Damascus, which Tehran blamed on Israel and threatened retaliation.
- Tokyo tanked two percent, with a stronger yen adding to the pain for Japanese investors, while Sydney, Seoul, Singapore, Wellington and Manila were also deep in the red.
Business
ADIO and Dustour Marine to drive tourism activities in Abu Dhabi
Abu Dhabi, UAE -- Abu Dhabi Investment Office (ADIO) is collaborating with Dustour Marine Wooden Boats Trading Establishment to establish...
- Located in Rabadan, the new Al Jaddaf project will provide a comprehensive sea paddle infrastructure tailored for boats.
- The 79,595 sqm project will encompass buildings dedicated to boat maintenance and repair, a center for boat buying and selling, a shop catering to fishermen supplies
Geostrategy
Israeli assault on Gaza has killed over 14,000 children since Oct 7
According to statistics cited by Al Jazeera television, about four children die every hour because of the actions of the...
- As many as 117 children were killed and 724 injured in the West Bank, where Israeli forces regularly carry out operations accompanied by clashes.
- More than 816,000 children in Palestine require the help of specialists "due to the consequences of the Israeli aggression, which led to psychological trauma.
Business
Abu Dhabi Chamber sets up 54 new Advocacy Hub working groups
Abu Dhabi, UAE -- The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced the establishment of 54 working groups...
- The chamber said these working groups are part of the efforts to support the growth and prosperity of the private sector in Abu Dhabi
- These groups also serve as a platform for presenting development ideas and proposals and facilitating communication between the private sector and government agencies
Geostrategy
UN human rights council demands halt to arms sales to Israel
The resolution -- which passed with 28 of the council's 47 member states voting in favour, six opposed and 13...
- The strongly worded text called on countries to "cease the sale, transfer and diversion of arms, munitions and other military equipment to Israel
- It stressed that the International Court of Justice ruled in January "that there is a plausible risk of genocide" in Gaza.
Geostrategy
NATO @ 75 seeks US-Europe alliance as Russia threat, Trump looms
Brussels, Belgium - NATO chief Jens Stoltenberg urged the United States to stick together with Europe as the Western military alliance...
- Russian invasion of Ukraine re-invigorated NATO as it was confronted by one of most serious challenges since it emerged from the ashes of World War II to counter the Soviet Union.
- But while the war has refocused NATO's attention on its old nemesis Moscow to the east -- there is also another threat unnerving allies from leading power the US in the west,
Geostrategy
Who recognises the existence of a Palestinian state?
Paris, France -- Israel's almost six-months-old war in Gaza since the October 7 attack has revived calls for Palestinians to be...
- According to the Palestinian Authority, which rules parts of the occupied West Bank, 137 of the 193 UN members already recognize a Palestinian state.
- Spain's left-wing Prime Minister Pedro Sanchez has announced plans to soon recognize a Palestinian state.
Business
Middle Eastern airlines passenger demand up 19.7 percent in Feb: IATA
Geneva, Switzerland -- The International Air Transport Association (IATA) released data for February 2024 global passenger demand, with total demand,...
- Global passenger demand, with total demand, measured in revenue passenger kilometers (RPKs), rising 21.5 percent year-on-year (YoY).
- Domestic demand rose 15 percent compared to February 2023; capacity was up 9.4 percent year on year and the load factor was 82.6 percent (+4.0ppt compared to February 2023).
Business
Joint Venture formed to develop Iraq’s Al Faw Grand Port, Economic Zone
Abu Dhabi, UAE -- AD Ports Group and the General Company for Ports of Iraq (GCPI) sign an agreement to...
- The agreement also encompasses the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in Iraq.
- Both parties will explore investment opportunities and conduct the necessary feasibility studies related to ports, economic zones and other infrastructure under GCPI.
Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
Business
Company News
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US envoy in Beirut says ‘real opportunity’ to end Israel-Hezbollah war
US special envoy said he was in Beirut because he saw "real opportunity" to end the Israel-Hezbollah war
Geostrategy
UN climate chief at deadlocked COP29: ‘Cut the theatrics’
As the UN climate talks limp into a second week in Azerbaijan, the world is no closer to a finance...
Geostrategy
Egypt’s middle class cuts costs as IMF-backed reforms take hold
Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms...
Economy
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Geostrategy
End of a love affair: news media quit X over ‘disinformation’
Paris, France -- News outlets have begun quitting X, formerly Twitter, once a favorite of global media but now accused of...
- Sweden's newspaper of reference, the left-liberal Dagens Nyheter (DN), on Friday became third major media outlet to stop publishing its articles on X.
- "Since Elon Musk took over, the platform has increasingly merged with his and Donald Trump's political ambitions," said editor-in-chief Peter Wolodarski.
Geostrategy
Lebanon economic losses top $5 billion in year of clashes: World Bank
Beirut, Lebanon -- More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion...
- The losses are "largely concentrated in the commerce and tourism and hospitality sectors... as well as in the agriculture sector", the Bank said in a report.
- "The final cost of damage and losses for Lebanon associated with the conflict is expected to significantly exceed those presented in this assessment," the report said.
Business
Salik 9M net profit $223m
The company's third-quarter profit increased by 8.8 percent.
- Salik reported 355.6 million revenue-generating trips, which increased 5.1 percent YoY to drive total revenue of AED1.640 billion.
- Revenue from toll usage, comprising 86.7 percent of total revenue, rose 5.1 percent YoY to AED1,422.2 million in the nine-month period.