Global stocks rise as Japan led Asia gains on a weaker yen
Seoul was an outlier in Asia with shares plunging as South Korea's political crisis deepened with a second impeachment vote....
Business
Egypt to access $1.2 billion in funding after deal with IMF
Washington, United States -- The International Monetary Fund said Tuesday that it has reached a deal with Egyptian authorities allowing the...
Economy
Geostrategy
UAE removed from international money laundering grey list
Countries on the grey list have "strategic deficiencies" in their efforts to counter money laundering and terrorist financing but are...
- More than 200 countries and jurisdictions have pledged to implement the recommendations of the FATF.
- The FATF also repeated its condemnation of Russia for its invasion of Ukraine two years ago.
Business
UAE to invest $35 billion to help solve currency crisis: Egypt PM
Madbouly said the investment would "contribute to resolving" a hard currency crunch which has threatened Egypt's ability to service its...
- According to UAE's WAM agency, ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest US$35 billion in Egypt.
- ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium.
Business
UAE, Kenya finalize Comprehensive Economic Partnership Agreement
Abu Dhabi, UAE -- The United Arab Emirates and Kenya have concluded negotiations on a Comprehensive Economic Partnership Agreement that...
- The CEPA will have significant positive impact on accelerating investment flows in high potential areas such as logistics, healthcare, travel and tourism.
- Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $710 billion.
Geostrategy
‘On edge of monumental disaster’: Israel hits southern Gaza
"I fear we are on the edge of a monumental disaster with grave implications for regional peace, security and human...
- Israeli bombardment obliterated one house and left a gaping hole in the earth east of Rafah, on the border with Egypt, where about 1.4 million Gazans have converged.
- Israel's bombardment of Gaza has killed at least 29,514 people, mostly women and children, according to the latest count by Gaza's health ministry.
Business
Saudi Arabia’s PIF to acquire stake in Binladin Group: Report
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) intends to acquire a stake in Saudi Binladin Group (SBG), Bloomberg...
- The PIF is considering acquiring part or all the 36 percent stake owned by the ministry of finance.
- The fund is working with Morgan Stanley on the potential deal to buy into SBG, Argaam reported, citing reports.Â
Geostrategy
Broad support among G20 for two-state solution in Middle East: Brazil
There was "virtual unanimity for the two-state solution as the only possible solution," Brazilian Foreign Minister Mauro Vieira told journalists...
- "Every (minister) that addressed the issue voiced support" for a two-state solution, "and it was a lot" of ministers, he said.
- EU foreign policy chief Josep Borrell had urged Vieira to use his closing statement "to explain to the world that at the G20, everybody was in favor of" a two-state solution.
Geostrategy
Israel strikes crowded Rafah as truce talks under way
Major powers trying to find a way to end the destructive Israel-Hamas war have so far failed, but a US...
- Alarm has centered on Gaza's southernmost city of Rafah, where hundreds of thousands of displaced civilians are living in makeshift camps where disease threatens.
- Israel's onslaught has killed at least 29,410 people, mostly women and children, according to the latest count by Gaza's health ministry.
Business
flydubai net profit $572m
This is the carrier's strongest-ever performance.
- The company's total annual revenue settled at AED11.2 billion ($3 billion) compared to AED9.1 billion ($2.5 billion) in 2022, an increase of 23 percent compared to 2022..
- flydubai carried 13.8 million passengers across its network, an increase of 31 percent compared to 2022. The carrier took delivery of 13 new aircraft and ended 2023.
Business
Mubadala, co-investors buy Truist stake
TIH is the fifth largest insurance broker in the United States.
- This investment follows Mubadala’s purchase in 2023 alongside Stone Point Capital and other co-investors of a 20 percent stake in TIH for US$1.95 billion.
- The all-cash transaction, which values TIH at an implied enterprise value of $15.5 billion, is expected to be completed in the second quarter of 2023.
Economy
WTO meet in UAE to discuss decentralization of global supply chains
WTO Director-General Ngozi Okonjo-Iweala. told WAM that many global private-sector investors are currently focused on the 'China+1' model, pairing China...
- To build resilience, the private sector has to consider investing in developing countries with the right investment environment as they reshape their supply chains.
- Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO's top decision-making body, in Abu Dhabi from 26-29 Feb.
Global stocks rise as Japan led Asia gains on a weaker yen
Seoul was an outlier in Asia with shares plunging as South Korea's political crisis deepened with a second impeachment vote....
Business
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EGA buys 80% stake in Spectro
Business
Casino operator Wynn wins UAE’s first commercial gaming license
Dubai, United Arab Emirates -- US casino operator Wynn has received the first commercial gaming operator's license to be issued in...
Business
Libya’s eastern administration lifts oil production, export blockade
The Benghazi-based administration, which controls most of Libya's oilfields, said in a Facebook post it was "lifting the force majeure...
Geostrategy
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Geostrategy
G7 says diplomatic solution is still possible in Middle East
Rome, Italy -- The G7 on Wednesday vowed to work together to reduce tensions in the Middle East and said a...
- Italian Prime Minister Giorgia Meloni called a telephone meeting of the body Wednesday to address the escalating Mideast crisis.
- "In a constantly evolving scenario, it was agreed to work together to promote a reduction of tensions at the regional level," said the statement released by the Italian government.
Business
Covestro accepts ADNOC takeover bid
The deal values German chemicals group at $13.3bn.
- Under the terms of the agreement, valid until the end of 2028, ADNOC will make an offer for all remaining Covestro stock at a price of 62 euros per share.
- ADNOC will also inject around 1.2 billion euros into the chemicals firm through the issuance of new shares, once the deal is completed.
Economy
Abu Dhabi non-oil GDP up 6.6% in second quarter: SCAD
Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the...
- The construction sector achieved remarkable growth rates of 11.5 percent in the second quarter of 2024, compared to the same period in 2023.
- It is estimated that the financial sector grew by 13.4 percent in the second quarter of 2024, compared to the same period in 2023.