Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year...
Economy
Egypt tests Suez Canal extension aimed at boosting vessel capacity
Cairo, Egypt -- Egypt has tested a new 10-kilometre (6.2-mile) extension to the Suez Canal as it tries to minimize the...
Business
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.
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.
Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year...
Economy
Company News
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Japanese group wins peace Nobel, says Gaza like Japan 80 years ago
Nihon Hidankyo, a grassroots movement of atomic bomb survivors from Hiroshima and Nagasaki, also known as Hibakusha, received the honor...
Geostrategy
UN probe accuses Israel of seeking to ‘destroy’ Gaza healthcare
"Israel has perpetrated a concerted policy to destroy Gaza's healthcare system as part of a broader assault on Gaza," the...
Geostrategy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
Geostrategy
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Business
ADNOC L&S to pay $136.5m dividend
This is equivalent to 6.78 fils per share, the company said.
- The Company intends to distribute a total dividend amount of $273 million (AED1,002.6 million) for the full year.
- The H1 2024 dividend will be paid to shareholders who own ADNOC L&S shares on the record date of 17th October 2024.
Geostrategy
October 7 anniversary: Hamas praises ‘glorious’ moment in its resistance, Netanyahu says ‘we will win’
Hamas called the Palestinian resistance a testament of resilience against Israeli aggression, while Netanyahu reaffirmed Israel's commitment to crush Hamas...
- Last year's October 7 attack resulted in the deaths of 1,205 people, according to an AFP tally based on Israeli official figures that include hostages killed in captivity
- At least 41,870 Palestinians, a majority of them civilians, have been killed in Israel's military campaign in the Gaza Strip since the war began
Geostrategy
Dubai’s night beaches a cool solution to summer heat
With temperatures regularly topping 40 degrees Celsius, outdoor activities are severely limited. More than one million people have visited the...
- For residents of Dubai, a coast-hugging, desert metropolis of about 3.7 million people, the hot season from June to October is an annual trial.
- The city now has more than 800 meters (yards) of designated night beaches fitted with shark nets and illuminated by giant, bright floodlights.