Biden cancels $4.28 bn more in student debt before leaving office
Washington, United States -- US President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which...
Geostrategy
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
Business
Strong fraud detection boosts security of UAE banks
"The UAE is well positioned to further strengthen its leadership in combating fraud, with continued investment in technology, training and...
- The UAE's focus on digital transformation and innovation enhances fraud detection and control capabilities, says Jamal Saleh, Director General of UAE Banks Federation
- Tasharuk platform plays a crucial role in detecting cyber risks while continued investment in technology and collaboration strengthens UAE's banking system, he adds
Three countries to get $280m for financing education programs
A total of $280 million will be provided to Cameroon, Kyrgyzstan and Uzbekistan as innovative financing under the SmartEd initiative...
- Developed in Dec 2021 by GPE and the ACG, a grouping of Arab financial development institutions, the nitiative has generated $500m to support education in lower-income countries.
- Funds under the initiative are accessible to 37 countries that are members of the Organization of the Islamic Cooperation and collectively are home to 28m out-of-school children.
Economy
QC exhorts Vietnamese firms to benefit from ‘investment climate’ in Qatar
Doha, Qatar--Qatar Chamber (QC) has urged Vietnamese companies to benefit from the investment climate in Qatar and the investment incentives...
- The investment ties between the two countries particularly in healthcare and pharmaceuticals have witnessed significant growth in recent years
- Qatar Chamber urged companies from Vietnam to take advantage of the incentives, infrastructure, economic legislation in Qatar to grow their businesses
Business
Dubai luxury realty market at new heights
The emirate's luxury home sales surged to $1.63 billion in Q1 2023, as affluent buyers acquired 88 units exceeding $10...
- A plot of land on Dubai's prestigious Jumeirah Bay Island has been sold for an astounding $34 million, setting a new record in the UAE's real estate market
- Palm Jumeirah, Emirates Hills and Jumeirah Bay Island are prime residential neighborhoods in Dubai, the world's fourth-most active luxury residential market
Geostrategy
Saudi Arabia and Iran discuss ‘opportunities to develop and strengthen’ ties
Riyadh, Saudi Arabia-- Saudi Arabia and Iran have discussed ways to strengthen the ties between the two countries in a...
- The Iranian minister described the expansion of the Saudi-Iranian relations as a "win-win" development
- The two ministers met in Jeddah on the sidelines of the Islamic Development Bank Group's conference
Economy
Iraq to resume Kurdish oil exports to Turkey Saturday
On Thursday the Kurdish authorities said in a statement that "the Kurdistan regional government and the federal authorities have reached...
- The Kurdish regional government had for years earned billions of dollars in revenues exporting oil to Turkey without the Iraqi federal government's approval
- Following years of wrangling, a preliminary agreement was reached in early April, granting the Iraqi federal government control over exports
Business
Petro Rabigh Q1 loss $257m
The company attributed the loss to 'unfavorable market conditions'.
- Compared to the last quarter of 2022, however, the company reported a 46.77 percent fall in net losses from SAR 1.81 billion in Q4 2022 to SAR946 million in Q1 2023.
- The accumulated losses as of Mar 31, 2023, amounted to SAR 2.66 billion, representing 15.96 percent of the company's share capital of SAR16.71 billion.
Business
Inter-Arab investments low, need favorable conditions to grow: Hanafi
Dubai, UAE -- The UAE had become a center for foreign investments, leading Arab, regional and global rankings in attracting...
- UAE had become a center for foreign investments, leading Arab, regional and global rankings in attracting investments.
- A rise in the volume of investments entering Arab countries would be accompanied by an increase in inter-Arab investments.
Geostrategy
Syrian President receives invitation to Arab summit in Saudi Arabia
The pan-Arab body had suspended Damascus in November 2011 over its crackdown on protests, which began earlier that year and...
- On Sunday, the Arab League welcomed back Syria's government, securing Assad's return to the Arab fold after years of isolation.
- The invitation comes a day after Riyadh and Damascus announced that work would resume at their respective diplomatic missions in Syria and Saudi Arabia.
Business
UAE issues decision on conditions of exemption from corporate tax
Abu Dhabi, UAE -- The UAE Ministry of Finance has issued a decision on conditions under which a "person may...
- The decision clarifies rules to ensure that businesses remain eligible for tax exemption if they fail to meet the relevant exemption conditions under certain circumstances.
- Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, said the decision was important to ensure a transparent and efficient tax system.
Biden cancels $4.28 bn more in student debt before leaving office
Washington, United States -- US President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which...
Geostrategy
Company News
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United Nations calls Israeli settler attack in West Bank ‘horrific’
Geneva, Switzerland -- The United Nations on Friday said a deadly Israeli settler attack on a Palestinian village in the occupied...
Geostrategy
Gold hits record high, oil prices slide on weak Chinese demand
Expectations of US interest rate cuts weakened the dollar, while oil prices tumbled as weak Chinese demand expectations offset turmoil...
Business
UAE, Saudi Arabia lead Middle East IPO surge in second quarter
Abu Dhabi, UAE -- The IPO market in the Middle East and North Africa (MENA) region remained resilient during the...
Business
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Geostrategy
OPEC says Chinese economy pulling down oil demand
Paris, France -- Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading...
- "The world oil demand growth forecast for 2024 is revised down slightly by 135,00 barrels a day from the previous month’s assessment," OPEC said.
- OPEC blamed the declining prices on "concerns about China's economic performance" as well "as easing geopolitical risk premiums and mixed economic indicators."
Geostrategy
Calls for Gaza truce grow, Hamas wants Biden plan implemented
Biden had said the first phase of the proposed roadmap would include a "full and complete ceasefire" lasting six weeks,...
- The second phase would see the remaining living hostages released as the warring sides negotiate "a permanent end to hostilities", followed by "a major reconstruction plan for Gaza
- Israel has accepted the invitation from the United States, Qatar and Egypt to send negotiators for talks planned for Thursday.
Business
ADQ to invest $1bn in Sotheby’s
ADQ will acquire newly issued shares of Sotheby’s to support its growth.
- ADQ’s said the deal reflects its strategic commitment to pursuing value-accretive investment opportunities that contribute to Abu Dhabi's economic diversification.
- Patrick Drahi, who acquired Sotheby’s in 2019, will also invest additional capital alongside ADQ and remain Sotheby’s majority owner.