China vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...Economy
Trump’s global tariff takes effect in dramatic US trade shift
US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating...Economy
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
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.
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
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
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season
UN calls for overhaul of financial system to help poorest countries
The UN called for an overhaul of the global financial system to help the world's poorest countries and their struggle...The 46 so-called least developed countries, or LDCs, suffered a sharp economic slowdown in the first years of the COVID-19 pandemic.
As a consequence of the economic slowdown, an additional 15 million people have been pushed into extreme poverty, the UN body said.
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...The fifth auction of the UAE T-Sukuks program witnessed strong demand through with bids received worth US$1.57 billion.
The success is reflected in the market-driven prices, which was achieved by a spread of 4 to 11 bps over US Treasuries with similar maturities.
IMF upgrades China growth forecast to 5.4 percent in 2023
Beijing, China - The International Monetary Fund on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and...The economy grew 4.9 percent in July-September, slower than the previous quarter but a lot better than expected and a little shy of the government's goal of 5%
China's economy expanded just 3.0 percent last year -- well below the official target of 5.5 percent -- as it was choked by draconian Covid-19 measures
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...The report indicated that the MENA region witnessed six IPOs during the third quarter of this year with proceeds of US$523 million.
The report described plans to list shares for IPO in the fourth quarter of 2023 and early 2024 as still promising.
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...China, the US, Japan, Republic of Korea and Germany were the countries with the highest numbers of patent filings in 2022.
innovators from around the world submitted 3.46 million patent applications in 2022, marking a third consecutive year of growth.
