Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...Business Economy
Trump defiant as tariffs send world markets into panic
Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump's trade war,...Economy
Gaza suffers critical food shortages amid conflict
Gaza faces a dire humanitarian crisis as food supplies near exhaustion and the financial sector falls into chaos amid the...Gaza faces a dire humanitarian crisis as food supplies near exhaustion and the financial sector falls into chaos amid the ongoing conflict, a WFP report indicates.
With a projected drop in Palestine's GDP and daily economic activity at a standstill, WFP calls for global intervention to prevent a full-scale food security disaster.
ADIB publishes ‘sustainable finance framework’ establishing criteria for borrowing
Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which...The bank's framework will determine the eligibility of projects for it to finance or refinance, including the issuance of green, social and sustainability sukuks.
ADIB will give priority to projects with environmental benefits across renewable energy, energy efficiency, green buildings, pollution prevention and control
Saudi Arabian ministry issues 174 industrial licenses
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September,...The total value of the 174 new industrial licenses in September is US$1.4 billion (SAR 5.3 billion).
A total of 82 factories started production in September, with investments worth US$506 million.
Turkish inflation rate holds near 61 percent
Turkey is suffering the worst bout of inflation of President Recep Tayyip Erdogan's two-decade rule. The official annual inflation rate...The rate inched down to 61.36 percent in October from 61.53 percent in September, the TUIK state statistics agency said
Central bank chief Hafize Gaye Erkan said Thursday that the rate will likely peak between 70 and 75 percent next May
Bahrain suspends economic relations with Israel
DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in...Bahrain took the decision to recall the Kingdom’s Ambassador to Israel back to the country, the Council of Representatives said.
It also demanded taking measures to preserve lives of people in the Gaza Strip and other regions of Palestine.
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Jordan becomes UAE’s regional investment hub
“Jordan has become a regional investment hub of choice for the UAE's direct investments, totaling US$4 billion. This represents 14%...The UAE has invested $4 billion directly in Jordan, with non-oil trade reaching $4.5 billion in 2022, reflecting their deep-rooted ties and mutual interests.
In 2022, the UAE, Jordan, Egypt, and Bahrain announced a comprehensive industrial partnership, allocating a $10bn investment fund for collaborative projects.
Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...Federal Reserve's decision to hold interest rates comes amid concerns of persistent inflation
The CBUAE and QCB's decision underscores the link between global and regional monetary policies
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.
Foreign direct investments (FDIs) represent 41 percent, or SAR 1.02 trillion, of total investments, Argaam reported.
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
Maaden posted net earnings of $183 million for the first nine months of 2023.
