Trump stings friends and foes alike in his tariffs war, countries eye trade talks
The tariff announcements rattled stock markets while safe haven gold hit a new record high, oil prices fell and the...Economy
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...Business Economy
UAE economy robust, bolstered by tourism and real estate: OPEC
Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate,...OPEC’s Monthly Oil Market Report (MOMR) for October 2023 noted that the UAE tourism sector continued to rebound and exceeded the pre-pandemic level
The report added that the government launched reforms to attract further investments, such as allowing 100% foreign ownership of onshore companies
Gold prices soar over 3% amid escalating Middle East conflict
Dubai, UAE - Gold prices surged over 3% on Friday, heading for their most robust weekly performance in seven months,...Investors closely monitored the intensifying conflict in the Middle East, which has been unsettling markets
Meanwhile, spot silver saw a 4% rise to $22.72 per ounce, marking its first weekly gain in three weeks
GCC keen to address economic problems: Albudaiwi
Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication...He made the remarks while taking part in the annual meetings of the World Bank and the IMF in the city of Marrakesh, Morocco
The GCC chief underscored the collective responsibility in eliminating poverty by supporting developing and impoverished nations
Dubai’s sustainable vision beyond skyline
Dubai is prioritizing renewable energy, sustainable design, water conservation, and biodiversity protection. Its commitment to a sustainable future showcases its...Dubai, renowned for its iconic skyline and luxury, is now leading the charge against climate change with investments and initiatives such as Dubai Clean Energy Strategy 2050
The emirate prioritizes public transit, electric vehicles, and waste-to-energy solutions, placing global collaboration and partnerships at the heart of its climate strategy
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...SAVI will support innovation and the commercialization of smart and autonomous vehicle technologies in the UAE
The Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO) are spearheading the development of SAVI
Iran says US ‘can not renege’ on deal to transfer $6bn via Qatar
Tehran, Iran-- Iran said the United States "can not renege" on an agreement to transfer $6 billion in frozen funds through...Tehran has come under intense scrutiny since Hamas stormed across Israel's border.
Iran has insisted it was not involved, but celebrated the Hamas attack as a "success".
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics.
Manufacturing activities recorded nearly US$378 billion revenues, followed by the wholesale and retail trade at US$201 billion.
JPMorgan Q3 profit at $13.2bn
The bank’s revenues rose 22 percent to US$39.9 billion.One of the biggest factors in bank’s rise in profit was the increased earnings in net interest income (NII).
NII is the gap between what the bank makes in interest in loans to clients compared with interest payments to customers
Disasters cause crop losses worth $3.8trn over 30 years, says FAO
PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's...Floods, droughts, insect infestations, storms, disease and war caused about $123 billion per year in lost food production between 1991 and 2021.
This loss is the equivalent of five percent of total production or enough to feed up to half a billion people per year, the FAO said in a report.
Non-cash transactions in Egypt set to reach $16.34 billion in 2023
Cairo, Egypt - The Egyptian market is projected to reach an impressive $16.34 billion in non-cash transactions in 2023, while...The report suggests that the global growth will continue to accelerate, potentially reaching 2.3 trillion transactions by 2027, with an annual growth rate of 15%
In Egypt, digital payments are also on the rise, with a predicted annual growth rate of 14.03% from 2023 to 2027
