Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...Economy
UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...Economy
Bahrain’s RERA revokes real estate firm’s license for ‘breach of regulations’
Manama, Bahrain-- for "exceeding the scope of the permit."Â The owner had exceeded the scope of the permit which was issued...According to RERA, the owner of the real estate firm had violated the scope of the permit issued to him by the authority
The real estate agency, according to the regulatory authority, had also breached Central Bank of Bahrain's regulations
Clean cooking to save millions, boost gender equality
He was referring to a new IEA report which suggests that universal clean cooking access could be reached worldwide by...Nearly one in three people globally still cook over open fires or basic stoves, causing significant damage to health, living standards, and gender equality
Air pollution from rudimentary cooking methods causes 3.7 million premature deaths annually, ranking it the third largest cause of premature death globally
UAE’s digital platform, U.AE, attracts 9.1m visitors in H1
Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until...The rise in the average number of pages viewed was 3.52%, compared to the same period last year, according to TDRA
TDRA recently launched the generative AI-supported version of the digital platform, allowing users to obtain government services
GCC central banks follow Fed in raising key rates
The decision by the central banks, in the US and most of the Middle East, to hike interest rates are...The UAE's central bank raised the base rate applicable to the overnight deposit facility (ODF) by 25 basis points – from 5.15 to 5.40 percent
The decision to raise key rates comes as central banks across the world struggle with the challenge of controlling inflationary pressures
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...As per the industry report, container volumes across the Kingdom’s ports during 2022 were estimated at 10,439,620 TEUs.
The Kingdom’s groundbreaking strides in the global logistics landscape boils down to a host of critical catalysts,
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
The average price of a barrel of oil over the fiscal year stood at $97.1, an increase of 21.4 percent compared to the previous year. Output was 2.7 million barrels per day.
DIB H1 2023 net profit $844m Â
Profit driven by core revenues, effective cost management.Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.
IMF Global Outlook: Saudi slowdown to weigh on MECA growth
A projected decline in the Middle East and Central Asia from 5.4 percent in 2022 to 2.5 percent in 2023...The downgrade for Saudi Arabia for 2023 reflects production cuts announced in April and June in line with an agreement through OPEC+.
Global growth is projected to fall from an estimated 3.5 percent in 2022 to 3 percent in both 2023 and 2024.
Nissan Q1 net profit $750m
Results due to better sales in Japan, North America.Sales rose 37 percent to US$20.6 billion, even as tougher competition and a sluggish post-Covid recovery hurt its performance in China.
The auto giant raised its annual net profit forecast to US$2.4 billion from its previous estimate of US$2.2 billion, boosted in part by cost-cutting.
