Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...Business Economy
UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...Business Economy
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.
US Federal Reserve likely to lift interest rates to 22-year high
The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more...A rate hike on Wednesday would raise the Fed's benchmark lending rate to a range between 5.25 and 5.5 percent - its highest level in 22 years
Futures traders see a probability of close to 99 percent that the Fed will proceed with a quarter percentage-point hike, according to data from CME Group
UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion...The results of financial transactions during the first quarter shows the value of net lending and net borrowing amounted to $6.3 billion
The value of total expenditures worked out $25.0 billion ,comprising net investment in nonfinancial assets and current expenses
Qatar Free Zones Authority, Qatar Development Bank to support foreign investors
Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms...The agreement will enable both to widen the areas of cooperation to serve companies investing in free zones, allowing them to use a variety of services
The partnership is expected to create a suitable investment climate in Qatar and at the same time provide support to investors to achieve growth in businesses
More Arab youth prefer entrepreneurship over govt job
Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant...Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant preference shift from government to private sector jobs
Amid high youth unemployment rates in the region, the ASDA’A BCW Arab Youth Survey points out a rise in entrepreneurial aspirations, particularly in GCC countries
Abu Dhabi-Japan deal to boost economic diversification
“Our cooperation with Japan External Trade Organisation (JETRO) is part of these efforts as Japanese experience and progress reflect role...Rashed Abdulkarim Al Blooshi, Undersecretary of the ADDED, highlights the importance of human development in Abu Dhabi's economic diversification efforts
The Abu Dhabi Residents Office, an ADDED arm, and JETRO have signed an MoU to bolster efforts in attracting specialized talent and investors across the sectors
IMF upgrades growth projection for 2023 on resilient service sector
The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent...The global growth forecast for this year was raised by 0.2 percentage points from the IMF's last forecast in April.
However, IMF said global growth is expected to slow to three percent this year and then stay there.
US Federal Reserve meets to consider raising rates to 22-year high
After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest...Futures traders assign a probability of close to 99 percent that the Fed will lift its base rate by 25 basis points on Wednesday, according to CME Group.
The quarter percentage-point hike predicted by analysts and traders would raise the Fed's benchmark lending rate to a range between 5.25-5.50%, its highest level in 22 years.
Saudi Arabia’s oil exports fell by nearly 38 percent in May
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...Non-oil exports (including re-exports) decreased by 8.7 percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
The value of imports amounted to SAR 67.7 billion in May 2023 compared to SAR 56.0 billion in May 2022.
