Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...Economy
Low-pressure system eases over UAE: Dubai Airport delays remain
The Ministry of Interior has announced the end of the low-pressure weather system that wreaked havoc for many Dubai International...Economy
UAE national banks provide $11bn in financing to commercial, industrial sectors
Dubai, UAE - National banks in the UAE have increased their credit financing to the business and industrial sectors by...The data reveals that the UAE banks provided a total of $201 billion to the business and industrial sectors by April 2023
Traditional banks were the primary source of credit financing for these sectors, providing $184 billion or 82.5 percent of the total
HNWIs’ wealth in Middle East grows despite slowdown
Despite a global economic slowdown in 2022, high-net-worth individual wealth in the region experienced growth on the back of strong...Despite a global economic slowdown in 2022, high-net-worth individual wealth in the region experienced growth on the back of strong earnings in the oil and gas sectors
Globally, HNWI wealth and population declined, with North America experiencing the sharpest decline. HNWIs have shifted focus to value and prioritized wealth preservation
Institutional investors buy more local stocks in UAE markets since Jan
Abu Dhabi, UAE -- Institutional investors bought more local stocks than they sold in the Abu Dhabi Securities Exchange (ADX)...Net purchases by institutional investors totaled AED 5.6 billion ($1.52 billion), after buying stocks worth AED165.4 billion and selling AED159.7 billion in stocks.
Institutional investments accounted for some 78 percent of the total trading volume, both buying and selling, in both markets since the start of the current year.
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Abu Dhabi first quarter GDP up 3.9% on strong non-oil growth
Official data show a 6.1 percent growth in non-oil GDP during the first quarter of 2023, driven by strong performances...This the highest quarterly value in the past nine years. The contribution of non-oil activities to the total GDP reached its highest level in eight years to 52.8 percent.
The construction sector recorded highest quarterly growth rates in nine years during the first quarter of 2023 and the fourth quarter of 2022 in a row.
Bahrain central bank $185m Treasury bills oversubscribed 109%
Manama, Bahrain -- Treasury bills valued at Bahrain Dinar 70 million ($185 million) issued this week by the Central Bank...The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
The total outstanding value of Government Treasury bills, typically issued with maturities of 91 days, 182 days, and 364 days, is BD 2.110 billion.
Cruise visitors to Qatar in 2022-23 rise 151 percent
DOHA, QATAR - New data from Qatar Tourism (QT) revealed that the country welcomed 253,191 cruise visitors during its 2022-23...Qatar has seen a steady increase in cruise ship arrivals and passenger numbers, and the industry is poised for further growth in the seasons to come.
In 2022-23 season, most cruise passengers originated from Germany (31 percent), Italy (10 percent), Russia (6 percent) and the United Kingdom (3 percent).
Qatar takes part in 58th MENA customs regional meeting
Doha, Qatar--Qatar participated in the 58th regional meeting of director general of customs of the North of Africa, near and...The meeting of the top officials discussed policy commission, committee membership, and the adoption of the document for the appointment of the techncial attache
The WCO council reviewed customs work, capacity building, rules of origin, valuation, nomenclature and classification, compliance, and trade facilitation
Equities, ruble sink as traders eye Russia after failed uprising
While the advance by the Wagner mercenary force led by Yevgeny Prigozhin was called off before it reached Moscow, analysts...The ruble sank to 87 to the dollar -- its weakest level since March last year in the early days Putin's invasion of Ukraine -- as traders reacted to the developments in Russia
Oil prices rose around one percent though with concern about demand owing to rate rises keeping gains limited, while futures for European natural gas jumped more than eight percent
EIB to finance Jordan’s upgrade of water-supply system with US$66.52mn
Amman, Jordan--The European Investment Bank (EIB) has approved the provision of $66.52 million for Jordan to upgrade the water supply...EIB said the project will improve the quality of drinking water in the area and reduce the loss of water due to leakage from the major water networks
Late last year, EIB singed a $218 million loan agreement with Jordan to construct a desalination project between Aqaba and Amman, to be completed in 2028
