Oil prices surge, Asian markets fall following Iran explosions
Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent...Economy
Saudi Arabia surpasses homeownership goals, sets sights on 70% by 2030
The kingdom's housing program achieves remarkable success, surpassing targets and reducing waiting times from 15 years to immediate entitlement, revolutionizing...Economy
Insurance becomes mandatory for foreign vehicles entering UAE
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign...In order to make it easier for vehicle owners to posses insurance cover, the authorities will provide them with online access to the platform to buy insurance
The vehicle owners can access the service on the ICP's website or by downloading the "Shory Aber" application available for iOS and Android devices
Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...The records show that 278 plots were sold for US$473 million, while 2,965 apartments and villas were purchased for US$1.9 billion.
The top transaction was that of a plot of land in Wadi Al Safa 3 which sold for US$24 million, the records revealed.
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY -  Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...National banks accounted for 86 percent of the total capital and reserves of banks operating in the UAE, which stood at US$102 billion by April-end.
Share of foreign banks in aggregate capital and reserves of banks operating in the UAE settled at 13.6 percent, reaching US$ 16 billion by April-end.
IsDB, AFD to finance $4bn projects in developing countries
Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...The MoU was signed by the president of the Islamic Development Bank, Dr. Mohammed Al-Jasser in Vienna.
Al-Jasser said last year that one out of every three member states of the Islamic Development Bank (IDB) is living in poverty.
Eurozone economic growth slows sharply in June
BRUSSELS, BELGIUM - Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production,...Inflation remains well above the European Central Bank's target of two percent, which will keep pressure on the ECB to keep raising interest rates.
The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month.
Interest rate increase must to control inflation, says Federal Reserve official
A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...The Federal Reserve's benchmark now sits in a range between 5.0 and 5.25 percent - its highest level since 2007.
All members of the Federal Open Market Committee predicted that the bank will have to raise its benchmark further before the end of the year.
Musk, Zuckerberg seek cage fight to settle differences
Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...The two men have baited each other for years with opposing views on everything from politics to artificial intelligence.
Musk responded angrily to a recent claim by a Meta official that there was appetite for a "sanely run" Twitter alternative.
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
Bank of England hikes rate half-point even as high inflation remains
LONDON, UK - The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to...The decision came one day after data showed UK annual inflation remained at 8.7 percent in May, defying expectations of a slowdown.
The half-point lift was in stark contrast to the Federal Reserve, which last week pressed pause on US rate hikes after a sharp easing in the country's inflation.
