UAE cements position as a top global investment hub in 2024
UAE ascends to 8th on Kearney's 2024 Foreign Direct Investment Confidence Index, affirming its appeal as a prime investment haven,...Economy
March sees GCC Index drop as heavyweight sectors lag
GCC equity markets experienced a March downturn, influenced by seasonal selling pressure during Ramadan, leading to a 3.0% drop in...Economy
Investment in solar to eclipse oil for the first time
"Almost all our indicators on climate are pointing in the wrong direction”, with emissions hitting record highs; finance commitments remaining...Almost all indicators on climate are pointing in the wrong direction with record-high emissions and unmet finance commitments, warns UN official
Amina Mohammed also calls for an Acceleration Agenda, urging countries, especially the G20, to cooperate to speed up climate action
Qatar and Iran to boost cooperation in labor sector
Dubai, UAE-- Qatar and Iran intend to expand cooperation in the fields of labor, employment, and exchange of skill-training experiences.The...The two ministers met on the sidelines of the 111th session of the International Labour Conference in Geneva and discussed deepening ties
Qatari minister while applauding Iran's role during the sanctions said Doha will never forget Tehran's support during the period of crisis
Türkiye’s first-ever female Central Bank Governor takes office
Ankara, Türkiye - Türkiye's newly appointed Central Bank Governor Hafize Gaye Erkan took office on Friday, becoming the first woman...Erkan, 41, holds a bachelor’s degree in industrial engineering from Istanbul's Bogazici and a doctorate in operations research and financial engineering at Princeton University
Erkan also completed two training programmes on management sciences at Harvard Business School and leadership at Stanford University
UAE and Cambodia to ramp up bilateral trade to US$1bn in five years
Phnom Penh, Cambodia-- The UAE and Cambodia have agreed to boost economic ties, expanding the bilateral non-oil trade from the...The two sides agreed that the Comprehensive Economic Partnership Agreement signed during the visit was the best means of achieving the economic ambitions
The UAE side explored opportunities to enter into partnerships with business executives from Cambodia's fast developing sectors like apparel and fintech
UAE national banks provide $99.9 bn credit to trade, industry in Q1 2023
Abu Dhabi, UAE - Credit financing provided by the UAE national banks to the trade and industry sectors grew 6.1...The statistics showed that the cumulative balance of credit provided by national banks to the two sectors amounted to $99.9 billion
According to the apex bank’s data, the cumulative balance of credit provided by national banks to the two sectors increased on a monthly basis by 0.1 percent
UAE and Japan look to boost ‘strategic’ relations with focus on energy
Tokyo, Japan-- The UAE and Japan have discussed ways to strengthen the strategic partnership with a sharp focus on the...The UAE's Foreign Minister Sheikh Abdullah bin Zayed met with Japan's Prime Minister Fumio Kishida in Japan and discussed ways to boost strategic partnership
The foreign minister pointed to the "pioneering example of strategic cooperation" that has gone on for more than 50 years between the two nations
UAE bank investments touch record high at US$149.35bn in March
Abu Dhabi, UAE--UAE's bank investments climbed to a record level, touching $149.35 billion by the end of March, the highest...According to CBUAE, the investments showed a year-on-year growth of 16 percent as against $129 billion in March 2022
The stock investments hit $3.26 billion in March, a jump of nearly 0.8 percent from around $3.21 billion in December 2022
KEZAD, Tubacex to build Middle East’s first OCTG-CRA manufacturing facility
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land...This would be the first such manufacturing facility in the Middle East and is expected to be operational towards the end of 2024.
By partnering with Tubacex Group, KEZAD aims to further increase the localization and resilience of supply chains.
Crypto exchange Binance halts US dollar deposits after action
WASHINGTON, US - The world's largest cryptocurrency exchange Binance said it was halting US dollar deposits and encouraged clients to withdraw...Binance is alleged to have permitted US residents to trade, even though the platform is not registered in the United States as a securities exchange.
Binance has criticized the govt's actions, saying that it will continue to vigorously defend ourselves and customers against the SEC attacks.
UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop...The government said it would return to 40 percent should average Brent North Sea oil fall to, or below, $71.40 per barrel for two quarters in a row.
Should prices remain above historical norms, the windfall tax would remain until October 2028 as previously announced.
