‘Saudi Arabia leads its regional peers in construction growth’
The burgeoning construction sector in Saudi Arabia is fostering the expansion of its talent pool and consolidating its regional leadership,...Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...Business Economy Energy Geostrategy Global Uncategorized
Dubai set to welcome 18m tourists in 2023
Dubai, UAE - After welcoming 14.36 million visitors in 2022, a 97 percent Year-over-Year (Y0Y) growth when compared to 7.28...Tourists have visited the UAE at an increased rate and Dubai has drawn most of them
The city alone welcomed six million tourists in the first four months of this year
Most markets rise on hopes for US Federal Reserve rate pause
Expectations the Fed will stand pat next week -- for the first time since starting its hiking cycle last year...But news of a forecast-busting jump in jobless claims for last week -- to the highest since October 2021 -- cemented the belief officials will pause until next month.
All three main US indexes ended higher, with the S&P 500 entering a bull market after rising more than 20 percent from its October low.
Days after being re-elected, Turkey’s Erdogan appoints new central bank governor
Hafize Gaye Erkan -- whose appointment was published in the official gazette on Friday -- has taken over the post...Erkan, a former co-CEO First Republic Bank and managing director at Goldman Sachs, will be the first woman to head the central bank
Turkish president unveiled a new cabinet on Saturday appointing Mehmet Simsek, a former Merrill Lynch economist, as finance minister
UAE Fund Transfer System processes $1.06 trn in Q1 2023
Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more...Statistics showed that bank transfers and customer transfers conducted in the period under review stood at $674.32 billion and $329.90 billion respectively
Statistics also noted that March was the busiest month with dirham-denominated transfers standing at $397.82 billion
Swiss Parliament to examine UBS’ Credit Suisse takeover
Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission...The commission will examine "the legality, opportunity and effectiveness of the activities" of the Swiss authorities in the takeover.
The commission will be composed of 14 lawmakers - seven from each house of parliament - with all major parties represented.
Dubai International Chamber launches International Partners Network
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has launched the International...The International Partners Network will be focused on updating stakeholders on the chamber's attraction and expansion plans.
The network supports the Chamber's strategic objectives of attracting 100 SMEs, 30 MNCs, expand100 Dubai-based companies by end of 2024.
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.
Eurozone in recession after two successive quarters of shrinking GDP
The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second...The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
ADNOC L&S secures big contract
It won US$975mn artificial island construction contract.The company, a fully integrated energy logistics services provider, sees the contract a big milestone in its strategy to pursue new growth opportunities
The company CEO said that the construction of artificial island "G" illustrates ADNOC L&S strategy to tap into new growth areas, exemplifying its range of services
Sharjah and Uzbekistan explore investments in tourism, education sectors
Sharjah, UAE-- Sharjah and Uzbekistan are looking to ramp up cooperation in trade and pour investments in sectors such as...The meeting between the two sides explored prospects for cooperation in trade and investment in key sectors like education, research and tourism
Sheikh Majid Al Qassimi, director of DGR, said that ties between Sharjah and Uzbekistan open the window for both parties to broaden the scope of our partnerships
