Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...Business Economy Tech & Media
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....Economy
Qatar Airways boss skeptical on aviation industry’s 2050 net zero target
DOHA, QATAR - Qatar Airways' chief executive on Tuesday doused hopes that the aviation industry can become carbon neutral by 2050,...Not enough sustainable aviation fuel is being produced, and technological hurdles remain to using hydrogen as a replacement.
In 2021, the International Air Transport Association's member airlines committed to achieving net zero carbon emissions by 2050.
Month after predicting contraction, IMF expects UK economy to grow
The IMF said the 2023 upgrade reflected "higher-than-expected resilience" in both demand and supply, alongside improved confidence in reduced post-Brexit...Britain's economy is now predicted to expand by 0.4 percent, the International Monetary Fund said in its latest outlook document which partly cited weaker energy prices.
The news comes after the BoE forecast earlier this month that the UK economy would avoid recession this year despite the country's annual inflation stuck above 10 percent.
UK Business Secretary to visit Gulf countries to boost trade ties
LONDON, UK - British Business and Trade Secretary Kemi Badenoch will hold talks for a modern, comprehensive trade deal as...British Business and Trade Secretary said, "We already have a strong trade and investment relationship with the Gulf nations."
She said, "The GCC represents an enormous opportunity for UK firms, whether it’s selling brilliant British food and drink products."
SCCI discusses trade with Guatemalan, Indonesian delegations
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has discussed strengthening trade and economic ties with diplomatic...The discussions focused on amplifying bilateral relations in industry, agriculture, food security, livestock and broadening trade exchanges.
SCCI invited Indonesian businessmen to visit Sharjah to see the progress on existing projects and experience the facilities the emirate offers.
Iran, Indonesia sign trade agreement during Raisi visit
Indonesia and Iran signed a trade agreement in Jakarta where President Joko Widodo hosted his Iranian counterpart Ebrahim Raisi. Tehran...Under the pact, Iran will provide easier access for Indonesian exports including vegetable oil, cocoa, coffee and tobacco.
Jakarta would lower tariffs on Iranian exports to Indonesia, including oil and its derivative products, minerals, chemicals and iron.
Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three...“I keep advising them that they will be ouching — they did ouch in April,” Prince Abdulaziz bin Salman said. “I would just tell them: Watch out!”
Prince Salman said that a future source of energy cannot be tackled amid foggy vision. He had called OPEC+ to stick to its Oct 2022 agreement.
Biden-McCarthy ‘productive’ debt ceiling talks fail to uplift markets
After their latest get-together on Monday, the Republican Speaker said: "I felt we had a productive discussion. We don't have...With just weeks to go before the United States runs out of cash, the standoff has become the key topic on trading floors
Months of negotiations have failed to break the deadlock and lift the borrowing limit from the current $31.8 trillion
CBUAE ‘removes’ board of directors of insurance company
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating...The bank did not divulge details on the identity of the insurance company or what led to the removal of the board of directors
It only added that "this administrative sanction is imposed in accordance with Article 41 of the Federal Law No. 6 of 2007"
Oil, non-oil sectors may hurt UAE’s growth prospects
OPEC-agreed oil output cuts, non-oil sector slowdown due to higher rates, and weaker external demand may act as potential setbacks...OPEC-agreed oil output cuts, non-oil sector slowdown due to higher interest rates, and weaker external demand may act as potential setbacks for UAE's economy this year
The UAE's real GDP growth rate might drop to 3 percent in 2023, a sharp decrease from the robust 7.6 percent in 2022, predicts the latest forecast by GlobalData
Iran, Indonesia to sign preferential trade agreement to boost trade
Tehran, Iran-- Less than a year after signing a preferential trade agreement (PTA) with the UAE, Indonesia will sign a...According to Indonesia's trade ministry, the treaty will lead to improvement in trade ties and scale up the trade-transaction value between the two countries
As per the PTA, products such as vegetable oil, cocoa, coffee, tea, spices, fruits, vegetables, and fish from Indonesia that are popular in Iran will be given preference
