EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...Business Economy Energy Global
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...Banking & Finance Economy
MENA startups show resilience despite challenges
While 67 deals totaling $247 million in funding were reported in March 2023, the total capital raised in Q1 2023...While 67 deals totaling $247 million in funding were reported in March 2023, the capital raised in Q1 2023 surpassed $1.1bn, marking a 17% rise over the last quarter
The financial technology industry emerged as the most attractive sector, receiving 73% of venture capital activity, highlights Wamda's March report
Abu Dhabi Festival celebrates 20 years with record number of visitors
Abu Dhabi, UAE— More than 20,000 people visited the 20th edition of Abu Dhabi Festival in the first twenty days...Over 20,000 visitors attended the festival in March that saw nine performances by different artists, composers, and musicians
The local Emirati singer and rising star Rashed Al Nuaimi gave a performance during the festival’s opening night
US consumer confidence falls ahead of Federal Reserve decision
US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55...The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement.
New home sales in the United States defied expectations to hit a one-year high in March, the Commerce Department said.
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
DEWA, RTA ink deal to sponsor Green Economy Summit
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has signed a sponsorship agreement with the Roads and Transport Authority...RTA will be the Platinum Sponsor of the World Green Economy Summit for three sessions from 2023-2025.
The World Green Economy Summit plays a fundamental role in supporting the UAE’s outstanding efforts in climate action, said DEWA chief.
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.Novartis said that its operating profit would likely increase in the high single-digits this year.
The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Iran claims foreign demand for its military equipment has gone up
Tehran, Iran— Claiming that Iran has received numerous “requests” from different countries for purchase of its defense equipment and cooperation,...Iran could not purchase weapons from outside because of the Western sanctions, but today it can produce them on its own
The Islamic Republic has succeeded in keeping the country’s military and commercial jets airborne in spite of the sanctions
UAE to invest US$160bn in new economy sectors in next 30 years
London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the...The country began financing clean energy projects more than 15 years ago, and has made investments to the tune of $40 billion
The UAE is seeking to lure $136 billion in foreign direct investment in the new economy sectors by 2030, the minister of economy said
ADB operations cross $20bn
Financial results were published in ADB’s Annual Report 2022.The $20.5 billion comprised loans and guarantees, grants, and equity investments provided to governments and the private sector
The bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors
Private sector sees 13% increase in Emirati workers
More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis...More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis employed in the private sector to over 66,000
Trends point to a positive job market outlook as employment experts predict an average increase of 2-5 percent in employee salaries in 2023, varying by sector and role
