European tourists make a beeline for Sharjah as 400,000 visit in 2023
Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase...Economy
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...Economy
EU unveils proposals to counter US green subsidy, China competition
The majority of the EU's response involves repackaging already existing funds, a stop-gap measure that has earned much criticism. German...The measures are a response to a landmark US spending bill last year that funnels $370 billion into subsidies for America's energy transition.
While countries like France support state aid expansion, others argue that would help only richer member states and fragment the single market.
Saudi insurance sector adopts International Financial Reporting Standard
The features of the new Standard include standardization of the accounting measurement models for insurance and reinsurance companies around the...The features of the new Standard include standardization of the accounting measurement models for insurance and reinsurance companies around the world
SAMA had committed to a seamless adoption of the IFRS 17 in Saudi Arabia, as a member of the G20, rolling out a transition plan in four phases in 2018
Jordan ranks fourth in combating corruption says anti-corruption watchdog
The index shows that Jordan scored 47 points and is ahead of 119 countries in combating corruption, including Malaysia, China,...The index shows that Jordan scored 47 points and is ahead of 119 countries in combating corruption, including Malaysia, China, Bahrain, Kuwait, Turkey and Egypt
Transparency International said that the anti-corruption index showed that little progress had been made in combating corruption with an increase in violence around the world
UAE’s national digital economy set to grow $140bn by 2031
The report outlines Dubai's digital economy startups and the emirate's position as a future digital capital.The report outlines Dubai's digital economy startups and the emirate's position as a future digital capital
The Dubai Chamber's plans include attracting 300 digital startups and 100 tech experts to Dubai by 2024
Lebanon set to adopt new official exchange rate: central bank source
The Lebanese pound has been officially pegged at 1,507 to the greenback since 1997, but its market value began to...The first change to the official rate in more than two decades comes as the currency was trading at 58,000 to the dollar on the street on Tuesday
Lebanon's finance ministry had announced last year that it would roll out the 15,000 official exchange rate in November, but the move was not implemented
New bank reforms reveal fraudulent dollar transactions: Iraq PM
Iraq's Prime Minister Mohammed Shia al-Sudani has said the country's new banking regulations have revealed fraudulent dollar transactions made from...An adviser to the PM had said that since mid-November, Iraqi banks wanting to access dollar reserves stored in the United States must make transfers using the electronic system
The adoption of the SWIFT system was supposed to allow for greater transparency, tackle money laundering and help to enforce international sanctions
Kuwait budget deficit could surge to $16 bn, oil revenues fall by 19.5%
Spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and...The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April.
Revenues -- 88 percent of which come from oil -- are projected at around $63.8 billion, a 16.9 percent drop.
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.The huge profits by oil companies have sparked pushback from governments.
In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
World’s largest wealth fund lost record $164 billion in 2022
"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global...The fund has shares in more than 9,000 companies in nearly 70 countries, including Apple, Microsoft and Alphabet, the parent company of Google.
At the end of 2022, the value of the fund, which is financed by taxes paid by the nation's oil and gas industry, still amounted to a whopping 12.43 trillion kroner.
UniCredit 2022 net profit at $7bn
Bank said it would pay out US$5.6 billion to shareholders.The news sent the bank's share prices zooming more than eight percent higher in morning trading.
The European Central Bank has been lifting interest rates since last year to tackle inflation and tame consumer price growth.
