Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...Economy
China sets ambitious 5 percent growth target for 2024
Premier Li Qiang formally announced the growth objective, alongside the overall budget and key government policies for 2024, at China's...Economy
Strong demand seen for first 2023 auction of UAE treasury bonds
Abu Dhabi, UAE-- The first auction of the UAE treasury bond program in 2023 has been oversubscribed by 6.2 times,...In 2022, the Ministry of Finance, the issuer, had issued bonds totaling AED 9 billion across tenors of two years, three years and five years.
The auction has been oversubscribed by 6.2 times, receiving bids worth $1.76 billion.
UBS Q4 net profit at US$1.7bn
Net profits at the banking giant rose 23% in Q4 of 2022.For the full year 2022, UBS meanwhile saw its net profit inch up to $7.6 billion from $7.5 billion a year earlier.
As revenues generated by global markets dwindled, UBS's investment bank saw revenues shrink 24 percent in the fourth quarter.
IMF lifts 2023 growth forecast with boost from China reopening
While China's easing of coronavirus restrictions paves the way for a faster-than-expected recovery, the rise in central bank rates to...The global financial body expects the world economy to expand 2.9 percent this year, slowing from 2022 to a rate that remains weak by historical standards
The fund now sees Germany and Italy avoiding recessions, as European growth proved "more resilient than expected" despite war in Ukraine
China’s general public budget revenue tops $3.01 trillion in 2022
General public budget revenue grew 9.1 percent from 2021, excluding the impact of value-added tax credit refunds, according to the...General public budget revenue grew 9.1 percent from 2021, excluding the impact of value-added tax credit refunds, according to the Ministry of Finance
Monday's data also shows that the country's general public budget spending expanded 6.1 percent year-on-year to 26.06 trillion yuan in 2022
European demand for US natural gas leads to investment boom
Production of the fuel reached 3.1 trillion cubic feet for the month of October, according to the most recently available...The industry has been in growth mode since the summer of 2021 when Russia began trimming shipments to Europe, according to Steven Miles
In recent years, some 14 new liquefaction terminals have been approved in US, with the first set to begin operating in 2024
Iran, Russia link banking systems amid western sanctions
Linking of banking system with Russia is seen as an attempt by both the countries to get around the US...Linking of banking system with Russia is seen as an attempt by both the countries to get around the US economic sanctions
Iran's top authority, Supreme Leader Ali Khamenei, said on Monday that the country faced "a tangible welfare and livelihood problem."
China manufacturing activity rebounds in January
The world's second-largest economy is roaring back to life after Beijing's decision last month to abruptly drop its strict zero-Covid...The International Monetary Fund on Monday upgraded its forecast for China's 2023 gross domestic product (GDP) to 5.2 percent, citing Beijing's decision to fully reopen
China's economy grew just three percent last year - its slowest pace in four decades excluding pandemic-hit 2020 - as Covid lockdowns and the property market crisis hampered growth
‘Saudi to invest US$266bn in cleaner energy’
Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's...Despite its goal of achieving net zero carbon emissions by 2060, Saudi Arabia remains hugely dependent on crude oil exports.
The Saudi minister said the Kingdom is determined to be the leading exporter of clean hydrogen.
Abu Dhabi Global Market receives French delegation
ABU DHABI, UAE - Abu Dhabi Global Market (ADGM) Monday received a French delegation to strengthen bilateral relations through dialogues...ADGM is home to an increasing number of French companies including renowned anchor tenants such as BNP Paribas Group.
Dialogues were exchanged through an open platform discussion along with closed-door sessions and roundtables.
ADIB net profit in 2022 is $985m
ADIB's revenue increased by 23% to US$1.8 billion in 2022.ADIB reported a 60 percent growth in the fourth quarter of 2022 with a net profit of US$326 million.
The bank's revenue in 2022 was driven by a 43 percent increase in fees and commissions and a 24 percent growth in funded income.
