WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...Economy
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle.The sukuk are offered to qualified investors...Business Banking & Finance Economy Markets
Saudi real GDP grows by 8.6 percent in Q3: Ministry of Economy
An economic report issued by the MEP---the ministry will publish such reports quarterly on domestic and global economic updates---real non-oil...Manufacturing, wholesale, retail trade, restaurants and hotels, construction and transport were among the key contributors to the kingdom’s non-oil GDP growth in Q3.
The ministry said that “despite persistent supply-chain bottlenecks clogging up global trade”, the kingdom’s trade balance climbed by 87 percent to SAR 72 billion ($19.15 billion)
Jordan’s King meets Russian minister, urges stability in southern Syria
AMMAN, JORDAN - Jordan's King Abdullah received Russian Foreign Minister Sergey Lavrov in Amman on Thursday and stressed the importance...King Abdullah stressed on the need to activate efforts to reach a political solution to the crisis in Syria.
The King emphasized on safeguarding Syria's unity and territorial integrity.
Telefonica Q3 profit at $450m
Q3 revenue was up 11.6 percent at US$10.11 billion.The company said the results make it possible to confirm its financial targets for 2022, which it raised during the previous quarter.
Telefonica said that it expects its core earnings growth to be "mid-to-high-end of the low single digit".
Iraq landslide disaster throws spotlight on informal shrines
Hundreds of smaller shrines opened up in Iraq -- many outside the purview of the religious authorities, which are often...Iraq's Waqf, the body in charge of managing Shiite mosques, tombs and other places of worship, reports that only 135 out of Iraq's 664 known sanctuaries are formally registered
Most such sites are dedicated to relatives or descendants of Imam Ali, the son-in-law of the Prophet Mohammed and the founder of the Shiite strand of Islam
Solar power, farming revive Tunisia school as social enterprise
Hamadi started a decade ago by gathering donations to buy 50 solar water heaters and 140 photovoltaic panels.Hamadi started a decade ago by gathering donations to buy 50 solar water heaters and 140 photovoltaic panels
Chayeb, a farmer, said the Makthar model had helped his family and given his children better school meals and business skills
German industries explore investment opportunities in UAE
Some of Germany’s leading industrial companies participated in a roundtable event hosted by the UAE Ministry of Industry and Advanced...From the UAE side, representatives from ADNOC, Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, and TAZIZ were present.
The delegates also discussed the future of supply chain opportunities in a post-pandemic world.
Saudi Arabia’s first electric vehicle brand Ceer launched by Crown Prince
Ceer will design, manufacture and sell a range of vehicles in Saudi Arabia and the MENA region, including sedans and...Ceer is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034, the PIF said. Ceer vehicles are scheduled to be available in 2025.
Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards.
Europe could face gas shortage next year, says IEA
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake...IEA Executive Director Fatih Birol said he would hold talks on Friday with several European governments.
He said that Europe needs to take immediate action to avoid risks of natural gas shortage next year.
UAE, Indonesia to cooperate in energy sector
UAE and Indonesia have signed a Declaration of Intent to boost economic and social development between the two countries and...The declaration was signed between the UAE Ministry of Energy and Infrastructure and the Indonesian Ministry of Energy and Mineral Resources.
It was signed during a joint meeting between the two countries at the Abu Dhabi International Petroleum Exhibition Conference ‘ADIPEC 2022.
ING Q3 profit at US$958m
Bank announced a share buyback of US$1.4 billion.The bank said its Polish unit took a US$334 million hit from new regulations allowing borrowers to suspend mortgage loan payments.
ING said that it benefited from higher interest rates, which central banks have been hiking aggressively in efforts to tame inflation.
