DMCC witnesses 10 percent rise in US companies in 2023
DUBAI, UAE – DMCC successfully concluded its most recent Made for Trade Live tour of the US, hosting events in...Business Economy
Saudi Crown Prince says will work for Gulf unity and prosperity of its people
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Wednesday said he will make efforts to achieve the unity...Economy
ECB set to raise interest rate to tame runaway inflation
European Central Bank policymakers look set to hike interest rates again to tame runaway inflation amid a steep increase in...Eurozone inflation hit 9.1 percent in August, a record in the history of the single currency and well above the two-percent rate targeted by the ECB
Alongside its policy decisions, on Thursday ECB will also share an updated set of economic forecasts for the eurozone
Money transfer firms replace banks in crisis-hit Lebanon
Once the flagship of Lebanon's economy, the banking sector is now widely despised and avoided after banks barred depositors from...As Lebanon's deep crisis shows no sign of abating, money transfer agencies are filling the gap, also offering currency exchange
Lebanon has been battered by its worst-ever economic crisis since the financial sector went into meltdown in 2019
UNESCO recognizes Yanbu Industrial City as International Learning City
According to the Ministry of Education, the learning cities project is implemented in partnership between its Continuous Education Department and...According to the Ministry of Education, the learning cities project is implemented in partnership between its Continuous Education Department and Yanbu Royal Commission
The project, the Ministry of Education, said, aims to enhance inclusive longlife learning culture in the society
Recent floodings in UAE call for sustainable infra
It is a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick...It's a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick steps aren't taken to deal with heavy rainfalls, Dake Rechsand CEO tells TRENDS
'The existing greenscape and bluescape infrastructure are less suitable for handling excessive rain. Therefore, we are witnessing floods,' Chandra Dake adds
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.The decline was attributed to a 10 percent drop year-on-year (YoY) in local assets – which represent 74% of total assets – to $38 billion.
Investment funds are either open- or closed-end, with total assets of open-end funds at approximately SAR 159.7 billion ($42.5bn).
UAE approves code for education professionals
The UAE Ministry of Education has approved the Code of Conduct for professionals in the sector to set up clear,...The code of conduct will enhance an educator’s professional responsibilities
The code is a framework of the basic values and ethics that an educator must commit to.
Russia sanctions not working, says Italy far-right leader
The leader of Italy's far-right League party, Matteo Salvini, has sparked debate by saying that the unprecedented sanctions the West...Skyrocketing energy prices since the start of the war in Ukraine have wreaked economic pain on countries.
Someone in Europe has made a bad calculation. It is essential to rethink the strategy to save jobs and businesses, said Matteo Salvini, a far right leader in Italy.
Pure Health to invest US$500m
It will buy stake in a US healthcare firm Ardent.Ardent Health Services is the fourth largest private hospital operator in the United States with operations across six states.
Pure Health would receive board observer rights but would not have a seat on Ardent’s board of directors.
Saudi banks’ assets surpass UAE peers first time since 2007
Based on June data of Saudi and UAE central banks, the aggregate assets of Saudi banks (3.529.1 trillion) exceeded those...The Saudi banks’ assets broke the SAR 3 trillion-mark for the first time at the end of Feb 2021, the SAR 2 trillion-mark in Mar 2014 and the SAR 1 trillion-mark in Oct 2007.
Saudi banks’ assets in June made up almost 135 of real gross domestic product (GDP) of SAR 2.614.7 trillion – their highest level ever.
Qatar Central Bank issues treasury bills valued $164m for Sept
Doha--Qatar Central Bank (QCB) has issued treasury bills for September 2022 for three, six and nine months, with a value...The duration of the bills is three, six and nine months with interest rates ranging between 1.09 percent and 2.22 percent.
This issuance came as part of the Qatar Central Bank's monetary policy initiatives and its efforts to strengthen the financial system.
