Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...Business Economy
UAE economy to grow 5.7% in 2024 in spite of global challenges
Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including...Economy
A year on, Iran’s Raisi faces economy in trouble
Having pledged to help especially the poor, the ultraconservative cleric now faces runaway consumer prices that have sparked protests.Having pledged to help especially the poor, the ultraconservative cleric now faces runaway consumer prices that have sparked protests
Raisi was elected in June last year in a ballot for which less than half of voters turned up, after his major rivals had been disqualified by electoral bodies
UAE plays pivotal role in securing global energy supplies: OPEC Secretary-General
Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in...Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in line with OPEC's long-term strategy
He said that December 2022 will mark six years since the conclusion of the OPEC+ agreement, of which the UAE is a pivotal part
Egyptian pound plunges to near all-time low as inflation surge
In late March, inflation-hit Egypt also devalued its currency, which lost around 18 percent of its value overnight.Egypt's currency has not fallen so sharply since December 2016 when it hit 19.3 to the US greenback after a drastic devaluation.
With its food security under mounting pressure, Egypt in June said it would receive $500 million in financing from the World Bank.
Panel to steer development of digital ecosystem in UAE formed
The United Arab Emirates has formed a committee that aims to supervise and guide the development of the digital ecosystem...The committee will also enhance readiness, competitiveness, flexibility and digital alignment between projects and digital systems in federal government agencies.
Ohood Khalfan Al Roumi, Minister of State for Government Development and The Future, will chair the committee.
HSBC H1 pre-tax profit falls
Pre-tax earnings sank 15 percent to $9.2 billion.Executives are expected to field questions about a restructuring bid from its biggest shareholder Ping An Insurance Group.
The bank rebuffed calls to spin off its Asian activities on the eve of a shareholder meet
UAE gross banks’ assets $936 billion at the end of May 2022
UAE’s central bank said Monday that gross banks’ assets, including bankers’ acceptances, rose to AED3.44 trillion ($936 billion) at the...The CBUAE said the gross credit grew by 2.6 percent, rising from AED1.81 trillion at the end of April 2022 to AED1.86 trillion at the end of May 2022.
Gross Credit rose due to 3 percent increase in Domestic Credit, overriding the 0.1 percent reduction in Foreign Credit.
Over 20K investor accounts join DFM in first 7 months of 2022
Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022. The market...Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022
The market witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental firms
Algeria eyeing entry into Russia-linked BRICS group
Algerian President Abdelmadjid Tebboune has suggested that his country, Africa's largest natural gas exporter, could join the BRICS economic group...Tebboune's comment of joining BRICS came after Russian President called on BRICS leaders to move towards "formation of a multipolar system of inter-government relations"
The President participated in a BRICS virtual summit at the end of June, when Putin called on leaders of the group to cooperate in the face of "selfish actions" from the West
US envoy pushes Lebanon-Israel talks over maritime dispute
US envoy Amos Hochstein arrived in Beirut Sunday to push talks to resolve a bitter maritime border dispute between Lebanon...Hochstein met with Lebanon's Energy Minister Walid Fayad on Sunday, and is scheduled to meet with President Michel Aoun and prime minister Najib Mikati the following day
The maritime border dispute between Lebanon and Israel escalated in early June, after Israel moved a production vessel to the Karish offshore field, partly claimed by Lebanon
Qatar launches ‘Qatar Host’ tourism training programme
The initiative is part of the Service Excellence Programme, which builds on Qatar Tourism’s strategy, to enhance the visitor experience...The initiative is part of the Service Excellence Programme, which builds on Qatar Tourism’s strategy, to enhance the visitor experience at every touchpoint along their journey
The programme involves a multi-pronged approach to ensure a seamless customer journey. In collaboration with stakeholders
