UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...Economy
Bitcoin close to record as cautious markets eye US election
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has...Economy
Moody’s downgrades US debt rating outlook to negative
Moody's is the only major agency to maintain its rating for US sovereign debt at its highest level -- underscoring...The US budget deficit, published last month for the 2023 fiscal year ending September 30, has widened to $1.7 trillion
Due to interest rate hikes by the US central bank to curb inflation, the cost of debt for the United States has ballooned
Gaza health system has reached point of no return, says ICRC
The Red Cross called for medical facilities and workers in war-ravaged Gaza to be protected, warning the health system there...Medical facilities and personnel across Gaza have repeatedly come under attack since Israel's war with Hamas erupted just over a month ago.
Such attacks have dealt "a heavy blow to the healthcare system in Gaza, ICRC said.
TASI-listed firms report an aggregate net profit of $48.1bn in Q3 Â Â
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.
OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...The project includes the rehabilitation of school facilities and a quality enhancement of the technical vocational education program.
It is aligned with a government program to tackle youth unemployment and reduce the size of the informal sector.
AI safety & innovation: Key focus of UAE-Spain tie-up
“I have been looking very carefully and intensely at the UAE’s strategy on AI, and it resonates a lot with...UAE's artificial intelligence strategy is driving economic growth and establishing it as a global talent hub.
Collaboration between Spain and ADIA Lab in Abu Dhabi focuses on knowledge and talent exchange.
Dubai govt approves incentives to boost emirate’s economy
Dubai, UAE – Dubai government on Thursday approved several initiatives to stimulate the industrial sector in the emirate besides announcing...The initiatives to boost industrial sector is in line with the goals of the Dubai Economic Agenda D33 and aims to increase manufacturing value added (MAV) by 15.79 billion
The Executive Council has extended its single-use bags reduction policy to encompass more plastic materials as part of the phasing out of single-use plastics by 2026
Gaza unrest poses risk to oil markets, global growth
Middle East tensions likely to spur a mild global recession, with oil potentially hitting $120-$150 per barrel, says a latest...Middle East tensions likely to spur a mild global recession, with oil potentially hitting $120-$150 per barrel, says a latest report by Oxford Economics.
The report predicts a quick rebound in equity markets post-conflict dip, while urging policymakers to ready economic safeguards and call for peace.
Al Ansari 9M profit US$105m
The operating income of the group rose to US$234 million.Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
The second payment of the dividend of an equivalent amount will be disbursed in April 2024.
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...The IPI measures the relative change and reflects the production quantities of materials and goods.
Data issued by the General Authority for Statistics showed that Saudi IPI fell to 122.99 points in September.
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.
