World Bank announces Lebanon, Syria reconstruction projects
Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and a $146 million grant to rehabilitate neighboring Syria's electricity sector. Lebanon is reeling from last year's devastating war between Israel and Iran-backed Hezbollah, while Syria faces massive needs after Islamist-led...
‘UAE outpaces major nations in human development’
“These efforts ensure sustainable development across all sectors, promising a bright future for generations to come,” he adds, referring to the 2023-24 Human Development Index report by the United Nations Development Programme in which the United Arab Emirates topped the regional countries.
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further.In this connection, Jasem Mohamed Albudaiwi, Secretary General of GCC, and Dr. Omer Bolat, Minister of Trade of Turkey, signed a joint statement to initiate negotiations between the GCC and Turkey.Albudaiwi said...
Italy’s Enel doubles net profit
Its net profit spiked to US$3.7 billion in 2023.
IMF chief urges countries to strengthen independence of central banks
"Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates for fear of causing a financial meltdown," she added.
COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would cut their own emissions in line with limiting global warming to 1.5 degrees Celsius.Nations have been under pressure to keep this warming limit alive by pledging to accelerate their efforts...Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December 2023, marking a monthly growth of 0.3%, according to data from the General Authority for Statistics (GASTAT).The sub-index for mining and quarrying activity, which accounts for 61.4% of the index...Reddit to make trading debut on NYSE
It comes amid a slowdown in the tech sector IPOs.
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning its monetary policy closely with that of the US Federal Reserve. In Qatar, the Central Bank has also decided to keep its deposit, lending, and repo rates unchanged at 5.75%,...Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in the Gaza Strip", where the Israel's war has raged for more than five months. The funding will provide food for more than 250,000 people and tents for 20,000 families.Cash-strapped Pakistan gets draft approval for $1.1 bn IMF payout
Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout deal, the global lender said Wednesday, giving much-needed respite to the South Asian nation.Last summer, cash-strapped Pakistan sketched a $3 billion deal with the IMF as it battled a balance-of-payments...Google hit by US$272m fine in France
It breached an agreement on terms for paying media firms.GCC and EU hold talks to boost economic, political ties
Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance relations between the two blocs.In this connection, Jasem Mohamed Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), today held a discussion session with members of the European Union (EU) Political...
UK inflation slows to lowest level since September 2021
ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this year, compared to a large rise last year". On a monthly basis, CPI rose 0.6 percent last month compared with a rise of 1.1 percent in February 2023, the ONS...
ADX partners with Eureeca
The collaboration will bolster accessibility to ADX IPOs.
Oman issues Treasury Bills worth US$181m this week
MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to US$181 million (RO 70 million) this week.According to the Oman News Agency (ONA), the value of the allotted Treasury Bills amounted to US$12.9 million (RO 5 million) for a maturity...
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds of financial fraud, a subsidiary of the company said on Monday.Heavily indebted Evergrande has become a potent symbol of the years-long crisis in China's property market, a crucial pillar of...Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st meeting of DSCE, which was held virtually.The Council reviewed updates of the demand side management strategy for 2030 and 2050, which set well-studied goals to reduce water and electricity consumption...World Bank plans $6 billion in financial assistance for Egypt
The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including mobilization) – subject to Board approval," it added. Egypt, the Arab world's most populous nation, is in dire need of financial help as it weathers a severe economic crisis marked...
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in Dammam, connecting the Kingdom to Southeast Asia and India, Saudi Ports Authority (Mawani) announced.This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime sector,...Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in France to launch a student exchange programme between Bahrain and France aimed at bolstering academic and cultural ties between the two countries.This initiative affirms the joint commitment to strengthen educational...
Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. The deals have been labelled as Iran's "biggest oil contracts in the past decade" that are aimed to add 350,000 barrels per day to the Islamic republic's daily production.
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.US Fed to provide fresh clues on rate cuts after uptick in inflation
The Fed has raised interest rates to a 23-year high of between 5.25 and 5.50% as it looks to return inflation firmly to its long-term target of 2%. After making significant progress against rising prices last year, 2024 has been more challenging, with the US seeing a small uptick in...Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.US sanctions network smuggling American tech to Iran’s central bank
US Treasury sanctioned a number of alleged ISC subsidiaries and front companies based in Turkey and the United Arab Emirates, and three individuals allegedly linked to them including Pouria Mirdamadi, a French-Iranian dual national. "The United States will continue to use all available means to disrupt the Iranian regime's illicit...S&P affirms Saudi Arabia’s A/A-1 credit rating
Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit ratings of Saudi Arabia at 'A/A-1' with stable outlook. The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom's economic and...
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of the country's real GDP in 2023 – the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning.This...Eyes on Bank of Japan as unions announce big wage hikes
Tokyo, Japan -- Japan's largest trade union said Friday it had secured the highest wage hikes since 1991 in preliminary data that stokes speculation the central bank will finally shift away from its outlier ultra-loose monetary policy.The Rengo union said that in spring wage talks so far, its members had secured...
Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.Nissan, Honda in tie-up for EVs
The alliance will take on China's dominant EV makers.
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in the same period of 2023.According to the Dubai Tourism Performance Report for January issued by the Dubai's Department of Economy and Tourism, Western Europe ranked first in terms of source...
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General Authority for Statistics (GASTAT). The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier. Inflation is measured...
Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said that there were 129 real estate valuation transactions in the emirate in February, valued at around US$195 million (AED718 million).He highlighted the ongoing momentum in Ajman's real estate market, citing...UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment between the two nations. The agreement was signed in the Hungarian capital Budapest by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Péter...ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place on 9-10th December 2024 in the Abu Dhabi National Exhibition Centre (ADNEC Centre Abu Dhabi).Co-organised by Capital Events, the event management arm of ADNEC Group, and BTC Inc., the parent...
Volkswagen profit up
It delivered some 9.2 million cars to customers in 2023.Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing...UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023.J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for them...
US consumer inflation in Feb up as Federal Reserve mulls rate cut
The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core" measure stripping out volatile food and energy prices edged down slightly to 3.8 percent.Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking...
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London.The growth is attributed to the increase in investments in...Ford to pay US$365m in US tariff fraud case
It will settle a civil suit linked to the disguising of imported vans.Chinese leaders seek ways to boost economy in key event
Beijing, China - China's leaders on Monday wrapped up a week-long key conclave at which they admitted more was needed to revive a sluggish economy battered by an ailing housing market, poor domestic demand and record-high youth unemployment.Top officials have been upfront about the myriad challenges China is facing, admitting that...Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There's been a significant increase in Indian businesses setting up there, with 28 percent more new companies in 2023 compared to the previous year.This resulted in over 190 new...UAE and Greece hold talks to widen economic cooperation
Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues to deepen the cooperation between the two countries.In this connection, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, held several bilateral meetings with...United Arab Bank elects new chairman
Sheikh Mohammed bin Faisal will now lead the bank.Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products worth US$5.5 billion to over 130 countries during the first eleven months of the year.Rouhollah Latifi, the spokesperson for the Trade Development Commission at the Iranian Ministry of Industry, Mine,...GASTAT adopts chain-linking method to calculate Saudi Arabia’s real GDP
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that it has adopted the chain-linking methodology to calculate the real GDP in the country.The Q4 2023 results and the annual results for the same year have been reached at by...Aramco profit down in 2023
The oil giant posted a 24.7% fall in net profit to US$121.25bn.
