S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms
Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross domestic product (GDP) to stand at 3.5 percent in 2023, rising to 3.9 percent in 2024.In a statement to the Emirates News Agency (WAM), Bolliger shared the bank's positive outlook...
Gulf Union Alahlia Q1 profit $7.5m
Results were due to a fall in insurance services expenses.
Nvidia crosses $1trn in market value on Wall Street
Chip company Nvidia exceeded $1 trillion in market value as Wall Street stocks mostly rose, following an agreement between President Joe Biden and Republican House Speaker Kevin McCarthy to avoid a US debt default. All three major indices rose, while Nvidia jumped over seven percent on its role in artificial...
Stocks jump, dollar falls as Federal Reserve seen curbing rate rises soon
Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong earnings. The dollar hit a year-low against the euro after official data this week showed high inflation slowing in the United States, fanning hopes the Federal Reserve would soon stop...
Markets mixed as investors digest ECB hike, US data
Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of sky-high inflation and the US economy posted positive figures. The European Central Bank rolled out another increase of 75 basis points, despite growing concern the eurozone is hurtling towards a...
ECB rate could turn positive by year’s end: France
ECB interest rates could be back in positive territory by year's end, the head of the French central bank said Friday, as soaring inflation puts pressure on policymakers. Record inflation in the eurozone has increased calls for the ECB to draw a line under its stimulus and follow other central...
Iran terms latest talks with Saudi Arabia as ‘positive’
Iran said Monday that the latest round of talks with Saudi Arabia was "positive and serious" and voiced hope for further progress soon. Tehran and Riyadh, which severed diplomatic ties in 2016, held four rounds of talks in Iraq between April and September last year, with a fifth meeting last...
S&P gives Saudi economy positive rating after recovery
S&P has revised its outlook for Saudi Arabia from a stable to positive in the light of the recovery of the kingdom's economy from the pandemic, driven by higher oil prices.Iran FM tests positive for Covid at a key time for nuclear talks
Iran's foreign minister has tested positive for Covid, local media reported, at a key moment in diplomatic efforts to revive a nuclear agreement with major powers.
Dubai’s consumer confidence index jumps to 10-year high
Dubai’s consumer confidence index rose to its highest level in a decade during the third quarter of 2021, the Dubai Economy reported on Sunday.
S&P revises Oman’s credit rating to positive on the back of fiscal improvement
S&P has revised up Oman’s credit outlook to positive from stable on the expectation that the sultanate’s reform program will limit increases in government debt in the coming years.
Six die in UAE from Covid-19, 1,537 test positive
The country's Ministry of Health and Prevention aims to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment.
Two die from Covid-19 as UAE reports 1,539 new cases
The country's Health Ministry says it has conducted a total of 296,686 additional COVID-19 tests using state-of-the-art medical testing equipment since Monday.
