ABU DHABI / WAM The number US companies’ foreign branches operating in the UAE grew by around six percent from 2016 to 2018, reflecting the Emirates’ leading position as a centre of regional trade and economic activities. According to statistics from the Ministry of Economy, this number grew from 270 branches in 2016 to 286 by the end of 2018. …
Read More »ABU DHABI / WAM The UAE, Saudi Arabia, Bahrain, and Egypt have issued a joint statement rejecting the Turkish parliament’s passing of the motion earlier this week to allow a military intervention in Libya. Saudi Arabia’s Consultative Assembly issued the joint statement, along with the UAE’s Federal National Council, Egypt’s House of Representatives, and Bahrain’s Consultative Council, in light of …
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Bloomberg India’s economy is on track for its slowest growth since at least 2013, weighed down by a shadow banking crisis, weak investment and a slump in spending. Gross domestic product will grow 5% in the year through March 2020, the Statistics Ministry said in a statement in New Delhi on Tuesday. That is in line with the median estimate …
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Bloomberg Oil fell from a three-month high in London as traders waited to see whether the clash between the US and Iran would lead to a disruption in Middle East crude supplies. Brent futures retreated towards $68 a barrel after a two-day surge following a US airstrike that killed a top Iranian general pushed prices above $70 for the first …
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DUBAI / WAM Nordic tourists travelling to the GCC from Denmark, Norway, Sweden, Finland and Iceland, are expected to generate an estimated $810 million in travel and tourism revenue by 2024, according to data published ahead of the Arabian Travel Market (ATM, 2020). The latest Colliers International research, commissioned by ATM organiser Reed Travel Exhibitions, predicts the UAE will witness …
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Bloomberg Oil extended its gains, briefly surpassing $70 a barrel in London for the first time since September, as Middle East tensions flared after the US assassinated one of Iran’s most powerful generals. Futures rose as much as 3.1% on Monday as the US State Department warned of a “heightened risk†of missile attacks near energy facilities in Saudi Arabia. …
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DUBAI / WAM A recent report has noted that the value of the Internet of Medical Things (IoMT), for the Mena region is expected to increase to $9 billion by 2022. The report was released in the run-up to Arab Health, the Mena region’s largest exhibition for healthcare and trade professionals. The exhibition will showcase the role technology has on …
Read More »Bloomberg Gold surged to its highest since 2013 as rising tensions in the Middle East stoked demand for havens, with Goldman Sachs Group Inc. seeing more room to run. Palladium extended gains to a fresh record. Bullion neared $1,600 an ounce after Tehran said it would no longer abide by any limits on its enrichment of uranium following the killing …
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Bloomberg Boeing Co. fell in early trading on reports that the company is weighing a move to raise more debt following the grounding of its 737 Max and that the jetliner’s return to service could face further complications. While Boeing had about $20 billion in available funds at the end of the third quarter, costs stemming from the Max crisis …
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Abu Dhabi / WAM The Abu Dhabi Islamic Bank (ADIB), a leading financial institution, signed an agreement to provide an $80 million Shariah-compliant Ijara facility to the Oman Shipping Company SAOC (OSC), a member of the ASYAD Group, for the financing of two VLCC (Very Large Crude Carriers) tankers within the OSC group. The transaction represents the OSC’s first Sharia-based …
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