News

Bloomberg A slump in German business confidence deepened in June as trade tensions weighed on manufacturers. US-led protectionist thr-eats have clouded the growth outlook in Europe’s largest economy for mon-ths, contributing to a manufacturing slump and bo- osting fears that domestic demand will be undermined. European Central Bank President Mario Draghi last week said he’ll inject fresh monetary stimulus for ...

Bloomberg Iceland is preparing for a deeper recession this year amid dropping tourism arrivals and a disastrous fishing season, central bank Governor Mar Gudmundsson said. “We are prepared for the possibility of a deeper recession, and the numbers we are getting on tourist arrivals seem to indicate that that may happen,” Gudmundsson said in an interview on the sidelines of ...

Bloomberg The United Arab Emirates called for de-escalation and a political solution to the tensions gripping the Gulf region after US President Donald Trump abruptly called off a plan for airstrikes against Iran. “Tensions in the Gulf can only be addressed politically,” the UAE’s minister of state for foreign affairs, Anwar Gargash, said on Twitter on Sunday. Tensions are boiling ...

ABU DHABI / WAM The non-oil sector grew 1.6 percent in Q1-2019 on year, with economic growth hitting an annual growth rate of 2.2 percent driven by a robust government and private sector performance, according to Central Bank of UAE’s Quarterly Review. The real gross domestic product is projected to grow by 2 percent over the coming period, catalysed by ...

Bloomberg Investors in Gulf assets breathed a sigh of relief after US President Donald Trump showed restraint against Iran. Calling off airstrikes and opting for additional sanctions on Iran eases the risk of military combat between the Persian nation and its Arab neighbours, and will probably have a positive impact on GCC spreads, according to Arqaam Capital Ltd. “While GCC ...

Dubai / WAM The Dubai Multi Commodities Centre (DMCC) has welcomed 1,868 new companies to its free zone in 2018, marking a 12 percent growth compared to 2017. The construction of Uptown Dubai, DMCCs new district, is also well underway to accommodate the demand for additional space, DMCC announced. “We have established our position as the preferred free zone for ...

DUBAI / WAM The Dubai Electricity and Water Authority (Dewa), received a Swedish delegation, where they held meetings to expand cooperation and knowledge exchange in the sustainability, water and energy sectors. Saeed Mohammed Al Tayer, Dewa Managing Director and CEO, welcomed the high-level delegation from the Swedish Council for Trade and Investment, headed by Henrik Landerholm, Ambassador of Sweden to ...

ABU DHABI / WAM Al Ain City Municipality (ACM), and Abu Dhabi General Services Company (Musanada), have announced the opening of Al Aflaj (No. 115), Al Qasr (No. 118) and Al Ahlia (No. 166) intersections as well as Intersection No. 177 known as Rotana Intersection, in a move aimed at enhancing traffic flow and improving safety for users of the ...

ABU DHABI / WAM Expats’ remittances from the UAE amounted to AED38.41 bn during Q1-2019, according to figures released by the Central Bank of the United Arab Emirates. A total of AED25 bn thereof was transferred through money exchange companies and the rest from the banks operating in the country. India took home the crown as the top-receiving country for ...

Abu Dhabi / WAM The Zayed Sustainability Prize has announced a record 2,373 completed submissions for the 2020 awards. Following its 11th annual awards ceremony held in January, Prize entered a four-month submissions phase, which closed on May 30 with a record 13 percent increase in submissions over the previous year. Of the entries received, the breakdown across the Prize’s ...