News

  Reuters Growth in Saudi Arabia’s non-oil gross domestic product is expected to slow to 2.8 percent in 2016 from 3.4 percent in 2015, Saudi central bank governor Ahmed al-Kholifey told state television station Ekhbariya. Kholifey, speaking in an interview broadcast late on Saturday, was responding to a question about Saudi monetary policy and economic growth given global financial market ...

  Bloomberg Rosneft PJSC, the world’s largest publicly traded crude producer, agreed to sell a stake in a key unit to China as Russian President Vladimir Putin seeks to bolster energy ties with Asia. The state-run company committed to negotiating the sale of 20 percent of its Verkhnechonsk unit to Beijing Enterprises Group Co., Rosneft said in a statement. The ...

  London / AFP Will Brexit threaten London’s long-booming economy? The British capital fears investors and bankers could flee the city after the shock nationwide vote, threatening its coveted reputation as a global financial hub. Some 60 percent of Londoners voted to stay in the EU in Thursday’s historic referendum, but the rest of the country cast their ballots overwhelmingly to ...

  Bloomberg Jonathan Hill, sent to Brussels by U.K. Prime Minister David Cameron less than two years ago, resigned as the European Union’s financial-services chief in the wake of Britain’s vote to secede from the bloc. “As we move to a new phase, I don’t believe it is right that I should carry on as the British commissioner as though ...

  Paris / AFP Business groups in France and Germany on Sunday said EU nations should respond to Britain’s decision to quit the bloc by working even more closely together to limit the “turbulence” caused by the Brexit shock. In an joint appeal published in the French Journal du Dimanche, the heads of Germany’s powerful BDI and BDA industry groups and ...

  Rennes, France / AFP A surge in milk production since the EU lifted milk quotas has skimmed profits for dairy farmers, leaving them sour as authorities struggle to get to grips with the crisis. Last year the European Union finally got rid of its three-decade old milk production quotas that it had imposed to eliminate the milk lakes and butter ...

  ABU DHABI / WAM The Central Bank of the UAE stated that due to limited interconnectedness between the UAE and the UK financial systems, there are only few channels through which uncertainty about future UK and EU relations could affect the UAE financial institutions. Banks based in the UAE do not depend on foreign interbank markets to fund their ...

  Abu Dhabi / Emirates Business The UAE can achieve a whole new level of excellence and prosperity by making innovation a highlight of its strategic direction in a post-oil era, according to a new market analysis issued on Saturday. The report by PA Consulting Group says the UAE is a perfect example of how nations can emerge from being ...

  Dubai / Emirates Business Dubai’s largest night souq, Ramadan Night Market, opened its doors to public among much anticipation and excitement. The 10-day event, will be held untill July 2, at Za’abeel Hall 5, Dubai World Trade Centre, was inaugurated by HE Sami Al Qamzi, Director General of Dubai Department of the Economic Development, in the presence of organisers ...

  Abu Dhabi / WAM The UAE participated in the first annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), the newly formed infrastructure development body, which was held from June 25 – 26 in Beijing, China. The Beijing meeting, attended by representatives of 57 member states, looked at measures to accelerate infrastructure development across Asia ...