Economy

Iran Nuke Deal brings cheer for Auto industry

Iran Nuke Deal brings cheer for Auto industry

Iran at the crux of opening up for business again, huge potential for Auto One of the best things that the recent nuclear deal is spelling out for Iran is the phasing out of economic sanctions. Once the sanctions are lifted, and the economy is thrown open for business again, […]

 
 

Honey, I dumped Gold on China!

Honey, I dumped Gold on China!

Who is trying to weigh the yellow metal down? Do you know the answer? Do we have a new hero in the making, say the Yellowman? Just like Batman, works in the dark, at the most unassuming hours and does a whole lot of stuff to which the world wakes […]

 
 

Finally, UAE to end fuel subsidies

Finally, UAE to end fuel subsidies

Fuel subsidies have been on the radar for quite some time now, finally the decision is here The International Monetary Fund must be heaving a big sigh of relief. After multiple reiterations, at least one country in the Middle East is all set to withdraw fuel subsidies. UAE’s Ministry of […]

 
 

Abu Dhabi eyes Australia

Abu Dhabi eyes Australia

Economic co-operation with Australia is the key Mohammed Thani Murshid Al-Rumaithi, Chairman of the Federation of the UAE Chambers of Commerce and Industry (FCCI), and Chairman of the Board of Abu Dhabi Chamber of Commerce and Industry (ADCCI) and Ambassador of the UAE to Australia, Obaid Al Heri Al Ketbi, […]

 
 

Dubai foreign trade grows on heavy investments

Dubai foreign trade grows on heavy investments

Infrastructure drives foreign trade, soars 3% in Q1 2015 Dubai’s foreign trade soared 3% in Q1 2015, hitting AED 331 billion compared to AED 323 billion in the same period of 2014. The growth is attributed to the emirate’s heavy investment in its infrastructure, which has significantly enhanced its attractiveness to […]

 
 

Dubai on track to be top Islamic economy: Sheikh Mohammed

Dubai on track to be top Islamic economy: Sheikh Mohammed

Dubai’s ambition of becoming world’s capital of Islamic economy on track, Sukuks (Islamic Bonds) listed on Dubai’s exchanges rose to AED135 billion in 2015 Vice President and Prime Minister and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, Wednesday said the first goal of the strategy launched two years […]

 
 

A Greek Tragedy

A Greek Tragedy

Op-Ed by Steen Jakobsen, Chief Economist of Saxo Bank This is now officially a Greek tragedy. In many ways, it is relatively easy to understand why the result was a No from Greece. There is little to lose, as a Yes to more austerity hardly was a great choice for […]

 
 

UAE PMI falls to a near two year low

UAE PMI falls to a near two year low

Latest Emirates NBD data shows that the UAE PMI has fallen to a near two year low, signaling sluggish economic growth UAE non-oil private sector economy dropped to a 22-month low of 54.7 in June, down from 56.4 in May Non-oil private sector firms in the UAE reported the weakest improvement […]

 
 

European banks better positioned to manage ‘Grexit': Moody’s

Moody’s says that European banks are better positioned to manage a Greek exit, though periphery banks remain vulnerable to risks During the course of 2015, the risk of Greece (Caa2, negative) leaving the European Economic and Monetary Union — so-called ‘Grexit’ — has escalated. Although a Greek exit is still […]

 
 

DP World lists $500 million bond on Nasdaq Dubai

DP World lists $500 million bond on Nasdaq Dubai

DP World lists 500 million US dollar conventional bond listed on Nasdaq Dubai today. The total nominal value of conventional bonds on Dubai’s exchanges has now reached 11.82 billion US dollars. His Excellency Sultan Ahmed Bin Sulayem, Chairman of DP World, today rang the market-opening bell to celebrate the listing […]

 
 

Top 5 Service Sectors of Dubai [Infographic]

Top 5 Service Sectors of Dubai [Infographic]

“Dubai has continued to focus on its core strength -services. From retail and real estate to maritime transport, tourism and financial services, the emirate’s economy and key services sectors are in full flight.” ~ Oxford Business Group says in their latest report “The Report: Dubai 2015“. Infographic: Top 5 Service […]

 
 

Qatar to grow at 7.3% in 2015

Qatar to grow at 7.3% in 2015

Qatar to post strong growth in 2015 backed by expansion of the non-hydrocarbon economy and the Barzan gas project. GDP might taper in 2016 and 2017. Qatar’s economy is expected to register a real growth of 7.3 percent in 2015, driven by gathering expansion of the non-hydrocarbon economy and a […]

 
 

Industrial and Commercial Bank of China lists $500mn bond on Nasdaq Dubai

Industrial and Commercial Bank of China lists $500mn bond on Nasdaq Dubai

Industrial and Commercial Bank of China (ICBC) rings market bell to celebrate listing of a 500 million dollar bond on Nasdaq Dubai • Listing by world’s largest bank underlines Dubai’s successful growth as a global financial centre • Bond supports expansion of ICBC’s activities in Middle East and beyond Zhou […]

 
 

Emirates Airline lists 913 million US dollar Sukuk on Nasdaq Dubai

Emirates Airline lists 913 million US dollar Sukuk on Nasdaq Dubai

Emirates Airline lists 913 million US dollar Sukuk on Nasdaq Dubai • Listing underlines Dubai’s growth as global Capital of Islamic Economy • Nasdaq Dubai supports global visibility of airline’s Islamic capital-raising activities Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, today rang the […]

 
 

Global growth to remain below pre-crisis levels

Global growth to remain below pre-crisis levels

Moody’s Investor Service says that the world economies are recovering, but with wide disparities in the rates of recovery Economic growth rates for countries across the globe will generally continue to be lower than they were before the economic crisis, says Moody’s Investors Service in its Country Credit Statistical Handbook. Across […]

 
 

Dubai set to see a massive increase of 28,000 new hotel rooms by 2018

Dubai set to see a massive increase of 28,000 new hotel rooms by 2018

An exclusive new report published by Jones Lang LaSalle for The Hotel Show Dubai reveals today that Dubai is set to see a massive increase of 28,000 new hotel rooms by 2018. Already one of the world’s top holiday destinations, the UAE’s most populous city is currently gearing up for […]

 
 

What if top developing countries fulfill economic potential ?

Japanese national flag flies in front of cranes at an industrial port in Tokyo. Japan's economy contracted at a slower pace than expected in the second quarter as output and exports recovered from the deadly earthquake in March, but a soaring yen and slowing global growth cloud the outlook for an economy emerging from recession. Photo - Issei Kato/Reuters

BNY Mellon assesses the impact of Japan, America, China and India fulfilling their economic potential simultaneously Optimistic scenario would add over $10 trillion to the four economies’ combined GDP by 2020 In a new white paper, BNY Mellon, a global leader in investment management and investment services, explores what might […]

 
 

Analysis: Saudi Arabia Opening Up its Stock Market

Analysis: Saudi Arabia Opening Up its Stock Market

With region’s one of the biggest economy, Saudi Arabia, all set to open up its Stock Market to foreigners, Frost & Sullivan’s Vinod Cartic provides his expert insights on the implications. The Kingdom of Saudi Arabia (KSA) will open its USD 530 Billion share market to foreign investments in mid-June […]

 
 

Funding Most Challenging For UAE Entrepreneurs

Funding Most Challenging For UAE Entrepreneurs

Financing still a top challenge for UAE SMEs in 2015   – Expatriates-owned startups accounts for 95% of UAE SME sector – Majority of UAE SMEs cites financing as one of the biggest challenges Despite government efforts to support SMEs in the UAE, financing is still a top challenge facing entrepreneurs, a […]

 
 

Middle East M&A deals decline 71.8% in Q1 2015

Middle East M&A deals decline 71.8% in Q1 2015

  The Middle East has had a slow start to 2015, with nine Q1 deals in the region worth US$1.8bn, a 71.8% decrease in deal value on Q4 of last year and the lowest deal count since Q4 2011. The highest valued transaction of the quarter was the US$ 1.5bn […]

 
 

Kuwait discovers four new oilfields

Kuwait discovers four new oilfields

Kuwait has discovered four new oilfields in the north and west of the country, a top oil official was quoted as saying by state news agency KUNA on Sunday. In a statement to Kuwait News Agency (KUNA), Hashem Hashem, the chief executive of Kuwait Oil Co, said exploration activities have […]

 
 

DWTC expansion to bolster business tourism growth

DWTC expansion to bolster business tourism growth

Dubai World Trade Centre (DWTC) unveils 15,500 square metres expansion -DWTC expansion aimed at bolstering business tourism growth -DWTC is the region’s dominant MICE player, and the expansion plans to meet next 5 years growth Dubai World Trade Centre (DWTC), the region’s largest MICE venue operator, has announced plans to […]

 
 

Egypt’s Credit Rating Raised to B3

Pyramids in Egypt

Moody’s upgrades Egypt to a stable outlook Credit ratings agency, Moody’s has upgraded Egypt’s credit rating from Caa1 to B3. Moody’s has awarded a stable outlook to Egypt. Under the leadership of President El-Sisi, Egypt has been seeing signs of recovery.  It is being said that Egypt  is expected to grow by 4.5% […]

 
 

Global Wealth Inequality at Staggering Levels, Oxfam Report Reveals

Global Wealth Inequality at Staggering Levels, Oxfam Report Reveals

Forget 80:20 rule. The new one is 99:1. Latest Oxfam report says that by 2016 the global richest 1% will have more wealth than the 99% of people. Global wealth is increasingly being concentrated in the hands of a small wealthy elite. These wealthy individuals have generated and sustained their […]

 
 

Euro/Swiss Franc currency war triggers flight to safety

Euro/Swiss Franc currency war triggers flight to safety

Euro/Swiss Franc currency war triggers flight to safety and turmoil to last for weeks The currency war that broke out yesterday has “triggered a flight to safety” and the current market volatility “will last for weeks”, affirms the head of foreign exchange at deVere Group, an independent financial advisory organisation. […]

 
 

UAE turns into an economic power throughout 10 years

UAE turns into an economic power throughout 10 years

GDP rose from 314.81 billion dirhams to 1.54 trillion dirhams in the last 10 years A new report by “HotelandRest” stated that the United Arab Emirates, over the past ten years under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, has turned into a […]

 
 

World’s First and Only Real Madrid Café to be officially launched in Dubai

World’s First and Only Real Madrid Café to be officially launched in Dubai

Real Madrid Café will be officially launched in Dubai on December 29th, 2014 as the first and only restaurant in the world named after and in collaboration with the popular football club. The momentous event will be made all the more special with a tour-de-force appearance of the Real Madrid […]

 
 

UAE tightens toys safety code

UAE tightens toys safety code

UAE’s Emirates Authority for Standardization & Metrology approves new mandatory standards for toys Primary goal to ensure safety of kids using these products UAE toys market estimated at AED 1.8 billion (USD 490 million) with average spending of a child by AED 1300 (USD 354) per year Emirates Authority for […]

 
 

Sheikh Mohammed launches Dubai Plan 2021

Sheikh Mohammed launches Dubai Plan 2021

Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has launched the Dubai Plan 2021. Launching Dubai Plan 2021 is the beginning of a new phase of sustainable and systematic developments in all vital sectors in the emirate of […]

 
 

Destination Dubai 2020 outlines critical factors shaping the emirate’s economy in the next six years

Destination Dubai 2020 outlines critical factors shaping the emirate’s economy in the next six years

MEED’s Destination Dubai 2020 outlines critical factors shaping the emirate’s economy in the next six years • Major developments to keep Dubai’s growth rate growing by at least five per cent in the coming years • Tourism sector’s contribution to Dubai’s economy expected to triple to $82bn by 2020 MEED […]

 
 

Falling oil prices bode well for airlines industry profits: IATA

Falling oil prices bode well for airlines industry profits: IATA

The recent slump in international oil prices has rejuvenated many financial sectors in various parts of the world and aviation industry is one of them. The International Air Transport Association (IATA) announced on Wednesday an outlook for improved industry profitability in its Economic Performance of the Air Transport Industry report. […]

 
 

MENA financial institutions in war against cyber crimes

MENA financial institutions in war against cyber crimes

The outgoing Year 2014 presented a major threat of cyber crimes including hacktivism and spread of western cyber issues to the financial institutions operating in the Middle East and North Africa (MENA) region and future challenges keep haunting the bigwigs of the U.A.E. financial sector. The questions in the minds […]

 
 

Etihad Airways added 200,000 jobs in U.S. in a decade

Etihad Airways added 200,000 jobs in U.S. in a decade

James Hogan, President and Chief Executive Officer Etihad Airways, has said that in over a decade, the Etihad Airways contributed more than 200,000 employment opportunities to the United States job market. The Etihad Airways CEO said in a statement issued on Tuesday that a decade of orders by Etihad Airways […]

 
 

Top 10 things to consider before buying a Villa in Dubai

Top 10 things to consider before buying a Villa in Dubai

Top 10 things to consider before buying a Villa in Dubai Dubai is a melting pot of cultures, offering a comfortable living experience of a high quality. Constantly soaring to new heights and offering a plethora of options in all aspects from housing and education, to recreation and dining, Dubai […]

 
 

Visa tops demand among MENA shoppers on Ramadan, Eid

Visa tops demand among MENA shoppers on Ramadan, Eid

MENA shoppers prefer VISA cards A visible surge has been recorded in the demand for Visa debit, credit, and prepaid cards off-late as shoppers across the Middle East and North Africa (MENA) region opted for electronic payment method on the occasions of Ramadan and Eid-ul-Fitr this year. According to a […]

 
 

Middle East SWFs viewing West with caution, shift investment strategies

Middle East SWFs viewing West with caution, shift investment strategies

2015 will prove to be an active year for SWFs (Sovereign Wealth Funds) in the Middle East, says KPMG Report – UAE is home to one of the largest SWFs in the world – Low interest rates, evolving investment strategies and a growing appetite for alternative asset classes causing shift […]

 
 

UAE-based KEF Holdings to invest AED900 million in India

UAE-based KEF Holdings to invest AED900 million in India

KEF Holdings, a UAE-based multinational holding company that specializes in innovative offsite construction technology, has announced the launch of its India operations with investments of more than AED900 million to be made over the next five years. KEF Holdings said the investments will be channeled through its two business verticals, […]

 
 

Dubai-based Beehive launches region’s first P2P online lending platform for SMEs

Dubai-based Beehive launches region’s first P2P online lending platform for SMEs

Beehive to launch first peer-to-peer lending platform for SMEs in UAE Former Group CEO of Emirates NBDRick Pudner is part of the team set to transform lending in the UAE through the use of innovative peer-to-peer technology Dubai-based Beehive officially launched the region’s first peer-to-peer (P2P) online lending platform today, […]

 
 

UAE aims to become one of the Most Innovative Countries in the World

UAE aims to become one of the Most Innovative Countries in the World

The UAE will become one of the most innovative countries in the world through a focus on seven sectors: renewable energy, transport, education, health, technology, water and space. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched a […]

 
 

Commodity prices to soften further through 2015, says World Bank [Infographic]

Commodity prices to soften further through 2015, says World Bank [Infographic]

Declines in commodity prices likely to continue through 2015, says WB report Prices of most commodities, particularly oil, are expected to remain weak for the remainder of this year and through much of 2015, says the World Bank’s recently released Commodity Markets Outlook report. Growing concern over a slowdown in […]