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Economy
Russian-UAE economic cooperation praised at St. Petersburg International Economic Forum
Russian firms are keen to develop further ties with the UAE, the country’s deputy prime minister has insisted in a speech lauding economic links between the two nations.
Speaking at the St. Petersburg International Economic Forum, Denis…
Fed leaves rates unchanged, sees two small hikes by end of 2023
The Federal Reserve left interest rates unchanged on Wednesday but signaled in new projections that borrowing costs may still need to rise by as much as half of a percentage point by the end of this year, as the US central bank reacted to a…
Saudi inflation rises slightly to 2.8% in May driven by high rental prices
Saudi Arabia’s inflation rate slightly edged up to 2.8 percent in May 2023, compared to 2.2 percent in May 2022, primarily driven by higher housing prices, water, electricity, gas and other fuels, according to official data.
The report…
Denmark’s Maersk adds two shipping services to Jeddah Islamic Port
Jeddah Islamic Port has added two new shipping services as Saudi Arabia aims to expand its global reach to unlock new investment opportunities.
The Saudi Ports Authority, also known as Mawani, announced that Denmark’s shipping firm…
UAE banking industry to stay stable amid muted economic growth: Moody’s
Despite anticipating a deceleration in economic growth, Moody’s Investor Service has maintained a stable outlook for the UAE’s banking sector.
In its most recent projection, the bond credit rating subsidiary of Moody’s Corp. predicted a…
China likely ‘to benefit from $10 trillion Mideast sovereign funds boost’
China is likely to benefit from the Middle East’s sovereign funds, as their investment capital is forecast to reach $10 trillion by 2030, according to the CEO of the Hong Kong Stock Exchanges and Clearing Ltd.
Speaking on the second day…
UBS completes Credit Suisse takeover to become wealth management behemoth
UBS on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management, according to Reuters.
“This is…
Arab nations seek to cement historic trade ties with Beijing at Riyadh event
In a bid to strengthen trade ties between Arab nations and China, the Saudi capital Riyadh is set to host a major business event on June 11 and 12 at the King Abdulaziz International Conference Center.
The 10th Arab-China Business…
UBS, Swiss government agree on Credit Suisse loss guarantee
UBS and the Swiss government signed on Friday an agreement to cover up to 9 billion Swiss francs ($10 billion) in losses from its emergency takeover of Credit Suisse, the country’s largest bank, Reuters reported.
The deal comes with…
Yemen’s central bank denies depletion of foreign currency reserves
Yemen’s central bank has sufficient foreign reserves outside the country to fulfill its needs for hard currency and payments for imports, the Aden-based lender said.
The bank rejected media reports that its reserves had fallen below $200…