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Economy
Tunisian FM hails Italy’s support over IMF loan
Tunisia’s foreign minister has hailed “Italy’s clear understanding of the … need to support the … economic recovery underway” in his country.
Nabil Ammar was speaking on Friday night at a ceremony in the residence of Italy’s ambassador…
Saudi banking sector growth driven by mortgages: report
Saudi Arabia’s banking sector has experienced rapid growth over the past few years, primarily driven by mortgages and thanks to continued government support, according to a new report from S&P Global Ratings.
The US-based agency…
UAE’s in-country value projects driving billions to local firms
More than $27.23 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC launched major in-country value programs to support domestic industries.
Speaking at the Make…
Respite for oil market amid rate hike worries
Oil steadied on Thursday as a potential pause in US interest rate hikes and the passing of a crucial vote on the US debt ceiling bill were offset by a report of rising inventories in the world’s biggest oil consumer.
US Federal Reserve…
UAE’s Mirfa 2 RO plant achieves financial closure, raises $620m
Abu-Dhabi-based Mirfa 2 water desalination project has secured funding of 2.3 billion dirhams ($620 million), achieving financial closure of what will become the UAE’s third-largest reverse osmosis plant.
Abu Dhabi National Energy Co.,…
MENA faces $994bn infrastructure funding gap between 2016 and 2040: report
The Middle East and North Africa region is confronting the largest infrastructure funding gap in the Organisation of Islamic Cooperation, estimated to be about $993.9 billion between 2016 and 2040, according to the ICD-Refinitiv OIC…
UAE banks’ profits surge 35% to $4.98bn in Q1: report
The UAE’s banking sector recorded a 35 percent growth in net profits to 18.3 billion dirhams ($4.98 billion) during the first quarter of 2023, reported global professional services firm Alvarez & Marsal.
This boost in profitability…
DP World launches partnership to get African business moving
Dubai-based DP World has teamed up with the largest bank in Africa by assets to offer new trade finance solutions, Emirates News Agency reported on Monday.
African businesses seeking trade finance will now be able to receive working…
Saudi banks’ profits surge 3.4% in April to $1.55bn
The aggregate profit of banks operating in Saudi Arabia increased by 3.4 percent year on year in April to reach SR5.78 billion ($1.55 billion), according to the latest figures released by the Saudi Central Bank, also known as SAMA.
The…
UAE’s Dana Gas raises its foreign ownership limit to 100%
The UAE’s vision of strengthening its capital markets has become one step closer to reality as Sharjah-based energy company Dana Gas plans to raise its foreign ownership limit to 100 percent.
Listed on the Abu Dhabi market, the firm…