Browsing: Economy

Economists polled by Reuters had forecast an expansion of 0.6 percent, building on a rapid 0.7 percent recovery in the first quarter of the year from a shallow recession in the second half of 2023.

Dubai-based port operator DP World reported Thursday its half-year profits fell by nearly 60 percent, in part over the ongoing attacks by Yemen’s Houthis over the Israel-Hamas war that have affected shipping through the Red Sea.

The number of operational entities in the Abu Dhabi Global Market rose to 2,088 in the first half of 2024, reflecting a 31 percent surge compared to the same period in 2023.

Etihad Rail, the developer and operator of the United Arab Emirates’ rail network, has launched a sustainable finance framework to support its green investments in transportation and infrastructure, it said on Wednesday.

The head of Egypt’s $12 billion sovereign wealth fund Ayman Soliman has resigned, three sources familiar with the matter told Reuters

Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 52.81 points, or 0.45 percent to close at 11,849.65. 

Saudi Arabia’s annual inflation rate climbed to 1.5 percent in July compared to the same period last year, driven largely by a surge in housing costs

Fitch Ratings has downgraded Ukraine’s credit rating to ‘restricted default’ on Tuesday, citing the expiry of a ten-day grace period for the coupon payment on the country’s $750 million 2026 Eurobond, which was due on August 1.

Saudi Arabia is poised to lead the expansion of Islamic insurance in the Gulf Cooperation Council, with revenues expected to exceed $20 billion in 2024, according to S&P Global.

Amin Nasser’s tenure as Aramco’s president and CEO has been marked by several achievements