Browsing: Business

MENA Newswire: Bank ABC, MENA’s leading international bank, has won The Banker Transaction Banking Awards 2022, for Middle East by the Financial Times. The Banker’s highly coveted awards are an industry benchmark for banking excellence, adjudged by industry stalwarts and its top editors. Mr. Sael Al Waary – Acting Group CEO of Bank ABC (left) | Mr. Amr ElNokaly​ – Group Head of Wholesale Banking (right) The award stands testament to Bank ABC’s consistent efforts to develop a stronger, more resilient bank for its corporate banking clients, by way of accelerating its ambitious digital transformation programme, driven by innovation, in thought…

A record two-decade low in the euro was recorded on Tuesday as renewed concerns over an energy shock pushed inflation higher and made Europe more likely to become recession-prone. The Chinese yuan slid down to a two-year low on Monday, while the pound briefly touched its lowest level since March 2020. Reuters reports that European business activity data weren’t as grim as feared, pushing the euro away from a 20-year low at $0.99005. In spite of this, by 0820 GMT, the currency was still down 0.15% to $0.9930 and remained below the key $1-level. “What we’re trying to figure out…

Updated official figures published on Monday showed that Britain recorded its biggest drop in output in more than 300 years as it faced the brunt of the COVID-19 pandemic in 2020, Reuters reported. According to the Office for National Statistics, the gross domestic product fell by 11 percent in 2020 as compared to the previous year. According to historical data hosted by the Bank of England, this drop was significantly larger than any of the ONS’s previous estimates. It represents the biggest fall since 1709. Based on the initial estimates of the ONS, it was already apparent that in 2020…

In a statement, the head of Sri Lanka’s central bank said that he hopes that the government can reach a preliminary agreement with the International Monetary Fund (IMF) that might lead to a bailout package during this month’s visit by IMF officials to the crisis-hit island nation. IMF officials and Sri Lanka’s government should “finalize and reach a staff-level agreement” during their talks, Sri Lankan central bank governor Nandalal Weerasinghe said. In April, Sri Lanka announced that it would suspend repayments on its foreign loans. A total of $51 billion is owed to foreign creditors, of which $28 billion must…

As a result of rising oil prices, the increase in production in Arab oil-exporting countries, and continuing reforms that promote growth, the Arab countries are expected to grow at 5.4 percent in 2022, according to the Seventeenth Edition of the Arab Economic Outlook Report (AEOR), published by the Arab Monetary Fund (AMF). Due to local and global inflationary pressures, Arab countries are expected to experience relatively high inflation rates in 2022. Based on macroeconomic forecasts, growth forecasts, and inflation forecasts for Arab economies for 2022 and 2023, the report indicates that global supply chains and high commodity prices are posing…

A broad selection of US stocks was purchased by Saudi Arabia’s Public Investment Fund (PIF), bringing its investment portfolio’s value to about $40.8 billion at the end of the second quarter. According to a US Securities and Exchange Commission filing, the PIF acquired 213,000 class A shares in Alphabet, 4.7 million in Zoom, and 1.8 million in Microsoft. In addition, PIF purchased shares in JPMorgan and BlackRock, investing in 3.9 million shares and 741,693 shares, respectively. Additionally, the fund purchased shares of Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadog, and NextEra Energy. With $620 billion in…

By handling 188,578 TEUs during June 2022, the King Abdulaziz Port in Dammam, managed and operated by Saudi Global Ports (SGP), broke its own record set in 2015. In line with the National Transport and Logistics Strategy (NTLS)’s objectives of increasing logistics output and container throughput in Saudi ports, the port’s performance was record-breaking due to soaring import and export volumes, which boosted its productivity and reaffirmed its operational and logistical prowess. The port’s strategic location on the Arabian Gulf lends it a distinct status as a trade gateway to the Kingdom’s Eastern and Central regions, making it an excellent…

In order to achieve the current financial year’s agro export target of over $23 billion, the Indian Commerce and Industry Ministry has developed an outreach strategy for agro exports. Three hundred events will be organized under the plan to boost exports. An outreach strategy will be developed to establish strong and regular connections with exporters, farmers, agripreneurs, food processors, logistics providers, and foreign exchange management companies. A variety of mainstream publications, electronic channels, and prominent social media platforms will be used to connect with stakeholders. The Ministry stressed that working in line with Prime Minister Narendra Modi’s clarion call towards…

In the first half of 2022, Abu Dhabi’s non-oil foreign trade totaled about AED124 billion, an increase of 12% over AED110 billion and 313 million recorded in the same period in 2020 according to Abu Dhabi Customs. Exports increased by 26% in the first half of this year to AED49 billion and 479 million, up from AED39 billion and 193 million in 2021. Re-export activities increased to 6% at a value of AED23 billion and 43 million, up from AED21 billion and 689 million last year, while UAE exports increased 4%, reaching about AED51 billion and 475 million, up from…

Through its subsidiary International Energy Holding, International Holding Company (IHC) has acquired a 50% stake in Turkish clean energy market leader Kalyon Enerji for AED1.8 billion. The Turkish company Kalyon Enerji is owned by Kalyon Holding, which operates in the construction, energy, and aviation sectors. As part of this transaction, IHC’s subsidiary, International Energy Holding, will own 50% of Kalyon Enerji, adding to IHC Group’s international growth prospects. The AED1.8 billion deal included the photovoltaic power plant project with an installed capacity of 1,347.734 MWp / 1,000 MWe in the Karapinar Region in Konya, located in Ankara, the wind Project…