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Before a week packed with market vacations and central bank decisions from Washington to London to Tokyo, the dollar hovered close to a two-decade high on key rivals on Monday. The dollar index, which compares the value of the dollar to six other currencies, was 0.2% higher than Friday at 109.84, settling after a choppy […]
One of Kuwait’s largest privately-owned companies, Alghanim Industries Ltd., is looking to raise nearly $1 billion through a prospective IPO, according to sources with knowledge of the situation. According to sources, the family-run company, which has a history dating back more than 100 years, is collaborating with banks on the potential listing, including Credit Suisse […]
The GDP projections for the first quarter of the current fiscal year will be made public in a few days. According to the Reserve Bank of India’s most recent statement, growth will be 16.2% for the quarter. It predicts that the economy will expand by 7.2% for the entire year, which is somewhat less than […]
As part of the Dubai company’s development into technology, Emirati billionaire Hussain Sajwani’s Damac Group is looking at investment opportunities worth €1 billion in Germany. According to a statement released on Tuesday, the company is now “on a fact-finding journey in Germany to explore the market and perhaps discover mutually beneficial partners” for investment. Privately-held […]
Norway’s sovereign wealth fund, the world’s largest, lost 1.68 trillion Norwegian kroner ($174 billion) in the first half of 2022, as stock markets, in general, experienced a turbulent six months. The fund’s return on investment was a negative 14.4% from January to June, but it was still 1.14 percentage points higher than the return on […]
According to a new filing, Saudi Arabia’s sovereign wealth fund has invested hundreds of millions of dollars in multiple US enterprises, around $7.5 Billion. With such investments, the Gulf kingdom continues to seek economic diversification vigorously. At the conclusion of the second quarter, the market value of the sovereign fund’s investment portfolio was $40.8 billion. […]
The British economy shrank in the second quarter of 2022 as the country’s cost-of-living issue took hold. Official numbers released on Friday revealed that GDP fell by 0.1% quarter on quarter in the second three months of the year, less than the 0.3% drop predicted by economists. It follows a 0.8% increase in GDP in […]
As part of its Guarantee Scheme, the Mohammed Bin Rashid Innovation Fund (MBRIF) has offered financing support to Bayzat, the UAE’s top employee benefits platform. MBRIF is a UAE Ministry of Finance (MOF) programme to foster national innovation. Bayzat, a digital startup that helps businesses to better respond to workers’ requirements and generate savings in […]
In an effort to increase its contribution to the emirate’s economy by 2030, the Dubai International Financial Centre is establishing a Global Family Business and Private Wealth Centre. The DIFC Authority’s board of directors has authorised the world’s first business centre, which will be formally opened next month, on September 1. The centre will bring […]
The Federal Reserve warned on Wednesday that it would not back down in its fight against the most severe outbreak of inflation in the United States since the 1980s, even if it means a “sustained period” of economic weakness and a weakening labour market. The Fed’s 75-basis-point rate hike announced on Wednesday, together with previous […]
The European Central Bank (ECB) is expected to raise its base rate by 0.25 percentage points on Thursday. The bank raised its interest rates for the first time in 11 years, but it also risks falling behind as peers continue to combat inflation. The eurozone’s interest rates were last hiked in 2011. The future is […]
Abu Dhabi Commercial Bank (ADCB) has joined the Arab Monetary Fund’s (AMF) Buna system to give its clients an expanded regional cross-border payments system. This is a part of the bank’s digital transformation agenda. Buna is a cutting-edge cross-border payments platform for the Arab area that enables financial institutions and central banks to make and […]
