Economy
Business and economy news
1542 articles in this section
Egypt Leverages Red Sea Assets to Accelerate Public Debt Reduction
Egypt's Ministry of Finance is utilizing long-term leases and private partnerships for Red Sea coastal land to generate revenue for paying down public debt.
Egypt Emerges as Top International Destination for Russian Tourists in November
Egypt has surpassed Turkey and Thailand to become the most sought-after international destination for Russian travelers in November, driven by its warm climate and Red Sea resorts.
Nvidia's Uncertain Future Threatens Its Vast Tech Ecosystem
Nvidia's current market uncertainty is creating risks for its entire technology ecosystem. This article also touches on global financial flux, political crises in the Kurdish region, and economic impacts on Emaar's malls.
Oil Prices Dip as Trump Signals De-escalation with Iran, but Regional Tensions Keep Markets Volatile
Oil prices are set for a second weekly decline as US President Donald Trump eases fears of renewed conflict with Iran, though regional attacks maintain market volatility. Gold prices rose on Friday after hitting a one-year low.
Dubai Maintains Global Lead in Super-Prime Property Sales Despite Q3 Slowdown
Dubai has maintained its position as the global leader in super-prime property sales for Q3 2026, despite a notable slowdown in transaction volume and value compared to the previous quarter. Hong Kong edged past Dubai in sales value for the first time in four years, while Sydney saw record growth.
US Home Sales Plummet to Lowest Point Since 2010 Amid Soaring Mortgage Rates
US home sales have fallen to their lowest point since August 2010, with a 5.5 percent drop in October, as mortgage rates remain above 7 percent. This challenging market is impacting both buyers and sellers, with first-time buyers making up a significantly smaller portion of sales.
Dewa Achieves Record Nine-Month Profit Driven by Soaring Demand for Utility Services
Dubai Electricity and Water Authority (Dewa) has reported record profits for the first nine months of 2026, driven by increased demand for its services. The company's net profit rose 11% year-on-year to over Dh7.1 billion, with revenue also hitting a record high.
IMF and Lebanon Deepen Talks on Banking Overhaul Amid Reform Hurdles
The International Monetary Fund (IMF) and Lebanese officials are engaged in new talks focused on restructuring the banking sector, a key step towards securing a new agreement. Progress remains challenged by disagreements over a law distributing financial losses.
EU Eyes Deeper Investment Ties with Syria to Foster Stability and Counter Regional Influence
The EU is planning a forum in Damascus to boost investment ties with Syria as part of efforts to stabilize the country and reduce the influence of Russia and Iran. This initiative marks a significant step in rebuilding relations and fostering economic recovery.
Emaar Malls See 10% Footfall Drop Amid Iran Conflict, Founder Alabbar Reports
Emaar's malls and hotels are experiencing a 10% drop in footfall and occupancy due to the Iran war, according to founder Mohamed Alabbar. Despite this, the company continues its development projects, while also eyeing expansion in India.
Arada and Alya Forge Strategic Partnership to Develop $1.63 Billion Premium Property Pipeline in UAE and Saudi Arabia
UAE developer Arada and Alya Developments have signed a preliminary agreement to explore co-investment in premium property projects across the UAE and Saudi Arabia, potentially worth $1.63 billion. This partnership aims to leverage Arada Capital's growing investment management platform.
Adnoc L&S Surges to $4 Billion Profit Forecast Amidst Soaring Tanker Rates
Adnoc Logistics and Services has raised its profit forecast for the fourth time this year, projecting $4 billion in full-year earnings, as soaring tanker charter rates, driven by geopolitical events, significantly boosted third-quarter profits.
Blackstone Establishes Dubai Office to Accelerate Gulf Wealth Management Growth
Blackstone has opened a new wealth management office in the Dubai International Financial Centre (DIFC) to serve as a regional hub and boost its business in the Gulf. This expansion underscores the UAE's growing importance as a global finance center.
EGA Reports Profit and Revenue Decline Amidst Iran War Disruptions to Aluminium Sales
Emirates Global Aluminium (EGA) reported a 9% drop in nine-month adjusted net profit and a 16% fall in revenue, primarily due to impairments from an Iranian attack on its Al Taweelah plant and subsequent export disruptions. The company is working on restoring production and diversifying supply routes.
Nvidia Stock Tumbles Amid Second Allegation Against CEO Jensen Huang
Nvidia's stock price plummeted after CEO Jensen Huang was reportedly accused of a second affair. The article also touches on other global news events, including political speeches and incidents in the UAE.
Global Shocks: War and El Niño Driving Up Your Grocery Bill
Global food prices are set to rise by up to 10% by 2026 due to the combined effects of ongoing conflicts impacting Black Sea shipments and the El Niño climate phenomenon affecting harvests.
Echoes of Jefferson's Embargo: Trump's Tariffs Face Similar Trade War Pitfalls
US President Donald Trump's tariffs echo Thomas Jefferson's 1807 embargo, both employing economic coercion against foreign powers with limited success. Despite initial aims, both policies ultimately inflicted more pain on American consumers and businesses than on their intended targets, highlighting the complex dynamics of global trade.
Luxury London Property Sales Soar Despite Overall Market Downturn
Sales of prime London properties declined in October, with a notable exception for properties over £5 million which saw a significant increase in transactions. The market was influenced by budget announcements and broader economic factors.
Lebanon Faces Worsening Food Crisis: Over 1 Million Affected, UN Warns
Over one million people in Lebanon are facing acute food shortages due to recent conflicts and a severe economic crisis, according to a joint UN statement. The situation is projected to worsen, with numbers expected to rise by mid-next year.
Lithium Americas' Thacker Pass Project Costs Soar 31% to $3.83 Billion Amidst Rising Expenses
Lithium Americas has increased its cost estimate for the Thacker Pass lithium project by 31% to $3.83 billion, citing higher labor, construction, and logistics expenses. The company expects to secure additional funding through government loans and its own contributions.
Parkin Sees Record Profits as Fines Surpass Parking Fees for the First Time in Dubai
Dubai's Parkin reported a record 27% profit increase in Q3, with fines and seasonal permits generating more revenue than parking fees for the first time. The company also expanded its parking space inventory and implemented new enforcement technologies.
Spain Gripped by Nationwide Strike: Housing Crisis and Stagnant Wages Fuel Protests
Spain is experiencing its first national general strike in 14 years, fueled by a severe housing affordability crisis and demands for higher wages. Protesters are highlighting the unsustainable cost of living and the urgent need for more affordable housing.
Israel's War on Lebanon Devastates Wheat Production and Ecosystems, Experts Warn
Experts warn that Israel's ongoing war in Lebanon is severely damaging the country's wheat production and disrupting entire ecosystems, leading to increased fallow land and threatening the livelihoods of farmers, particularly in the south and Bekaa Valley.
Dubai Businesses Thrive: Entrepreneurs Confident in Growth Despite Challenging Year
Entrepreneurs in Dubai are expressing confidence in business growth despite a challenging start to the year, citing the emirate's resilience and supportive ecosystem. Several business leaders, including Chef Izu Ani and Faisal Toukan of Ziina, shared their positive experiences at the Dubai-it Awards.