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Blockchain and virtual asset strategy will be unveiled by Abu Dhabi
An initial meeting of the Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) was held under the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the…
BOJ official commits to keep ultra-low rates, warns of financial risks
In a global wave of monetary tightening, the Bank of Japan needs to maintain massive stimulus to support an economy facing a resurgence of COVID-19 infections and slowing global demand, one of its board members said. On Thursday, BOJ board…
Oil prices rise on potential OPEC+ supply cuts
In response to mounting supply tightness concerns over disruptions in Russian exports, the possibility of major producers cutting output, as well as the partial shutdown of a U.S. refinery, oil prices rose on Thursday. By 0400 GMT, Brent…
Additional premium jack-up rig acquired by ADNOC Drilling
As part of its continued expansion plans, ADNOC Drilling Company (ADNOC Drilling) has signed an agreement with a major oil and gas company to acquire an additional jack-up drill (rig) for the price of $70 million. The cost of the…
An energy crisis causes the euro to slump to two-decade lows
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,…
British economy shrank record 11 percent in 2020, its lowest since 1709
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…
169 percent increase in UAE investments in Egypt in six months
According to the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS), Emirati investments increased by 169.1 percent during the first half of the fiscal year 2021-2022 to US$1.9 billion (AED6.98 billion), compared with…
Preliminary agreement between Sri Lanka and the IMF is expected
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…
In 2022, Arab countries will grow at 5.4 percent – Arab Monetary Fund
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…
Saudi wealth fund PIF purchases Alphabet, Zoom, and Microsoft shares
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…