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Egypt’s Central Bank Maintains Stable Interest Rates

CAIRO: The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s Monetary Policy Committee (MPC) left the lending rate steady at 19.25 percent and the deposit rate at 18.25 percent. Not one of 17 analysts polled by Reuters on Monday had forecast a change.
Business

Crude Oil Slides as UK Rate Hike Sparks Demand Concerns

RIYADH: Oil prices fell for a second straight session and were headed for a weekly decline of more than 3 percent on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the US ignited concerns over demand, according to Reuters. Brent futures slipped 51 cents, or 0.4 percent, to $73.76 a barrel, while US West Texas Intermediate crude futures were down 42 cents, or 0.6 percent, at $69.09 at 3:40 a.m. Saudi time. 
Business

UAE Central Bank Predicts 4.3% Growth for Emirates in 2024

RIYADH: A rebound in oil and non-oil activities is expected to help the UAE maintain its projected growth rate of 4.3 percent in 2024, the latest quarterly report from the apex bank showed.     In its economic review report for the first quarter, the Central Bank of the UAE forecast the country’s oil and non-oil gross domestic product in 2024 will grow at 3.5 percent and 4.6 percent, respectively.
Business

China announces $72 billion tax incentive for electric vehicles

RIYADH: China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles and other green cars, as it seeks to boost auto sales. Weakening sales growth in the world’s biggest auto market has raised concern over China’s economic growth and while financial support was widely expected after an earlier government pledge to promote the industry, shares in major automakers jumped after the details were released.
Business

Encouragement for US Businesses to Invest More in Iraq

LONDON: American businesses are being encouraged to increase investment in Iraq as the country looks to move on from decades of devastation. Speaking to journalists, including Arab News, on Tuesday following a trip to Iraq, the special representative for commercial and business affairs at the US State Department said he is “very excited” at the opportunities to be part of the rebuilding of the country.
Business

Islamic Banks in UAE See $177bn Asset Growth in Q1

RIYADH: Reflecting the growing popularity of Islamic financing, gross assets of the Shariah-compliant banks operating in the UAE grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, a year-over-year increase of 7.31 percent compared to 605.7 billion dirhams in the same period last year, according to figures by the Central Bank of the UAE.  
Business

“French Treasury Official Urges Saudi Arabia to Increase Collaboration for 2030 Goals”

RIYADH: Saudi Arabia and France need to intensify joint work and develop new projects as both countries have a lot of scope for synergy and collaboration under their 2030 investment goals, said a top official of the French Treasury.  Speaking at the France-Saudi Investment Forum, Denis Le Fers, head of bilateral trade relations at the French Treasury, explained that partnership has a central role to play in France 2030. 
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US Violates Leahy Law for Military Support to Israel

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UAE aid convoy enters Gaza Strip | TOME

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Al-ARISH: A UAE aid convoy entered the Gaza Strip on Wednesday via Egypt’s Rafah Crossing Point as a part of the country’s “Operation Chivalrous Knight 3” project to support the Palestinian people, UAE state news agency WAM reported on Thursday. The 12-truck convoy is transporting over 264 tonnes of humanitarian aid including food, water and dates. The latest convoy now brings to 440 the number of trucks that have been used for support efforts.

Iranian Teen Protester Nika Shakarami Killed by Police

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JEDDAH: Iranian authorities ordered the arrest of activists and journalists on Wednesday after a leaked Revolutionary Guard report revealed that secret police had sexually assaulted and killed a teenage girl during Iran’s “hijab protests” in 2022. Nika Shakarami, 16, died during demonstrations over the death in police custody of Mahsa Amini, who had been detained for wearing her headscarf incorrectly. Shakarami’s death also sparked widespread outrage. Authorities said she died after falling from a tall building, but her mother said the girl had been beaten.

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