Kuwait oil price up $1.56 to $73.15 pb -KPC
Globally, price of Brent crude rose by USD 2.47 to USD 72.51 pb, while West Texas Intermediate crude increases by USD 2.5 to USD 69.21 pb.
All KUNA right are reserved © 2025. Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
23 minutes ago
- The National
10,000 rials to 1: Iran poised to knock four zeroes off currency
Iran has moved a step closer to knocking four zeroes off its currency, after economic woes pushed the value of one US dollar to almost a million rials. The change would mean 10,000 rials become one, making trading simpler. It was backed by an economic commission of Iran's parliament on Sunday, but still needs approval from higher authorities. The commission also backed keeping the name rial instead of changing it to one toman - which currently refers to 10 rials. The redenomination was first mooted in 2019 but then shelved. Iran's central bank governor Mohammad Reza Farzin said he would pursue the plan in May. He said the Iranian rial "does not have a favourable image" in the global economy. The move comes as Iran faces deepening economic challenges, including runaway inflation, a sharply devalued currency, and the prolonged impact of sanctions on Tehran. US President Donald Trump has reinstated a policy of "maximum pressure" on Iran, which also suffered heavy damage during a 12-day war with Israel in June. As of Sunday, the rial was trading at around 920,000 to the US dollar on the street market, according to local media and a website called Bonbast that monitors unofficial exchange rates. Turkey knocked six zeroes off its currency, the lira, in 2005, after years of high inflation. Zimbabwe once removed 10 zeros, turning 10 billion dollars into one after hyper-inflation ravaged the economy. In June, Iranian lawmakers approved new economy minister Ali Madanizadeh after his predecessor, Abdolnaser Hemmati, was ousted in a no-confidence vote for failing to address the country's economic woes. The current bill will have to pass a parliamentary vote and gain the approval of the Guardian Council, a body empowered to vet legislation. It wasn't clear when that would happen.
Khaleej Times
an hour ago
- Khaleej Times
UAE's GDP to surge stronger in 2026 on back of buoyant financial system: CBUAE
The overall growth trajectory of the UAE economy is expected to continue its upward trend, with the Central Bank of the UAE (CBUAE) forecasting 4.4 per cent growth in 2025 and a stronger rise to 5.4 per cent in 2026. Unveiling its 2024 Financial Stability Report, the apex bank portrayed a buoyant financial system and projected reassuring economic growth for the years ahead. The optimistic outlook is reinforced by independent forecasts from the International Monetary Fund (IMF) and the World Bank, offering further validation of the UAE's stability and resilience. CBUAE's report highlights that real GDP grew by four per cent in 2024. Non‑hydrocarbon sectors led the charge, expanding by around five per cent, while the hydrocarbon sector rebounded modestly by one per cent. Independent institutions echo this confidence. The IMF projects real GDP growth of roughly four per cent in 2025, increasing to five per cent in 2026. The World Bank has revised its estimates upward, now forecasting UAE GDP growth of 4.6 per cent in 2025 and 4.9 per cent in both 2026 and 2027, with the non‑oil economy expected to expand by 4.9 per cent in 2025. Meanwhile, the World Bank projects GCC-wide growth of 3.2 per cent in 2025, rising to 4.5 per cent in 2026. CBUAE Governor Khaled Mohamed Balama emphasised that prudent policies, robust fundamentals, and proactive regulatory frameworks have helped insulate the UAE from growing global risk and support sustained momentum. This aligns with national strategies and global leadership aspirations, as the financial system evolves to support long-term economic vision and growth . Growth drivers in 2025–26 are expected to include both oil and non‑oil sectors. Hydrocarbon-related GDP is forecast to grow by 4.1 per cent in 2025 and surge by 8.1 per cent in 2026 amid easing Opec+ production quotas. Non‑hydrocarbon activity is likely to sustain a 4.5 per cent growth rate over both years, backed by public investment, diversification strategies, and private-sector dynamism. International observers highlight the UAE's capacity to maintain stronger-than-average growth compared to its regional peers. As the IMF notes, GCC growth is projected at 3 per cent in 2025 and 4.1 per cent in 2026, while non‑oil exporters in Mena continue to face slower prospects amid global uncertainty. The World Bank stresses that careful public spending in infrastructure, education, and green energy is key to translating growth into resilience across the region. According to economists, in practical terms, the outlook suggests that the UAE will remain a magnet for investment and capital inflows, supported by surpluses, moderate inflation, and stable sovereign buffers. The World Bank anticipates the current account surplus standing at around 6.2 per cent of GDP in 2025, rising further to 6.4 per cent in 2026. Job creation is expected to remain healthy as well, with employment growth projected at 3.3 per cent in 2025 and an unemployment rate holding at around 2.1 per cent. In sum, CBUAE's 2024 Financial Stability Report, supported by independent global institutions, presents a compelling picture of a UAE economy underpinned by safeguarding regulations, innovation, and prudent fiscal management. 'With diversified growth engines firing across oil, finance, tourism, and logistics, enhanced oversight structures, and digital transformation marking progress, the outlook through 2025 and 2026 is decidedly optimistic,' says Sunil Ambalavelil, a leading financial and legal consultant. 'The UAE appears well positioned to deliver sustained stability, moderate but steady expansion, and resilience even against a shifting global economic backdrop,' Ambalavelil added. These forecasts provide robust endorsement of the CBUAE's internal projections and reflect international confidence in the UAE's economic strategy—particularly its diversification and reform agenda. CBUAE emphasises that the stability of the financial system is underpinned by strong capital and liquidity buffers, improved asset quality, and effective macro‑prudential regulations. The introduction of the UAE Financial Stability Council in 2024 has enhanced coordination among key stakeholders, facilitating faster responses to systemic risks and improving oversight. Stress tests commissioned by CBUAE confirmed banks' ability to withstand adverse scenarios while continuing to extend credit and maintaining sufficient capital above regulatory minimal. The report also notes resilience among non‑bank financial institutions. The insurance sector saw written premiums rise 21.4 per cent in 2024, reaching Dh64.8 billion, while finance companies and money exchanges maintained healthy capital and liquidity positions. Digital innovation accelerated in 2024 with expanded FinTech adoption and rollouts like the Domestic Card Scheme 'Jaywan', the Aani Instant Payment Platform, and the advancing 'Digital Dirham' central bank digital currency pilot—these initiatives bolstered efficiency, inclusion, and systemic resilience, the report said.
Khaleej Times
an hour ago
- Khaleej Times
Dubai real estate sales on the rise again as July delivers growth in value, volume
The Dubai real estate market continued along its upward path in July, producing the highest number of property transactions this year, and the second-best monthly sales performance on record in terms of value and volume. A market update issued by fäm Properties reveals that last month brought a total of 20,304 property sales - a 24.9 per cent year-on-year increase – worth a total of Dh65 billion, a 29.5 per cent leap in value on the same month last year. Apartment sales showed a 28.1 per cent year on year growth to 16,272 deals valued at Dh32.2 billion, while the biggest sector leap saw commercial property transactions rise by 57.8 per cent to 606 worth Dh1.5 billion. Villa sales of Dh19.3 billion were up by 6.4 per cent in volume to 2,988 compared with the same month last year, while plot sales rose by 22.3 per cent to 438 transactions worth Dh12 billion. The average price per sq. ft was up by 9.5 per cent to Dh1,649 compared with July last year. Data from DXBinteract shows Dubai property sales in July have now soared over the last five years - from Dh4.5 billion (2,300 transactions) in 2020 to Dh11.2 billion (4,400) in 2021, Dh21.3 billion (7,200) in 2022, Dh37.8 billion (11,200) in 2023 and Dh50.2 billion (16,300) in 2024. Firas Al Msaddi, CEO of fäm Properties, said: 'The level of activity last month once gain underlines the strength and maturity of Dubai's real estate sector. Dubai has shown it can sustain growth through different cycles, supported by clear regulation, strong investor sentiment, and a steady pipeline of new opportunities. July's figures are another clear signal that confidence in the market remains high, both locally and internationally.' The most expensive apartment sold during the month went for Dh174 million at Aman Residences Dubai, Tower 1 at Jumeirah Second. The top performing area in terms of overall value was Wadi Al Safa 3 with 1,210 property sales worth 6.011 billion. The top performing area in terms of volume was Al Barsha South which produced 1,846 transactions valued at Dh2.047 billion. With properties worth more than Dh5 million accounting for 13 per cent of total sales, 37 per cent came in the Dh1-2 million range, 25 per cent below Dh1 million, 14 per cent between Dh2-3 million and 11 per cent between Dh3-5 million. Overall, first sales from developers were significantly greater than those of resales - 71 per cent over 29 per cent in terms of volume, and 65 per cent against 35 per cent in overall value.
