Saudi Basic Industries Corporation (SABIC), one of the world’s largest petrochemical companies, reported a 28.35 percent decline in net profit to SR16.53 billion in 2022. The decline was attributed to lower profit margins and rising distribution costs. However, the company’s sales volume increased by 9 percent from the previous year, driven by growth projects, improved […]
The financial crisis in Lebanon has been a long-standing issue, with the country facing political instability and economic downturns. One of the key players in this crisis has been the Lebanese Central Bank Governor, Riad Salameh. Mr Salameh, who was once praised for his efforts to stabilize the country’s financial sector, has been under investigation in at least six European countries since 2020 over alleged financial wrongdoing and corruption.
Financial literacy is an important life skill that all individuals should possess, and it’s never too early to start teaching it. In fact, financial education is especially crucial for youth, as it lays the foundation for their financial well-being later in life. Unfortunately, many young people today lack the basic financial knowledge needed to make informed decisions about their money. This is why it’s so important for parents and educators to prioritize financial literacy in youth and teach them about money management early on.
One of the main reasons why financial literacy is important for young people is that it helps them avoid financial mistakes that can have long-lasting consequences. For example, if a young person doesn’t understand the importance of budgeting and saving, they may spend their money impulsively and accumulate debt. This debt can then follow them into adulthood, making it more difficult for them to achieve financial stability and success. However, if they have a solid understanding of money management from a young age, they are more likely to make wise financial decisions and avoid costly mistakes.
UAE’s Strategic Development Fund to present HelioTech at IDEX 2023 UAE-based aviation firm Helio Aviation Technologies focusing on designing and manufacturing aircraft is set to present its latest solutions at the International Defense Exhibition and Conference that kick-starts on Feb. 20 in Abu Dhabi.
RAK Bank, one of the leading banks in the UAE, has reported a decade-high profit surge of 53.4%. The bank has attributed the significant growth to the strong performance of both sides of the balance sheet. The bank’s net profit for 2021 amounted to AED 1.31 billion ($356.4 million) compared to AED 853.4 million ($232.4 million) in 2020.
The United Arab Emirates (UAE) Central Bank has announced plans to issue a central bank digital currency (CBDC) as part of its financial transformation program. This move represents a significant step forward for the UAE in terms of digitizing its economy and modernizing its financial system. In a recent announcement, the CBUAE introduced the FIT program […]
The Association of Chartered Certified Accountants (ACCA) has announced the expansion of its “Women in Finance” initiative across the United Arab Emirates (UAE) region. The program, which was launched in 2020, is aimed at empowering women in the finance sector and promoting gender diversity and inclusion in the workplace. The expansion of the initiative in […]
The Abu Dhabi Exports Office (ADEX) has signed a series of green finance deals worth $121 million with Angola, marking a significant step forward in the efforts to support sustainable development in the African nation. The agreements were signed during a virtual ceremony, attended by senior officials from both countries, including H.E. Dr. Sultan Al […]
