UAE Underlines Importance of Tourism as Major Contributor to the Economy

UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal. Asharq Al-Awsat
UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal. Asharq Al-Awsat
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UAE Underlines Importance of Tourism as Major Contributor to the Economy

UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal. Asharq Al-Awsat
UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal. Asharq Al-Awsat

UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal, a new iconic landmark on Dubai's Palm Jumeirah Island.

Surging 43 stories high and spanning 406,000 square meters, the ultra-luxury resort is a unique addition to Dubai’s spectacular skyline as well as the city’s hospitality attractions. The new iconic resort supports the recently launched Dubai Economic Agenda D33’s goal to consolidate the city’s position as one of the world’s top 3 global cities for tourism and business, Emirates News Agency (WAM) reported Saturday.

Sheikh Mohammed said the private sector continues to be a key partner in Dubai’s development journey and a vital contributor to realizing its growth aspirations. Public-private sector partnerships are at the heart of Dubai’s development vision and a key driver of vital sectors like tourism, he added.

Underlining the importance of the tourism sector as a major contributor to the national economy, Sheikh Mohammed said, “We have ambitious growth targets for the sector over the next ten years. The UAE and Dubai seek to build on their deep partnerships with the private sector to strengthen the country’s status as the world’s most popular destination for international tourists.”

“As part of our efforts to create a fertile ground for investors, we are keen to foster new growth opportunities in the tourism sector. Our steadfast commitment to building an exceptionally safe and stable environment and a world-class infrastructure over the last few decades has created the foundations for a remarkable future,” he added.



Turkish Central Bank Keeps Key Interest Rate at 37%

The Turkish Central Bank headquarters in Ankara (Reuters)
The Turkish Central Bank headquarters in Ankara (Reuters)
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Turkish Central Bank Keeps Key Interest Rate at 37%

The Turkish Central Bank headquarters in Ankara (Reuters)
The Turkish Central Bank headquarters in Ankara (Reuters)

Türkiye's central bank left its key interest rate at 37% on Thursday, as expected, keeping it unchanged for a fifth consecutive meeting as it continues to monitor the inflation impact of the Iran war.

The central bank said recent indicators suggested that the underlying trend of inflation was decelerating, though elevated energy prices posed an upward risk to the inflation outlook.

"The impact of geopolitical developments on the inflation outlook through the cost channel, economic ⁠activity and expectations is ⁠closely monitored," Reuters quoted the bank as saying in a statement.

The lira held steady at 48.4950 against the dollar after the announcement, while the main Istanbul share index was slightly lower.

In a Reuters poll, 16 of 17 economists had forecast the policy rate would remain at 37%, while ⁠one had expected a 100-basis-point cut.

The central bank also did not adjust its overnight lending and borrowing rates from 40% and 35.5%, respectively. The bank uses the rate corridor to adjust the cost of funding to the market, when necessary, without changing the benchmark rate.

Last month, the central bank resumed one-week repo auctions, which had been suspended since March in order to control the inflationary impact of the Iran war. Overnight interest rates, which had ⁠remained ⁠at around 40% since the suspension, fell by 300 basis points.

The war-related surge in energy prices has rattled import-reliant economies such as Türkiye, where inflation was 31.51% last month.

In the latest inflation report, the central bank raised its inflation forecast for the end of 2026 to 28%, from 26%. The government sees inflation at 28.4% at the end of this year.

Economists continued to expect monetary easing over the remainder of the year, but are closely monitoring new tensions in the region and their impact on inflation.


OPEC Further Lowers 2026 Global Oil Demand Growth Forecast

FILED - 09 December 2023, United Arab Emirates, Dubai: FILE PHOTO - A view of the OPEC pavilion on the COP28 grounds. Photo: Hannes P Albert/dpa
FILED - 09 December 2023, United Arab Emirates, Dubai: FILE PHOTO - A view of the OPEC pavilion on the COP28 grounds. Photo: Hannes P Albert/dpa
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OPEC Further Lowers 2026 Global Oil Demand Growth Forecast

FILED - 09 December 2023, United Arab Emirates, Dubai: FILE PHOTO - A view of the OPEC pavilion on the COP28 grounds. Photo: Hannes P Albert/dpa
FILED - 09 December 2023, United Arab Emirates, Dubai: FILE PHOTO - A view of the OPEC pavilion on the COP28 grounds. Photo: Hannes P Albert/dpa

OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 380,000 barrels per day, ⁠a copy of its ⁠monthly report showed, marking the fifth straight downward revision.

The producer group continues ⁠to see a smaller impact on consumption since the Iran war started than other forecasters, such as the International Energy Agency, which expects demand to decline in 2026.

The ⁠Organization ⁠of the Petroleum Exporting Countries also raised its forecast for 2027 oil demand growth, according to the report on its website.


HSBC's 1st Female CFO Pam Kaur to Step Down in 2027

FILE PHOTO: HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/File Photo
FILE PHOTO: HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/File Photo
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HSBC's 1st Female CFO Pam Kaur to Step Down in 2027

FILE PHOTO: HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/File Photo
FILE PHOTO: HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/File Photo

HSBC Chief Financial Officer, Pam Kaur, plans to step down in 2027, the latest high-profile executive departure at the Asia-focused lender.

Kaur will not stand for re-election as a director at the lender's 2027 annual general meeting, the bank said on Thursday, according to Reuters.

HSBC said its board has started to look for a successor, and will consider "both internal and external candidates".

Her planned exit puts leadership stability back under scrutiny. In December, HSBC unexpectedly named interim chair Brendan Nelson to the permanent role after a ⁠drawn-out, seven-month search.

Kaur's official ⁠retirement date as Group CFO would be confirmed in due course but would be no later than the company's 2027 AGM, which is usually in May, according to the bank.

Pam Kaur was the bank's first female finance chief in its over 160-year ⁠history.

Since her appointment in October 2024, Kaur has been widely regarded as the top aide to HSBC CEO Georges Elhedery as he leads a global overhaul.

The restructuring splits the bank's footprint into East and West regional divisions, driven by market exits and deep cost cuts to streamline operations.

After stepping down from the full-time role of Group CFO and executive director, Kaur will take on an advisory role to support Group ⁠CEO ⁠Georges Elhedery on ongoing strategic projects, the bank said.

Last month, HSBC's global chief executive for the insurance business Edward Moncreiffe left the bank after two decades at the banking group.

Recent high-profile exits include former head of banking for Europe and the Americas Gerry Keefe, who resigned in April, and its cash equities trading heads, James Grafton and Steve Jobber, who left in February.

The bank's former US banking chief Lisa McGeough departed last September.