Business News

Gradual fiscal adjustments will help boost growth, IMF

The IMF Executive Board has said that the gradual fiscal adjustments will help the United Arab Emirates economy to record strong growth.

Advanced Micro Devices Second Quarter Earnings Report Beat Analysts’ Estimation

Advanced Micro Devices Inc, the Sunnyvale, California based semiconductor company announced its second quarter earnings report and came out with flying colors.

Thursday's report showed that the chip maker earned a quarterly profit and also marked its first sales increase in almost two years. The gain is mainly attributed to increasing sales of customized chips supplied to videogame makers and also a rising demand for its recent graphics products.

Nationwide Home Sale Figures Climb in June

In June, home sales jumped in most U.S states including Ohio. That continues the trend of recent gains even though the supply pool is limited.

On Thursday, the Ohio Association of Realtors said record gains in home sales were noted in June. Annually, the sales rate was 5.4 percent up compared to the previous year based on seasonally adjusted data. Transactions in the housing market increased almost one percent from May.

Aldar Properties awards contracts worth $119.7 million

Aldar Properties, an Abu Dhabi listed company, has announced that it has awarded contracts worth $119.7 million or AED 440 million for two of its projects in Abu Dhabi.

China and India to drive growth, says Abu Dhabi Investment Authority

The Abu Dhabi Investment Authority has indicated that growth will be driven by emerging economies like China and India as most of its markets delivered dull results in 2015.

The Abu Dhabi Investment Authority is one of the largest sovereign-wealth funds in the world with investments in a range of sectors across the world. ADIA has assets worth more than $700 billion, according to estimates but the fund recorded small negative total returns for the year from both global equities and bonds.

Large down payments deterring expats from buying homes in UAE

Property market experts have said that a large number of residents in the United Arab Emirates (UAE) do not own a property in the country.

The latest data showed that just around 30 per cent of UAE residents have actually purchased a house in the country. This means that a large majority of 70 per cent do not own property and are on rent. Experts say that large property down-payments as well as bank's reluctance to lend money has made it difficult for many residents to purchase house in the country.