Finance World

With 1.8 billion Muslims in the world and an Islamic economy - which complies with Islamic laws – growing, John Defterios reports that Dubai is positioning itself as the global capital of the Islamic economy.

The average expat will spend just seven years in the UAE. While this might not seem very long, with financial discipline, committed saving plans and smart investment products it is enough time to realise their dreams of becoming a millionaire.

The commodity sector remains on the defensive with rising supply hurting a diversified group of raw materials from crude oil to grains. Growth concerns in the world’s two biggest economies into 2019 put industrial and semi-precious metals under pressure while gold struggled to build on the recent recovery amid a strong dollar with a hawkish Federal Open Market Committee staying on course to hike rates further over the coming months.  

Leaving a troubled summer behind

We are emerging from a particularly eventful summer in the markets. We have seen the Argentine peso tumble, falling 50% year-to-date together with the Turkish lira which lost 38% of its value against the greenback, provoking a deep sell-off in sovereigns of these countries. Although things appear to have started to stabilise again, the reality remains alarming. Turkish political uncertainty continues to daunt investors, while in Argentina the $57.1 billion credit line provided by the International Monetary Fund may not be enough to pull the country out of its political and economic difficulties.

Crude oil began the post-midterm election day on the defensive. Not so much due to the result, however, which for a change yielded no major surprises. The Democrats failed to create the "Blue Wave" while the Republicans saw no "Red Repeat", and the Democrats took the House.