Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
Business
Israeli air strikes in Lebanon’s city of Baalbek kill one
A security source said Israeli aircraft targeted a former Hizbollah building near Dar Al Amal Hospital, adding that Israel "conducted...
Geostrategy
Economy
Activists term IMF, World Bank ‘worst scam of the century’
Activists from developing nations belonging to a group called People's Alternative Global Tribunal organized themselves in the Moroccan city as...
- They blamed both the institutions for pursuing an economic model that favours political and financial elites
- The International Monetary Fund and World Bank are holding their first annual meeting in Africa in half a century
Economy
UAE and US aim to speed up cooperation in clean energy, technology
Abu Dhabi, UAE-- The UAE and US have reviewed ways to accelerate cooperation in priority sectors such as clean energy,...
- The talks between the two countries coincide with a jump in non-oil trade between the two nations, which reached US$21.63 billion in the first half of 2023, a 37% rise
- Al Zeyoudi emphasized that the US, apart from being a UAE trade partner, remains a key ally in advancing socioeconomic progress through global economic cooperation
Economy
IMF slashes its growth forecast for China and eurozone
Marrakech, Morocco-- The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said...
- The IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% but cut its 2024 forecast to 2.9% from its July forecast of 3.0%.
- Its research revealed a 10% rise in oil prices would dampen global output by about 0.2% in the following year and boost global inflation by about 0.4%
Business
Samsung profits plunge
The company expects Q3 profits to fall nearly 80% to US$1.8bn.
- The company said in a statement that its operating profits for the July-September period will fall 77.9 percent to $1.8 billion
- Led by Samsung, South Korean chipmakers have enjoyed record profits in recent years as prices for their products soared
Economy
UAE to sign six more CEPAs by year end: Al Zeyoudi
Dubai, UAE--The UAE will sign six new comprehensive economic partnership agreements (CEPA) with South Korea, Thailand, Chile, Costa Rica, Colombia,...
- The minister made the remarks about the new CEPA agreements during a press conference to announce the UAE-Georgia CEPA
- He added that agreements will be signed with South Korea, Thailand, Chile, Costa Rica, Colombia, and Ukraine in the next few months
Geostrategy
Total siege of Gaza ‘prohibited’ under international law: UN
Geneva, Switzerland--Israel's total siege of the Gaza Strip, depriving civilians of goods essential for survival, is banned under international law, the...
- The UN high commissioner for human rights said people's dignity and lives had to be respected, calling for all sides to scale back the violence
- He said the siege risk seriously compounding the already dire human rights in Gaza, including the capacity of medical facilities to operate
Geostrategy
Qatar urges the West to pressure Israel to stop attacks against Palestinians
Dubai, UAE--Condemning Israel's relentless bombardment of the Gaza Strip, Qatar's top diplomat has urged Western countries to exert pressure on...
- Qatari foreign minister spoke with his Iranian counterpart on the phone and issued a call for an end to the violence
- For his part, Iran's top diplomat said the intensification of the Israel's crimes would further complicate the situation in Palestine
Geostrategy
Celebrities make Middle East peace appeals online
Anguished at the horrifying images coming out of the Gaza Strip and Israel, celebrities like Madonna and Mark Ruffalo have...
- The appeal for peace from around the world comes at a time of upsurge in violence between Israel and Hamas
- Many feel only dialogue could end the dispute in the Middle East and a free homeland for Palestinians alongside Israel
Economy
UAE to hold ‘Regional Cybersecurity Week’ to brainstorm plans to combat threats
Abu Dhabi, UAE--The UAE Cybersecurity Council will organise the Regional Cybersecurity Week 2023 from October 8-12, under the title "Cybersecurity...
- The week-long conference will be held in cooperation with the International Telecommunication Union and the Arab Regional Cybersecurity Centre
- More than 100 experts from 70 countries will take part in the conference to debate the best strategies and experiences in the field of cybersecurity
Economy
UN voices concern over impact of Israel-Hamas war on food supply
The UN's World Food Programme expressed concern over the mounting challenges civilians, including vulnerable children and families, face in accessing...
- The WFP has stocks of food ready for distribution to people displaced and in shelters
- The UN agency appealed to all parties to uphold the principles of humanitarian law
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
Business
Company News
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Ghitha Holding buys stake in MNG Airlines
The acquisition of 44% stake is valued at US$211.20 million.
Business
IHC net profit soars to US$8.9bn
The company's revenue for the year 2023 stood at US$16.33bn.
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Business
Irbid chamber industrial exports up
The value of certificates of origin issued stood at US$65m.
- Al-Hassan Industrial Estate, as per ICI's report, took the lead in export volume last month, contributing $59.5 million
- Irbid's exports to the United States accounted for 63.5 percent of the total export volume, exceeding $41.5 million
Economy
GCC ministers hold discussion on food security in the region
Riyadh, Saudi Arabia--Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), held a virtual meeting with ministers from...
- The GCC secretary-general said that food security in the GCC countries receives great attention from the leaders of the GCC countries
- He lay stress on involving all sectors of Gulf society, including the government, private sector, and civil society, to tailor the strategy
Business
Exxon Mobil posts bumper profit
The company profit vaulted to US$36bn during the year 2023.
- The company's earnings in the latest quarter still beat estimates and its Chief Executive Darren Woods signaled optimism about the coming year
- The oil giant's results included a $2.5 billion impairment charge for California properties that it has been trying to sell for more than a year