WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
Geostrategy
Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data....
Business
Economy
Infrastructure push spurs job growth in GCC
The UAE and Qatar are hosting global events like EXPO 2020 this October and FIFA World Cup in 2022Â respectively...
- In recent months, all GCC countries have unveiled major infrastructure projects following vaccination of the majority of the population and a rebound in oil prices
- The UAE and Qatar are hosting global events like EXPO 2020 this October and FIFA World Cup in 2022 respectively and initiating infrastructure projects worth billions of dollars
Economy
Saudi MSMEs get new three-month payment respite
The Deferred Payment Program was launched on March 14 last year, as Covid-19 was spreading across the world. According to...
- The respite is in the form of the extension of the Deferred Payment Program for the MSMEs
- The initiative is one of the many Private Sector Financing Support Programs the central bank has launched to help the economy
Interview
More UAE women take up STEM courses
The Emirati women's share in online enrollments in science, technology, engineering, and mathematics rises to 42 percent in 2021 from...
- The Emirati women's share of online enrollments in science, technology, engineering, and mathematics increased to 42 percent in 2021 from 38 percent in 2019
- Women’s enrollment in entry-level professional certificates also went up in the country from 26 percent in 2019 to 32 percent in 2021
Business
Bahrain launches region’s fastest global sea-to-air logistics hub
Bahrain expects this to be the most efficient multimodal sea-air transshipment hub in the region with a global reach.
- The hub is said to have a turnaround time of just two hours for all containers
- This means products can be with customers in half the time and at 40 percent of the cost
Business
Dubai reviews park redesign proposals
Brand Dubai and Dubai Municipality have reviewed some creative proposals to redesign 10 public parks in the emirate.
- The latest joint project is part of an ongoing partnership between Brand Dubai and Dubai Municipality
- Together, they are looking to undertake beautification projects to enrich the city’s urban landscape
Business
Saudi Arabia ‘racing against time’ to finish F1 track
The floodlit circuit is expected to run over 6.175 km (3.8 miles), the second-longest on the calendar, and will feature...
- A visit to the track this week showed there was still much work to be done
- Buildings were still under construction and cranes and diggers were on site
Business
New FTA services to ease VAT refunds for UAE homes
The new services are said to offer four different services that aim to raise the target audience’s awareness, provide them...
- The initiative is expected to include a weekly interactive virtual workshop, the Virtual Session
- This would introduce UAE citizens eligible to professionals for consultations and clarification about the VAT refund process
Business
Abu Dhabi H1 real-estate deals hit $6.4bn
The real-estate sector in Abu Dhabi recorded 3,425 real-estate sales transactions worth AED9.02 billion (around $2.46 billion), and 3,621 mortgage...
- The H1 recorded value has been achieved through 7,046 real-estate transactions
- These include transactions and mortgages of land, buildings, and real-estate units of all kinds
Business
$80 oil sparks mixed fortunes for world economy
Rising oil prices handed a major boost to producers but threaten the global recovery and stoke inflationary pressures because they...
- Global supplies have been disrupted because US production remains hampered by the ongoing fallout from Hurricane Ida.
- OPEC now expects global oil demand to exceed its pre-pandemic level in 2022 thanks to Covid vaccines and recovering economies.
Business
Construction works complete on a stretch of UAE rail network
DUBAI:Â Etihad Rail has completed construction works on a stretch of the 1200-km UAE National Railway Network, the company said on...
- The work was completed ahead of schedule on Package A of Stage Two, which extends over 139 km.
- 40 percent of the network’s annual transport capacity has been reserved through commercial agreements.
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
Geostrategy
Company News
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Aramex Q1 net profit down 49%
Business
Foxconn Q1 profit dips 56%
Business
UAE tops MENA startup funding, followed by KSA, Egypt
MENA startups secured US$95 million in July 2023 across 31 deals; equity investments hit US$55 million, boosted by One Moto's...
Business
Office rents in Saudi Arabia’s capital grow 12-14 percent in Q2: Report
Riyadh, Saudi Arabia -- Most of Saudi Arabia's real estate market sectors recorded growth in the second quarter of 2023,...
Business
Saudi Arabia’s PIF creates 181,000 jobs in 2022, boosts economy
Saudi Arabia's employment figures received a significant boost in 2022, thanks to the efforts of the Public Investment Fund (PIF),...
Business
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Business
Jordan-Egypt trade expands to US$355.43m in first five months of 2023
Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to...
- The exports to Egypt however showed a decline in the five month period, falling to $63.46 million as against $93 million for the same period last year
- There was a fall in the imports from Egypt to Jordan too, declining to $292 million by the end of May, as compared to $333 million last year
Business
Musk offers legal aid for users in trouble at work over X posts
Since Musk bought the social media platform for $44 billion last October, its advertising business has collapsed, in part because...
- In December, Musk reinstated former US president Donald Trump's Twitter account, although Trump has yet to return to the platform
- X recently reinstated rapper and designer Kanye West around eight months after his account was suspended, according to media reports
Business
One missing after tugboat sinks in Suez collision with tanker
The authorities in charge of the waterway said that a tugboat sank and a cew member had gone missing after...
- The vessel Hong Kong-flagged LPG tanker Chinagas Legend involved in the collision was headed from Singapore to the US
- Two years back the giant ship Ever Given caused a nearly week-long stoppage in Suez traffic after it got stuck in the waterway