Stocks firm, dollar subdued as market flirts with outsized Fed cut
Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start...
Economy
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Economy
Climate action an opportunity to create more equitable world: Almheiri
Dubai, UAE-- Terming climate action as an opportunity to create a more equitable and sustainable world, Mariam bint Mohammed Almheiri,...
- The minister said the UAE believes that science, innovation and technology are the tools humanity needs to drive collective progress on climate action
- Almheiri asserted that COP28 is a chance to turn the world’s collective focus to conclude the first Global Stocktake of the Paris Agreement
Geostrategy
Jordan’s interconnection projects to serve as hub for energy exchange
AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
- Jordanian authorities are working on a project to connect the Kingdom’s Risha electrical station to Iraq's Rutba station.
- The interconnection line will allow the Iraqis to power the Rutba area's loads, using the Jordanian grid.
Geostrategy
Desperate Sudanese face endless wait for passports so they can flee
A million people have crossed Sudan's borders since April, fleeing the devastating war between the Sudanese army and the paramilitary...
- Since the authorities inaugurated a new passport office in the eastern city of Port Sudan in late August, hundreds of people have lined up all day, every day
- Sudan was already one of the world's poorest countries even before the war broke out, but now it has plunged into a horrific humanitarian crisis
Economy
Iran and Cuba to set up joint ‘technology and innovation’ center
Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation...
- The two countries apart from boosting economic ties are keen to develop mutual cooperation in the fields of science and technology
- Cuba is planning to hold an exhibition in 2024 and has invited Iranian knowledge-based companies to showcase their latest achievements
US Fed likely to pause rate hikes despite higher inflation
The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a...
- Inflation has ticked up again in recent months due to a spike in energy costs, keeping up the pressure on the Fed
- In recent weeks many policymakers have said that additional rate hikes will likely be needed to bring inflation down
Business
DEWA embraces Microsoft’s Copilot to drive digital transformation
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart...
- In order to benefit from the capabilities of generative AI, DEWA is looking to utilize the latest global technologies in all areas to enhance its digital transformation
- Microsoft's Copilot will assist software developers at DEWA in building smart programs and applications that support DEWA’s operations more smoothly
Economy
S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms
Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1”...
- The agency gave a stable rating in the wake of the kingdom's ongoing initiatives to carry out significant reforms and achieve structural improvements
- The kingdom's growth, according to S&P, will increase at a rate of 3.4% between 2024 and 2026 mainly due to the anticipated rise in oil demand
Economy
Inclusive policies key to greater global cooperation
“By placing an emphasis on inclusive policies, embracing digitalization and fostering stronger international collaboration, we can establish a trade landscape...
- Shamika N. Sirimanne emphasizes the need for inclusive policies and digital transformation to boost global trade
- UN's fifth global survey shows 68.6% of trade facilitation measures from WTO's agreement have been implemented
Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
Business
Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
- This move aligns with the fund's strategies aimed at enhancing the well-being of employees and providing them with opportunities to boost their pensions.
- The fund said it is allowed to procure the service period for insured employees after they have completed a minimum of 20 years of actual service.
Stocks firm, dollar subdued as market flirts with outsized Fed cut
Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start...
Economy
Company News
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‘Innovative startups key to national prosperity’
"Investing in youth, inspiring ideas, and transforming them into creative projects is a cornerstone for facing global challenges in many...
Economy
UAE to provide US$10m grant to support WTO initiatives, says foreign minister
ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE...
Geostrategy
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
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Business
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
- The aggregate capital and reserves of UAE-based banks increased 12.3 percent or US$14.4 billion during the first 11 months of 2023
- National banks accounted for 86.5 percent of the total capital and reserves of UAE-based banks logging $113 billion by end of November 2023
Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
- Gas reserves, which are usually drawn down during winter for heating, are at 64.7 percent of storage capacity on average in the European Union.
- Gas prices soared in 2022 and into 2023 as Russia's invasion of Ukraine made EU countries limit consumption and diversify their sources of supply.
Economy
Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
- The two sides look to enhance relations in the fields of labour, research, training, and ways to achieve the common interests
- Al Mansori noted the chamber's preparedness to collaborate with the ILO, praising its significant role in labour-related matters