As Trump mulls imposing additional 100% tariff, China says will ‘fight to the end’ in trade war
China said on Tuesday it was ready to "fight to the end" in a trade war with the United States...
Economy
Gold tops $4,000 for first time on political, economic worries
New York, United States - Gold topped $4,000 an ounce for the first time Wednesday as investors flocked to the...
Economy
Geostrategy
Israel-Hamas conflict sparks global economic anxiety
With potential spikes in oil prices and uncertainty surrounding major projects like the IMEC, the world faces a complex economic...
- With the world grappling with economic challenges, the sudden escalation in the Middle East threatens to send oil prices skyrocketing
- Recent reports suggested that Saudi leaders were considering boosting oil production to foster better relations with Israel
Economy
Infra investments crucial to Dubai’s growth and global allure
Dubai's iconic skyline and architectural marvels have garnered global attention, offering stunning views for visitors and residents alike. This allure...
- The emirate's strategic investments in infrastructure, from the Dubai International Airport to iconic landmarks like the Burj Al Arab, have bolstered its global stature
- With a prime focus on sustainability and a vision for 2040, Dubai continues to charm and attract businesses, tourists, and investors from across the globe
Economy
Oxford Economics predicts 4.4% GDP growth for UAE in 2024
Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
- Scott Livermore, Chief Economist, Oxford Economics Middle East, predicted a 4.2 percent growth in non-oil GDP this year, driven by diversification strategies.
- He also expected continued growth in the realty market and a strong recovery in travel and tourism, with Dubai surpassing pre-pandemic visitor levels by the first half of 2023.
Economy
UAE helps in shaping future of international archiving
"With the ICA's theme, 'Enriching Knowledge Societies,' we're poised to delve into myriad topics, including the pivotal role of artificial...
- The UAE, a global hub for diverse sectors, hosts ICA Abu Dhabi Congress 2023, a premier knowledge platform with world-renowned archiving experts and specialists
- The Congress emphasizes AI's impact on archiving, expects over 5,000 attendees from 135 countries, and features the ICA Hackathon showcasing student innovations
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
- The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high
- It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices
Business
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
- To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
- It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
Economy
UAE approves $52 billion federal budget for 2024-26
UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum, who chaired a meeting of the cabinet where the budget was...
- The UAE cabinet also announced the formation of the Financial Stability Board, led by Sheikh Mansour bin Zayed Al Nahyan, to fortify financial stability.
- This government also announced establishment of the Emirates Pharmaceutical Corporation to serve as the official regulatory body for medical and pharmaceutical products.
Economy
Volunteers search for Afghan quake survivors as aid trickles in
Kashkak, Afghanistan--Afghan villagers and volunteers on Monday helped dig for survivors of a series of earthquakes that killed more than 2,000...
- Although the country's disaster agency said that 2,053 people died, national and local officials gave conflicting counts of the dead and injured
- With winter approaching, the country's Taliban government would face a major challenge to provide shelter to the people displaced by the quake
Geostrategy
OPEC sees no peak in global oil demand on the horizon
In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million...
- According to OPEC, whose 13 member states include Saudi Arabia, the Gulf states and Venezuela, oil demand will be driven by emerging and developing nations.
- OPEC also backed developing technological solutions to reduce emissions, such as carbon capture and storage.
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
As Trump mulls imposing additional 100% tariff, China says will ‘fight to the end’ in trade war
China said on Tuesday it was ready to "fight to the end" in a trade war with the United States...
Economy
Company News
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Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
Study: Legacy technology not impeding adoption of AI and Machine Learning in UAE and Saudi Arabia
Manufacturers see AI as critical for decarbonization (66%), improving ESG scores, energy monitoring (55%), advancing digital twins (68%), and enabling...
Economy
Global markets rode AI, interest rate roller coaster in 2024
Paris, France - Despite political upheavals, stock markets and bitcoin smashed records in 2024, fuelled by investor enthusiasm for Artificial Intelligence (AI),...
Economy
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Economy
Indian workers replace Palestinians in Israel’s construction sector amid post-war labour void
Indians, long employed in Israel as caregivers, diamond traders, and IT professionals, are now increasingly recruited for the construction sector...
- Israeli researchers believe the number of Indians working in construction still does not match the number of Palestinians who did so before the war
- Before the Hamas attack, around 80,000 Palestinians were employed in construction, along with some 26,000 foreigners, Eyal Argov of the central Bank of Israel said
Asian stocks mostly up after US tech rally
Asian stocks were mostly higher on Tuesday after a tech rally on Wall Street, but their gains remained modest in...
- Hong Kong stocks were "consolidating before the long holiday"
- Honda shares soared 16 percent after announcing a buyback of up to $7 billion
3 ways travel drives economic growth while enhancing global connections and sustainability
WTTC research shows that, having endured estimated losses of $4.5 trillion and 62 million jobs in 2020 alone, travel and...
- Effective cross-sector and cross-border partnerships are key to unlocking the full potential of global connectivity
- Innovations and investments in technology can be leveraged to enhance connectivity through travel