Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
Economy
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Economy
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
- The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
- The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Economy
Global stock markets slip as European banks’ shares hit
The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese...
- The US trade deficit narrowed in June to $65.5 billion, compared with $68.3 billion in May, on a bigger pullback in imports than exports.
- Another weak batch of trade data compounded worries about the struggling Chinese economy. Sales of Chinese products to foreign markets sank 14.5 percent on-year last month.
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
- Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
- The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.
Economy
Residential prices, rents dip across Qatar as World Cup boost dissipates
Doha, Qatar - The residential property market in Qatar is grappling with a dual challenge of decreased demand and increased...
- Lusail's Waterfront and Fox Hills districts have experienced the highest quarterly depreciation in average quoted rents for apartments
- The office market in Qatar is grappling with a challenge of its own, with a widespread drop in average rental rates attributed to an oversupply of office space
Erdogan defends expansion of controversial coal mine
Dramatic scenes have emerged since July 24 when Akbelen forest in the Milas district of the Aegean province of Mugla...
- Turkish President said the power plant needed to continue production with new coal basins as the existing reserves were close to depletion
- Erdogan's comments come on the eve of a special session in parliament, currently on a summer break, to discuss the situation in Akbelen at the request of the opposition
Economy
China posts biggest fall in exports as global demand recedes
The drop in exports was bigger than expected and the heaviest since a 17.2 percent plunge in January-February 2020, when...
- Sales of Chinese products to foreign markets sank 14.5 percent on-year last month, a third consecutive drop
- The threat of recession in US and Europe, combined with high inflation, has contributed to weakening international demand
Economy
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
- The plan aims to achieve a string of goals underscored by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future
- The latest initiative by Dubai Taxi Corporation looks to protect its database and monitor systems to prevent disruptions caused by server downtime
Economy
Russia’s BSGI exit causes global food price hike: Blinken
Washington, United States - Russia's withdrawal from the Black Sea Grain Initiative (BSGI) has led to a surge in global...
- Top US diplomat highlighted that over half of the grain from the Black Sea Grain Initiative was directed towards developing countries
- Condemning the use of food as a weapon of war, he said that 91 countries have signed a declaration at the UN opposing such tactics
Economy
UAE launches finance strategy to boost government performance
Dubai, UAE -- The United Arab Emirates Sunday launched Ministry of Finance's Strategic Plan 2023-26 aimed at accelerating government performance...
- Sheikh Maktoum bin Mohammed said the UAE will develop and implement sustainable financial policies to promote economic growth.
- The plan comprises three strategic goals, six main projects, four main goals and seven additional directives.
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
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Penguin, SkyBlue ink MoU
Business
Investment in Qatar free zones reaches US$1.3bn, says QFZ chairmanÂ
DOHA, QATAR - Minister of State and Chairman of Qatar Free Zones Authority (QFZ) Dr. Ahmad bin Mohammed Al Sayed...
Business
Turkey’s inflation 65% in Jan, piles pressure on central bank
Istanbul, Turkey - Turkey's annual inflation rate stayed stable in January at nearly 65 percent, but month-on-month consumer price increases jumped...
Economy
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
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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
Economy
GCC leaps into healthy aging with tech and policy
In the Gulf countries, a transformative journey toward healthy aging is underway, fueled by technological advancements and government initiatives, says...
- In the Gulf countries, a transformative journey toward healthy aging is underway, fueled by technological advancements and government initiatives, says an expert.
- With the UAE leading in longevity research and AI revolutionizing healthcare, the region is on a promising path to ensure longer, healthier, and more fulfilling lifespans.
Economy
Number of visitors to Qatar rises 31.9 percent in December, says report
DOHA, QATAR - The total number of inbound visitors to the country reached about 519 thousand in December 2023, recording...
- Qatar Monthly Statistics bulletin said the highest number of visitors was from the Gulf Cooperation Counci at 33 percent.
- According to the bulletin, the total number of registered new vehicles in December 2023 has reached 3,390 new vehicles.