India’s Modi dangles tax cuts as US tariffs loom
Mumbai, India -- Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of...
Economy
Google to provide Gemini AI tools to US government
Google will provide its Gemini artificial intelligence tools to US federal agencies practically free, the government announced Thursday.
Science
Business
Iraqi Trade Center to be launched at ACC’s headquarters in Jordan
AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at...
- The center's inauguration will allow Jordanian and foreign businesspeople to view investment opportunities offered by the Iraqi government.
- The center will provide Jordanian companies with the opportunity to learn about Iraqi industries and agricultural products.
Business
Leather, knitwear industries contribute 2.4% to GDP, says JCI
AMMAN, JORDAN - Representative of the leather industries and knitting sector at Jordan Chamber of Industry (JCI), Ehab Qadri, said...
- The sector's exports achieved a "remarkable" growth during the past year by nearly 21 percent, reaching $2.3 billion, compared to 2021.
- The sector, as per data from Social Security Corporation, employs around 76, 000 workers, constituting 27 percent of the total workforce.
Economy
China’s industrial sector posts robust growth in 2023
Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according...
- The country took a big leap in renewable energy, unveiling the world's premier 16-megawatt offshore wind turbine, showcasing its deep-sea wind power construction proficiency
- Its entrepreneur confidence index and prosperity index for strategic emerging industries posted robust growth, strengthening the positive trajectory of China's economic landscape
Economy
Iran reports 15% surge in gasoline output
Tehran, Iran - Iran has reported a 15% surge in its gasoline output this year compared to last year. The...
- The Persian Gulf Star Oil Refinery is supplying 4 million liters per day of gasoline derivatives to other refineries to help meet the rising demand
- Iran's daily average demand for gasoline exceeds 120 million liters, and on peak travel days, consumption reaches nearly 150 million liters
Economy
Qatari economy records 2.7% growth in Q1 2023
Doha, Qatar – The Qatari economy has reported a growth rate of 2.7 percent during the first quarter of 2023...
- When compared to the revised estimates for the fourth quarter of 2022, which were $48.61 billion, there was a 3.9 percent decrease in the GDP
- The nominal gross value added tax estimates for mining and quarrying activities at current prices in the first quarter of 2023 reached $22.09 billion
Business
DFM registers 34,800 new accounts in 8 months
Dubai, UAE - Brokerage firms in the Dubai Financial Market (DFM) witnessed a substantial influx of New Investor Numbers (NIN),...
- The number of newly registered investor accounts exceeded 51 percent during the first eight months of the year
- 29 brokerage firms listed on the DFM conducted over 2.57 million deals on 80 billion shares worth $37.1 billion
Economy
Saudi Arabia and Singapore pledge to ramp up economic ties
Singapore-- Saudi Arabia and Singapore have pledged to enhance economic cooperation between the two countries and also reviewed the challenges...
- The two sidies reviewed the state of their economic relations and also discussed the progress of Saudi Vision 2030 and its key programs
- The Saudi finance minister met with an array of private sector players and Singaporean government agencies and discussed financial cooperation
Opinion
Logistics delivers boom with value-added services
"A top-tier, industry-specific enterprise resource planning (ERP) solution is vital for efficiently delivering these value-added services. Distributors grapple with supply...
- The Middle East and African freight and logistics market is predicted to record a compound annual growth rate of about 6% between 2023 and 2028
- To tap into growth opportunities in the region and for better results, distributors must consider incorporating value-added services into their strategies
Geostrategy
Grain deal in focus as Putin, Erdogan all set to meet
MOSCOW, RUSSIA - Russian President Vladimir Putin will host his Turkish counterpart Recep Tayyip Erdogan on Monday, the Kremlin said, amid...
- Russia pulled out from the UN-backed grain agreement that Turkey helped broker in July, effectively revoking safe navigation for civilian ships sailing through the Black Sea.
- Turkey's foreign minister Hakan Fidan said on a visit to Moscow on Thursday that reviving the deal to ship Ukrainian grain across the Black Sea was "critical" for food security.
Geostrategy
Iran’s non-oil export to ECO countries from Mar 21 to July 22 2023 reaches $3.6bn
TEHRAN, IRAN – Iran’s export of non-oil products to the Economic Cooperation Organization (ECO) member states in the first four...
- In the four-month period, Iran exported 8.161 million tons of non-oil commodities to ECO member states.
- In the same period, Iran imported 1.394 million tons of goods, valued at $2.445 billion, from the ECO states.
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India’s Modi dangles tax cuts as US tariffs loom
Mumbai, India -- Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of...
Economy
Company News
Latest News
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...
Economy
China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...
Business
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Economy
UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
- The assessment, based on comprehensive factors including GDP, productivity, political stability, social cohesion, and cultural impact, underscores the UAE's robust economic growth
- Over the past year, the UAE has made significant strides in bolstering its economic foundations, supported by proactive government policies and strategic investments
Economy
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
- The US Fed funds rate was maintained at the 5.25% - 5.50% range
- The US Consumer Price Index (CPI) showed no increase in May
Economy
Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
- To be supported by deep tech venture capital fund that exceeds $266 million
- Hub is a strategic effort to establish a semiconductor design industry ecosystem in Saudi worth SR50 billion