Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
Business
Economy
UAE and Mozambique sign MoU to improve ‘work cycle’ for workers
Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the...
- The UAE minister said the MoU establishes an institutional partnership between the two ministries to maximize mutual benefits
- He said the UAE government is keen to build partnerships around the world, which, he feels, builds trust in the country's labor market
Economy
Dubai Customs and Japan’s consulate discuss expansion of trade ties
Dubai, UAE-- Officials from Dubai Customs and Japan's consulate have discussed ways to boost trade cooperation between the two countries...
- The officials noted how collaboration with Dubai was enabling Japan's traders and investors to expand their businesses in Dubai
- The consulate officials conveyed their appreciation for Dubai Customs' role in combating drug smuggling across borders
Economy
Qatar hosts over 2m visitors in first half of 2023
Doha, Qatar - Qatar Tourism said on Thursday that the country received more than two million visitors during the first...
- Saudi Arabia remain the top source market for international visitors this year, contributing to nearly a quarter of all arrivals
- May and June registered the highest figure - 567 thousand - ever recorded for these two months in the last ten years
Economy
Abu Dhabi crown prince reviews progress of government projects in emirate
Abu Dhabi, UAE-- The Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council Sheikh Khaled bin...
- The crown prince stressed the need for investing in early education and how it is integral to building a "future-ready generation"
- In the meeting he noted the importance of achieving a fully integrated and sustainable roadmap, involving all stakeholders
Economy
UAE, French ministers review ties, economic cooperation
Abu Dhabi, UAE - The United Arab Emirates and France reviewed the prospects of growing bilateral trade exchanges and advancing...
- Two sides discussed investment exchanges in innovative startups, circular economy, tourism, technology, family businesses, renewable energy and agriculture
- The prospects of accelerating the existing partnership and economic cooperation between the two countries also featured high during the meeting
Geostrategy
Egypt, Ethiopia to finalize deal on Nile dam in four months
The two countries resolved to finalize a deal over Ethiopia's big dam on the Blue Nile in four months, a...
- The two leaders, according to a joint statement, "discussed ways of overcoming the current stalemate in negotiations"
- Egypt sees the dam as an existential threat as it depends on the Nile for 97 percent of its water requirements
Business
OPEC anticipates 2.2% growth in oil demand in 2024
Vienna, Austria - OPEC Thursday predicted world oil demand to grow by a healthy 2.2 mb/d, to 104.25 mb/d in...
- In its Monthly Oil Market Report, the OPEC said the World GDP growth in 2024 is forecast at 2.5 percent, slightly below this year’s expected growth level of 2.6 percent
- The world economic growth in 2023 is to remain broadly unchanged at 2.6 percent, with the initial forecast for 2024 economic growth expected at 2.5 percent
Economy
Will extended oil production cuts stunt Saudi growth?
The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain...
- The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts
- Amidst varying projections, the overall concern is clear: the extended cuts could strain the economy and may even lead to contraction if the trend continues into 2024
Business
ExxonMobil to buy Denbury
ExxonMobil will acquire Denbury for $4.9 billion.
- The all-stock acquisition provides ExxonMobil with Denbury's carbon dioxide pipeline network in Texas, Louisiana and Mississippi.
- Oil companies have championed carbon sequestration as a major response to climate change.
Arts & Culture
Sweltering heat leaves Gulf residents at risk during noon
DUBAI, UAE- As much of the world swelters in record temperatures, spare a thought for Issam Genedi, who ekes out a...
- Apart from last week being identified as the hottest ever recorded worldwide, a wave of humidity has been suffocating the Gulf
- Two weeks ago, more than 1.8 million Muslims battled through a days-long hajj pilgrimage in Saudi Arabia in temperatures up to 48C (118F)
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
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ADCB, EIH sign agreement
Business
Saudi Arabia lists priority specializations for Special Talent Residency
Riyadh, Saudi Arabia - Saudi Arabia's Premium Residency Center on Sunday revealed a list of priority specializations that qualify individuals...
Economy
Quiet and not-so-quiet luxury at Paris Fashion Week
PARIS, FRANCE - The Paris Fashion Week menswear shows draw to a close on Sunday. Here are some of the highlights...
Business
UAE foreign investment projects second highest in world: UNCTAD
Abu Dhabi, UAE -- The UAE recorded the second-highest increase in the number of new foreign investment projects around the...
Business
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Business
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
- Flynas had the fewest complaints among airlines, 42 per 100,000 travelers and a complaint resolution rate of 100 percent.
- SAUDIA Airlines came second, with 61 complaints per 100,000 travelers and a resolution rate of 99 percent.
Business
China remains world’s largest logistics market in terms of demand
BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's...
- As final consumption continues to rebound, it will lead to consistent growth in production and import demand.
- There has been a continuous enhancement in the competitive capabilities of China's logistics enterprises.
Economy
Dubai GDP growth up 3.3 percent in nine months of 2023
Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy improved with a...
- Accommodation and food services activities witnessed a remarkable 11.1 percent growth, solidifying Dubai's position as a global tourism leader.
- Dubai's financial and insurance sector, a significant contributor to the economy, posted a growth of 2.7 percent.