MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...
Economy
From sand dunes to boardrooms: Strategies for success in challenging times
"Leadership teams must recognize that the livelihoods of their employees' families hinge on the stability of the business. Understanding that...
Business
Bahrain central bank $185m Treasury bills oversubscribed 109%
Manama, Bahrain -- Treasury bills valued at Bahrain Dinar 70 million ($185 million) issued this week by the Central Bank...
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
- The total outstanding value of Government Treasury bills, typically issued with maturities of 91 days, 182 days, and 364 days, is BD 2.110 billion.
Business
Cruise visitors to Qatar in 2022-23 rise 151 percent
DOHA, QATAR - New data from Qatar Tourism (QT) revealed that the country welcomed 253,191 cruise visitors during its 2022-23...
- Qatar has seen a steady increase in cruise ship arrivals and passenger numbers, and the industry is poised for further growth in the seasons to come.
- In 2022-23 season, most cruise passengers originated from Germany (31 percent), Italy (10 percent), Russia (6 percent) and the United Kingdom (3 percent).
Economy
Qatar takes part in 58th MENA customs regional meeting
Doha, Qatar--Qatar participated in the 58th regional meeting of director general of customs of the North of Africa, near and...
- The meeting of the top officials discussed policy commission, committee membership, and the adoption of the document for the appointment of the techncial attache
- The WCO council reviewed customs work, capacity building, rules of origin, valuation, nomenclature and classification, compliance, and trade facilitation
Economy
Equities, ruble sink as traders eye Russia after failed uprising
While the advance by the Wagner mercenary force led by Yevgeny Prigozhin was called off before it reached Moscow, analysts...
- The ruble sank to 87 to the dollar -- its weakest level since March last year in the early days Putin's invasion of Ukraine -- as traders reacted to the developments in Russia
- Oil prices rose around one percent though with concern about demand owing to rate rises keeping gains limited, while futures for European natural gas jumped more than eight percent
Economy
EIB to finance Jordan’s upgrade of water-supply system with US$66.52mn
Amman, Jordan--The European Investment Bank (EIB) has approved the provision of $66.52 million for Jordan to upgrade the water supply...
- EIB said the project will improve the quality of drinking water in the area and reduce the loss of water due to leakage from the major water networks
- Late last year, EIB singed a $218 million loan agreement with Jordan to construct a desalination project between Aqaba and Amman, to be completed in 2028
Economy
Remittance flows to Egypt to surge by 3.1% in 2023: World Bank
Cairo, Egypt - The remittances to Egypt, the biggest recipient of such flows in the MENA region, are set to...
- Remittances, which amount to billions of dollars, play a crucial role in supporting the national economy
- The majority of the remittances sent by the diaspora, half of which lives in GCC nations, go back to Egypt
Geostrategy
Future of Iran-UAE relations promising: Reza Ameri
Tehran, Iran-- The future of relations between Iran and the United Arab Emirates is promising and in line with the...
- Reza Ameri, Iran's new ambassador to the UAE, noted progress in relations between the two countries after a period of downturn
- The UAE and Iran have had discussions to cooperate in political, economic, commercial, consular, cultural and scientific fields
Economy
Dubai Customs thwarts 2,600 attempts in last three years to smuggle drugs
Dubai, UAE-- Dubai Customs has scuttled nearly 2,600 attempts during the last three years to smuggle drugs, combating a concerted...
- The traffickers attempted to smuggle 36.76 kilograms of marijuana through the airport, and in another seizure a big haul of 75,000 Captagon tablets was seized
- Dubai Customs has installed a state-of-the-art system at Jebel Ali Customs Center and TECOM allowing for inspection of large vehicles, yachts and containers
Economy
Germany gears up for continued recession after years of bloom
BERLIN, GERMANY - On his many visits to semiconductor factories and electric car plants, Germany's Chancellor Olaf Scholz bangs the drum...
- Having dipped into recession at the beginning of the year, Germany looks set to finish the year in the red - and at the back of the pack among its eurozone competitors.
- The government is the only one left still predicting GDP will grow this year, while the main economic institutes and the IMF are looking at a drop of 0.2 to 0.4 percent.
Geostrategy
India’s Modi, Egypt’s Sisi pledge to deepen strategic partnership
Indian Prime Minister Narendra Modi met Egypt's President Abdel Fattah al-Sisi in Cairo on a rare visit during which both...
- New Delhi and Cairo have pledged to boost bilateral trade as India is also stepping up investment in Egypt, particularly in renewable energy.
- India is already Egypt's seventh-largest trading partner, according to data from Cairo's central bank, with trade reaching $7 billion last year.
MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...
Economy
Company News
Russian oil price cap partially successful
Geostrategy
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Tawzea, NWC ink pacts
Business
Dubai aims to become global creative economy capital
"Dubai transcends economic statistics; it embodies a pursuit of the highest quality of life. Our aspiration is to achieve excellence,...
Economy
China, Russia trade soared in 2023 as commerce with US sank
Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday,...
Economy
Gulf countries eye global metal recycling hub status
Amidst an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to...
Economy
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Economy
US consumer inflation jumps more than expected to 3.4 percent
Washington, US - Consumer inflation in the United States rose more than anticipated in December, government data showed Thursday, underscoring the...
- The Department of Labor's consumer price index (CPI), a key measure of inflation, was up 3.4 percent from a year ago and higher than November's figure
- But underlying pressures still appear to be ebbing, as a "core" metric that strips out volatile food and energy prices cooled to 3.9 percent in the last month of 2023
Business
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
- Aquellum is hidden within a breathtaking 450-meter-high mountain range.
- The subterranean digitalized community creates vibrancy and interconnectivity.
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
- The agreement will enable to form an electronic link between the two entities, allowing the authority to directly access credit reports provided by the bureau
- The collaboration, according to officials from the two entities, will set a framework for bilateral cooperation, strengthening efforts to ensure high rates of tax compliance