Trump’s global trade policy faces test, hours from tariff deadline
The last-gasp scramble to strike bilateral accords came as an appeals court in Washington considered the legality behind Trump's strategy...
Economy
Tunisia plastic collectors spread as economic, migration woes deepen
Tunis, Tunisia - A towel draped over his head, Hamza Jabbari sets bags of plastic bottles onto a scale. He...
Economy
Economy
Qatar Free Zones Authority, Qatar Development Bank to support foreign investors
Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms...
- The agreement will enable both to widen the areas of cooperation to serve companies investing in free zones, allowing them to use a variety of services
- The partnership is expected to create a suitable investment climate in Qatar and at the same time provide support to investors to achieve growth in businesses
Economy
More Arab youth prefer entrepreneurship over govt job
Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant...
- Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant preference shift from government to private sector jobs
- Amid high youth unemployment rates in the region, the ASDA’A BCW Arab Youth Survey points out a rise in entrepreneurial aspirations, particularly in GCC countries
Economy
Abu Dhabi-Japan deal to boost economic diversification
“Our cooperation with Japan External Trade Organisation (JETRO) is part of these efforts as Japanese experience and progress reflect role...
- Rashed Abdulkarim Al Blooshi, Undersecretary of the ADDED, highlights the importance of human development in Abu Dhabi's economic diversification efforts
- The Abu Dhabi Residents Office, an ADDED arm, and JETRO have signed an MoU to bolster efforts in attracting specialized talent and investors across the sectors
Economy
IMF upgrades growth projection for 2023 on resilient service sector
The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent...
- The global growth forecast for this year was raised by 0.2 percentage points from the IMF's last forecast in April.
- However, IMF said global growth is expected to slow to three percent this year and then stay there.
Economy
US Federal Reserve meets to consider raising rates to 22-year high
After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest...
- Futures traders assign a probability of close to 99 percent that the Fed will lift its base rate by 25 basis points on Wednesday, according to CME Group.
- The quarter percentage-point hike predicted by analysts and traders would raise the Fed's benchmark lending rate to a range between 5.25-5.50%, its highest level in 22 years.
Economy
Saudi Arabia’s oil exports fell by nearly 38 percent in May
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...
- Non-oil exports (including re-exports) decreased by 8.7 percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
- The value of imports amounted to SAR 67.7 billion in May 2023 compared to SAR 56.0 billion in May 2022.
Economy
Jordan and Iraqi PMs renew pledge to boost economic ties
Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister...
- The two prime ministers resolved to boost volume of trade exchange, expanding cooperation in the economic, trade and investment fields
- They also lay stress on ramping up cooperation in the field of energy, completion of the electrical interconnection project between the two countries
Business
KNPC exports first shipment of 95 octane motor fuel to Europe
Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...
- The deputy CEO of the company said that the first shipment was loaded on board the oil tanker Pacific Sarah from Mina Al-Ahmadi
- He said the shipment was dispatched in close cooperation and coordination with Kuwait Petroleum Corporation's international marketing sector
Economy
Iran clothing industry employs over 2m people: official
Tehran, Iran – The clothing industry in Iran which employs around two million people grew by 17 percent last year...
- Currently 100,000 production units have been registered in the garment industry
- These statistics do not include the stores operating on the virtual space and also unauthorized people
Economy
COP28 urges governments to make ‘food systems’ central to climate change
Dubai, UAE-- Calling on governments around the world to demonstrate leadership by signing the "Leaders Declaration on Food Systems, Agriculture...
- The presidency exhorted stakeholders in the food and agriculture sectors to speed up existing initiatives across food systems, agriculture, and climate action
- It also pleaded for action to ramp up innovation in the sectors in order to drive both development and climate action, leveraging mechanisms
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Trump’s global trade policy faces test, hours from tariff deadline
The last-gasp scramble to strike bilateral accords came as an appeals court in Washington considered the legality behind Trump's strategy...
Economy
Company News
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Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
UAE’s global investments grow amid economic crisis
"The UAE has strengthened its position in the global economy. The total value of UAE assets abroad, whether government or...
Economy
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
Economy
Most Read
Economy
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
- Chinese policymakers have so far resisted calls to juice the economy through massive government stimulus.
- Authorities should boost "the spending power of individuals and families" by beefing up China's pension system, IMF said.
Business
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
- The fund's primary goal is to promote the development of TradeTech solutions and support the expansion of startups.
- The announcement aligns with Investopia's vision to inspire entrepreneurs to expand into new economic sectors.
Economy
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
- The aviation arm of the UN said that demand this year is forecast to be around 3 percent above 2019 levels and could reach 4 percent if the pace of recovery strengthens
- According to its analysis, global demand expressed in Freight Tonne-Kilometres (FTK) is forecast to be around 2 percent below 2019 levels for the full year 2024