Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
Economy
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Economy
SEWA holds talks with US consulate to promote innovation for energy solutions
Sharjah, UAE-- The Sharjah Electricity Water and Gas Authority (SEWA) has held talks with a US consulate-general delegation to explore...
- The meeting also touched upon SEWA's initiatives to bring down carbon emissions and fight climate change, besides discussing the upcoming COP28 conference
- The two sides also explored potential partnerships between SEWA and American companies in innovation and sustainable development
Economy
$800bn investments set to bolster Saudi tourism
"The Kingdom will invest more than $800 billion during the next 10 years", added the minister, noting that tourists may...
- Saudi Arabia's tourism sector, fueling a 4.45% GDP growth, is set for an $800 billion investment boost over the next decade.
- Despite the global pandemic, Saudi Arabia welcomed over 93.5 million tourists in 2022, making it the fastest-growing tourism destination
Economy
Saudi tourism sector’s GDP share roars to 4.45%: Minister
The Kingdom will invest more than $800 billion over the next ten years, the Saudi Minister of Tourism Ahmed bin...
- Saudi Arabia’s tourism spending has surged 93 percent in 2022 to reach $49 billion, up from US$25.4 billion in 2021
- The number of tourism-related jobs in 2022 reached 880,000, reflecting an increase of 15 percent compared to the previous year
Economy
UAE-Turkey partnership has scaled new heights: Al Marri
Abu Dhabi, UAE-- With the signing of the Comprehensive Economic Partnership Agreement (CEPA), the UAE exporters are expected to benefit...
- The CEPA agreement between the two countries is expected to start a new era of ties, stimulating trade, increasing investment flow, and creating jobs
- The non-oil bilateral trade is expected to increase to US$40 billion annually in five years, and at the same time create 25,000 new jobs by 2031
Economy
Divided Fed expected to rally around a US interest rate pause
Members of the rate-setting Federal Open Market Committee remain divided going into the meeting on June 13-14, with a minority...
- Some officials may vote to hold the benchmark lending rate at the next meeting of the Fed's rate-setting committee, while leaving the door open to a hike in July if necessary.
- The data points to a mixed economic picture, with slowing growth, a tight labor market, and inflation still well above the Fed's two percent target.
Economy
UK retail lenders withdraw fixed home-loan products, rattling market
HSBC joined the fray on Thursday, suspending certain home loans as it also sought to cope with significant new demand...
- The total number of available mortgage products has meanwhile fallen by about five percent in just under one month
- Hargreaves Lansdown estimates 16 percent of Britons are already struggling to meet monthly mortgage repayments
Economy
Desperate Syrians recycle plastic waste to make living
Recycling, in rebel-controlled Syria, is rather a grim lifeline than environmental impulse for desperate residents searching for work or items...
- In northern Idlib province, workers at a factory making mats and rugs churn out brightly coloured recycled plastic
- The mats made from recycled plastic cost between $5 and $15, while traditional Persian-style rugs are around $100
Economy
Arab-China summit will bolster bilateral economic ties
The event is aimed at bolstering trade and economic alliances between Arab and Chinese business communities and to explore a...
- The 10th Arab-China Business Conference is aimed at strengthening trade and economic alliances between the Arab and Chinese business communities
- Technology, renewable energy, agriculture, real estate, minerals, and supply chains remain the prime focus of the conference being held in Riyadh
Economy
Saudi NIDLP publishes report highlighting ‘achievements’ in four key sectors
Riyadh, Saudi Arabia-- In order to ensure compliance with the goals of Saudi Arabia's Vision 2030, the National Industrial Development...
- According to NIDLP, the program continues to work diligently to achieve the desired results under the plans emerging from the Saudi Vision 2030
- The program looks to maximize and diversify the economic impact in the four sectors, achieving sustainability and creating attractive investment environment
Business
Qatar Finance and Business Academy signs MoU with Morgan International
Doha, Qatar-- Qatar Finance and Business Academy and Morgan International have signed a memorandum of understanding (MoU) to provide training...
- The agreement between the two will provide individuals and organizations with training and upskilling solutions to enable them to operate within the country's financial market
- Qatar Finance and Business Academy looks to support the process of localization in Qatar through its programs by providing the labor market with professional leaders
Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
Economy
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Gulf Air hit by data breach
Economy
Turkey’s inflation rate nears 65 percent in December
Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace...
Economy
Saudi Arabia set to open its first financial center
Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and...
Economy
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
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Economy
Saudi Arabia launches skill verification program in Egypt
Riyadh, Saudi Arabia - Saudi Arabia, through its Ministry of Human Resources and Social Development (MHRSD), has initiated the first...
- The collaborative effort with the Egyptian Ministry of Manpower aims to improve the proficiency of professional labor in Egypt
- In its inaugural phase, the SVP will focus on evaluating skills in five key professions: plumbing, electrical work, welding, automotive mechanics, and carpentry
Economy
UAE’s CEPA program marks ‘exponential growth’
“Trade has always been important to the UAE, a bridge connecting our products, skills, and natural resources to the world,...
- In 2023, the UAE's CEPA program achieved substantial growth, implementing three agreements and signing two more, expanding its global trade network across four continents.
- In 2023, the UAE's non-oil foreign trade soared to a record AED1.24 trillion, complemented by the launch of the Trade Tech initiative with WEF to digitize global supply chains.
Economy
Nationalization efforts transform Saudi workforce
Saudi Arabia's ambitious nationalization initiative has significantly impacted its labor market, with the Kingdom experiencing a historic low unemployment rate...
- Saudi Arabia's ambitious nationalization initiative has significantly impacted its labor market, with the Kingdom experiencing a historic low unemployment rate of 8.6%.
- The Kingdom's success on employment front is attributed to Vision 2030's strategic economic diversification and an increased focus on local workforce development.