Gold futures hit record on US tariff shock; mixed day for stocks
Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks...
Economy
Trump says to raise tariff on India over Russia oil purchases
President Donald Trump threatened Monday to "substantially" hike US tariffs on goods from India over its purchases of Russian oil...
Economy
Economy
Iraq to pay for Iranian gas imports with oil: Iraqi PM
The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed...
- Iran cut its supply of gas to Iraq by nearly half some ten days back because of unpaid bills of more than $12 billion
- Gas stoppages have worsened the frequent power outages in much of Iraq during the hot summer months
Economy
UAE signs air transport services agreement with Austria to boost trade
Vienna, Austria-- Looking to ramp up trade and business relations, the United Arab Emirates has signed an air transport services...
- UAE's ambassador to Austria said that the signing of the agreement will enhance relations, creating new opportunities for trade between the two countries
- The Austrian official said the agreement will benefit transport companies in both countries and support the tourism sector, apart from boosting trade
Economy
E-visas to drive tourism’s GDP share to 10%
Saudi Arabia is leveraging digital solutions to streamline travel, link tourists with local enterprises through apps, and enhance experiences via...
- The move has simplified and streamlined the processes for obtaining a tourist visa, making it easier for visitors to travel to the Kingdom
- Tourists can apply for the 90-day e-visa through an online portal which is an easy, accessible process with quick visa turnaround times
Business
Wall Street stocks up amid signs of broadening in equity market
New York, United States - Wall Street stocks mostly rose early Tuesday amid signs of greater broadening in the equity market...
- Energy and materials were two other sectors showing early gains, while technology was lower. Tech gains were at the heart of the stock market's buoyant first semester of 2023.
- Markets are looking ahead to Wednesday's consumer price index report, a critical data point for the upcoming US Federal Reserve decision.
Economy
Dubai Investments, E20 Investment to develop agricultural land in Angola
Dubai, UAE--Dubai Investments and E20 Investment have signed a memorandum of understanding (MOU) to develop 3,750 Ha of agricultural land...
- The two entities signed an MoU to develop land in Angola, harnessing the country's agricultural sector for growth and economic development
- The agreement looks to convert the land into a thriving agricultural hub, yielding 28,000 tons of rice and 5,500 tons (peak production) of avocados
Economy
UAE and Mongolia to ramp up trade and investment ties
Ulaanbaatar, Mangolia--The UAE and Mongolia are looking to boost trade and investment cooperation with a focus on the agriculture sector....
- Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, is leading a UAE delegation to the Mongolia Economic Forum in Ulaanbaatar
- During the meetings both sides explored the means to develop the partnership, underlining their commitment to enhance trade and investment cooperation
Economy
UAE bolsters AI integration to boost competitiveness
"The UAE government prioritizes keeping pace with global advancements to proactively address opportunities and challenges," adds Al Olama. "This priority...
- UAE renews commitment to embracing artificial intelligence solutions across various sectors, says UAE minister Omar bin Sultan Al Olama
- The UAE government prioritizes keeping pace with global advancements to proactively address opportunities and challenges," he adds
Economy
Abu Dhabi to provide UAE nationals with 5,000 jobs in health sector
Abu Dhabi, UAE-- Some 5,000 new jobs have been opened up in the healthcare facilities by the Department of Health,...
- The department has directed the healthcare facilities to work toward achieving the set targets under the Emiratisation program within their staff
- The Emiratisation initiative is designed to boost the number of Emiratis working in medical profession as doctors and nursing staff
Economy
AI ‘disrupts economy’ but Middle East optimistic
The Boston Consulting Group survey found that 58 percent of Middle East employees, managers, and leaders believe that AI will...
- An overwhelming 78 percent of respondents are confident that the rewards of GenAI outweigh the risks
- 76 percent of all respondents believe that AI-specific regulations are necessary to manage the risks
Business
4 bids for Al Ajban power project
There will be a process to select the best proposal.
- Al Ajban Solar PV is EWEC’s third world-leading solar power project.
- Abu Dhabi is home to world’s three largest single-site solar power plants.
Gold futures hit record on US tariff shock; mixed day for stocks
Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks...
Economy
Company News
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Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
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Economy
Cash-strapped Pakistan gets draft approval for $1.1 bn IMF payout
Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout...
- Last summer, cash-strapped Pakistan sketched a $3 billion deal with the IMF as it battled a balance-of-payments crisis which brought it to the brink of default.
- After six days of talks in Islamabad, concluding Tuesday, the IMF said officials had reached a "staff-level agreement" to pay out the latest portion of the deal.
Economy
UK inflation slows to lowest level since September 2021
ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this...
- Inflation reached 3.4 percent last month - the lowest level since September 2021 - after hitting 4.0 percent in January, according to the Office for National Statistics
- The BoE is widely expected to keep its main interest rate on hold in an announcement due Thursday following its latest regular monetary policy meeting
Economy
Dubai job hunt: Tips for success in the city of opportunity
Dubai, UAE - The UAE was recognized as the top destination for international professionals seeking employment visas. According to the...
- Dubai, as a cosmopolitan, sophisticated, and luxurious city, becomes a magnet not only for highly skilled talents but also for young professionals
- The city offers unique opportunities for professional advancement, as it hosts major international corporations and continuously nurtures progressive startups