Oil prices spike after US strikes on Iran nuclear sites
Economists at MUFG warned of "high uncertainty of the outcomes and duration of this war", giving a "scenario analysis" of...
Economy
Asian stocks drop after Fed warning, oil dips with Mideast in focus
Hong Kong, China - Asian stocks fell Thursday after the Federal Reserve warned Donald Trump's trade war would likely reignite...
Economy
Geostrategy
Saudi Arabia announces international conference on Sudan aid
Saudi Arabia announced that it would jointly lead a conference on the humanitarian response to the war in Sudan next...
- Saudi Arabia and the United States have been mediating in the eight-week conflict.
- The kingdom played a leading role in evacuating thousands of foreigners from Sudan early in the war.
Business
ECI, KazakhExport ink MoU
Aim is to enhance trade between the UAE and Kazakhstan.
- The MoU is in line with the We the UAE 2031 vision aimed at strengthening bilateral economic relations between the two countries.
- The aim is to enhance economic ties in renewable energy, waste management, between the UAE and Kazakhstan.
Business
Stock markets rise globally on cooling US inflation
Stock markets jumped after data showed US inflation slowed further in May, raising hopes the Federal Reserve will pause its...
- The dollar fell against other major currencies as the greenback usually benefits from higher interest rates.
- The US central bank has raised interest rates 10 straight times in efforts to combat elevated inflation.
Business
HUB71 reveals winners of The Outliers Program to address industry challenges
ABU DHABI, UAE - Hub71, Abu Dhabi's global tech ecosystem, on Tuesday announced the winners of The Outliers Program, which...
- Participating startups have been recognized for their innovative solutions in various challenges set by Hub71’s strategic partners as part of The Outliers.
- The winning startups were successful for the companies’ ability to implement innovative products and services that can have a positive impact.
Geostrategy
UN calls on Libya to treat migrants, asylum seekers with dignity
War-torn Libya is regularly criticised for its handling of migrants, with rights groups alleging horrific treatment by smuggling gangs and...
- Libyan authorities have arrested thousands of men, women and children from the streets and their homes or following raids on alleged traffickers' camps
- Libyan authorities must grant United Nations agencies and aid organizations "unimpeded access to detainees in need of urgent protection", UNSMIL added
Economy
UN working to renew Ukraine grain export deal
That crucial accord granting safe passage for Ukrainian grain to be exported via Black Sea ports despite Moscow's invasion was...
- Grain deal helped alleviate food shortages triggered by the Russian invasion of Ukraine, a major grain exporter, and its blockade of Ukrainian ports
- The resumption of Russia's ammonia exports through the pipeline is one of Moscow's conditions to continue with the grain export deal
Economy
UAE’s MoHRE extends deadline for companies to meet Emiratisation targets
Dubai, UAE-- The UAE'S Ministry of Human Resources and Emiratisation (MoHRE) has extended the deadline for private sector to hire...
- The ministry said the decision to give companies more time to reach their targets to hire Emiratis was taken by taking into account the Eid holidays
- MoHRE has warned companies in the private sector that non-compliance with the decision will invite a fine of AED42,000 for each Emirati not employed
Economy
10th Arab-China Business Conference ends with Riyadh Declaration
Riyadh, Saudi Arabia -- The 10th edition of the Arab-China Business Conference successfully concluded on Monday with the announcement of...
- The first day of the conference featured the signing of US$10 billion worth of investment agreements, spanning more than 30 deals across an array of sectors
- The conference featured 9 panels, 18 workshops, and several private meetings and hosted 150 speakers to explore, discuss Arab-Chinese economic cooperation
Economy
UAE and South Korea agree to support SMEs, entrepreneurship
Dubai, UAE-- The UAE and South Korea are aiming to foster cooperation to promote entrepreneurship and support growth of small...
- The UAE's Minister of Economy, Abdullah bin Touq Al Marri, noted the strong business and strategic ties between the two countries, which continue to grow on many fronts
- South Korean FDI in the UAE, in insurance, mining, energy, real estate, touched US$2.2 billion in 2021, registering a staggering 73 percent growth since the beginning of 2013
Economy
US exhorts Tunisia to agree to IMF reforms after EU offer
The EU offered a 900-billion-euro aid package -- contingent on Tunisia reaching an IMF deal. But Tunisian President Kais Saied...
- It's clear that Tunisia needs additional assistance if it is going to avoid falling off the proverbial economic cliff, US Secretary of State said during a press conference
- Italian foreign minister voiced support for IMF package and said that Prime Minister Giorgia Meloni's government wanted to offer money as "the first step" toward reforms
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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
Oil prices spike after US strikes on Iran nuclear sites
Economists at MUFG warned of "high uncertainty of the outcomes and duration of this war", giving a "scenario analysis" of...
Economy
Company News
Latest News
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
Business
Morocco aims to increase exports by 12% in 2024, says kingdom’s trade minister
Dubai, UAE-- Morocco hopes to increase its exports by 12 percent this year, according to the kingdom's minister of industry...
Economy
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
Economy
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Business
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
- The Bohai 26-6 oilfield is situated approximately 170 kilometers from Tianjin Municipality.
- It has been anticipated that the average daily oil production will surpass 390 cubic meters.
Business
Goldman Sachs, Mubadala ink pact
The two firms have signed a $1 billion private credit deal.
- The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
- This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.
Economy
Finland, UAE eye collaborations in clean technologies
"There's considerable work to be done to establish a level playing field where low-energy technologies can be freely traded. I...
- Finland is aiming for climate neutrality by 2035 through the adoption of low-energy, clean technologies.
- The WTO can help establish a level playing field for the trade of environmental goods and services.