Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...
Economy
Regulated dollar transactions on the rise in Iraq, says central bank
With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically....
Economy
Economy
Qatar, Spain launch innovation program to support collaborative research
Doha, Qatar: Qatar and Spain have launched the Qatar Spain Innovation Program (QASIP), a joint venture between the Qatar Research,...
- The program aims to support collaborative research and development projects in energy, health, resource sustainability, and digital technology
- The program is the first fruit of cooperation between the QRDI Council and CDTI, following a MoU signed by Qatar and Spain in 2022
Business
Central Bank of Oman issues treasury bills valued at US$36.35 million
Muscat, Oman--The Central Bank of Oman (CBO) has raised $36.35 million by way of allotting treasury bills on Tuesday, the...
- According to the central bank, the value of the allotted treasury bills amounted to $26 million, for a maturity period of 28 days
- The bank added in a statement that the allotted treasury bills amounted to $10.38 million for a maturity period of 91 days
Economy
UAE growing EV charging stations from 500 to 800
Abu Dhabi, UAE - The UAE is growing the number of Electric Vehicle (EV) charging stations from 500 to 800...
- Recent years have seen the UAE make a push towards adoption of electric vehicles
- The country's EV market is expected to grow at a CAGR of 30 percent until 2028
Economy
GCC project awards surge despite economic challenges
Saudi Arabia remains the largest projects market in the GCC as the total value of contracts awarded increases by 54.7...
- Saudi Arabia remains the largest projects market in the GCC as the total value of contracts awarded increases by 54.7 percent YoY during Q1-2023 to US$29.9bn, says a latest report
- The GCC's construction sector is set to take the lion's share of project awards in 2023, even as water, petrochemical, and power sectors may also perform well, adds the report
Economy
UAE begins talks with Thailand under CEPA to boost trade
Seeking to widen its foreign trade and grow national economy, the UAE has signed Comprehensive Economic Partnership Agreement (CEPA) negotiations...
- The UAE has signed four agreements with India, Israel, Indonesia and Turkey, with the first two having already come into force
- The country is holding negotiations with many other nations in the neighborhood and beyond to arrive at similar agreements
Economy
Fed Reserve must stop raising rates for three reasons
There are three reasons why the Fed should not increase interest rates further: First, the US financial system is still...
- US inflation progress expected to stall despite robust labor market. Fed should avoid further rate hikes and focus on supporting the economy
- The Bureau of Labor Statistics may report higher prices for core goods, driven by rising vehicle prices, counteracting cooling effect in other sectors
Business
Carrefour now opens in Israel
French retailer is first foreign supermarket chain in Israel.
- Simmering rage over costs and income inequality dominated the country's elections in November.
- Inflation hit 5.2 percent year-on-year, the central bank said in April, a record high for Israel in over a decade.
Business
Global tourism industry is on track to reach pre-pandemic levels
MADRID, SPAIN - The World Tourism Barometer published its second report of the year, which showed that international tourism is...
- During Q1 2023, twice as many people traveled internationally than in the same period of 2022, with 235 million estimated tourists.
- The report revealed that international arrivals have reached 80 percent of pre-pandemic levels in the first quarter of 2023.
Business
Fertiglobe Q1 net profit $135m
The company posted Q1 revenue of US$694 million.
- Fertiglobe reported free cash flow of $271 million in the first quarter.
- The firm continues to have a strong order book for the coming months.
Business
DEWA announces pilot use of ChatGPT on its website
Dubai, UAE: Dubai Electricity and Water Authority (DEWA) announced the pilot use of ChatGPT, since April 2023, on its website...
- DEWAt is the first utility in the world and the first government organisation in the UAE to use ChatGPT
- The step has been taken as part of the company’s strategy to employ Artificial Intelligence
Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...
Economy
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Oman’s revenues drop by 17 percent in nine months of 2023
Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
Economy
Global health crisis looms amid climate change: WEF
Global coalition and trillions of dollars are required to prevent escalating human deaths due to climate change, Dr. Shyam Bishen...
COP28 UAE
UAE green bonds and sukuk issuances touch US$4.20bn
According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one...
Business
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Business
TikTok announces online shop deal
Indonesia is TikTok's second-largest global market.
- Indonesia in September banned sales on social media to protect small businesses that were losing out to e-commerce giants
- With 125 million users, Indonesia is TikTok's second-largest global market after the United States, according to company figures
Economy
Oil prices up on Saudi, Russia push for output reduction
Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...
- The OPEC agreement entails a substantial 2.2 million barrels per day reduction for the first quarter of next year
- Despite these global efforts, US output continued at a high of over 13 million barrels per day, contributing to a surplus in the market
Economy
Doha Forum debates advantages in Gulf-Europe green ties
Doha, Qatar-- Oil and gas producers in the Middle East are assessing "challenges and opportunities" available for their economies to...
- The discussion focused on opportunities for green cooperation between the Middle East and Europe, and the importance of enhancing the cooperation
- The session highlighted opportunities this transformation provides for both regions, such as diversifying their economies and stimulating development cooperation