US and China meet in ‘important step’ towards de-escalating trade war
Geneva, Switzerland - Senior US and Chinese officials were meeting in Geneva Saturday in what Chinese state media described as...
Economy
Warren Buffett says will retire from Berkshire Hathaway by year’s end
Buffett transformed Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate,
Economy
Economy
Jordan’s industrial producer-price index shoots up 2.59% in Q1 of 2023
Amman, Jordan-- Jordan's industrial producer-price index, which generally reflects supply conditions across the economy, climbed up 2.59 percent in the...
- The Department of Statistics attributed the upward trend to a 1.63% jump in the transformative industries price index and a 23.65% rise in the extractive industries price index
- It said the monthly decrease resulted from an 8.86% fall in transformative industries, and an 11.57% drop in electricity, and at the same time extractive industries shot up by 3%
Economy
TRENDS poll: Vision 2030 spurs entrepreneurship, small business growth in Saudi Arabia
The oil-rich kingdom has supported private institutions targeting startups to further boost investment in non-oil sectors.
- The kingdom's Small and Medium Enterprises General Authority, Monshaat, designs initiatives that promote a culture of entrepreneurship
- Saudi government has supported private institutions targeting startups to further boost investment in non-oil sectors
Business
Oman and Etihad Rail Company signs MoU with Vale, Brazilian mining firm
Dubai, UAE-- Oman and Etihad Rail Company, the operator of the UAE-Oman Rail Network, has signed a memorandum of understanding...
- The signing of the agreement between the two will explore the possibility of transportation of iron ore between the UAE and Oman, linking it up with Vale's unit in Sohar Port
- According to Suhail Mohammed al Mazrouei, UAE’s Minister of Energy and Infrastructure, the agreement is in line with the country's desire to set up partnerships with big companies
Economy
Global oil industry needs $12trn investments by 2045
Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over...
- OPEC member countries are ready to play a key role in providing energy to the world and in reducing emissions, Al Ghais said
- The oil industry, he said, needs a long-term, investment-friendly climate that works for producers and consumers
Business
Telecom Egypt sells 162 million shares
The government sold a 9.5% stake for US$121.6mn.
- The North African country desperately needs privatization in order to meet a series of foreign debt obligations over the next few months
- When the two-part sale is complete, it will bring down the Egyptian government's stake in Telecom Egypt down to 70 percent from 80 percent
Economy
Large scale job losses if US defaults, warns government
President Joe Biden's administration again warned of "catastrophic" consequences for the US economy including huge job losses if the country...
- The nonpartisan Congressional Budget Office forecast that the country could default on its debts by June 15 if lawmakers fail to agree on a deal.
- Biden has stated he wants a "clean" hike of the debt ceiling, but Republicans are insisting any extension of the country's borrowing authority.
Business
Will sponsor Emirates Labor Market Award, says Abu Dhabi Chamber
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced its sponsorship of the Emirates Labor...
- The award aims to recognize the efforts of leading private sector entities and outstanding individuals and highlight successful practices in the labor market.
- The Chamber plays a leading role in supporting national projects and supports increasing the labor market's productivity, efficiency and competitiveness.
Economy
Dubai top Greenfield FDI destination for second time in a row
The emirate achieved an 89.5 percent year-on-year growth in 2022 and Foreign Direct Investment capital inflows of $12.79 billion. The...
- These exceptional achievements support the strategic vision outlined by the Dubai Economic Agenda D33, Sheikh Hamdan said.
- Dubai ranked first globally in attracting greenfield FDI projects in 2021, up from the third spot in 2020. It had attracted 418 freenfield FDI projects.
Business
India Jewelry Exposition Center launches in Dubai
DUBAI, UAE - The Gem and Jewelry Export Promotion Council (GJEPC) has launched a first-of-its-kind India Jewelry Exposition Center (IJEX)...
- India Jewelry Exposition Center will provide a platform for the country's MSMEs to showcase their products to the Middle East market.
- The move is a reflection of the Middle East's importance to India's gem and jewelry sector which accounts for 30 percent of its exports.
Economy
WEF meet to shed light on global economic transformation
Geneva, Switzerland - The 14th World Economic Forum (WEF) Annual Meeting of the New Champions is scheduled to take place...
- The meeting will tackle key issues concerning global companies and create and strengthen partnerships focusing on generating a positive impact.
- More than 1,500 leaders from business, government, and other global firms, along with innovators and academics, are expected to participate.
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US and China meet in ‘important step’ towards de-escalating trade war
Geneva, Switzerland - Senior US and Chinese officials were meeting in Geneva Saturday in what Chinese state media described as...
Economy
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GCC ministers hold discussion on food security in the region
Riyadh, Saudi Arabia--Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), held a virtual meeting with ministers from...
Economy
GCC leaps into healthy aging with tech and policy
In the Gulf countries, a transformative journey toward healthy aging is underway, fueled by technological advancements and government initiatives, says...
Economy
Number of visitors to Qatar rises 31.9 percent in December, says report
DOHA, QATAR - The total number of inbound visitors to the country reached about 519 thousand in December 2023, recording...
Economy
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Economy
OPEC Fund offered US$1.7 bn in development funding in 2023
Vienna, Austria - The OPEC Fund for International Development allocated US$1.7 billion across 55 projects globally in 2023, providing funding...
- The largest share in last year’s lending program was dedicated to policy-based-lending (31 percent).
- The transport and storage sector received the major share of OPEC Fund’s support (14 percent)
Economy
Saudi Central Bank Governor discusses global economy in meeting with ECB chief
Riyadh, Saudi Arabia - The Saudi Central Bank Governor (SAMA) Ayman Al-Sayari discussed the recent developments in central banking and...
- Several events were organized on the sidelines of the visit including a high-level panel discussion titled “Interconnectedness and Increasing Capital Flow.”
- In addition, a seminar on "Women’s Empowerment within Central Banks” was conducted and featured speeches by SAMA’s governor and the ECB president
Economy
Ex-Amazon economist to head Turkey’s central bank
Erkan resigned just a week after completing a historic series of interest rate hikes that have pushed the baseline rate...
- Fatih Karahan's appointment follows the resignation of Hafize Gaye Erkan after less than a year in office over a media scandal involving her family
- The reshuffle appears to keep in place Erdogan's newfound commitment to market economics following years of financial turmoil