Oil prices jump after Trump’s warning, stocks extend gains
Oil prices rallied Tuesday after Donald Trump urged Tehran residents to evacuate, stoking fresh fears of all-out war as Israel...
Economy
World Bank cuts growth forecast on trade tumult, warns of ‘deep’ harm
The bank lowered its projection for global GDP growth to 2.3 percent in its latest economic prospects report, down from...
Economy
Economy
Luxury tourism in Gulf countries set to reach $11bn this year
GCC countries are investing in infrastructure and programs to become leading tourist destinations. With strategic locations, excellent connectivity, iconic attractions...
- Strategic location, modern attractions and eco-friendly initiatives are driving tourism growth in the region, which is actively developing infrastructure to propel the sector.
- UAE leads global rankings in travel importance and luxury travel preferences, while Saudi Arabia's tourism sees tremendous growth with diverse attractions and ongoing projects
Business
Dubai Chambers briefs EU Missions about UAE Corporate Tax Law
DUBAI, UAE - Dubai Chambers has hosted a workshop for commercial attachés of EU Diplomatic Missions to provide them with...
- A workshop on Corporate Tax Law saw the participation of 13 officials from EU embassies and attaché offices in the UAE.
- Dubai Chambers said the workshop will bolster the strong trade and business relations with the European markets.
Geostrategy
Iraq awaits Turkey’s response to resume Kurdish oil exports
The Kurdish regional government had for years earned billions of dollars in revenues exporting crude oil to Turkey without the...
- Iraq's Oil Minister Hayan Abdel Ghani had on Thursday said that crude exports from the Kurdish region through the Turkish port of Ceyhan would resume Saturday.
- But on Friday the Kurdish natural resources minister, Kamal Mohamed, told a Kurdish television channel that the resumption of exports was still awaiting approval from Ankara.
Economy
UAE tops the world in 5 labor market competitiveness indices
DUBAI, UAE - The UAE has topped several global labor market indices issued by international entities and institutions in a...
- These indices include lack of labor disputes, low cost of severance compensation for workers, and working hours.
- The UAE also stood out for the low cost of severance compensation in the Global Innovation Index 2022.
Business
Europe charges up car battery drive with new plants in Germany, France
The continent has been racing to produce more electric vehicles as part of its green transition, with the clock ticking...
- Sweden's Northvolt will build a multi-billion-euro plant in northern Germany, which will supply around one million electric vehicles with batteries a year.
- In France meanwhile, Taiwanese battery maker ProLogium announced it will invest 5.2 billion euros ($5.7 billion) in building a new factory in Dunkirk.
Business
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.
- The unit's strong performance helped offset lower revenues at its life and health division and its asset management arm.
- Allianz confirmed that full-year operating profits remained stable at US$15.4 billion, "plus or minus US$1.08 billion".
Geostrategy
Turkey says Ukraine grain deal nearing agreement
The Black Sea Grain Initiative, in place since July after diplomacy by the United Nations and Turkey, allows Ukraine grain...
- NATO member Turkey, which has good ties with Russia and Ukraine, has pushed both countries to resume peace talks after negotiations broke down last year
- Ankara helped the United Nations broker the grain deal last July, helping ease a spike in global food prices caused by Russia's invasion
Cash-strapped Lebanese soldiers moonlight as mechanics, waiters
On average, a soldier used to earn about $800 a month before the crisis, but the value of the Lebanese...
- Soldiers in Lebanon have seen their salaries diminish to around an eighth of their value in dollar terms since the country's economy began tanking in 2019
- The devastating economic crisis - which the World Bank says is one of the planet's worst in modern times - has plunged over 80% of the population into poverty
Economy
GCC meeting discusses trade challenges, unified market
Muscat, Oman - The Gulf Cooperation Council (GCC) countries met here on Thursday to address the obstacles affecting inter-country trade...
- The 64th meeting between Gulf Cooperation Council (GCC) Trade Cooperation Committee and Committee for Standardization Affairs was attended by the GCC ministers of commerce
- The commerce and industry ministers held a consultative meeting with the heads of the federations of the GCC chambers to discuss opportunities to enhance cooperation
Economy
Saudi Arabia, Netherlands ink pack to collaborate on energy
Amsterdam, Netherlands – Saudi Arabia and Netherlands on Thursday signed a Memorandum of Understanding to collaborate on energy on the...
- The MoU aims to establish a framework for cooperation between the two countries and strengthen it in several energy sectors, including renewable energy
- It also facilitates the activation of international supply chains linking the two countries and cooperation on technologies and solutions related to climate change
Oil prices jump after Trump’s warning, stocks extend gains
Oil prices rallied Tuesday after Donald Trump urged Tehran residents to evacuate, stoking fresh fears of all-out war as Israel...
Economy
Company News
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Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
Business
Jordan, Tunisia to enhance trade, investment relations
AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian...
Business
WEF24: AI needs to unite public and private sector
There is a need to align AI goals between public and private sectors to balance cost reduction with job creation...
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Business
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
- A total of 3,543 real estate transactions worth over US$2.6 billion were conducted during the week ending February 9, 2024.
- A DLD report showed that 197 plots were sold for $315 million while 2,572 apartments and villas were purchased for $1.5 billion.
Business
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
- Asia saw holiday-thinned trade, with investors there struggling to build on another record-setting day on Wall Street.
- While China is in holiday mode, investors are keeping tabs on Beijing, hoping for fresh measures to boost market confidence.
Business
DMCC witnesses 10 percent rise in US companies in 2023
DUBAI, UAE – DMCC successfully concluded its most recent Made for Trade Live tour of the US, hosting events in...
- DMCC sees opportunity for American businesses in Dubai after the success of the latest Economic Policy Dialogue held between the US and UAE
- The events saw 100 American executives attend in which speakers advised on the opportunities on offer to American businesses in the UAE