US Federal Reserve’s rate hike risky and ill-timed

• The US Fed's failure to act earlier on inflation was a significant miscalculation, and now they have made another mistake with the latest rate hike, says deVere Group CEO
• It could potentially trigger not only a short-term but also a longer-term recession in the world's largest economy, with detrimental effects on the global economy, he adds

GCC considers unified visa system to boost tourism

• Ministerial-level talks are underway among the GCC nations to achieve a single visa agreement, says Bahrain's Tourism Minister Fatima Al Sairafi during an event in Dubai
• The unified GCC visa strategy aims to boost tourism sector's contribution to GDP, create employment, enhance competitiveness and ensure sustainability of the industry

Iran seeks trade boost with Syria during Raisi’s visit to Damascus

• Raisi said Iran and Syria had signed 15 "cooperation documents" which would allow "both countries to open a new chapter in economic relations".
• Raisi and Assad signed a deal on "long-term strategic cooperation", covering fields including oil, aviation, railways and agriculture.

ECB raises interest rate but says more steps likely to fight inflation

• It was the seventh-straight increase in the ECB's unprecedented campaign of monetary tightening that began last year after costs of everyday goods began to soar.
• Thursday's increase brings the ECB's deposit rate to 3.25 percent, its highest level since 2008.

DEWA customers can make payments via Samsung Pay

BMW Q1 net profit at $4.1bn  

• Overall vehicle sales declined by 1.5 percent year-on-year, with a 6.6 percent slide in China and a 1.9 percent decrease in Europe.
• In Europe, "the environment was characterized by persistent inflation and high interest rates," BMW said.

UAE, Switzerland discuss enhancing bilateral relations

• A UAE minister said financial dialogue offers opportunities for collaboration between both countries to achieve further growth and prosperity.
• He also mentioned that the global economy went through fast developments since both parties last met in Abu Dhabi in March 2022.

33% of Dubai tenants prefer one bedroom units to large apartments

• With overall property prices increasing, residents are searching for the best ways to invest their money, whether as a long-term profitable option or to live in the property
• Also, due to the overall increase in mortgage and rental rates investing in one or two-bedroom units versus larger apartments or townhouses has become preferable

AD Ports adds drydock services at Khalifa Port in expansion drive

• The port with the expansion in services, from container and cargo handling, vessel repairs and maintenance, is aiming to improve client service
• The CEO of AD Ports said the addition of new service will drive growth and enhance the company's competitive position in the market

Egypt reports 72% drop in current account deficit to US$1.8bn

• The drop in the deficit was caused by current account turning a $1.41 billion surplus last year as imports dropped and exports soared
• According to S&P Global's report, the downturn in the business sector softened in April as cost inflation fell to a on-year low