US, China seek to extend trade truce with London talks
After a round of talks in Geneva last month, the United States and China will sit down at the negotiating...
Economy
World Economic Forum unveils framework highlighting transformative technology convergences across key industries
Agentic AI, spatial intelligence and robotic advancements in manipulation and adaptive control are enabling autonomous systems to make intelligent decisions...
Economy
Business
UAE and Jordan sign MoU to boost tourism, cultural exchange
Abu Dhabi, UAE--Looking to boost tourism and cultural exchange between the two countries, the Department of Culture and Tourism Abu...
- The deal will bolster tourism and economic cooperation between the two nations, driving growth in leisure traffic in key markets
- The partnership entails starting initiatives like joint sales workshops, training, roadshows to improve partner engagements and cultural exchange
Economy
‘UAE deals with around 50,000 cyberattacks daily’
"These proactive efforts play a vital role in protecting the country's digital sphere and ensuring a secure environment for critical...
- The UAE Cyber Security Council collaborates with partners to deter over 50,000 cyberattacks daily targeting critical national sectors, says its head
- Banking, financial, health, oil, and gas sectors are frequently targeted, but attacks are efficiently countered to safeguard the UAE's digital sphere
GCC central banks align rates with US Fed Reserve
The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response...
- The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response to the US Fed's decision to increase its benchmark lending rate
- Saudi Arabia's SAMA has increased its Repo rate to 5.75% and Reverse Repo to 5.25%, while the CBUAE has raised its ODF from 4.90% to 5.15%, effective from May 4, 2023
Business
Airbus Q1 net profit at $514m
The company delivered 127 aircraft in Q1 of 2023.
- Revenues generated by Airbus' commercial aircraft activities decreased by five percent year-on-year.
- The company's defense and space unit saw revenues drop by six percent, while the helicopter unit jumped by 26 percent.
Business
EITC posts Q1 revenue at $936m
Revenue is due to demand for fixed, mobile services.
- The prepaid customer base of EITC increased to 6.7 million, driven by the continued attractiveness of Flexi plans and brisk tourism activity.
- EITC's commercial initiatives led to a 9.4 percent increase in mobile customers, with 8.2 million subscribers at the end of the quarter.
Geostrategy
Guarantee security for Sudan aid deliveries, asks UN
The United Nations called for security guarantees at "the highest level" to ensure aid deliveries in Sudan, after trucks carrying...
- UN's top humanitarian official said the global body had a plan for delivering aid and supplies to address the dire situation in Sudan.
- UN's top humanitarian official said, "We will need to have agreement at the highest level and very publicly".
Economy
MENA region’s growth may decelerate this year: IMF
Oil exporters are set to experience slower growth due to a shift from oil to nonhydrocarbon activities, says Jihad Azour,...
- Oil exporters are set to experience slower growth due to a shift from oil to nonhydrocarbon activities, says Jihad Azour, Director of IMF's Middle East and Central Asia Department
- Growth in the region's emerging markets is also expected to fall from 5.1% in 2022 to 3.4% in 2023 due to tighter monetary and fiscal policies, suggests the latest IMF report
Geostrategy
258m people require food aid, says UN report
PARIS, FRANCE -  Some 258 million people needed emergency food aid last year because of conflict, economic shocks and climate disasters,...
- In 2022, 258 million people faced high levels of acute food insecurity in 58 countries or territories, a UN report said.
- Over 40 percent of those lived in Democratic Republic of the Congo, Ethiopia, Afghanistan, Nigeria and Yemen, the report added.
Geostrategy
Iran seizes oil tanker in Strait of Hormuz, says US Navy
Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the US Navy said, the second such incident...
- A dozen Iranian Navy fast-attack craft swarmed the vessel in the middle of the strait, said a statement from the Bahrain-based US Fifth Fleet.
- The troubled but commercially vital Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.
Young Palestinians in Lebanon dream of a future abroad
Tiny Lebanon hosts an estimated 250,000 Palestinian refugees, according to UNRWA, the UN agency for Palestinian refugees, while almost double...
- Most Palestinians, including more than 30,000 who fled the war in neighboring Syria after 2011, live in one of Lebanon's 12 official camps
- In Lebanon, Palestinians' denied right to own property further complicates employment and income generation activities, said director of UNRWA
US, China seek to extend trade truce with London talks
After a round of talks in Geneva last month, the United States and China will sit down at the negotiating...
Economy
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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
Saudi Arabia sets $54m threshold for public-private partnership projects
Riyadh, Saudi Arabia - Saudi Arabia has revised the regulations of its Privatization Law, setting the minimum limit for a...
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...
Economy
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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
Economy
IMF upgrades Saudi Arabia’s 2025 economic growth prediction to 5.5%
Riyadh, Saudi Arabia - The International Monetary Fund (IMF) has revised its growth projections for Saudi Arabia's economy, revealing a...
- The IMF envisions a 3.1% global economic growth in 2024, followed by a further increase to 3.2% in 2025
- The upgraded forecast reflects the continuous economic growth and prosperity in the Kingdom
Business
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
- France, the United Arab Emirates, India, Turkey, and the United Kingdom were the top destinations for UAE recruiters.
- This trend underscores the UAE's commitment to fostering a diverse and vibrant multinational workforce.