Slower growth expected in MENA region in 2025: IMF
"Growth is still projected to increase in 2025 and 2026, but at a considerably slower pace than anticipated last October,"...
Economy
Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips,...
Economy
Economy
G7 starts ‘difficult’ climate talks on fossil fuel commitments
Sapporo, Japan--G7 allies kicked off two days of "difficult" climate talks in northern Japan on Saturday, facing pressure to show progress...
- Differences have deepened among the group as the energy crisis caused by the Ukraine war squeezes G7 countries
- The G7 climate statement draft, seen by AFP, recognizes the primary need to accelerate the clean energy transition
Economy
Dubai issues law regulating operations of autonomous vehicles
Dubai, UAE - Dubai has issued a law to regulate the operations of autonomous vehicles in the city. The new...
- The law outlines the responsibilities of the Roads and Transport Authority (RTA) in regulating the sector
- The Authority is responsible for demarcating the roads, areas, and routes that autonomous vehicles operate in
Economy
UAE banks provide US$9.61bn in credit facilities to industrial sector
Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY...
- The cumulative balance of credit extended by national banks to the sector grew to $196 bn by the end of January 2023 from $186.52 billion in the month of January 2022
- Domestic credit extended by national banks to the sector in the emirates of Abu Dhabi and Dubai in the period under review stood at $97.20 bn and $94.07 billion respectively
Business
Elon Musk establishes X.AI artificial intelligence company in Nevada
San Francisco, United States--Elon Musk has formed an X.AI artificial intelligence corporation based in the US state of Nevada, according to...
- According to an insider report, Musk has purchased costly computing processors and hired engineering talent as part of an AI project at Twitter
- Google, Meta and Microsoft have spent years working on AI systems to help with translations, search and targeted advertising
Business
Why do firms falter in Middle East’s booming sectors?
In the last 10 years, a motley of supposedly best-run companies in the Middle East have collapsed, disappearing into obscurity....
- In order to stave off total ruin and collapse of a business, industry experts recommend for the board to take charge of strategy, in cahoots with the management.
- Many experts blame disagreements within a board, or a lack of team spirit as the reason for tipping a company toward a slow demise
Economy
UAE minister stresses G20 and COP28 collaboration at WBG meet
The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent...
- Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the meeting, held on the sidelines of the 2023 Spring Meetings.
- Ministers of Finance and Central Bank Governors from G20 member countries, invited countries, and international organizations attended the meeting.
Business
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the...
- Recent banking industry turmoil following the collapse of Silicon Valley Bank raised worries about a flight of deposits.
- Shares of JPMorgan rose 7 percent to $138.06, Citi gained 3.1 percent to $48.7, Wells Fargo dipped 0.1 percent to $39.63.
Economy
Inflation likely to drop in Europe but uncertainty remains: ECB
Sky-high inflation driven by sharp increases in the cost of energy prompted the ECB to crank up interest rates at...
- In March, consumer prices in the eurozone rose by 6.9 percent on an annual basis in the eurozone, down from 8.5 percent in February.
- The figure was the lowest rate recorded in a year, and much below the peak of 10.6 percent recorded in October.
Business
Hermes Q1 revenue at US$3.7bn
The performance was driven by strong sales, especially in Asia.
- "The first quarter of 2023 is a continuation of the good results of 2022," Hermes chief executive Axel Dumas said in a statement.
- China, the world's second biggest economy, ended nearly three years of Covid restrictions in December.
Economy
Pakistan IMF deal may materialize after UAE, China promise $1.3bn
Finance Minister Ishaq Dar said the UAE had promised a billion dollars to prop up Pakistan's forex reserves -- which...
- Pakistan signed a $6.5 billion bailout package with the IMF in 2019, but has repeatedly reneged on conditions and so far just $3 billion has been released.
- The IMF insists Pakistan must boost its low tax base, end tax exemptions for the export sector, and raise artificially low fuel and power prices meant to help low-income families.
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Slower growth expected in MENA region in 2025: IMF
"Growth is still projected to increase in 2025 and 2026, but at a considerably slower pace than anticipated last October,"...
Economy
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Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
Business
Markets track Wall St rally but China worries cast shadow
Broader markets were also enjoying a day in the sun though traders struggled to maintain the morning's momentum. Tokyo put...
Economy
Pakistan, Dubai ink deals worth $3 billion at Davos
Davos, Switzerland - Pakistan and Dubai signed two agreements totaling over $3 billion on the sidelines of the World Economic...
Economy
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Business
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
- As the world confronts the challenges of global warming and the transition to a sustainable future, the impact on labor markets looms large.
- The direct consequences of climate change, including displacement, migration, and fluctuations have become increasingly pervasive.
Economy
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
- The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
- The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
Economy
China’s economy to grow steadily in 2024, say analysts
Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last...
- Many experts believe that China needs to set an annual GDP growth target of around 5 percent to boost business confidence
- The Chinese economy grew 5.2% in the fourth quarter of 2023 year-on-year, following a 4.9% growth in the third quarter