European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
Geostrategy
Trump’s tariffs shake up MENA economies, hitting allies, adversaries, oil trade and emerging industries: Report
Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according...
Economy
Economy
Collaboration helps strengthen Emirati workforce
“This also opens new horizons for Emiratis to effectively contribute to the UAE's economic development,” adds Farida Al Ali, Assistant...
- Collaboration with local HR departments, educational institutions, and private sector companies helps connect with local talent, says a UAE official
- This also opens new horizons for Emiratis to effectively contribute to the UAE's economic development, adds Farida Al Ali of the country's MoHRE
Economy
World Bank could lend $50bn more over decade with reform: Yellen
Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital...
- In March, the World Bank submitted an evolution plan to be discussed with its development committee on April 12, during the spring meetings.
- As global growth slows, the World Bank previously warned that the outlook is especially tough for the poorest economies -- which face sluggish growth driven by heavy debt burdens.
Economy
Qatar foreign reserves post 12% jump to US$65bn in March
Doha, Qatar-- Qatar Central Bank has reported an increase in international reserves and foreign currency liquidity in March to $65...
- At the end of March 2023, balances in foreign banks increased by about $3.29 billion to reach $7.41 billion
- Qatar's shares of SDR deposits at the IMF decreased by the end of March 2023 with a value of $38 million
Economy
US Treasury Secretary US economy to grow, downplays recession fears
Washington, United States - US Treasury Secretary Janet Yellen expects the world's biggest economy will continue to grow, despite heightened...
- Yellen said she is committed to ensuring that all deposits are safe and monitoring banking system conditions
- After SVB's collapse, US authorities set out plans to ensure its customers would be able to access their deposits
Economy
Four Saudi cities find top slots on IMD Smart City Index for 2023
Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the...
- The holy city of Makkah found its way in the index for the first time this year, achieving the 4th rank in the Arab world
- In the global pecking order of cities, Riyadh was ranked 30th, Makkah 52nd, Jeddah 56th, and Madinah ranked 85th in the world
Economy
Industrial sector contributes 20% to Ajman’s GDP
Ajman, UAE – The industrial sector contributes approximately 20 percent to Ajman's GDP and is one of the sectors that...
- This was revealed at a session in Ajman conducted in partnership with the UAE Ministry of Industry and Advanced Technology
- The session discussed the launch of the "Make in the UAE" initiative such as the Industrial Technology Transformation programme and others
Economy
Future looks bright as businesses meet sustainability
"In Sharjah, we are working hard to bring more balance and harmony to our relationship with the land" she adds,...
- Sustainability and entrepreneurship is crucial in building a resilient and regenerative world, says Sheikha Bodour Al Qasimi, President of American University of Sharjah
- The awareness and commitment to be mindful of our impact on the planet should extend far beyond COP28, she adds while speaking at the Sharjah Ramadan Majlis 2023
Business
SDF signs $240m loan pact for Pakistan hydropower project
Dubai, UAE -- The Saudi Fund for Development (SFD) has signed a US$240 million loan agreement to support Pakistan's Mohmand...
- The project is co-financed by the Saudi Fund for Development, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development.
- By using renewable energy sources, the project will generate 800 MW of electricity production capacity.
Economy
US hiring eases in March as economy shows signs of cooling
US job gains eased in March for a second straight month, government data showed, adding to signs that the economy...
- The figures could bring some relief to policymakers who have been battling to rein in stubborn inflation.
- To ease demand, the Federal Reserve has lifted the benchmark lending rate nine times since early last year.
Economy
World food prices fall for 12 consecutive months, says UN
World food prices are still high but have fallen by a fifth compared to a year ago when prices soared...
- FAO said the fall in benchmark prices was "driven by declines in world quotations for cereals and vegetable oils."
- The UN agency added that food remained expensive for developing countries highly dependent on imports.
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European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
Geostrategy
Company News
Latest News
Saudi Arabia announces operational start of this year’s Hajj season
Riyadh, Saudi Arabia - Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah, officially inaugurated the operational activities for the 1445...
Sustainable practices make GCC economy resilient
A shift to green tech and renewable energy is fostering the Gulf economy's resilience and diversification for a sustainable future,...
Economy
IMF okays $700 million disbursement for cash-strapped Pakistan
Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part...
Economy
Most Read
Business
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...
- The fund will track the performance of Shariah-compliant Indian equities listed on the Bombay Stock Exchange.
- The Index tracks the performance of the 30 most liquid Shariah-compliant Indian stocks listed on the BSE.
Economy
Morocco joins UAE, Jordan, Egypt, Bahrain in regional industrial collaboration
Manama, Bahrain – Morocco became the fifth country to join the UAE, Jordan, Egypt and Bahrain at the fourth meeting...
- Morocco is expected to bring significant value to the partnership, given the country’s advanced industrial capabilities
- The country's GDP exceeded $134 billion in 2022 and its industrial sector provided over 1 million jobs, through some 121,000 companies
Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
- Russia's nearly two-year-old assault on Ukraine has taken centre stage at previous editions of the World Economic Forum (WEF)
- The gathering "is taking place against the most complicated geopolitical and geoeconomic backdrop in decades", said WEF president Borge Brende