UAE-Morocco consortium sign $14 billion worth of energy, water infrastructure projects
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of...
Economy
Tehran says no objection to US investment in Iran
Iranian Foreign Minister Abbas Araghchi said Thursday that Tehran has no objection to US companies operating in the country, including...
Economy
Business
RAKEZ wins award for Best RPA Excellence during Future Data Summit 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) received the 'Best RPA Excellence Award' during the Future...
- RAKEZ has embarked on its automation journey by utilizing virtual bots to handle visa-related services.
- These virtual bots have successfully reduced the time needed for some of the processes by 1.5 days, completing them within 12 hours.
Economy
Dubai sees heavy influx of medical tourists in 2022, spending US$270m
DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year....
- Some 39 percent patients came from Asian countries, 22 percent from Europe and the Commonwealth of Independent States, and 21 percent from Arab and the GCC
- The head of Dubai Health Authority attributed the arrival of medical tourists to the city's ability to provide quality acre, making it the top healthcare destination
Economy
US unveils tough emissions rules to speed electric auto shift
The proposed rules set aggressively low standards for emissions of greenhouse gases and criteria pollutants, which is expected to lead...
- The proposal -- which will next be open to a public comment period -- is the latest in a series of steps under Biden, a Democrat, to help put EVs on track for mass adoption.
- Electric vehicles accounted for 5.8 percent of the US market for new vehicles in 2022, up from 3.2 percent in 2021, according to Cox Automotive.
Economy
IMF chief economist warns inflation could remain high until 2025
Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP...
- Following the fast reopening of the global economy after the Covid pandemic, prices around the world have risen exponentially
- Inflation in many countries in the world has remained well above the two percent target, despite central banks raising interest rates
Business
Boeing delivers 130 aircraft in Q1
It edged out its rival Airbus by just three aircraft.
- In order to reach its target of 720 units for the year, Airbus needs to picke up the pace in order to go past the 661 number in 2022
- In mid-March Boeing restarted deliveries of its long-haul 787, which were temporarily halted at the end of February by the Federal Aviation Administration
Economy
US should be cautious when setting interest-rate policy: Fed official
In the wake of the fall of Silicon Valley Bank, the US Federal Reserve should be cautious in setting interest-rate...
- Since March last year, the Fed has raised interest rates by almost five percentage points, tightening monetary policy in a bid to dampen demand and slow price increases
- The Fed continued with another 25 basis-point hike last month despite the turbulence in the financial markets caused by the rapid collapse of SVB
Economy
IMF lowers 2023 forecast to 2.8%, warns of half-decade of low growth
The IMF predicted the global economy will grow by 2.8 percent this year and three percent in 2024, a decline...
- The IMF expects global inflation to slow to seven percent this year, down from 8.7 percent last year, according to the WEO forecasts.
- Close to 90 percent of advanced economies will experience slowing growth this year, while Asia's emerging markets are expected to see a substantial rise in economic output.
Economy
UAE and Malta sign MoUs to deepen ties in maritime, sports fields
Abu Dhabi, UAE-- The UAE and Malta have signed three memoranda of understanding in areas of maritime affairs, youth, and...
- The two ministers discussed ways of deepening cooperation and partnership between the two countries
- The foreign minister of Malta expressed hope to build bilateral relations with the UAE in various field while applauding the UAE's achievements
Economy
China’s consumer price inflation falls below one percent in March
Struggling to recover from its pandemic-driven slump, China, the world's second largest economy, has reported that its consumer price inflation...
- According to National Bureau of Statistics, the CPI came in at 0.7 percent, down from the one percent seen a month earlier
- Although commodity and food prices have been rising all over the world, China has not been hit by increases linked to the Ukraine war
Economy
Swiss president to defend UBS takeover of Credit Suisse in parliament
During this week's session, lawmakers will have to endorse the guarantees, but the vote is only symbolic, said Samuel Bendahan,...
- The parliamentary session opens at 11:15 am Tuesday with a statement from the government to 46-member Council of States upper house
- Centre-right party The Centre thinks the takeover was the least worst option, but it wants clarity on the risks involved in creating a superbank
UAE-Morocco consortium sign $14 billion worth of energy, water infrastructure projects
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of...
Economy
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ArcelorMittal wants ‘amicable solution’ on Italy steelworks
ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome...
Business
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
Business
China remains world’s largest logistics market in terms of demand
BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's...
Business
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Economy
Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development. In...
- The CEO of UPDA lay emphasis on the need for exchanging expertise and technologies in the field of urban development
- Al Khayat apprised the delegation about UPDA’s role in overseeing the policy of sustainable urban planning in the kingdom
Business
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
- With 627 screens across 69 venues nationwide, Saudi Arabia's cinema sector is expanding at one of the fastest rates globally
- In 2022 and 2023, box office sales exceeded $240 million annually, with over 17 million cinema tickets sold in 2023 alone
Economy
Global leaders need digital skills for AI management
"Governments should design solutions to face these challenges rather than ignoring them, leveraging the positive effects and significant opportunities presented...
- Equipping global leaders with digital skills will ensure effective implementation across various economic sectors.
- The success of governments is tied to their proactive approach in adapting to new technological advancements.