Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
Geostrategy
Beijing slams ‘appeasement’ of US in trade deals that hurt China
China on Monday hit out at other countries making trade deals with the United States at Beijing's expense, promising countermeasures...
Economy
World warms to Bridgetown Initiative on climate change ahead of WB, IMF meetings
Experts say developing nations are struggling to find the funds needed to stop burning planet-heating fossil fuels and prepare for...
- The IMF has created a new loan-based Resilience and Sustainability Trust to help poorer or vulnerable countries boost sustainable growth
- The World Bank says it delivered a record $31.7 billion last year to help countries tackle climate change and has started to draft a roadmap for change
Economy
UAE’s global merchandise trade crossed $1trn mark in 2022: WTO
Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22%...
- Exports grew 41 pecent to $599 billion in 2022, accounting for 2.4 percent of the global merchandise exports share
- The UAE ranked 11th in terms of exports of commodities and was the 18th importer of global merchandise goods trade
Economy
UAE’s health sector witnesses digital transformation
The Gulf country has an influential and effective international presence and continues to fulfil its obligations in enhancing the efficiency...
- The UAE supports digital transformation, artificial intelligence, and big data in healthcare worldwide, says UAE's Minister of Health and Prevention
- The country ranked first in the world in 14 health indicators in 2022, adds Abdul Rahman bin Mohammad bin Nasser Al Owais on World Health Day
Economy
Economic crisis, Ukraine war impact Arab currencies
The currencies of six Arab nations faced significant decline during the first quarter of 2023 amidst global economic uncertainty, while...
- The currencies of six Arab nations faced significant decline during the first quarter of 2023 amidst global economic uncertainty, while another six experienced growth
- Economic challenges, the strengthening US dollar, and the ongoing Russian-Ukrainian war have all played a role in the recent currency fluctuations
Business
UAE, Vietnam begin process for economic partnership pact
Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive...
- The UAE is the leading trade partner of Vietnam in the Arab region, accounting for 39 percent of Vietnamese trade with the region’s countries.
- The two sides discussed ways of strengthening their cooperation in the areas of trade, investment, the new economy, industry and energy.
Economy
Kais Saied denounces IMF bailout conditions as ‘foreign diktats’
The IMF was originally expected to approve a bailout deal on December 19, but that was delayed pending a Tunisian...
- Saied said that the foreign diktats of IMF will lead to more poverty which is unacceptable.
- Saied's government reached an agreement in principle in mid-October for a nearly $2 billion package from the IMF.
Economy
‘Global growth to fall below 3 percent in 2023’
A continued slowdown in almost all the world's advanced economies is expected to drag global growth below three percent this...
- Global growth almost halved last year to 3.4 percent as the impact of Russia's invasion of Ukraine rippled through the world economy.
- Asia's emerging markets are expected to see substantial increases in economic output with India and China to account for half of all growth.
Business
DEWA, Siemens Energy discuss enhancing cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed enhancing cooperation...
- DEWA is implementing clean and renewable energy and water desalination projects.
- The firm attaches great importance to research in sustainable and renewable energy.
Global equities wobble as US data raises recession fear
London rose but Frankfurt and Paris slipped in muted trade during a holiday-shortened week, while Asian indices slipped lower. "Markets...
- On Wall Street, the Dow eked out a modest gain but the S&P 500 and Nasdaq both fell as more data added to recession concerns
- Gold price, considered a safe bet in times of economic crisis, lingered above $2,000 level, not far from a record $2,075.47 set in August 2020
Economy
Qatar Financial Centre, ILO collaborate to promote ‘decent labor standards’
Doha, Qatar - The Qatar Financial Centre (QFC), a leading onshore financial and business center in the region, has partnered...
- The ILO-Qatar is cooperating with the Ministry of Labor to enhance the implementation of the labor law across industries in the country
- Speaking about the event, senior QFC official Luigia Ingianni said that promoting decent work for all is one of the core values of the QFC
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
Geostrategy
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Business
Saudi inflation rate declines slightly to 1.5 percent in Dec: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent...
Economy
World’s five richest men doubled their fortunes since 2020: Oxfam
A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week,...
Geostrategy
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
World Economic Forum
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Economy
AI to impact 60% of advanced economy jobs: IMF’s Georgieva
The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP. "We must focus...
- The IMF report notes that half of the jobs impacted by AI will be negatively affected, while the rest may actually benefit from enhanced productivity gains due to AI
- AI will initially have a lower impact on developing economies and they are also less likely to benefit from the advantages of the novel technology, according to the report
Economy
Saudi Arabia leads world in innovation and investment
"This is in the service of humanity and in building an interconnected and innovative future in various fields, including public...
- Saudi Arabia has emerged as a major technology hub with a $43 billion market.
- The Kingdom sees significant growth in women's empowerment and digital capabilities.
Business
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
- The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security signed an agreement.
- The first day of the forum also saw the announcement of unexplored mineral estimates, rising from $1.3 trillion to $2.5 trillion.