Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Trump defiant as tariffs send world markets into panic
Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump's trade war,...
Economy
Business
Ajman, Italian-Czech Chambers discuss investment, business opportunities
AJMAN, UAE - The Ajman Chamber of Commerce and Industry’s (ACCI) discussed with the Italian-Czech Chamber of Commerce in Milan...
- Ajman Chamber is keen to enhance its international cooperation and diversify its foreign partnerships.
- The Chamber discussed the competitive elements provided by Ajman economy and the investment opportunities available.
Business
Dubai International Boat Show highlights local marine industry’s global appeal
DUBAI, UAE - Dubai International Boat Show 2023 attracted over 30,000 visitors and industry players from across the globe for...
- Owners and clients are increasingly interested in innovative technologies that can create a greener yacht.
- With brands from 60 countries featured at the show, local manufacturers reported increased business.
Blinken affirms Israel ties, warns on peace after Netanyahu spat
US Secretary of State Antony Blinken called Foreign Minister Eli Cohen and "reaffirmed the importance of the enduring US– Israel...
- Joe Biden called on Israeli Prime Minister Benjamin Netanyahu to step back from a bid to weaken the judiciary that has set off massive protests
- Netanyahu responded that he would not bow to foreign pressure but took a more conciliatory tone when he participated in a democracy summit
Business
Expo 2020 likely to add $42bn to UAE’s economy by 2042: Report
The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13%, while the lion’s share of benefits...
- The Expo is also expected to support approximately 1,039,000 full-time equivalent (FTE) job years, equal to more than 35,000 FTE jobs per annum.
- The global event made history as the first World Expo to be held in the Middle East, Africa and South Asia region and the first to be hosted by an Arab nation.
Geostrategy
Japan plans export control measures for chip equipment
TOKYO, JAPAN - Japan on Friday unveiled planned export controls on 23 items used to make semiconductors, following US pressure for...
- The move to curb export of chip equipment comes as Japan confirmed its top diplomat will visit China this weekend.
- As the second- and third-largest economies of the world, China and Japan are key trading partners.
Economy
UN agency estimates quake hit 20% of Turkey’s food production
The Food and Agriculture Organization (FAO) said initial assessments in Turkey revealed "severe damage to agriculture, including crops, livestock, fisheries...
- FAO estimated the quake caused $1.3 billion in damage, through destruction of infrastructure, livestock and crops, and $5.1 billion in losses to Turkey's agricultural sector
- The UN's food agency is appealing for $112 million to help quake-affected communities in Turkey, including $25 million under a wider UN appeal issued in February
Economy
Egypt raises key interest rates by 200 bps amid soaring inflation
Cairo, Egypt - The Central Bank of Egypt (CBE) raised key interest rates by 200 bps for the first time...
- The increase is in line with analysts' expectations, who suggested a hike ranging between two and three percent after seeing inflation hit record figures in Egypt
- The CBE explained that annual urban headline inflation continued to accelerate to 25.8 percent and 31.9 percent in January and February 2023, respectively
Economy
British economy performs better in late 2022: official data
London, United Kingdom--The British economy performed slightly better than previously estimated in the final quarter of last year as it expanded...
- Initially the UK's Office for National Statistics (ONS) said growth was flat in the October-December period
- ONS director of economic statistics Darren Morgan said that the economy performed a little more strongly than previously estimated
Economy
China economy slowly rebounding, services growth hits 12-yr high
The country has seen a surge in demand for travel, entertainment and other leisure services that were curbed for nearly...
- The official manufacturing purchasing managers' index (PMI) - a key gauge of Chinese factory output - beat expectations but fell to 51.9 in March, from 52.6 in February
- The official non-manufacturing PMI, which measures growth in the services and construction sectors, rose to 58.2 in March - the highest since May 2011 - up from 56.3 in February
Economy
Joblessness among Saudis falls to 8%, an all-time low
The jobless rate for Saudi women dropped to 15.4 percent in the fourth quarter, down 5.1 percent from the third...
- The labour force participation rate of Saudis remained unchanged at 52.5 percent, and the employment-to-population ratio of Saudis rose by 1 percent to 48.3 percent
- The jobless rate for Saudi women dropped to 15.4 percent in the fourth quarter, down 5.1 percent from the third quarter and 7.1 percent from a year earlier
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Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Company News
ADNOC Drilling, Alpha Dhabi set up JV
Geostrategy
Latest News
WEF 2024 aims to bridge trust gaps amid global discord
Geneva, Switzerland - The World Economic Forum Annual Meeting 2024 is set to gather over 2,800 global leaders in Davos-Klosters,...
Economy
Arab region faces soaring youth unemployment crisis
The region, with the world's highest youth unemployment rate, requires the creation of 33.3 million jobs by 2030 to accommodate...
Economy
UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
Economy
Most Read
Business
Bitcoin surpasses $47,000, first time since March 30, 2022
Abu Dhabi, UAE - Bitcoin surged above $47,000 on January 9, marking its highest value since March 30, 2022, as...
- Bitcoin, originating in 2008 under the pseudonym Satoshi Nakamoto, operates as a decentralized digital currency
- The robust trading volumes in Bitcoin mining firms signal a heightened investor interest, underlining the increasing prominence of cryptocurrencies
Economy
Dubai leads MENA region in urban mobility readiness
The emirate ranked 28th globally in the 2023 Urban Mobility Readiness Index, highlighting its efforts in creating a sustainable, future-ready...
- The emirate ranked 28th globally in the 2023 Urban Mobility Readiness Index, a testament to its efforts in creating a sustainable, future-ready transportation ecosystem.
- Abu Dhabi climbs to 38th position, and Riyadh to 53rd in the Index, showcasing GCC's focus on sustainable urban mobility despite challenges faced by the region.
Saudi Arabia tops MENA in venture capital investment in 2023
Riyadh, Saudi Arabia - Saudi Arabia achieves first rank across MENA for the first time in terms of the amount...