UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
Economy
OPEC lowers 2025 oil demand forecast over impact of US tariffs
The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels...
Economy
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
Economy
EU parliament adopts tough rules to tackle gender pay gap
Women earn on average nearly 13 percent less per hour than men for the same work in the 27-nation European...
- Other rules stipulate that if a company has at least 100 employees, they must publish information regularly on the gender pay gap.
- Companies must also negotiate with staff representatives if there is a discrepancy of five percent. Those who break any of the rules face sanctions, including fines.
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UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
Economy
Company News
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China, Russia trade soared in 2023 as commerce with US sank
Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday,...
Economy
Gulf countries eye global metal recycling hub status
Amidst an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to...
Economy
The UAE President swears in 3 new ministers
The ministers taking the oath of office were Dr Amna bint Abdullah Al Dahak Al Shamsi who was appointed as...
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Business
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
- Aquellum is hidden within a breathtaking 450-meter-high mountain range.
- The subterranean digitalized community creates vibrancy and interconnectivity.
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
- The agreement will enable to form an electronic link between the two entities, allowing the authority to directly access credit reports provided by the bureau
- The collaboration, according to officials from the two entities, will set a framework for bilateral cooperation, strengthening efforts to ensure high rates of tax compliance
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
- IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
- Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia