Washington hails ‘substantive progress’ after trade talks with China
Washington expressed optimism at the end of a weekend of trade talks with China aimed to de-escalate trade tensions sparked...
Economy
‘Bombshell’ OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...
Economy
Business
DEWA, Siemens discusses enhancing cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer discussed the latest advancements...
- DEWA and Siemens discussed the role of smart grids in improving the efficient and sustainable distribution of energy.
- They also discussed ways to enhance collaboration between DEWA and Siemens in the area of smart grid technology.
Geostrategy
Pakistani businessman exports food products to Israel
ISLAMABAD, PAKISTAN - The American Jewish Congress celebrated the arrival of the first shipment of food products from Pakistan to...
- While Israeli authorities and buyers have no issue with direct shipments from Pakistan, officials in Islamabad have not issued any comment.
- The transaction reportedly involved Pakistani-Jewish businessman Fishel BenKhald and three Israeli entrepreneurs.
PPI of Industrial sector in Qatar down by 3.42% in February
Doha, Qatar - The Producer Price Index (PPI) of the industrial sector in Qatar for February. 2023 declined 3.42 percent...
- The PPI for February 2023 is estimated at 125.16 points showing a decrease of 3.42 percent, when compared to the previous month
- On Y-o-Y basis, the PPI of February 2023 showed a decrease of 7.23 percent, when compared to the PPI of February 2022.
Economy
Greek PM calls on EU to pay for fence extension along Turkey border
Athens, Greece--Greek Prime Minister Kyriakos Mitsotakis on Friday called on the European Union to "seriously consider" providing financial aid to help...
- Greek Prime Minister Kyriakos Mitsotakis said that EU should "serioulsy consider" providing funds for the fencing project along the border with Turkey to keep out migrants
- The European Commission in January though ruled out paying for the fence, saying there would be no money for other things if EU were to spend money on "walls or fences"
Geostrategy
UAE dispatches fresh aid shipment to quake-hit families in Afghanistan
Abu Dhabi, UAE--The UAE has dispatched a plane carrying 38 tonnes of urgent medical and food supplies to Afghanistan to...
- The food and medical supplies will assist families hit by the earthquake, which has worsened the current humanitarian situation in Afghanistan
- During the last few years, the UAE has ramped up its humanitarian assitance to Afghanistan by dispatcing 28 aircraft loaded with 623 tonnes of medical and food supplies
Economy
Iraq faces first sandstorm of the year, covering cars, homes in dust
Blanketing central Iraq in dust, the sandstorm made life diffcult on Firday for Iraqis venturing out of their homes. A...
- By late Friday the storm, driven by westerly winds, moved from Al-Anbar province before reaching Baghdad and Salaheddin province by late Friday
- Iraq is listed by the United Nations among the five countries in the world most vulnerable to the impacts of climate change
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 -Â 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.
Washington hails ‘substantive progress’ after trade talks with China
Washington expressed optimism at the end of a weekend of trade talks with China aimed to de-escalate trade tensions sparked...
Economy
Company News
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Iran, India reach final agreement on Chabahar Port
Tehran, Iran – Iran and India on Monday finalized an agreement for the development of the strategic Chabahar port in...
Geostrategy
Saudi authorities reduce fee for recruiting domestic help
Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...
Economy
IMF chief at Davos: AI holds risks, opportunity for global economy
Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity...
World Economic Forum
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Geostrategy
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,...
- Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic.
- With riches among the world's wealthiest increasing the way they are, Oxfam predicted that within a decade the world will see its first "trillionaire".
World Economic Forum
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...
- Around 56% economists expect the global economy to weaken this year, while 43 percent foresee unchanged or stronger conditions
- In the MENA region, US the outlook is weaker too, with about six in 10 respondents foreseeing moderate or stronger growth this year
Business
Saudi govt exposes violations in expatriate partnerships
Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella...
- The government identified cases of cover-up, including scenarios where a Saudi citizen transfers ownership of a commercial establishment to a non-Saudi individual
- A key point of differentiation stressed by the program is between commercial cover-up and the concealment of labor violations