Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
Economy
IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
Science
Economy
UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
- The assessment, based on comprehensive factors including GDP, productivity, political stability, social cohesion, and cultural impact, underscores the UAE's robust economic growth
- Over the past year, the UAE has made significant strides in bolstering its economic foundations, supported by proactive government policies and strategic investments
Economy
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
- The US Fed funds rate was maintained at the 5.25% - 5.50% range
- The US Consumer Price Index (CPI) showed no increase in May
Economy
Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
- To be supported by deep tech venture capital fund that exceeds $266 million
- Hub is a strategic effort to establish a semiconductor design industry ecosystem in Saudi worth SR50 billion
Economy
Concerns and optimism on World Environment Day as Arabian Gulf takes bold initiatives
Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future...
- "In the case of climate, we are not the dinosaurs. We are the meteor. We are not only in danger. We are the danger", says UN chief
- Sheikh Mohammed bin Rashid says: "We renew our call to the younger generations to make all efforts to ensure its [environment's] sustainability."
Economy
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
- The survey reveals a boost in the outlook for the US, where nearly all chief economists (97%) now expect moderate to strong growth this year, up from 59% in January
- Expectations for China are slightly less optimistic, with three-quarters expecting moderate growth and only 4% predicting strong growth this year
Economy
Egypt hikes subsidized bread price for first time in decades
Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...
- The price of a loaf, long set at five piastres ($0.001), would quadruple to 20 piastres ($0.004) from June 1, Prime Minister Mostafa Madbouly told a news conference
- Madbouly acknowledged the move would be unpopular but emphasised the need to "rationalise the burden on the state treasury to ensure the sustainability of subsidies."
Economy
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts. In a recent interview on CNBC, Kashkari, who serves...
- The labor market remains strong in the U.S.
- The consensus is that the first rate cut won’t arrive before September
Economy
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
- The region saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions
- Transaction value in the Middle East is projected to rise from US$230 billion in 2023 to US$903 billion by 2028
Economy
Asian shares mixed after Fed minutes, while Nvidia provides support
Asian markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates...
- Federal Reserve's most recent policy meeting indicated officials would keep interest rates elevated
- Nvidia showed it turned a profit of $14.9 billion in the first quarter
Business
France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
- In 2017, the UAE became the first country in the world to appoint a minister of state for artificial intelligence, digital economy and remote work
- In April, US tech giant Microsoft announced a $1.5-billion investment in UAE-based artificial intelligence firm G42
Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
Economy
Company News
Latest News
Osaka Expo 2025 opens: World gathers amidst hope and global tensions
From quirky Hello Kitty algae sculptures to demonstrations of flying vehicles and lunar samples, the Osaka Expo offers a fascinating...
Geostrategy
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
Trump admits trade war ‘cost’ as markets hit
Jitters about US tariffs hammered Asian stocks again early Friday as President Donald Trump acknowledged a "cost" to his surging...
Economy
Most Read
Economy
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
- The signing comes at the conclusion of a visit to Iraq by a high-level US delegation comprising of representatives from 60 private firms.
- Despite sitting on large reserves of petrol and natural gas, decades of conflict and instability have ravaged Iraq's energy infrastructure.
Economy
World Bank approves $1.1 bn in financing for Jordan
The World Bank announced Tuesday it will provide Jordan with $1.1 billion in new financing to support economic reforms and...
- The funding, part of an economic modernization effort, aims to "build socio-economic resilience in the face of continued shocks and crises."
- The investments cover four projects designed to support inclusive growth and job creation, help start-ups and small businesses
Economy
Trump’s new tariffs take effect, with 104% on Chinese goods
US President Donald Trump's punishing tariffs on dozens of economies came in force Wednesday, including over 100 percent in levies...
- China is the hardest hit, with tariffs imposed on its products since Trump returned to the White House now reaching a staggering 104%
- Trump said Tuesday his government was working on "tailored deals" with trading partners, prioritizing allies like Japan and South Korea