Trump’s tariffs on allies, China could shrink global merchandise trade volumes 1% in 2025, warns WTO
After Trump on Wednesday unveiled a blitz of harsher-than-expected levies aimed at countries around the globe, Ngozi Okonjo-Iweala warned the measures...
Economy
Morocco ‘water highway’ averts crisis in big cities but doubts over sustainability
Morocco is spending hundreds of millions of dollars on tapping northern rivers to supply water to parched cities farther south...
Economy
Economy
European economy reaches 10 month high after surge in March
BRUSSELS, BELGIUM - Economic growth in the eurozone accelerated in March and hit a 10-month high, according to a closely watched...
- The S&P Global Flash Eurozone purchasing managers' index showed the indicator at 54.1, up from 52.0 in February
- Inflation remains much higher than policymakers' target but eurozone consumer prices have also fallen in recent months
Business
Abu Dhabi Securities Exchange appoints Emirates NBD Capital as custodian
ABU DHABI, UAE - Abu Dhabi Securities Exchange (ADX) has appointed Emirates NBD Capital as a custodian. Emirates NBD Capital...
- Emirates NBD Capital obtained its custody licence from the UAE Securities and Commodities Authority.
- The firm provides safe and secure solutions for investors to hold securities, such as stocks, bonds or other assets.
Business
South Korea plans to extradite crypto fugitive Do Kwon
Kwon, whose full name is Kwon Do-hyung, has been accused of fraud over his company's dramatic collapse last year, which wiped...
- US charged Do Kwon with eight counts, including securities fraud and wire fraud, which followed a lawsuit by the US Securities and Exchange Commission
- In South Korea, where Kwon is wanted for violations of the country's capital markets act, authorities confirmed Friday that they would seek his extradition
Business
Johnson & Johnson loses key tuberculosis drug patent in India
New Delhi, India--India's Patent Office rejected on Thursday US pharmaceutical giant Johnson and Johnson’s application to extend its patent on a...
- Rejecting Johnson & Johnson's application, Assistant Controller of Patents and Designs Latika Dawara said that it did not meet the requirements of India's Patent Act
- The decision is likely to enable Indian manufacturers to begin work on generic versions of the drug once the primary patent expires in July
Business
Accenture to cut 19,000 jobs
It will slash 2.5% of workforce as a cost-cutting effort.
- The firm expects to incur $1.5 billion in costs as a result of the downsizing, including $1.2 billion directly related to the layoffs
- According to the company's recent annual report, it put the number of employees at 721,000 in 2022
Business
Qatar cruise tourism receives boost as MSC World Europa docks in Doha
Doha, Qatar--Doha port received on Thursday the cruise ship MSC World Europa carrying 5,613 tourists and a crew of 2,121....
- Qatar's tourism sector has recorded growth in recent years thanks to growing popularity in cruise tourism, making the country a favorite destination
- Equipped with latest technology, MSC World Europa is one of the most innovative and eco-friendly equipment in the company's fleet
Economy
Ramadan contributes to revitalizing economic growth
Consumer behavior is affected by cultural factors, customs, marketing campaigns, advertising, and competitions of merchants and suppliers, which can lead...
- Ramadan contributes to revitalizing economic growth, as many investment and industrial firms make huge profits from the increased demand, says a Qatar University's professor
- Consumer behavior is hit by cultural factors, customs, marketing campaigns, ad, and competitions of merchants and suppliers, which can imbalance supply and demand, he adds
Economy
Sustainability prime focus as KSA invests heavily in modern cities, transforms building patterns
Urban development projects such as Cube and NEOM are aimed at improving the quality of life and creating a stimulating...
- Urban development projects such as Cube and NEOM are aimed at improving the quality of life and creating a stimulating environment for foreign investments in the Kingdom.
- The Saudi leadership seeks to establish good infrastructure for urban agglomerations, create an attractive and join the league of best cities in the world for housing
Economy
IMF warns ‘inaction will leave Lebanon in never-ending crisis’
Lebanon and the IMF reached a conditional agreement in April 2022 on a $3-billion-dollar loan needed to save the country's...
- The IMF had conditioned the funds on unifying the country's plethora of exchange rates and a reformed bank secrecy law as well as restructuring the banking sector.
- Lebanon's meltdown has pushed most of the population into poverty while the political elite, widely blamed for the country's financial collapse, has failed to take action.
Business
UAE bodies sign MoU to establish general framework for IPOs
Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum...
- The MoU was signed by Securities and Commodities Authority and the Abu Dhabi IPO Fund.
- The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's economic stability.
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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
Trump’s tariffs on allies, China could shrink global merchandise trade volumes 1% in 2025, warns WTO
After Trump on Wednesday unveiled a blitz of harsher-than-expected levies aimed at countries around the globe, Ngozi Okonjo-Iweala warned the measures...
Economy
Company News
Latest News
2024 set to see new era of digital transformation
The GCC region is on the brink of a major tech revolution, led by advancements in AI, fintech, and sustainable...
Economy
Eurozone inflation rises to 2.9% in Dec mainly due to energy costs
The data supports comments by European Central Bank (ECB) chief Christine Lagarde, who has warned that Europe should remain on...
Economy
FAO says global food prices fell 13.7 percent in 2023
World food prices fell in 2023, with considerable declines for grains and oils as supply concerns eased, the UN's Food...
Economy
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Economy
‘Major shifts are reshaping the Arab world’s future’
"Most of the global trends are positive if analyzed in terms of economic value. Countries have developed and lifted millions...
- Al Gergawi emphasizes the pivotal role of Gulf countries in shaping global agendas, from environmental discussions at COP28 to major events like the World Cup.
- He underlines the criticality of understanding the new global changes, including tech advancements, and the balance between positive global trends and challenges.
Business
Penguin, SkyBlue ink MoU
The aim is to redefine outdoor media advertising in Abu Dhabi.
- Penguin and SkyBlue will collaborate on key advertising locations, with this being the Malaysian firm’s first move into the Abu Dhabi market.
- This follows an agreement between the Malaysian outdoor advertising company with the Road and Transport Authority (RTA), Dubai.
Business
Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...
- December 2023 finished for Dubai Duty Free with record monthly sales of US$221 million, an 8.37 percent increase compared to 2022.
- It's 40th anniversary celebrations offered a 25 percent discount on December 20 which led to a shopping spree of $14.8 million in 24 hours.