Trump stings friends and foes alike in his tariffs war, countries eye trade talks
The tariff announcements rattled stock markets while safe haven gold hit a new record high, oil prices fell and the...
Economy
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...
Business
Business
MBRSC, e& enterprise ink MoU
MoU will be mutually beneficial to both organizations.
- The MoU will enable e& enterprise to leverage MBRSC's expertise in AI.
- MBRSC will benefit from e& enterprise’s resources and capabilities.
Economy
Eco-friendly goods buck global downward trade slide: UNCTAD
Trade in such goods grew by around four percent in the second half of 2022, with their combined value hitting...
- Global trade surged to a record $32 trillion in 2022 before reversing course in the second half of the year amid deteriorating economic conditions and swelling uncertainties.
- UNCTAD said it expected green industries to boom further as countries scale up their efforts to cut emissions and battle global warming.
Business
Toshiba accepts $15bn buyout bid
The acceptance follows years of turmoil for the company.
- A consortium led by investment fund Japan Industrial Partners will be taking over Toshiba.
- Toshiba produces everything from rice cookers to medical equipment and nuclear plants.
Economy
Egypt and World Bank agree US$7bn, five-year partnership
Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on...
- According to the World Bank statement, the program will help create a level playing field for the private sector and to encourage investment and improve resilience to shocks
- Over the past year, Egypt's economy has been under severe pressure, after the fallout from Russia's invasion of Ukraine exposed underlying problems.
Economy
Vertical farming project launched in Abu Dhabi
Abu Dhabi, UAE--ADQ has launched a vertical farming project in partnership with ZERO, a technology company based in Italy. Dubbed...
- It is designed to enhance indoor farming locally and also to explore and push the boundaries of desert-climate farming in the UAE
- The joint project draws on the benefits of growing crops in vertical layers, which includes higher yield, shorter growing times and lower water usage
Economy
Gulf central banks mirror Fed to raise rates by 25 bps
The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised...
- The Saudi Central Bank, also known as SAMA, raised its repo and reverse repo rates by 25 bps each to 5.5 percent and 5 percent, respectively
- The Central Bank of the United Arab Emirates (CBUAE) will raise its base interest rate by 25 basis points to 4.9%, effective Thursday
Economy
Unity key for ‘transformational progress’ at COP28
“We have a short window of opportunity to deliver a system-wide transformation. But if we make the right investments, we...
- There is a need for accelerated pathways to net zero and critical finance across all pillars, says COP28 President-Designate Dr Sultan bin Ahmed Al Jaber
- He also reminds climate ministers of various countries about the approaching Global Stocktake at COP28 and calls for action to keep 1.5C within reach
Economy
Global recession fear may affect UAE’s hiring rate
Companies are spending more on employee salaries and retention, such as increasing insurance premiums and investing in employee benefits, says...
- Companies are spending more on employee salaries and retention, such as increasing insurance premiums and investing in employee benefits, Brian Habibi of Bayzat tells TRENDS
- Although the UAE has remained extremely resilient, the market is not immune to global economic conditions, adds the Co-Founder and Chief Customer Officer of the platform
Economy
Global financial woes may hit Europe, warns ECB chief Lagarde
The ECB president insisted, however, that if the most recent forecasts were confirmed, "we will still have ground to cover...
- International financial markets went into turmoil after recent crashing of three US lending banks and takeover of Credit Suisse.
- The ECB chief Christine Lagarde said that there was "additional uncertainty" when it came to the bank's projections.
Chip war and censorship hobble Chinese tech giants in chatbot race
A flurry of Chinese companies including Alibaba, JD.com, Netease and TikTok-parent Bytedance have rushed to develop services that can mimic...
- The popularity of ChatGPT in China - where users have to scale Beijing's internet firewall using VPNs - has left Baidu and others scrambling to regain its dominance on home turf
- China has announced ambitious plans to become a global leader in the field of AI by 2030, and McKinsey estimates the sector could add about $600 billion every year in China's GDP
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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 stings friends and foes alike in his tariffs war, countries eye trade talks
The tariff announcements rattled stock markets while safe haven gold hit a new record high, oil prices fell and the...
Economy
Company News
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Saudi insurance sector targets 25m beneficiaries by 2030
Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of...
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...
Economy
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Economy
Private sector funding key to climate transition: World Bank
The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the...
- On Wednesday, Banga repeated a previous pledge to "fix the plumbing" of World Bank
- World Bank estimated that developing countries will need an average of $2.4trn each year
Economy
Oil prices jump, stocks slump after Iran blasts
"Heightened tensions in the Middle East following a bomb blast at a ceremony honouring a slain general in Iran have...
- Oil prices spiked more than three percent after twin bomb blasts ripped through a crowd commemorating Revolutionary Guards general Qasem Soleimani
- Equities were also under pressure as investors worried that the stocks rally in the final months of 2023, on hopes of interest rate cuts in 2024, may have gone too far
Economy
Jordan’s public debt rises to $46.1bn by Oct 2023 end: Ministry
Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of...
- The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023.
- In Dec, Jordan approved the 2024 budget with a deficit of $1.6 billion, expecting the country's public debt this year would make up 88.3 percent of the GDP.