China says opposes new US tariffs, vows ‘countermeasures’
China on Thursday said it "firmly opposes" sweeping new US tariffs on its exports and vowed "countermeasures to safeguard its...
Economy
From cars to champagne: Trump’s expanding tariffs trigger trade war fears
Paris, France -- From champagne to steel and now cars: it is getting harder to keep up with US President...
Geostrategy
Opinion
Optimal user experience crucial for hybrid workers
More than 60 percent of employees worldwide have chosen hybrid work structures, and over 66 percent of UAE employees prefer...
- More than 60% of employees worldwide have chosen hybrid work structures, and over 66% of UAE employees prefer to work from home, says an expert
- Remote workers face IT challenges that impede productivity, from UCaaS quality concerns to VPN access challenges, adds Gaurav Mohan of NETSCOUT
Science
UAE’s Rashid Rover completes lunar orbit insertion
The first Emirati rover to land on the moon is now on its way to completing the third milestone, the...
- The first Emirati rover to land on the moon is now on its way to completing the third milestone, the Arrival Phase, which will be the most intense part of the mission
- The ambitious mission aims to study the surface of the moon and is funded by the ICT Fund of the Telecommunications and Digital Government Regulatory Authority
Economy
World Bank expects Syria economy to contract 2.3% due to quake
Washington, United States--Syria's economy is expected to contract 2.3% more than it otherwise would have due to the impact of last...
- The World Bank said that the damage from earthquake will cost the Syrian economy $5.2 billion, including physical damages of $3.7 billion and losses of $1.5 billion
- It added that the quake effect is likely to widen Syria's economic contraction by 2.3 percent to 5.5 percent this year, worsening economic woes in the war-scarred nation
Economy
First India-GCC senior officials meeting held in Riyadh
New Delhi, India - The first ever meeting of senior officials of India and the Gulf Cooperation Council (GCC) was...
- India has been steadily stepping up institutional engagement of the GCC in addition to regular bilateral meetings with its member countries
- As a trade bloc, the GCC is the largest trade partner of India with a total trade of US$154 billion during the last financial year
Economy
EIB pledges US$535mn for Syria-Turkey quake reconstruction
Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at...
- The reconstruction package is meant to restore basic living standards for more than 1.7 million refugees hit by the earthquake
- It will focus on Turkish regions devastated by the earthquake and is designed to enhance support for restoration of basic infrastructure
Business
SRC, Alrajhi sign refinance deal
SRC is looking to expand its refinancing portfolio.
- SRC said that the agreement is the latest in a series of similar deals to support mortgage financiers and originators
- It will provide liquidity, capital management, and balance sheet de-risking solutions to enhance real estate financiers’ capacity
Geostrategy
Saudi-Iran diplomatic pact leads to prisoner swap deal in Yemen
The UN has confirmed that Yemen's Houthi rebels and its internationally recognized government have reached an agreement to exchange more...
- According to UN special envoy to Yemen Hans Grundberg, the parties "agreed on implementation plans to release 887 conflict-related detainees from all sides"
- It is almost a year since the Houthis said they had agreed to a prisoner swap that would see 1,400 rebels freed in exchange for 823 pro-government fighters
Economy
New Saudi law brings in new businesses, more FDI
The New Companies Law simplifies the procedures to set up foreign businesses in Saudi Arabia, and removes several restrictions, says...
- The New Companies Law simplifies the procedures to set up foreign businesses in Saudi Arabia, and removes several restrictions, James Swallow of PRO Partner Group tells TRENDS
- Since the new law's implementation, there has been considerable interest from companies to operate and invest in the Kingdom, says Swallow, adding that is generating employment
Economy
US government seeks to avoid ‘bailout’ label amid banking turmoil
Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its...
- In the 2008 financial crisis, authorities spared shareholders and bondholders, said David Smith, professor of commerce at the University of Virginia
- But "there's no bailout" this time in the sense that officials are protecting depositors rather than shareholders and bondholders, Smith said.
Business
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
- Western powers have imposed sanctions against Russia due to the Ukraine war.
- Rosneft said that the profit level forms a solid basis for paying dividends.
Most Read
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
China says opposes new US tariffs, vows ‘countermeasures’
China on Thursday said it "firmly opposes" sweeping new US tariffs on its exports and vowed "countermeasures to safeguard its...
Economy
Company News
Latest News
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...
Business
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...
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...
Economy
Most Read
Economy
Turkey’s inflation rate nears 65 percent in December
Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace...
- Economists expects inflation to start falling from near record highs within four months
- The rate reached a decades-long high of 85 percent in October of 2022
Economy
Saudi Arabia set to open its first financial center
Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and...
- Chairman of the Steering Committee at the Ministry of Finance, Abdul Aziz Al-Furaih highlighted the advantages of transitioning to accrual-based accounting
- Hamad Al-Kanhal, Deputy Minister of Finance for Financial Affairs and Accounts, underlined the shift to accrual-based accounting as part of Vision 2030
Economy
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
- China lowered import tariffs on resources and NEVs, aiming to enhance competitiveness and secure supplies.
- Tariffs on medicines and food for medical purposes were cut, reflecting a focus on health and consumer needs.