Lebanon cabinet appoints Karim Souaid central bank governor
Born in 1964, Souaid officially takes over after embattled former chief Riad Salameh's term expired in July 2023 with no...
Geostrategy
OECD lowers global growth projections over tariffs, uncertainty
"We are navigating troubled waters," said the OECD's chief economist Alvaro Santos Pereira as he summed up the world's economic...
Economy
Geostrategy
Grain deal talks ongoing after Russian proposal, says UN
Consultations to prolong Ukrainian grain exports deal are continuing, the UN said, after a Russian proposal for just a 60-day...
- Russia had agreed to extend the deal which is due to expire on Saturday, for 60 days.
- Ukraine said that "contradicts" the original agreement but did not reject the proposal.
Economy
UAE GDP grew by 7.6%, FDI flows surged to $172bn in 2022: Minister
New Delhi, India - The GDP of the UAE went up by 7.6 percent in 2022 and the FDI inflows...
- The country’s non-oil foreign trade also witnessed unprecedented growth as it crossed the $0.5 trillion and $59 billion mark, Bin Touq said
- Economic fragmentation is likely to cost us dearly because the greater the fragmentation of trade, the greater the economic costs, he added
Business
UAE issues license for electric vertical takeoff and landing aircraft
DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation...
- The license aims at reducing carbon emissions by encouraging the adoption of clean energy and leveraging technology.
- It also aims at using innovation to redefine the logistics sector's future and its impact on the environment and climate.
Economy
Lebanese pound plunges 100,000 to dollar as banks go on strike
Officially pegged at 15,000 to the dollar, the pound was trading at 100,000 against the greenback, dealers said -- a...
- The currency plunge has triggered price hikes including on fuel, food and other basic goods, with supermarkets this month starting to price items in dollars.
- Despite the gravity of the crisis, the political elite, which has been widely blamed for the country's financial collapse, has failed to take action.
Interview
‘Morocco economy robust, 80% of exports manufactured products’
The country managed to restrict inflation to 6 percent and sustain jobs despite challenges, the North African nation's Industry and...
- The country managed to restrict inflation to 6 percent and sustain jobs despite challenges, the North African nation's Industry and Trade Minister Ryad Mezzour tells TRENDS.
- Moroccan automotive industry produced 700,00 cars in 2022 and we expect the production to hit 1 million in the next three years, adds Mezzour during the interview
Economy
European lawmakers demand tax on ultra-rich individuals
Most of the MEPs who signed are from Green or left-wing parties. They were joined by non-governmental organizations, including Oxfam,...
- A previous landmark deal for a global minimum 15 percent tax on multinational businesses is set to start to go into force this year
- French MEP Aurore Lalucq and economist Gabriel Zucman propose a 1.5 percent tax for ultra-rich with wealth of $54 million or more
Economy
Saudi banking sector poised for gains, after profitable 2022: BCG
Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for...
- According to Boston Consulting Group, the kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since 2016
- The report argues that in spite of the economic instability worldwide inflation has not been an issue in the Middle East
Economy
Oil prices fall 2% as Silicon Valley Bank demise rattles markets
New York, United States - Oil prices fell over 2 percent in volatile trading on Monday as the collapse of...
- US West Texas Intermediate crude futures (WTI) dropped $1.88, or 2.5 percent, to $74.80 a barrel. WTI earlier declined to $72.30 a barrel, its lowest price since December
- In the past twelve months, the oil market has absorbed the impact of Russia's invasion of Ukraine and the sanctions imposed in response by the United States and the EU
Economy
World Bank applauds UAE for improving gender balance
Abu Dhabi, UAE--Commending the UAE for being in the forefront of the drive to improve gender balance in the country,...
- Iva Hamel of the World Bank said that the UAE has introduced legal provisions to ensure women receive equal pay and to prohibit gender-based discrimination in the workplace
- She lauded the UAE for becoming the first country in the Middle East and North Africa to implement parental leave for fathers
Economy
Joe Biden reassures Americans about safety of banking system
Washington, United States--President Joe Biden sought to reassure Americans over the country's financial system Monday as more US banks and leading...
- Biden told Americans in a brief White House address that they can have confidence that the banking system is safe
- The president while reassuring SVB depositors that they will get their money back, said "no losses will be borne by the taxpayers"
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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
Lebanon cabinet appoints Karim Souaid central bank governor
Born in 1964, Souaid officially takes over after embattled former chief Riad Salameh's term expired in July 2023 with no...
Geostrategy
Company News
Latest News
UAE looks to support farmers to boost sustainability of food sector
Dubai, UAE--The UAE leadership places utmost importance on supporting farmers to enhance the sustainability of the agricultural and food sector,...
Economy
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
Business
Abu Dhabi’s non-oil economy expands 7.7 percent in Q3 2023
ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has reported a substantial 7.7 percent growth in the...
Economy
Most Read
Economy
‘Gulf-Korea FTA marks historic economic milestone’
"The implementation of such free trade agreements follows directives from GCC leaders aimed at strengthening economic ties with other countries...
- The GCC's agreement with Korea, covering 18 chapters including goods, services, and digital trade, underscores its dedication to global economic integration.
- Following its recent trade deal with Pakistan, the GCC's new agreement with Korea highlights its robust economic status, thanks to dedicated negotiators.
Business
Sharjah Consultative Council okays emirate’s draft budget 2024
Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
- The draft was presented to the council by Sheikh Mohammed bin Saud Al Qasimi, Head of the Sharjah Finance Department for a final review and approval
- After a final review, the council approved the draft law regarding the 2024 general budget for the Sharjah Government departments
Economy
Tunisia, Saudi Arabia sign 7 MoUs in various sectors
Tunis - Tunisia and Saudi Arabia signed seven memoranda of understanding in various fields and sectors on Wednesday afternoon The...
- The MoUs encompass various areas such as water, environmental protection, agricultural scientific research, climate and meteorology cooperation, tourism and industry
- Tunisian minister Boughdiri stressed her commitment to enhancing collaboration between the two nations, highlighting the significance of these agreements