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...
Economy
Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Business
JCC discusses trade, commerce in economic summit in France
AMMAN, JORDAN - The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris....
- Jordan Chamber of Commerce spoke of closer ties with trade and commercial bodies in the European Union member states.
- Topics like environment and water, industry, modern construction projects, food, nutrition, healthcare, banking, medicine, funds, climate were discussed.
UAE to invest $30bn in South Korea over the next few years
Abu Dhabi, UAE – The United Arab Emirates will invest $30 billion in South Korea over the next few years,...
- Korean FDI in the UAE totaled USD2.2 billion up until the beginning of 2021, reflecting a 73 percent growth
- These investments are mostly concentrated in finance, insurance, mining, retail, real estate, energy and technology sectors
Economy
World Food Program warns funding gaps threaten Yemen food aid
In order to reinstate full food rations for millions in Yemen, the WFP has said that it requires more than...
- WFP regional director Corinne Fleischer said that WFP's requirements for Yemen are $3 billion until the end of the year in order to revert to full ration
- For almost nine years the war in Yemen has caused hundreds of thousands of deaths and has driven the country to the brink of famine
Economy
Saudi Arabia aims to diversify, double its economy
"The country continues to grow in various sectors such as the energy sector, including oil, gas, and renewable energy, which...
- The Kingdom has made significant progress in implementing its ambitious Saudi Vision 2030, says Investment Minister Khalid Al-Falih
- He urges the international community to take advantage of the opportunities available in the Kingdom and promote global cooperation
Economy
Stock markets sink on banking crisis fears, oil prices fall
Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US...
- Oil prices also dropped, with the main US contract WTI down more than 5% as it fell under $70 per barrel for the first time since Dec 2021.
- Shares of Credit Suisse, Switzerland's second biggest bank, crashed by more than 30 percent to hit a record low.
Business
October 2022 OPEC+ oil pact will stay the course, says Saudi energy minister
Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the...
- Prince Salman said that sticking to the October agreement is the "sensible and only course of action” for OPEC and its allies.
- He said Saudi Arabia has proactively embarked on expanding our capacity to 13.3 million barrels a day by 2027.
Economy
Indian, UAE cooperating in green hydrogen development: Indian minister
New Delhi, India -- India’s Minister for New, Renewable Energy and Power, R K Singh said on Tuesday that India...
- The UAE's expanded cooperation with India in clean energy aims to support New Delhi's ambition to achieve 450 gigawatts of renewable energy
- R K Singh said that the bilateral cooperation in renewable energy, similar to the UAE, is being promoted with Australia, Finland and Germany
Interview
‘European Space Agency to intensify cooperation with UAE’
"I have decided to send a group of people from my ESA team to the UAE to see which domains...
- Aschbacher says ESA's plan is to establish navigation and communication around the moon and on the moon surface, just like having a mobile phone on Earth
- He believes unifying people is one of the beauties of space exploration, besides developing technology, attracting young talents, fostering stem education, and economic growth
Economy
Fusion energy will be game-changing viable energy source
Private sector partners can leverage the scientific work done in public laboratories to develop the technology needed for fusion power...
- Private sector partners can leverage the scientific work done in public laboratories to develop the technology needed for fusion power plant applications, says top US physicist
- The recent discovery in inertial confinement fusion marks a significant milestone in the development of fusion energy as a viable energy source, highlights Kimberly Budil
Economy
Syrian students learn German in order to prepare for life abroad
Damascus, Syria--His medical studies in Syria keep Mohammed Shasho busy enough but whenever he can he also pores over German vocabulary...
- In Syria, classes to learn German have proliferated in recent years as students seem to have turned their backs on English or French, the foreign languages prefered earlier
- The medical brain drain has begun to worry Syrian officials and physicians with many expressing concern about the exodus of medical students, but few terming it a reality
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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...
Economy
Company News
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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
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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.
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