China vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...
Economy
Trump’s global tariff takes effect in dramatic US trade shift
US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating...
Economy
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"
SVB’s demise: Warning signs were missed by investors, regulators
Banking experts have been among those alarmed at the rapid collapse of SVB, the country's 16th biggest bank by assets...
- The Federal Reserve announced Monday plans for a "thorough, transparent and swift" review of the supervision of SVB that will be publicly released on May 1
- President Joe Biden promised a "full accounting of what happened," adding that he would ask regulators and banking regulators to tighten rules on the sector
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 vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...
Economy
Company News
Latest News
Ducab, Somagec ink MoU
Business
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...
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...
Economy
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
Economy
Most Read
Economy
UAE’s CEPA program marks ‘exponential growth’
“Trade has always been important to the UAE, a bridge connecting our products, skills, and natural resources to the world,...
- In 2023, the UAE's CEPA program achieved substantial growth, implementing three agreements and signing two more, expanding its global trade network across four continents.
- In 2023, the UAE's non-oil foreign trade soared to a record AED1.24 trillion, complemented by the launch of the Trade Tech initiative with WEF to digitize global supply chains.
Economy
Nationalization efforts transform Saudi workforce
Saudi Arabia's ambitious nationalization initiative has significantly impacted its labor market, with the Kingdom experiencing a historic low unemployment rate...
- Saudi Arabia's ambitious nationalization initiative has significantly impacted its labor market, with the Kingdom experiencing a historic low unemployment rate of 8.6%.
- The Kingdom's success on employment front is attributed to Vision 2030's strategic economic diversification and an increased focus on local workforce development.
Economy
GCC eyes economic upswing, business growth in 2024
Despite last year's challenges, the region is set to see robust growth this year, led by the UAE, which is...
- Despite last year's challenges, the region is set to see robust growth this year, led by the UAE, which is expected to top the economic performance with a 4% GDP growth.
- The Gulf region's growth is likely to be underpinned by technological advancements and a resilient banking sector, ready to navigate through global economic shifts.