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
Electric, hybrid and aerial to entirely transform city life: IIT Madras expert
Easier commutes with faster, quieter, and eco-friendly vehicles would reduce travel times significantly and reduce stress for urban residents, says...
Interview
Economy
UAE and Jordan agree to share experiences to combat corruption
Abu Dhabi, UAE-- The UAE and Jordan have resolved to draw on each other's experiences in order to combat corruption,...
- The visiting delegation called on the officials at the Audit Bureau of Jordan and the Integrity and Anti-Corruption Commission to share experiences and exchange knowledge
- Jordanian delegates were apprised of various initiatives taken by the UAE for reporting financial and administrative violations and the financial disclosure platform
Economy
Egypt’s train derailment in north kills two and injuries 16
In the latest rail tragedy to hit Egypt, two people were killed and many more injured at Qalyub north of...
- The accident, according to the country's rail authority, happened when a passenger train entering Qalyub station went through a stop signal
- In recent years, rail accidents in Egypt have mostly been blamed on poor infrastructure and maintenance
Economy
Quake damages more than $100 billion in Turkey alone: UNDP
The World Bank estimated last week that the devastating quake, which flattened entire cities, had caused damage worth more than...
- The 7.8-magnitude quake that struck on February 6 and its aftershocks have claimed more than 45,000 lives in Turkey.
- The UNDP has been "very disappointed and saddened" by the low level of response to funding appeals to date.
Economy
US interest rate likely to rise, says Federal Reserve head
US interest rates will likely peak at a higher level than previously anticipated due to economic data that came in...
- The US central bank has raised its benchmark lending rate eight times since early last year.
- US job gains had surged unexpectedly in January while unemployment slipped to its lowest rate in more than five decades.
Economy
New Qatar premier inherits strong economy, world cup glory
Sheikh Mohammed Bin Abdulrahman al-Thani takes charge at a time when Qatar’s economy is booming, posting a surplus of $24...
- Sheikh Mohammed Bin Abdulrahman al-Thani succeeds Sheikh Khalid bin Khalifa bin Abdul Aziz Al Thani who was appointed PM in January 2020
- Qatar Emir Sheikh Tamim bin Hamad al-Thani's office also announced a cabinet reshuffle that reappointed the finance and energy ministers
Business
KEZAD, Emtelle ink agreement
Emtelle to invest $50m to build manufacturing facility.
- The pact is the latest step in the expansion of Emtelle in the Middle East, following the acquisition and rebrand of AfriPipes Middle East in 2021.
- Emtelle is undertaking a major expansion into North America with the opening of a manufacturing facility in North Carolina, US.
Business
Japan allots US$1.6bn to contentious Australia hydrogen project
In a statement, HESC said the project has entered its commercial demonstration phase with money from Japan's Green Innovation Fund,...
- The Hydrogen Energy Supply Chain (HESC) project is a joint Japanese-Australian undertaking intended to produce plentiful and affordable fuel for Tokyo
- Its backers argue it will create economic opportunity in Victoria, but NGO Environment Victoria has also warned about the HESC's CCS claims
Economy
Oman to award solar energy projects worth US$777m to investors
Muscat, Oman -Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth $777 million to...
- Nearly 2 million solar panels will be installed in these two stations, which will be the largest solar panel project for Oman
- The projects, which will jointly produce 1,000MW of energy, are set to come up on a 15 million sq m area within the Governorate of A’Dakhiliyah
Economy
China agrees to restructure bankrupt Sri Lanka’s loans for IMF bailout
Colombo, Sri Lanka--Sri Lanka's president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation,...
- The South Asian nation defaulted on its $46-billion foreign debt last April during its economic crisis, which caused months of food and fuel shortages
- Ranil Wickremesinghe's government has been working to secure a $2.9 billion rescue package from the IMF to restore Sri Lanka's ruined public finances
Economy
World Bank pauses Tunisia program over president’s migrant remarks
In the message sent on Sunday evening, the bank's outgoing President David Malpass said Saied's tirade had triggered "racially motivated...
- World Bank President David Malpass noted that measures announced by the Tunisian government to protect and support migrants and refugees marked a "positive step"
- According to official figures, there are around 21,000 undocumented migrants from other parts of Africa in Tunisia, which is home to around 12 million people
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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
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
Company News
Latest News
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
Economy
Kuwait’s annual inflation jumps to 3.79% in November
According to the Kuwait Central Statistical Bureau, the upward trend was mainly attributed to rising prices across all major groups...
Economy
‘Use AI to bridge global economic gaps, promote peace’
“To ensure AI makes ethical, inclusive, and prosperous decisions, we must educate ourselves on its workings. It’s crucial to manage...
Economy
Most Read
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.
Geostrategy
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
- The project will improve the efficiency of Mauritania's water, irrigation and drainage facilities, while delivering agricultural equipment and potable water to farmers.
- Since 1979, the fund has contributed toward 20 development projects in Mauritania, at a value of over $665 million.
Economy
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
- Additionally, loans were not extended to countries with long-term creditworthiness ratings below B- from Fitch or Standard & Poor’s, or below B3 from Moody’s.
- Under the new decree, Russia will no longer adhere to international institutions' recommendations when extending loans to other countries.