Saudi stocks take 5-year record fall, plunge nearly 7% after US tariffs spark global market turmoil
Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs...
Economy
Trump’s tariffs on allies, China could shrink global merchandise trade volumes 1% in 2025, warns WTO
After Trump on Wednesday unveiled a blitz of harsher-than-expected levies aimed at countries around the globe, Ngozi Okonjo-Iweala warned the measures...
Economy
Economy
China consumer inflation drops to lowest level in a year
China's consumer price inflation last month fell to its lowest level in a year, official data showed Thursday, as the...
- February's consumer price index (CPI) - the main gauge of inflation - rose one percent, down from a 2.1 percent annual rise in the first month of the year
- NBS statistician Dong Lijuan said the drop was caused by a "decline in consumer demand after the holidays as well as sufficient supply in the market."
Economy
OFID to provide $25m for Niger’s solar energy development
Vienna, Austria - The OPEC Fund for International Development (OFID) is offering a US$25 million loan for solar energy development...
- The OPEC Fund is joining forces with the African Development Bank, Power Africa, the Green Climate Fund and the Government of Niger
- The project also includes extending 2,600 km new transmission lines connecting cities in Niger’s south and the capital Niamey
Economy
US president’s budget plan to cut country’s deficit by US$3trn
Washington, United States--President Joe Biden will unveil a proposed budget on Thursday that would reduce the US national deficit by $3...
- According to Press Secretary Karine Jean-Pierre, over the next ten years the budget plan will cut the deficit by nearly $3 trillion
- Republicans who will be under pressure have said they are preparing thier own alternative budget plan focusing on spending cuts and no tax increases
Economy
Lebanon banks ‘have no liquidity,’ says bank association member
Beirut, Lebanon - Lebanon's commercial banks do not have enough liquidity to pay back depositors, the secretary general of the...
- Since 2019, Lebanon has suffered an unprecedented economic decline caused by decades of mismanagement and corruption
- The World Bank last year said Lebanon was likely to rank among the world's worst financial crises since the mid-19th century
Economy
Cash-strapped Egypt offers citizenship to foreigners investors
According to state newspaper Al-Ahram, a decision by Prime Minister Mostafa Madbouli published in the official gazette, says the premier...
- It is the latest in a series of measures by the government to woo foreign investment into Egypt, which is sapped dry of dollars
- In 2018, parliament had passed a law allowing foreigners to apply for the Egyptian nationality with a bank deposit of around $400,000
Economy
European Central Bank head pledges to tackle high inflation in Europe
Last week, Lagarde said that more interest rate hikes might be needed in the eurozone after the half percentage point...
- The ECB has raised interest rates at an unprecedented pace since last July to bring inflation back down to its two-percent target.
- And last week, Lagarde said that more interest rate hikes might be needed in the eurozone after the half percentage point hike it has already signaled will come later this month.
Business
US private sector employment surges by 242,000 jobs in Feb
"We're seeing robust hiring, which is good for the economy and workers, but pay growth is still quite elevated," said Nela...
- The employment in private sector increased by 242,000 jobs in February, almost twice the 119,000 figure in January.
- This follows a series of recent indicators showing that hiring remained strong, consumer spending resilient.
China pushes for tech-sector self-reliance to combat US, allies curbs
A broad restructuring document announced by China's cabinet on Tuesday intends to focus the Ministry of Science and Technology's resources...
- Beijing will also set up a national data administration to oversee the digital economy, as well as slash staffing at the country's central state institutions
- The restructuring comes as China pours resources into its research capabilities in the face of tightened restrictions on homegrown tech companies by the US
Economy
QFFD, EAA sign pacts to back education drive in Asia, Africa
Doha, Qatar-- In order to ensure education for children in the least developed countries of Asia and Africa, Qatar Fund...
- The agreements will ensure quality education for more than 709,060 out-of-school primary children between now and March 2027 through EAA's "Educate A Child" program
- The funding will enable access, enrollment, and learning skills, including teacher training, capacity buildings, refining educational techniques and methods
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
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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
Saudi stocks take 5-year record fall, plunge nearly 7% after US tariffs spark global market turmoil
Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs...
Economy
Company News
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China factory activity decline deepens in December
The National Bureau of Statistics (NBS) said, "In December... the level of vitality in the manufacturing sector somewhat declined." In...
Economy
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
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Economy
Innovations make Dubai Airport soar to new heights
In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity...
- In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity in international flights.
- In 2019, the airport surpassed pre-COVID-19 levels with 54 million seats, and a forecast predicts up to 4% passenger traffic growth across UAE airports in 2024.
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