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
Trump stings friends and foes alike in his tariffs war, countries eye trade talks
The tariff announcements rattled stock markets while safe haven gold hit a new record high, oil prices fell and the...
Economy
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
UN culture chief vows to help rebuild conflict-hit, heritage-rich Iraq
Years of war and insurgency have taken a heavy toll on the many Mesopotamian, Islamic and Christian treasures in a...
- The mission of UNESCO chief comes ahead of the 20th anniversary later this month of the US-led invasion which toppled Saddam Hussein
- Since 2018 the UN agency has raised more than $150 million for projects in Iraq, mostly the reconstruction of Mosul
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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
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
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Arab Bank posts net profit
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
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...
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...
Economy
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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
Economy
UAE’s hiring landscape sees rise in homegrown talent
"The challenge today is not just in assimilating this fresh talent but in bridging the gap between them and the...
- New graduates bring unique lifestyles and perspectives to the workforce.
- The generational divide: From self-made success to a reliance on support.
Business
GCC forges ahead in sustainable tech initiatives
In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant...
- In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant green transition in the region.
- The GCC's commitment to sustainable technology initiatives, including advancements in renewable energy, green hydrogen, and smart city solutions, make it a global leader.