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
Smart cities lead GCC’s IoT boom: NEOM and Smart Dubai in focus
IoT applications are transforming critical sectors such as transportation, where connected vehicles improve traffic management, utilities where smart grids enhance...
Economy
Economy
More interest rate hikes may be needed, says ECB’s Lagarde
FRANKFURT, GERMANY - More interest rate increases may be needed beyond the one coming later this month, European Central Bank president...
- The ECB has lifted rates at an unprecedented pace in recent months to cool inflation.
- ECB president said the pace of future hikes was "impossible" to predict and would be decided by the economic data available at the time.
Geostrategy
UAE, Bahrain explore ways to boost collaboration in infrastructure, transport
ABU DHABI, UAE - UAE Minister of Energy and Infrastructure (MoEI) Suhail bin Mohammed Al Mazrouei Thursday had a meeting...
- Bahrain’s Minister applauded the advanced processes at UAE Ministry of Energy and Infrastructure , particularly the AI-enabled systems for planning new infrastructure projects.
- The Bahrain’s Minister and his delegation toured the Road Control Center that was recently established at the ministry’s Sharjah offices.
Economy
Poor nations to call for help at Qatar summit
The Fifth United Nations Conference on the Least Developed Countries (LDC5) was twice postponed because of coronavirus. A plan of...
- Fallout from the Covid-19 pandemic, the Ukraine war's impact on food and fuel supplies and the costly battle against climate change have hit poor countries hard
- Leaders from the 33 African nations, 12 from the Asia-Pacific and Haiti in the Caribbean will meet five decades after the UN created the Least Developed Countries category
Lebanese supermarkets mark prices in dollars as local currency tanks
In February, Economy Minister Amin Salaam announced that supermarkets would be able to start pricing items in dollars, while customers...
- The local currency, now officially pegged at 15,000 to the greenback, was trading Wednesday at almost 90,000 to the dollar
- Since the start of the crisis, stores had begun to adjust their prices in pounds to keep up with the fluctuating exchange rate
Economy
UAE Banks Federation holds workshop on money laundering
Abu Dhabi, UAE--UAE Banks Federation (UBF) organised a virtual workshop on combating trade-and-credit-documents-based money laundering on Wednesday. The workshop comes...
- The workshop comes as part of UBF's ongoing efforts to improve frameworks and procedures necessary to develop and maintain the highest levels of compliance
- UAE Banks Federation is taking numerous steps and initiatives to make banks and financial institutions more resilient to risks and educate the customers and public
Analysis
Gulf boardrooms lag in gender diversity
The Middle East has made significant progress in advancing gender diversity in the workplace through measures such as generous parental...
- While more companies are paying closer attention to Diversity, Equity and Inclusion issues in the region, only 8% of seats in Saudi Arabia and 17% in UAE went to women last year
- However, there's progress in enabling gender diversity in Middle East such as generous parental leave policies and flexible working arrangements for reintegration after long breaks
Business
UAE records fastest growth rate in 10 years, says economy minister
Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE...
- The country is implementing comprehensive economic initiatives to increase the capacity of the national business environment to attract capital.
- The UAE has utilized advanced technologies to develop capacities and meet the growing demand in these sectors.
Economy
Lebanon to raise import tariffs for second time in three months
Beirut, Lebanon--Lebanon intends to triple the tariffs it charges on imports in local currency, as the state seeks to boost...
- Youssef Khalil, caretaker finance minister, requested to change the rate at which customs fees are calculated from 15,000 pounds per USD to 45,000 pounds
- Cabinet responded with a letter saying it had no objections given the move would "secure additional revenues to help revive the public sector."
Economy
Qatar and Egypt sign deal to prevent double taxation on income
Doha, Qatar--Egypt and Qatar have signed an agreement to eliminate double taxation on income and prevent tax evasion and avoidance,...
- The agreement includes terms related to international maritime and air transportation, joint ventures, dividends, interests and royalties
- It comes within the framework of bolstering bilateral economic relations and shoring up cooperation in several fields
Wars, poverty fuel spike in Iraqi child labour
Children in Iraq work as apprentice mechanics and rubbish collectors, in shisha cafes or hair salons, and washing car windows...
- Despite its oil riches, nearly one-third of Iraq's 42 million inhabitants live in poverty, according to the United Nations
- UNICEF has been working with authorities in Baghdad to support a system of social protection that could lift children out of poverty
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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
Company News
Nedaa, Dubai Customs ink MoU
Business
Latest News
‘Private sector plays vital role in Gulf integration’
"The GCC has all the potential to become a strong economic alliance capable of asserting itself on the global economic...
Economy
UAE banking sector sees $71.87 billion in savings deposits until October 2023
Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the...
Economy
Climate threats haunt GCC’s economy and finance
The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's...
Economy
Most Read
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
- Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.
Economy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
- Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
- GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.
Economy
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
- The bank said that the UAE economy recorded a 3.8 percent year-on-year (YoY) growth in the second quarter of the current year, compared to 8 percent recorded in Q2 2022.
- It mentioned that the non-oil GDP growth accelerated to 7.3 percent YoY in the second quarter of the current year, up from 4.5 percent YoY in the previous quarter.