Trump defiant as tariffs send world markets into panic
Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump's trade war,...
Economy
Trump puts world on edge as ‘Liberation Day’ tariffs loom
Trump kept rivals and allies alike guessing about who would be targeted and by how much, but promised to be...
Economy
Economy
UAE positioned itself as key player in global value chain: Al Zeyoudi
Abu Dhabi, UAE-- Stating that the global reshuffling of economic gravity is providing an opportunity for the UAE, Dr. Thani...
- Al Zeyoudi said the UAE achieved a remarkable 17 percent growth in trade figures, reaching a total of $630 billion
- The minister affirmed his confidence in the UAE's ability to continue attracting investments and achieving strong trade growth in the coming year
Economy
Iraq customs orders enforcement of alcohol import ban
In spite of divisions over the legislation, Iraq's customs department has given orders to begin enforcing a ban on alcohol...
- The new legislation approved by parliament in 2016 only became law after its publication in the official gazette on February 20
- It has drawn sharp criticism from rights activists and lawmakers representing Iraq's dwindling non-Muslim communities
Economy
Iran announces discovery of large lithium deposit
TEHRAN, IRAN - Iran has announced the discovery of a large deposit of lithium, a key component of batteries for electric...
- This reserve is believed to hold "8.5 million tonnes" of lithium, according to a senior Iranian official.
- This white metal is an essential component of rechargeable batteries used in cell phones and other electronic devices.
Geostrategy
UAE, Italy enhance bilateral relations to Strategic Partnership level
ABU DHABI, UAE - The United Arab Emirates and Italy on Saturday announced the enhancement of their bilateral relations to...
- A pact for cooperation on energy projects and sustainability initiatives between Abu Dhabi National Oil Company and the Italian energy group Eni was signed.
- The MoU aims to strengthen cooperation in the field of emissions reduction, new energy technologies and low-carbon solutions.
Geostrategy
Earthquake caused direct damage of $5.1bn in Syria, says World Bank
A massive earthquake and aftershocks in February caused an estimated US$5.1 billion in direct physical damage in Syria, said the...
- The earthquake hit Turkey and Syria, devastated scores of cities and killed over 50,000 people in both countries.
- World Bank said that its report does not cover broader economic impacts and losses for Syria, such as production or business interruption.
Science
Ocean conference participants pledge US$19bn
Panama City, Panama - Delegates to a global conference on saving the world's oceans pledged US$19 billion, the host country Panama...
- European Union announced it would dedicate $865 million to ocean-related projects this year
- The total included a $6 billion from the United States, announced by White House climate envoy John Kerry
Economy
PPI of industrial sector in Qatar declines by 1.75% in January
Doha, Qatar - The Producer Price Index (PPI) of Qatar’s industrial sector declined by 1.75 percent in January 2023 when...
- The PPI for January 2023 was 129.59 points, down 4.71 percent from December 2022
- For manufacturing sector, a PPI increase of 0.08 percent was recorded in January 2023
Economy
Saving deposits in UAE banks rose to $67bn in 2022: CBUAE
Abu Dhabi, UAE - Saving deposits in the UAE banking system, excluding interbank deposits, increased to AED245.867 billion ($67 billion)...
- Rise in savings deposits represents a YoY growth of $1.08 billion or 1.7 percent, from about $66 billion in November 2021
- Demand deposits grew to $246 billion by the end of December last year, a YoY growth of 7 percent from $145 billion in 2021
Economy
UAE, Turkey sign free trade deal in sign of warming ties
Pushing aside their differences in relations strained by regional disputes, the oil-rich United Arab Emirates and Turkey signed a free...
- Turkey and the UAE have backed opposing sides in regional conflicts and have sparred over issues including gas exploration in the eastern Mediterranean
- Early last year, Erdogan made his first visit to the UAE in nearly a decade and called on business leaders to invest in his country
Economy
Iraq issues arrest warrants in ‘heist of the century’
The warrants do not name any of the officials, but according to the official, they are former finance minister Ali...
- An investigating judge in Baghdad has "issued arrest warrants for four senior officials of the former government."
- The four men include a former finance minister and staff members of former prime minister Mustafa al-Kadhemi
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
Trump defiant as tariffs send world markets into panic
Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump's trade war,...
Economy
Company News
Latest News
Bahrain economy posts 2.45% growth in third quarter of 2023
Manama, Bahrain--National accounts estimates issued by the Information eGovernment Authority of the Kingdom of Bahrain showed that the real GDP...
Economy
Morocco doles out aid to low-income families
The launch comes a decade after the social benefits program was proposed, and as part of an overhaul of social...
Economy
Sustainable mobility rises as GCC turns to hydrogen
MENA countries, adopting ambitious clean energy and transportation strategies, aim for significant hydrogen production by 2050, led by UAE's National...
Economy
Most Read
Economy
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...
- The index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity.
- It reflects the robust and developed digital infrastructure, with an increase of 99 percent of Internet penetration rate in Saudi Arabia.
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...
- There was a 6.86% jump in the clothing group and a 3.13% rise in housing services
- Culture and entertainment sectors surged by 3.54%, and education costs rose by 0.72%
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...
- Omran Sharaf, the UAE's Assistant Foreign Minister, stresses the importance of respecting differences for proper AI development in national and regional contexts.
- He underscores AI's role in technological advancement, sustainable development, and the need for an effective international AI governance framework.