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
Morocco ‘water highway’ averts crisis in big cities but doubts over sustainability
Morocco is spending hundreds of millions of dollars on tapping northern rivers to supply water to parched cities farther south...
Economy
Economy
Proactive govt policies, high rates, slow global growth to lower impact of inflation in Gulf region
The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices...
- The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices and strong energy exports in 2022, reports suggest
- Inflation in the GCC averaged at around 4 percent mark and showed a downward trend for most countries in the region during the second half of 2022, they add
Business
Apple to produce iPhones in India
The proposed factory will be spread over 300 acres.
- "Apple phones to be built in the state soon," Karnataka state chief minister Basavaraj S Bommai tweeted on Friday
- "Apart from creating about 100,000 jobs, it will create a whole lot of opportunities for Karnataka," he added
Business
VW 2022 net profit at $16.7bn
Firm booked profit despite supply chain disruptions.
- German automaker Volkswagen on Friday said it booked a higher profit in 2022 despite supply chain disruptions and increased costs.
- The group expects vehicle deliveries to rise to around 9.5 million this year, from 8.3 million in 2022.
Economy
UAE ministry hosts WHO’s regional expert meet on healthy diet policies
DUBAI, UAE - UAE Ministry of Health and Prevention (MoHAP) hosted a regional expert meeting on healthy diet policies in...
- The meeting aimed to discuss recent developments in healthy diet policies, with a special emphasis on the UAE and GCC countries
- Senior officials and experts from the UAE's health and related sectors, as well as representatives from the GCC states, attended the meeting
Business
DEWA’s R&D Center registers 8th patent for geographical areas survey device
DUBAI, UAE - Dubai Electricity and Water Authority's (DEWA) Research and Development Center has obtained its eighth patent for a...
- The device employs real-time kinematic processing techniques to process data collected on-site.
- It works with a smart device developed by the R&D Center, which uses a smart app to read the updated coordinates in seconds.
Economy
UAE passport ranked most powerful in the world
With a score of 110.50, it jumped straight from 35th place last year to the top of the list.
- With a score of 110.50, it jumped straight from 35th place last year to the top of the list
- This is mainly due to the recent changes allowing foreigners to apply for dual citizenship
Economy
Trade leadership helps UAE emerge as a soft power
“Trade has had an indelible impact on our soft power. Located at a strategic global crossroads, the UAE is one...
- The UAE is a global gateway that believes in collaboration, cooperation and knowledge exchange as the main factors for economic and social growth, says a key minister
- The Gulf country continues to advocate for open, rules-based trade as a means of catalysing inclusive and broad-based growth, adds Dr Thani bin Ahmed Al Zeyoudi
Economy
Egypt raises fuel prices amid spiraling economic crisis
The Egyptian pound has lost half of its value, propelling annual inflation in the import-dependent country to 26.5 percent in...
- The Egyptian economy was hit hard after Russia's February 2022 invasion of Ukraine unsettled global investors, leading them to pull billions out of the North African country
- The war has sent wheat prices spiralling, heavily impacting Egypt - one of the world's largest grain importers - and piling pressure on its foreign currency reserves
Economy
Less than expected fall in EU inflation as food prices surge
Brussels, Belgium - The eurozone annual inflation rate fell to 8.5 percent in February, the EU's statistics agency said Thursday,...
- Inflation was down last month from 8.6 percent in January but analysts at financial data firm FactSet had forecast a steeper fall to 8.2 percent
- A continued decline in the rate of energy costs had pushed consumer prices lower but in February the rise in food and drink costs outpaced that of energy
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.
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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
Company News
Latest News
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
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...
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
Most Read
Geostrategy
FTA issues guide to determine natural persons subject to corporate tax
ABU DHABI, UAE - The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural...
- The guide provides a comprehensive and simplified explanation and instructions for natural persons earning in the UAE.
- The FTA emphasized the importance of understanding the comprehensive content and definitions outlined in the guide.
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.