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
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...
Business
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
Economy
Turkish economy benefits from spending, posts 5.6% growth
Istanbul, Turkey -Turkey’s economy posted 5.6 percent growth in 2022, growing faster than expected last quarter as the government ramped...
- Household spending, which is estimated to account for more than half the economy, grew an annual 16.1% during Q4 2023
- The global lender said it would lower its 2023 growth forecast by about half a percentage point from its initial 3.5%-4% estimate
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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
Company News
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‘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...
Economy
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...
Geostrategy
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...
Business
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Economy
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
- Additionally, loans were not extended to countries with long-term creditworthiness ratings below B- from Fitch or Standard & Poor’s, or below B3 from Moody’s.
- Under the new decree, Russia will no longer adhere to international institutions' recommendations when extending loans to other countries.
Business
Export Bahrain and HKTDC sign agreement to ramp up trade ties
Manama, Bahrain--Export Bahrain and Hong Kong Trade Development Council (HKTDC) have signed a strategic partnership agreement to strengthen trade ties...
- The agreement between the two sides looks to foster mutually beneficial trade and economic cooperation
- As per the dea, both sides will facilitate access to a wide range of opportunities for enterprises in both countries
Business
Qatar’s customs and tax departments link up e-services to ‘facilitate’ business
Doha, Qatar--The General Authority of Customs and the General Tax Authority have announced the launch of the interconnection between their...
- The launch of interconnection is expected to achieve automation and integration of procedures, with the aim of providing the best services to taxpayers
- The chairman of customs said that the e-connection between customs and tax services is part of Qatar's vision to leverage technology and provide advanced and effective services