China says opposes new US tariffs, vows ‘countermeasures’
China on Thursday said it "firmly opposes" sweeping new US tariffs on its exports and vowed "countermeasures to safeguard its...
Economy
From cars to champagne: Trump’s expanding tariffs trigger trade war fears
Paris, France -- From champagne to steel and now cars: it is getting harder to keep up with US President...
Geostrategy
Business
French court sets aside NGOs lawsuit against TotalEnergies
PARIS, FRANCE - A French court on Tuesday dismissed a landmark case against TotalEnergies for a massive oil project in Uganda...
- The six NGOs argued the development of the East African Crude Oil Pipeline (EACOP) failed to adhere to a "duty of vigilance"
- It is a 2017 law that compels companies to avoid grave harm to human rights, health, safety and the environment
Economy
High vegetable prices, inflation hit Moroccans ahead of Ramadan
The situation has been made worse by a crisis facing the agricultural sector, which makes up 14 percent of gross...
- Inflation is adding extra pressure just as Morocco prepares for Ramadan, the Islamic fasting month which starts in late March.
- "Everything's more expensive," said Khadija El Asri, a resident of the down-at-heel neighborhood of Sidi Moussa.
Market Report
US, European stocks dip as traders mull US rates outlook
US and European stocks dipped as dealers fretted that the Federal Reserve would push interest rates higher than expected and...
- Oil prices rebounded, while the pound extended gains won on Brexit deal alterations.
- Eurozone bond yields surged higher, with the yield on the benchmark German 10-year government bond rising to a 12 year high.
Economy
Khalifa Fund announces winner of CEO Program
ABU DHABI, UAE - Khalifa Fund for Enterprise Development, in partnership with the Abu Dhabi Department of Economic Development (ADDED)...
- The CEO program is a rigorous nine-month program that aimed to cultivate entrepreneurship and innovation skills.
- The program also helps build and grow ag-food tech ventures and contribute to the UAE's Food Security Strategy.
Economy
Turkey quake damage at $34bn: World Bank
The World Bank warned that the continuing aftershocks are likely to increase the total amount of damage caused by the...
- The amount is equivalent to four percent of Turkey's GDP in 2021, the Washington-based institution said
- The estimate also does not take into account the damage caused in northern Syria, also particularly affected by the earthquakes
UN raises $1.2bn to help millions in war-torn Yemen
The UN says more than 21.7 million people - two-thirds of Yemen's population -- need humanitarian assistance this year. Its...
- The figure was far short of the $4.3 billion sought from donors at a pledging conference in Geneva, but the UN hoped the figure could reach $2 billion by the end of the week
- It was the seventh donor conference for Yemen in seven years - but the UN hopes the next such gathering could focus on rebuilding the broken country rather than staving off hunger
Economy
Saudi economy to grow 3% in 2023: Riyadh Capital
Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil...
- The growth will be driven by a sturdy fiscal policy geared towards increasing investment spending
- The report pointed out that the Saudi Central Bank will follow the Fed in its interest rate policy
Economy
EU and Britain agree on Northern Ireland trade deal
Prime Minister Rishi Sunak and European Commission president Ursula von der Leyen adopted the deal at a meeting in Windsor,...
- The UK government under Boris Johnson had threatened a unilateral rewrite of the protocol unless the EU agreed to wholesale changes
- French President Emmanuel Macron lauded an "important decision" that will protect the European market
Economy
Ras Al Khaimah to launch a free zone for virtual asset companies
RAK Digital Assets Oasis will be a purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector.
- RAK Digital Assets Oasis will be a purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector
- It will be remote-work friendly, globally connected destination for digital and virtual asset companies building innovative business models for the future
Business
Super-rich Russians lift UAE property market to record heights
There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has...
- The number of Russians who bought property in Dubai shot up by 164 percent in the first quarter of 2022.
- According to Better Homes Consulting, Russians made up the largest segment of foreign real estate buyers in Dubai last year
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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
China says opposes new US tariffs, vows ‘countermeasures’
China on Thursday said it "firmly opposes" sweeping new US tariffs on its exports and vowed "countermeasures to safeguard its...
Economy
Company News
Latest News
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)...
Geostrategy
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...
Economy
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...
Business
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Economy
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister...
- The Qatari finance minister said the high inflation in Qatar during 2023 was linked to high food prices, and it was a temporary phenomenon
- The minister said the total expenditure in the 2024 budget will be US$55.1 billion, a one percent compared to the current year's budget
Business
UAE, Mauritius conclude CEPA talks, set to boost trade
The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...
- Mauritius posted an 8.5 percent GDP growth in 2022 — the fastest in 35 years
- The deal is also expected to drive FDI into fintech, healthcare and tourism sectors
Economy
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
- The report noted the UAE secured the top position in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index
- The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity