Beijing slams ‘appeasement’ of US in trade deals that hurt China
China on Monday hit out at other countries making trade deals with the United States at Beijing's expense, promising countermeasures...
Economy
Global economy under pressure could slow to 2.3 percent: UNCTAD
UNCTAD report '"Trade and Development Foresights 2025 – Under pressure: Uncertainty reshapes global economic prospects” cited mounting threats including trade...
Economy
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.
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
Beijing slams ‘appeasement’ of US in trade deals that hurt China
China on Monday hit out at other countries making trade deals with the United States at Beijing's expense, promising countermeasures...
Economy
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Arab Bank posts net profit
Business
45 percent of Saudi employees work over 40 hours per week
Riyadh, Saudi Arabia -- Nearly 45.8 percent of employees in Saudi Arabia work more than 40 hours per week and...
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
Geostrategy
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Economy
UAE looks to support farmers to boost sustainability of food sector
Dubai, UAE--The UAE leadership places utmost importance on supporting farmers to enhance the sustainability of the agricultural and food sector,...
- The farmers' council looked to identify the needs of the farmers to increase domestic productivity and thereby optimise imports
- The minister said that one of the key goals of the UAE is to make agricultural systems more sustainable and climate-smart
Business
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
- Central Bank of the UAE data shows that assets rose 3.05 percent from US$1 billion to US$ 34.7 billion between Q2 and Q3 of 2023.
- The UAE's leadership position within the Arab insurance landscape is further solidified by its consistent ranking among the top global performers.
Economy
Abu Dhabi’s non-oil economy expands 7.7 percent in Q3 2023
ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has reported a substantial 7.7 percent growth in the...
- The growth is due to the success of Abu Dhabi’s comprehensive strategies aimed at fortifying its standing as a prominent economic powerhouse.
- Preliminary estimates reveal that most of non-oil activities have sustained growth rates, contributing 52.8 percent to the overall economy.