UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
Economy
OPEC lowers 2025 oil demand forecast over impact of US tariffs
 The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels...
Economy
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
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.
UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
Economy
Company News
Arab Bank posts net profit
Business
Latest News
China factory activity decline deepens in December
The National Bureau of Statistics (NBS) said, "In December... the level of vitality in the manufacturing sector somewhat declined." In...
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,...
Economy
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...
Business
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Economy
Innovations make Dubai Airport soar to new heights
In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity...
- In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity in international flights.
- In 2019, the airport surpassed pre-COVID-19 levels with 54 million seats, and a forecast predicts up to 4% passenger traffic growth across UAE airports in 2024.
Economy
‘Gulf-Korea FTA marks historic economic milestone’
"The implementation of such free trade agreements follows directives from GCC leaders aimed at strengthening economic ties with other countries...
- The GCC's agreement with Korea, covering 18 chapters including goods, services, and digital trade, underscores its dedication to global economic integration.
- Following its recent trade deal with Pakistan, the GCC's new agreement with Korea highlights its robust economic status, thanks to dedicated negotiators.
Business
Sharjah Consultative Council okays emirate’s draft budget 2024
Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
- The draft was presented to the council by Sheikh Mohammed bin Saud Al Qasimi, Head of the Sharjah Finance Department for a final review and approval
- After a final review, the council approved the draft law regarding the 2024 general budget for the Sharjah Government departments