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
Trump admits trade war ‘cost’ as markets hit
Jitters about US tariffs hammered Asian stocks again early Friday as President Donald Trump acknowledged a "cost" to his surging...
Economy
Economy
Barakah’s Unit 3 enhances UAE’s bid to cut emissions
"We utilise all forms of clean energy to cut carbon emissions and mitigate the worst impacts of climate change. The...
- The start of commercial operations for Unit 3 of the Barakah Nuclear Energy Plant marks another accomplishment in generating abundant clean electricity to the national grid
- The plant will also prevent millions of tons of carbon emissions annually, said Mariam bint Mohammed Almheiri, the UAE’s Minister of Climate Change and Environment
Economy
History says Fed can’t tame inflation without recession: report
Citing historical "disinflation" cases dating back to 1950 in major economies, the report concluded that central banks "are likely to...
- The report came after fresh US pricing data suggested the Fed's aggressive moves thus far have been only partially successful
- The Booth analysis suggested a potentially rocky future for the US economy, which has thus far shown resilience despite aggressive Fed actions to counter inflation
YEARBOOK 2023
GCC businesses plan expansion through new clients
Companies will emphasize less on diversification and disruptive offerings this year, predict chief executive officers in the Gulf region.
- Companies will emphasize less on diversification and disruptive offerings this year, predict chief executive officers in the Gulf region.
- More than two-thirds of CEOs in the UAE expect a “stable” or “positive” global economic outlook for the next three to five years
Business
Dubai Chamber of Commerce organizes UAE Corporate Tax Workshop
DUBAI, UAE - Dubai Chamber of Commerce organized a Corporate Tax Workshop to help participants navigate the new regime, with...
- The workshop, attended by 152 participants, included an overview and key highlights of the new corporate tax law.
- Corporate tax is a significant step in the UAE’s drive to modernize its tax system and accelerate economic diversification.
Geostrategy
Israeli government approves 2023-2024 budget
Israel's government approved the 2023-2024 budget against the backdrop of economic uncertainty linked to controversial judicial reforms advanced by the...
- Netanyahu's coalition government pushed on in parliament this week with its judicial reforms, which it says are designed to limit overreach.
- Parliament must still vote to adopt the fiscal measures.
Business
Expo Center Sharjah wraps up successful Paper One Show
SHARJAH, UAE - Expo Center Sharjah (ECS) wrapped up the eighth edition of Paper One Show on a high note....
- The exhibition managed to cement Sharjah's leading position as one of the key regional events specialized in the paper industry.
- There was an increase of 60 percent in the exhibition over the previous edition in the number of participating companies.
Geostrategy
UAE, Algerian ministers discuss enhancing bilateral cooperation
ABU DHABI, UAE - UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Algerian...
- UAE, Algerian ministers reviewed ways to advance cooperation in areas that contribute to sustainable economic growth.
- The two ministers discussed UAE's hosting of the 28th session of the Conference of the Parties (COP 28) this year.
Economy
Qatar’s 2022 budget surplus grows 5462%
The surplus for Q4 2022 was 3.18 billion, compared to a deficit of $0.90 billion in the same quarter of...
- The surplus for Q4 2022 was 3.18 billion, compared to a deficit of $0.90 billion in the same quarter of 2021
- Total revenues for the quarter came in at$18 billion, compared to $14 billion in the same period last year
EU eases Syria sanctions to speed up quake aid
The EU measure will last for six months and was taken "in view of the gravity of the humanitarian crisis...
- Aid organizations will no longer need to seek permission from EU member state governments before sending supplies to sanctioned entities in Syria
- EU pointed out that it and its member states have contributed a total of $26 billion to Syria and to refugee-hosting neighbors such as Turkey since 2011
Economy
Qatar’s 2022 budget records surplus of US$24.45bn
At the time of the approval, the budget was estimated to hit a deficit of QAR 8.3 billion. "The deficit...
- Qatar's budget surplus for Q4 of 2022 (October to December) was QAR11.6 billion, compared to a deficit of QAR3.3 billion in the same quarter of 2021
- Total revenues for the quarter came in at QAR 65.1 billion, compared to QAR51.5 billion in the same period of last year
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
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Bahrain economy posts 2.45% growth in third quarter of 2023
Manama, Bahrain--National accounts estimates issued by the Information eGovernment Authority of the Kingdom of Bahrain showed that the real GDP...
Economy
Morocco doles out aid to low-income families
The launch comes a decade after the social benefits program was proposed, and as part of an overhaul of social...
Economy
Sustainable mobility rises as GCC turns to hydrogen
MENA countries, adopting ambitious clean energy and transportation strategies, aim for significant hydrogen production by 2050, led by UAE's National...
Economy
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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...
- The index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity.
- It reflects the robust and developed digital infrastructure, with an increase of 99 percent of Internet penetration rate in Saudi Arabia.
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...
- There was a 6.86% jump in the clothing group and a 3.13% rise in housing services
- Culture and entertainment sectors surged by 3.54%, and education costs rose by 0.72%
Economy
‘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...
- Omran Sharaf, the UAE's Assistant Foreign Minister, stresses the importance of respecting differences for proper AI development in national and regional contexts.
- He underscores AI's role in technological advancement, sustainable development, and the need for an effective international AI governance framework.