Turkey central bank cuts rate to 42.5% as inflation eases
Istanbul, Turkey - Turkey's central bank on Thursday lowered its key interest rate for a third consecutive time as inflation...
Economy
The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
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Business
Abu Dhabi Chamber, India’s FICCI explore areas of collaboration
ABU DHABI, UAE - The UAE and India share solid relations, said the Abu Dhabi Chamber of Commerce and Industry...
- The Indian delegation was headed by the Assistant Secretary-General of the Federation of Indian Chambers of Commerce & Industry.
- The delegation included representatives of over 30 private companies across a wide range of industries.
Economy
Abu Dhabi economy grows fastest in MENA region at 10.5%
The emirate has launched a number of initiatives in recent years as it focuses on diversifying its economy away from...
- The emirate has launched a number of initiatives in recent years as it focuses on diversifying its economy away from oil
Economy
Atkins wins delivery partner role in Saudi futuristic city
Riyadh, Saudi Arabia--Atkins has been appointed as a delivery partner organization for what Saudi Arabia terms as "The Line" in...
- A linear development, The Line, once completed, will be 170 km long and only 200 m wide cognitive city run on 100% clean energy
- The development’s infrastructure will be embedded with sustainable smart technology containing essential utilities and transportation services
Economy
Lebanese pound drops to new low against dollar
With Lebanon's political and economic crisis showing no signs of abating, its currency on Wednesday hit a record low against...
- The UN says the depreciation has already translated into a surge in fuel prices in a country where 80 percent of the population lives below the poverty line
- Supermarkets have even stopped putting price labels on food items because of the constantly skyrocketing prices
Cash-strapped Egypt sells state assets to Gulf nations
Experts say the deals could be a win-win for all sides, but unlike old Gulf largesse of unconditional aid, the...
- In under a year, the Egyptian pound has lost half of its value, propelling annual inflation in the import-dependent country to 26.5 percent in January
- Of the $34.2 billion in Cairo's foreign reserves – a 20 percent drop from February 2022 - some $28 billion are deposits from wealthy Gulf allies
Economy
UN pleads for US$397 million to support Syria earthquake victims
United Nations, US--The United Nations launched an appeal for $397 million on Tuesday to help earthquake victims in Syria, where the...
- Secretary-General Antonio Guterres said the funds would bring "life-saving relief" for nearly five million Syrians and would cover a period of three months
- The United Nations has already provided $50 million through its central emergency response fund
Economy
UAE and Kuwait link up traffic systems
Abu Dhabi, UAE--Abu Dhabi today announced the inauguration of the bilateral linkage of the traffic systems between the UAE and...
- The Kuwaiti delegation was briefed on the Security Support Operations Room of the General Directorate of Security Support
- The linkup of traffic systems would be completed within an integrated Gulf project aimed at exchanging information, unifying procedures and facilitating the services
Economy
Private sector has potential to support govts, global organisations, says UNICEF Director
“Large numbers of boys and girls being out of school since the pandemic, failing to resuming their education as quickly...
- The world needs massive attention across the public and private sector to efficiently address the successive crises besetting the globe, says a key UN official
- Private sector must bring its core assets to the table to support the governments and international organizations, adds UNICEF Director Carla Haddad Mardini
Infographics
Egypt ranks globally fifth in remittances
Although the remittances grew by an estimated 5 percent in 2022, they were lower than the 10.2 percent increase in...
- Remittances to low- and middle-income countries withstood global headwinds in 2022, growing an estimated 5 percent to $626 billion.
- The growth was, however, lower than the 10.2 percent increase in 2021, World Bank Migration and Development Brief said in a report in Nov 2022.
Market Report
London FTSE hits new record peak at open
LONDON, UK - The London stock market jumped to a record peak Tuesday in a positive open across Europe, after hefty...
- The British capital's benchmark FTSE 100 index of top companies reached as high as 7,986.20 points.
- In the eurozone, Frankfurt's DAX added 0.2 percent to 15,428.55 points and the Paris CAC 40 grew 0.3 percent to 7,231.64.
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Turkey central bank cuts rate to 42.5% as inflation eases
Istanbul, Turkey - Turkey's central bank on Thursday lowered its key interest rate for a third consecutive time as inflation...
Economy
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Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
Economy
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
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Economy
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...
- Kirill Komarov of Rosatom underscores the importance of nuclear power in combating climate change.
- SMRs have become crucial for decarbonizing remote areas reliant on carbon-intensive diesel generators.
Economy
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...
- The Central Bank of the UAE (CBUAE) announced that it would keep the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40 percent
- Following suit, Qatar Central Bank (QCB) also maintained its current interest rates, including the rates for deposit, lending, and repurchase agreements
COP28 UAE
World Bank to expand climate funding in MENA by $10 billion
Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...
- The funding supports both reducing net emissions and resilience projects, said Meskerem Brhane, the bank's Regional Director for Sustainable Development, MENA.
- She added that by embracing green growth strategies, the region's GDP could potentially grow to over $13 trillion by 2050.