Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...
Business
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.
Economy
Most Asian markets track Wall St rally ahead of US inflation data
The consumer price index is forecast to have dipped to 6.2 percent last month from 6.5 percent in December, according...
- After a bright January, traders have endured a shaky couple of weeks as they contemplate more Federal Reserve interest rate hikes aimed at cooling a still-robust economy
- The main blow came from jobs report earlier in the month that led central bank officials to insist they will keep tightening monetary policy until prices are brought under control
Economy
Dubai’s Urban Plan 2040 ‘a pathway to wellbeing’
The plan envisages that 55 percent of Dubai's population to live within 800 meters or less from public transport stations....
- Dubai 2040 aims to provide sustainable and flexible mobility options to ease the mobility of people, says said Mattar Al Tayer
- The plan envisages that 55 percent of Dubai's population to live within 800 meters or less from public transport stations, he adds
Business
Air Arabia 2022 net profit $326m
FY'22 turnover rose to $1.4 billion, up 65 percent YoY.
- The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80 percent.
- Air Arabia’s Board of Directors proposed a dividend distribution of 15 percent of share capital, which is equivalent to 15 fils per share.
Business
DEWA, ENOC sign MoU
Aim is to develop hydrogen-based mobility pilot project.
- The MoU between DEWA and ENOC was signed at the World Government Summit 2023 in Dubai.
- The project will utilize DEWA's existing green hydrogen production facility and ENOC's knowledge of the fuel market.
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
Company News
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Climate threats haunt GCC’s economy and finance
The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's...
Economy
Lebanon economy to plunge into recession due to Gaza war
The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for...
Economy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
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Economy
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
- The bank said that the UAE economy recorded a 3.8 percent year-on-year (YoY) growth in the second quarter of the current year, compared to 8 percent recorded in Q2 2022.
- It mentioned that the non-oil GDP growth accelerated to 7.3 percent YoY in the second quarter of the current year, up from 4.5 percent YoY in the previous quarter.
EU agrees on 150-million financial aid for Tunisia
A joint statement said the funds amounting to around $164.3 million "aims to support the efforts undertaken by the Tunisian...
- The aid is part of a partnership agreement reached between the two countries in Tunis on July 16, which included a 105 million euros to curb irregular migration
- The joint press by EU commission and the Tunisian foreign ministry release said the 150-million aid will consist of a "direct financial transfer to the Tunisian public treasury
UNCTAD eWeek focuses on AI risks, e-commerce growth in developing countries
At UNCTAD eWeek 2023, experts stress the importance of aligning AI development with Sustainable Development Goals to mitigate risks and...
- At UNCTAD eWeek 2023, experts stress the importance of aligning AI development with Sustainable Development Goals to mitigate risks and ensure a secure digital future.
- Australia committed $2 million to UNCTAD for e-commerce support in developing nations, as Kenya unveiled a national strategy to spur its digital economy growth.