Trump’s global tariff takes effect in dramatic US trade shift
US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating...
Economy
Trump stings friends and foes alike in his tariffs war, countries eye trade talks
The tariff announcements rattled stock markets while safe haven gold hit a new record high, oil prices fell and the...
Economy
Business
Egyptians hope to bag bargains at Arab world’s largest book fair
Cairo, Egypt---Thousands of Egyptian bibliophiles weave through a labyrinthine display of books, reviving an annual tradition at the Arab world's largest...
- The 54th Cairo International Book Fair was overshadowed by a punishing economic crisis that has seen Egypt's currency halve in value and prices skyrocket in the past year.
- To incentivize readers, Egypt's publishers' association has encouraged sellers to give the option of buying books in instalments through popular buy-now-pay-later services.
Economy
China expected to boost global growth but uncertainties remain: IMF
After almost three years of stringent health restrictions, Beijing in December abruptly ended the zero-Covid policy that had battered the...
- The IMF on Monday revised its 2023 growth forecast for China up to 5.2 percent, after upgrading its global growth forecast partially based on the country's reopening.
- China's population shrank last year for the first time in more than six decades and seen birth rates plunge to record lows as its workforce ages.
Economy
Number of visitors to Petra surges by 147 percent
Suliman Farajat, chairman of the PDTRA, stated that tourism in the red-rose city swiftly rebounded from the Covid pandemic impact...
- In January 2019, a total of 56,559 people visited Petra, while in January 2022, the lost city welcomed 30,287 visitors
- Suliman Farajat, chairman of the PDTRA, stated that tourism in the red-rose city swiftly rebounded from the Covid pandemic impact in 2022
Business
Iraq hopes talks can resolve hitches in US$10bn Total deal
Iraq admitted it had differences with France's TotalEnergies over a US$10-billion contract, including over the distribution of investments, but expressed...
- The French energy giant had signed the US$10-billion contract with Iraq in September 2021.
- The partnership has struggled to materialize amid reported signs of discord between the two sides.
Economy
Iraq calls for more economic cooperation with Saudi Arabia
Baghdad is currently heavily dependent on neighboring Iran for its electricity and gas and has sought to diversify its energy...
- Iraq's foreign minister said Riyadh was ready to back Saudi companies investing in Iraq and welcomed it.
- Despite being oil-rich, Iraq suffers from crumbling infrastructure and public services, after decades of conflict.
Business
DHA, DIEZ ink MoU to support healthcare sector
DUBAI, UAE - Dubai Health Authority (DHA) has signed a Memorandum of Understanding (MoU) with Dubai Integrated Economic Zones Authority...
- The MoU aims to enhance the private health sector’s investments in Dubai and consolidate the sector’s role in the ongoing development of health facilities.
- DHA, DIEZ will develop a special framework to pinpoint innovation standards of healthcare start-ups in Dubai.
Business
Telenor 2022 net profit at $4.5bn
Merger of its Malaysian subsidiary with a firm helped.
- Telenor said it had made good progress in the planned merger of its subsidiary Dtac with True in Thailand.
- The firm maintained its earnings forecast for the current year and proposed a slight increase in its dividend for 2022.
Business
Santander 2022 profit at $10.6bn
The bank's profit got a boost due to higher interest rates.
- Shareholders would receive a payout of around 40% of the group's underlying profit, divided equally between cash dividends and share buybacks
- Central banks have hiked interest rates worldwide in an effort to tame runaway inflation.
Kuwait projects widening $16 bn budget deficit
The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April, up...
- The state spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and public subsidies
- Oil revenues are expected to fall by 19.5 percent, they were calculated based on a price of $70 per barrel -- lower than last year's prices
Business
Saudi entertainment authority issues licenses for more than 24 theme parks
According to a study, GEA also authorised permits for almost 1,300 entertainment shows until the end of last year.
- According to a study, GEA also authorised permits for almost 1,300 entertainment shows until the end of last year
- The authority has provided above 630 permits in the field of art and entertainment talent management, the report added
Trump’s global tariff takes effect in dramatic US trade shift
US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating...
Economy
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D33 Economic Agenda helps Dubai’s tourism thrive
“Dubai’s robust partnerships with leading travel and hospitality companies are key to fostering the growth of this crucial sector, both...
Economy
UAE to strengthen digital infrastructure in Azerbaijan
Abu Dhabi, UAE – The UAE and Azerbaijan have signed a Memorandum of Understanding (MoU) aimed at strengthening the digital...
Economy
GCC soars in global space race with key advancements
Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their...
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Economy
‘Double efforts to tackle labor market challenges’
"The digital economy represents a clear path to employment opportunities. Additionally, exploring other avenues, such as the green economy, is...
- Employment rates for young men and women in the Arab region are around 26 percent, says International Labor Organization Director-General Gilbert F. Houngbo.
- He also highlights the significant challenges currently intensified by climate change, rapid technological advancements, demographic shifts, and geopolitical tensions.
Economy
Palestine sees 3.7% economic shrink amid conflict
The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling...
- The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling from 36% to 17% since 2005.
- Despite the conflict in Gaza causing job losses, infrastructure damage, and rising poverty, the Palestinian banking sector has shown resilience amidst the ongoing crisis, it adds.
Business
UAE GDP set to double in 2024 from oil and non-oil boost: report
Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023,...
- The UAE has been actively pursuing non-oil sector expansion as part of its economic development plans
- The recent successful sovereign bond sale, which raised US$1.5 billion, has bolstered these efforts