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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Economy
Iraqi central bank chief quits amid currency volatility
Iraq's prime minister said the country's central bank governor had been relieved of his duties as the local currency continues...
- Analysts and officials say the drop in value coincides with efforts to make Iraq's banking system compliant with the international electronic transfer system.
- Banks in the oil-rich country have an estimated US$100 billion in funds held at the US Federal Reserve.
Science
CST announces first Space Entrepreneurship Alliance in Saudi Arabia
RIYADH, SAUDI ARABIA - Saudi Arabia's Communications, Space & Technology Commission (CST) has announced the formation of a Space Entrepreneurship...
- The alliance was announced during the Commission's participation in the seventh edition of the Garage Disrupt event.
- The alliance seeks to connect entrepreneurs with investors and experts in the space sector.
Economy
Egypt signs $1.5 billion financing agreement with ITFC: reports
Egypt's Planning Minister Hala al-Saeed said at a signing ceremony that the financing cooperation portfolio between Egypt and the corporation...
- Egypt's Planning Minister Hala al-Saeed said at a signing ceremony that the financing cooperation portfolio between Egypt and the corporation had reached $14.5 billion
- With Russia's war in Ukraine causing its wheat and oil bills to rise, Egypt has recently agreed to a $3 billion IMF loan package to cope with a currency crunch
Economy
Hosting COP28 gives important message to the world: UK minister
Abu Dhabi, UAE-- The hosting of events like the Abu Dhabi Sustainability Week and the upcoming COP28 demonstrate the UAE's...
- Grant Shapps, UK’s Secretary of State for Business, said British companies, such as BP، are helping the UAE with the transition to clean energy
- He said the UAE has invested already in wind power in the United Kingdom, which has built one of the world’s biggest wind power projects
Economy
Power outage across Pakistan brings life to a halt
Islamabad, Pakistan--A massive power breakdown in Pakistan on Monday affected most of the country's more than 220 million people, including in...
- The country's electricity distribution system is a complex and delicate web, and a problem in one section of the grid can lead to cascading breakdowns across the country
- A similar breakdown in January 2021 had plunged the entire country into darkness after fault occurred in southern Pakistan tripping the transmission system of the country
Business
Qatar and EU discuss ways to enhance economic and trade ties
Doha, Qatar-- Qatar and European Union have discussed means to enhance economic and commercial relations in a meeting between Qatar...
- The two discussed the private sector's role in activating trade and investment exchange.
- Al Kuwari noted that there are mega Qatari investments in a number of European countries such as France, Germany, and others.
Economy
Inflation in Kuwait rose 3.15 percent in 2022
The Kuwait Central Statistical Bureau said that inflation rate rose 0.17 percent in December on a monthly basis.
- The Kuwait Central Statistical Bureau said that inflation rate rose 0.17 percent in December on a monthly basis
- Record number of the food and beverages went up by 7.48 percent, compared to December 2021
Economy
UAE committed to promote sustainability in all sectors
“The UAE will strive to make COP28 one of solidarity and action. It will listen, engage, and build partnerships with...
- The declaration of 2023 as the ‘Year of Sustainability’ reflects the UAE’s commitment to promote sustainability in all sectors, says says Special Envoy for Climate Change
- The move will pave the way for the country's efforts to accelerate global climate action ahead of COP28, adds Dr Sultan bin Ahmed Al Jaber
YEARBOOK 2023
Strong economies help GCC survive global chaos
Robust monetary policies curtail the impact of geopolitical tensions, energy crisis, worsening inflation rates and market volatility on the region...
- Robust monetary policies curtail the impact of geopolitical tensions, energy crisis, worsening inflation rates and market volatility on the region during 2022, a report highlights
- Successful hosting of international events in 2022 such as Expo Dubai in the UAE, the World Cup in Qatar, and COP27 in Egypt, also contributed to GCC's strong performance
Economy
Iran vows to address high inflation, currency devaluation
Iran's economy has been subject to increasing pressure with fresh sanctions imposed by Western countries over the authorities response to...
- Addressing MPs, Raisi tried to reassure Iranians over the economy which faces a serious crisis due primarily to US sanctions.
- At the end of December, the governor of the central bank resigned after the rial lost around 30 percent of its value in two months.
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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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Joint ministerial committee meets US secretary of state
Washington, US – A committee of the Joint Arab-Islamic Extraordinary Summit under the chairmanship of Prince Faisal bin Farhan bin...
Geostrategy
Nadia Calvino is now European Investment Bank head
BRUSSELS, BELGIUM - Margrethe Vestager is preparing to return to her day job as the European Union's competition chief after a...
Geostrategy
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Business
UAE’s GCAA signs MoUs with Brazil, Switzerland in air-transportation sector
Riyadh, Saudi Arabia--The General Civil Aviation Authority (GCAA) of the UAE signed two memorandums of understanding (MoUs) with Brazil and...
- The MoUs were signed on the sidelines of the UAE delegation's participation in the fifteenth ICAO Air Services Negotiation (ICAN2023),
- The GCAA chief said the UAE is eager to strengthen cooperation in the field of air transportation with various countries around the world
COP28 UAE
UAE leads global renewable energy drive: IRENA envoy
The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent...
- The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent representative of the UAE to IRENA, tells TRENDS.
- The ongoing COP28 aims to deliver an ambitious energy package, targeting significant increases in renewable capacity and energy efficiency by 2030, Al Hosany adds.
Economy
Localization in focus as KSA raises military spending
Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization...
- Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization by 2030.
- The Kingdom has partnered with global defense companies, enhancing capabilities, aiming for SAMI to rank among top 25 global military industries by this decade's end.