Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
Economy
Surging UK energy bills spark tensions among tenants
In Britain, the average domestic energy bill has roughly doubled over the last 12 months. That has helped push inflation...
- Household electricity and gas bills have rocketed across Europe this year, after key energy producer Russia invaded Ukraine in February
- Simon Francis, campaigner at pressure group End Fuel Poverty expressed concern that some tenants - whose rent includes energy bills - might not benefit from state assistance
Economy
Debt spiral engulfs Turkish voters months before polls
Turkish media say the total number of debt recovery cases rose by about 1.5 million in a year and exceeded...
- The main banking regulator says the value of unpaid individual loans in the nation of 85 million people rose from 17 billion to 29 billion liras between March and September
- Economist Erinc Yeldan said Turkey was experiencing fallout from a years-long policy that encouraged cheap lending to achieve rapid rates of economic growth
Economy
AGFUND, AMF ink MoU to promote economic development in Arab region
The MoU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation.
- The MoU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation
- AGFUND also announced its support for the comprehensive economic reform programme signed between the AMF and the Yemeni government, funded by Saudi Arabia
Economy
Unemployment rates to decline in Saudi, UAE in 2023: report
Many markets in the Middle East and Africa show a larger gap between affluent and non-affluent households in 2019 vs...
- Many markets in the Middle East and Africa show a larger gap between affluent and non-affluent households in 2019 vs 2022 discretionary spending
- As food and energy costs eat up a greater share of the consumer budget, lower-income households will feel an especially strong pinch
YEARBOOK 2023
GCC banks to benefit from 2022 growth momentum
Since the COVID-19 outbreak, GCC banks have experienced a growth of more than 10 percent annually, a positive sign that...
- GCC banks will also reap the benefits of reduced overhead thanks to fewer branches and a smaller workforce.
- A few GCC banks have expanded into risky countries, especially Turkey and Egypt.
Geostrategy
Dubai court authorizes jailed Brit’s fraud extradition, say lawyers
DUBAI, UAE - A Dubai court Thursday authorized the extradition of a British national wanted over an alleged 1.7 billion...
- Hedge fund trader Sanjay Shah was arrested in Dubai in June, but the emirate's Court of Appeal in September rejected an extradition request by Denmark.
- Shah is accused of running a scheme for three years from 2012 in which foreign firms pretended to own shares in Danish companies and claimed tax refunds.
Business
TSMC begins making 3nm chips
TSMC operates the world's largest silicon wafer factories.
- TSMC is also Apple's primary chip supplier.
- Its 3nm-process chips are expected to have more processing power while using less power, boosting battery performance.
Economy
ADJD discusses developments in Evidence Law in civil, commercial transactions
ABU DHABI, UAE - Participants in the second Justice Partners Forum organized by Abu Dhabi Judicial Department (ADJD) discussed the...
- The virtual forum highlighted the importance of partnering with lawyers.
- The forum also reviewed a number of cases handled by the courts.
Business
Fujairah Chamber board approves 2023 operational plan and budget
Fujairah, UAE-- The Board of Directors of the Fujairah Chamber of Commerce and Industry stressed the importance of encouraging private...
- 2023 operational plan comprises several programmes and activities, including the development of the chamber's electronic system.
- The Board stressed the importance of encouraging private sector companies and institutions in the emirate to improve their products.
Economy
Subscription to Unemployment Insurance Scheme starts on January 1
The Unemployment Insurance Scheme (UIS) aims to create a low-cost job safety net that supports employees in their professional journey.
- The Unemployment Insurance Scheme (UIS) aims to create a low-cost job safety net that supports employees in their professional journey
- Anyone who loses their job as a result of termination of services is entitled to a maximum three-month cash compensation
Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
Company News
Latest News
MENA region can create 10m jobs by 2050 via climate action, says ILO
DUBAI, UAE - International Labor Organization (ILO) Deputy Regional Director for the Arab States Peter Rademaker has confirmed that the...
COP28 UAE
Morocco gardening school cultivates hope for marginalised youth
Launched by the Islamic Culture Foundation in 2018, Bouregreg Med-O-Med school provides free training to dropouts and other marginalized youths...
Economy
COP28 unveils oil and gas ‘Decarbonisation Charter’ to speed up climate action
Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter...
COP28 UAE
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Geostrategy
UAE voted to Category-B membership in International Maritime Organization
LONDON, UK - The UAE has been re-elected to the Council of the International Maritime Organization (IMO) in the Category...
- The UAE received the highest number of votes, following comprehensive efforts and an intensive election campaign leading up to the elections.
- The country plays an active role in strengthening the national maritime sector and contributing to the growth of the global maritime industry.
Business
IMF to revise regional outlook over Israel-Hamas conflict
Dubai, UAE--The IMF announced Friday that it will revise its economic outlook for the Middle East and North Africa region...
- The IMF staff wrote in a blog post that Israel-Hamas conflict will have wide-ranging consequences for "both people and economies" in the region
- The IMF officials said countries like Lebanon that are heavily dependent on tourism saw hotel occupancy rates drop by 45 percentage points in October compared to a year ago
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.