UAE’s tech industry set to achieve record growth in 2025
Abu Dhabi, UAE - The UAE’s technology industry is set to achieve record growth in 2025, driven by significant expansion...
Economy
Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
Economy
Lebanese PM urges sweeping reforms for reviving economy
Mikati said the economy had grown by nearly two percent in 2022 after two straight years of severe recession that...
- He said increased revenues from tourism and a rise in remittances from Lebanese living abroad were factors behind the modest growth.
- Mikati has led a caretaker government since a May general election failed to deliver a majority to either of Lebanon's rival power blocs.
Economy
Share of oil in Saudi exports rises to nearly 80 percent in Oct
Riyadh, Saudi Arabia-- Saudi Arabia's merchandise exports increased by 13.9 percent in October 2022 to SAR 120.7 billion ($32.10 billion),...
- Merchandise exports increased by 13.9 percent in October 2022 to SAR 120.7 billion ($32.10 billion).
- Non-oil exports (including re-exports) increased by 4.4 percent, compared to October 2022, increasing to SAR 24.9 billion from SAR 23.9 billion in October 2021.
Economy
UAE launches corporate tax public awareness program
ABU DHABI, UAE - UAE's Ministry of Finance (MoF) has launched a Corporate Tax Public Awareness Program following the issuance...
- The program has been designed to raise awareness of the UAE corporate tax law among the largest audience possible.
- While the sessions are open to the public, the primary target audience includes business leaders from all sectors.
Business
New CBUAE money laundering, terror financing guidelines for insurance sector
Abu Dhabi, UAE---The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the...
- Insurance operators are required to perform, document, and keep up to date an enterprise risk assessment.
- They should maintain transaction monitoring systems equipped to identify patterns of activity that appear unusual and potentially suspicious.
Science
Minister reiterates UAE’s support for global biodiversity framework at meeting
MONTREAL, CANADA - UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the High-Level Segment...
- Almheiri urged other ministers to work together towards achieving the meeting’s objective of adopting the post-2020 global biodiversity framework.
- The minister called for reversing biodiversity loss and realize the 2050 Vision for Biodiversity of a world living in harmony with nature.
Economy
DEWA launches construction work of Hatta Sustainable Waterfalls project
DUBAI, UAE - MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer has launched the...
- The Hatta Sustainable Waterfalls project is unique for its innovative architectural idea.
- The Hatta Sustainable Waterfalls project will use the slope of the upper dam of Hatta plant to create a natural waterfall.
Economy
Asian markets join Wall Street advance as recession worries subdue
With dust settling after the Bank of Japan's surprise shift from ultra-loose monetary policy, investors embarked on a mini Santa...
- The global gains came after hefty selling since the Fed and European Central Bank signalled they would likely lift interest rates higher than expected to fight inflation.
- All three main indexes on Wall Street ended more than one percent higher, while European equities also barrelled along.
Economy
Crypto can cause global economic turmoil: India’s central bank chief
Mumbai, India - India's central bank governor warned Wednesday that cryptocurrency markets risked causing the next global financial crisis, saying the...
- The comments close out a challenging year for India's millions of crypto owners, who are already reeling from a global market collapse and steep domestic taxes.
- Cryptocurrencies have been under the scrutiny of Indian regulators with a rise in fraudulent transactions leading to a central bank ban in 2018.
Business
UAE, Morocco discuss ways to boost cooperation in energy, industry
Rabat, Morocco - UAE and Morocco discussed ways of boosting their cooperation and investment opportunities in industry, economy, investments, culture,...
- The discussion occurred between Sultan Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and Aziz Akhannouch, Prime Minister of Morocco.
- Al Jaber also held meetings with Riyad Mazour, Moroccan Minister of Industry and Trade, and Leila Benali, Moroccan Minister of Energy Transition and Sustainable Development.
Economy
Morocco to deploy football World Cup exploits to make diplomatic gains
Rabat, Morocco--Morocco is hoping its unprecedented World Cup exploits can help it win friends and influence people, especially among an Arab...
- Support for the Atlas Lions surged as they battled their way to the semi-final of the football World Cup in Qatar -- the first Arab or African team ever to get so far
- The kingdom already had a track record of using "football diplomacy" to boost its ties with African countries, signing at least 30 cooperation deals with other federations
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE’s tech industry set to achieve record growth in 2025
Abu Dhabi, UAE - The UAE’s technology industry is set to achieve record growth in 2025, driven by significant expansion...
Economy
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Saudi oil and non-oil exports fall by above 17 percent in Sept
Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly...
Business
Gaza war: Israel stares at $48 billion in expenses
Dubai, UAE - The ongoing conflict between Israel and Gaza could result in a significant economic toll for Israel, with...
Economy
Internet out: India deploys shutdowns in name of security
New Delhi, India - With the world's largest biometric ID database, a pioneering digital payment system for daily transactions and a...
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Economy
IEA urges oil firms to pour half their investments into clean energy by 2030
Paris, France--The International Energy Agency on Thursday called on oil and gas companies to devote half of their investments to clean...
- It exhorted producers to make the choice between worsening the climate crisis or helping to limit global warming to +1.5C, in line with the Paris Agreement
- IEA Executive Director Fatih Birol said that remaining unfazed in the face of a worsening climate crisis is "neither socially nor environmentally responsible"
Economy
Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply...
- The Organisation of the Petroleum Exporting Countries (OPEC) and allied producers are set to consider additional oil supply cuts when it meets on Nov. 26.
- The head of the IEA oil markets said that even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024
Economy
World Bank anticipates 4.5% growth in UAE’s non-oil economy in 2023
Riyadh, Saudi Arabia - The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of...
- The WB report has projected a 3.4% growth in the real Gross Domestic Product of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024
- According to the report, the Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7% in 2024 and 2025