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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Geostrategy
Fishermen return to Iran years after Somalia kidnapping
TEHRAN, IRAN - Fourteen Iranian fishermen seized by the Al-Shabaab militant group in Somalia, some as long as eight years ago,...
- The fishermen were welcomed in a special ceremony at Tehran's Imam Khomeini International Airport.
- Their release comes almost a month after Somali police said they discovered 20 foreigners near territory controlled by the militant group.
Business
DEWA 9th Sustainability Report showcases its progress in sustainable development
DUBAI, UAE - The ninth Sustainability Report 2021 issued by Dubai Electricity and Water Authority (DEWA) highlights its efforts and...
- The Sustainability Report 2021 introduces partners, relevant entities and all stakeholders to its performance and practices in sustainability.
- The report demonstrates the progress made by DEWA, and its contributions to achieving the United Nations Sustainable Development Goals 2030.
Economy
Qatar Chamber seeks to boost economic ties with Serbia
Doha, Qatar-- Qatar Chamber has discussed ways to enhance trade and economic cooperation with Serbia during the meeting of First...
- Bin Twar noted the importance of forming the Qatari-Serbian joint business council, for which a memorandum of understanding was signed to establish it 3 years ago
- Marco Cadez called on Qatari business owners to visit Serbia and learn about the investment climate and available investment opportunities
Economy
Saudi and Turkish banks sign US$26m financing line agreement
Riyadh, Saudi Arabia--Saudi Export-Import Bank has announced the signing of a $26 million financing line agreement with Turkyie Finance Katilim...
- It also signed an agreement with Turkish Export Bank that allows cooperation in several fields, including the exchange of experiences and the promotion of exports
- The two agreements come within the framework of Saudi partnerships with Turkish financial institutions, and within the bank’s direction to develop its local and foreign partnership
Economy
Iraq football body launches ticket sales for Gulf Cup
The Gulf Cup brings together the hosts as well as Saudi Arabia, Kuwait, Qatar, Yemen, Bahrain, Oman and the United...
- The federation shared a link for the ticketing website on its Facebook page, with prices ranging from $10-$30
- Iraq has scrapped visa fees for the football fans entering Iraq for the upcoming tournament
YEARBOOK 2023
Reforms in tax and visa rules to drive UAE’s growth
The introduction of new laws regarding the ownership structure of mainland companies may boost the Gulf country's economy in 2023...
- The UAE is expected to become the fifth country within the Gulf Cooperation Council to have a corporate tax regime, say experts in the region
- The new visa system offers 60 days visit visa, a five-year multi-entry tourist visa, a job exploration visa, a five-year green visa, and a 10-year golden visa
Geostrategy
Saudi grants almost 450,000 metric tons of oil to Yemen
AL-MAHRA, YEMEN - The second batch of the new Saudi oil derivatives grant of 4,491,000 metric tons of diesel was...
- The grant comes as part of the Kingdom's support for the Yemeni people under the directives of Saudi King Salman and the Crown Prince
- It also comes as an affirmation of the Saudi Arabia's keenness to achieve security, stability and development for the Yemeni people
Business
JPACO reviews key agricultural projects, efforts in 2022
AMMAN, JORDAN - Board of Directors of the Amman-based Jordanian- Palestinian Agricultural Marketing Company (JPACO)) on Saturday reviewed its key...
- JPACO's Board of Directors also examined the company's performance and its goals and discussed its action plan for 2023.
- JPACO General Manager, Aladdin Abu Khair, said the company worked to open new international markets.
Economy
UAE Council for Environmental and Municipal Work launches Waste-free Schools project
DUBAI, UAE - The UAE Council for Environmental and Municipal Work held its second meeting, chaired by Mariam bint Mohammed...
- The meeting agenda also featured discussions of several key topics, including the environmental indicators of the We The UAE 2031 vision.
- The minister said that the Council explored transformational environmental projects, in line with the new methodology for federal government work.
Economy
World Bank predicts decline in Egypt’s economic growth
Riyadh, Saudi Arabia-- Egypt’s economic growth is expected to decline to 4.5 percent in the fiscal year 2022-23 from 6.6...
- According to the report, the growth is forecast to inch up after that as the country continues to push ahead with macroeconomic stabilization and structural reforms
- During the fiscal year 2022-23, inflation is projected to surpass the Central Bank of Egypt’s target range between 5 and 9 percent and remain in double digits
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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UAE a pioneer in renewable energy: Palau President
“COP28 is attracting significant interest from various participating countries and will serve as an important forum for climate enthusiasts. This...
Economy
Gulf leads the charge in green mobility revolution
In the heart of the GCC, a transformative shift towards 'Green Mobility' is underway, driven by a commitment to environmental...
Economy
Tech titan Microsoft wins observer seat at OpenAI
SAN FRANCISCO, US - Microsoft, the tech titan that has invested billions of dollars in ChatGPT creator OpenAI, has been given...
Business
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Economy
Saudi Arabia, Russia extend voluntary oil cuts until March 2024
Saudi Arabia will extend its voluntary cut of 1 million barrels per day. The latest Saudi cut is in addition...
- Russia meanwhile said on Thursday it would deepen its voluntary oil supply cut to 500,000 barrels per day (bpd) and extend it until the end of the first quarter of 2024.
- Along with its OPEC+ oil partners, Russia has been holding back its oil output and exports in a bid to boost global prices.
Economy
Fed’s inflation gauge slows in October as energy, goods prices drop
Washington, United States - A key inflation measure used by the US Federal Reserve to set interest rates eased further last...
- The annual personal consumption expenditures (PCE) price index rose 3.0 percent in October, down 0.4 percentage points from a month earlier
- On a monthly basis, PCE inflation was virtually flat in October, while core PCE rose by 0.2 percent from September, the Commerce Department said Thursday
Geostrategy
MoHRE asks over 12,000 private firms to meet Emiratization targets
DUBAI, UAE – The Ministry of Human Resources and Emiratization (MoHRE) has notified over 12,000 private companies with 20-49 workers...
- Companies with 20-49 workers will be required to hire one UAE national in 2024 and another one in 2025.
- This step is expected to create around 12,000 jobs annually for UAE nationals in 2024 and 2025 in various sectors.