The future of luxury residential development needs to be green and smart
The GCC luxury market segment has experienced significant growth, driven by an increase in the number of high-net-worth individuals. Accommodating...
Interview
China, Canada retaliate to Trump tariff war as markets fall
Washington, United States -- Mounting trade wars between the United States and its largest economic partners deepened Tuesday as huge...
Business
Economy
Ukraine says grain harvest dropped almost 40 percent
Kyiv, Ukraine--Ukraine estimates its grain harvest fell by around 40 percent year on year due to the Russian invasion, a representative...
- Ukraine is a major exporter but Russia's invasion in late February stopped shipments and blocked 20 million tonnes of grain in Ukraine's ports
- In July a landmark deal signed and brokered by the UN and Turkey established a safe shipping corridor for exports to resume
Economy
PIF leads Saudi Arabia on path of economic reforms
In order to achieve the Vision 2030 goals, the PIF and its portfolio companies seek to help the kingdom grow...
- According to a report by S&P Global Rating, the Public Investment Fund (PIF) has US$620 billion of assets under management
- The Saudi Stock Exchange, Tadawul, is the largest equities market in MENA by market capitalization and trading volumes
Economy
UAE orders arrest of company director for fake emiratisation quota
Abu Dhabi, UAE-- The UAE Public Prosecution has ordered the arrest of a private company director who was proven to...
- The suspect allegedly forged e-documents, faked employment contracts, and falsely stated that his company had hired Emirati citizens
- The UAE Attorney-General, received a report about the incident from the Ministry of Human Resources and Emiratisation and ordered the launch of an urgent investigation
Economy
US Fed’s preferred inflation gauge eases in November
A key indicator of US inflation edged down from a year ago in November, according to government data, in welcome...
- The US Federal Reserve's preferred inflation measure, the personal consumption expenditures price index, rose 5.5 percent last month.
- This was slightly below October's level but remains significantly higher than policymakers' target of two percent inflation.
Geostrategy
Macron urges Lebanon to ‘get rid’ of leaders blocking reforms
"The problem with Lebanon is that we must solve people's problems and get rid of those who cannot do it,"...
- Macron has taken the lead in international efforts to bail out the Lebanese economy after a collapse in the value of the Lebanese pound plunged most of the population into poverty.
- International lenders have demanded that Lebanon adopt a programme of painful economic reforms in return for releasing billions of dollars in bailout loans.
Geostrategy
Iraq tells visiting Italy PM it seeks closer economic ties
Iraq's prime minister appealed to visiting Italian counterpart Giorgia Meloni for closer economic ties with his oil-rich country suffering from...
- Italian oil firm Eni has been involved in exploration and production in Iraq for over a decade.
- The United Nations says Iraq is one of five countries most exposed to some impacts of climate change.
Business
FAB, Magnati, PayRow join hands
The move will help Dubai in becoming a cashless economy.
- Government entities and merchants will now be able to receive payments from their customers in an easy, flexible, unified and secure manner.
- The new payment ecosystem is set to transform the existing gateway.
Business
Nearly 78% UAE women-owned businesses led by females under age 40
Sharjah, UAE--- A Women under the age of 40 lead 77.6 percent of the women-owned businesses in the UAE, a...
- The survey found that of the 1,000 female business owners who took part in the survey, 48.8 percent are CEOs and 61.4 percent sole proprietors.
- A total of 25,000 Emirati women entrepreneurs owned 50,000 trade licenses valued at AED 60 billion ($16.33 billion) in 2021.
Business
Facebook agrees to pay $725m to settle privacy suit
Facebook parent Meta has agreed to pay $725 million to settle a long-running lawsuit that accused the social network of...
- The settlement must be approved by a judge in the San Francisco division in the US District Court.
- The lawsuit was initiated in 2018, when Facebook users accused the social network of violating privacy rules by sharing their data with third parties.
Economy
Two years after EU exit, UK business feels Brexit blues
Complicating matters has been the loss of EU workers in sectors such as health, hospitality and agriculture, even if some...
- The problem is not the customs duties, largely eliminated by the post-Brexit free trade agreement between London and Brussels
- The government of Prime Minister Rishi Sunak has said it believes the UK economy has entered a recession on fallout from sky-high inflation
The future of luxury residential development needs to be green and smart
The GCC luxury market segment has experienced significant growth, driven by an increase in the number of high-net-worth individuals. Accommodating...
Interview
Company News
DP World spends US$6bn
Business
Latest News
CBUAE, Islamic finance organizations discuss sustainable practices
ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure...
Business
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...
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...
Economy
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Geostrategy
Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
- The settlement of debts is subject to specific and strict laws and standards regarding the quality of loans and their areas of expenditure.
- Officials of banks, financial institutions and national companies expressed their pleasure and pride in taking part in this national initiative.
Economy
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...
- The meeting also covered the UN Climate Change Conference (COP28), starting today at Expo City Dubai
- The two leaders exchanged views on regional and international developments and a number of other issues
Opinion
Time to transform climate commitments into action
"At COP28, governments need to focus on two timeframes: an immediate surge in climate action and a springboard for the...
- The climate crisis escalates, demanding bold action at COP28 in Dubai, says UN Climate Change Executive Secretary Simon Stiell.
- Developing nations require substantial financial support for climate resilience and renewable energy initiatives, he adds.