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
China says will fight to ‘bitter end’ if US pushes trade war
Pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year -- interest...
Economy
Economy
UAE’s ‘Beyond2020’ provides water source to thousands of Sudanese
Abu Dhabi, UAE--The UAE-led ‘Beyond2020’ humanitarian initiative has provided a safe source of water for about 20,000 residents of the...
- Two small solar-powered water basins were erected in accordance with a groundwater pumping system to provide 20 liters of water per day to residents of the two villages
- Beyond2020 offers critical, life-transforming solutions to a broader number of beneficiaries worldwide
Economy
Egypt central bank raises key interest rates by 300 bps
Cairo, Egypt-- The Central Bank of Egypt has raised the overnight interest rates by 300 basis points, exceeding expectations. The...
- The MPC raised the overnight deposit rate, overnight lending rate, and the rate of the main operation to 16.25 percent, 17.25 percent, and 16.75 percent
- The latest decision comes a week after after the announcement of a new International Monetary Fund (IMF) $3 billion loan for Egypt
Economy
Suez Canal chief says waterway ‘not for sale’
Allaying fears over the future of the Suez Canal, its chairman said the waterway 'is not for sale. The fear...
- Many fear the fund would undermine the state's sovereignty over the waterway which accounts for roughly 10 percent of global maritime trade
- The proposed bill comes with Egypt's economy struggling under growing foreign debt, and the local currency plunging against the dollar
Economy
Turkey raises yearly minimum wage for third time as inflation jumps
Turkey's latest economic crisis started when Erdogan -- a lifelong opponent of high interest rates -- pressured the central bank...
- Erdogan relied on support from the working classes to rise to power nearly two decades ago, and will need it again to secure re-election.
- On Thursday the Turkish leader said the country would boost the monthly take-home pay to a minimum of 8,500 liras ($455).
Business
BHP to face trial in UK
The firm must stand trial to face US$12 billion damages claim
- More than 400,000 claimants could eventually join the compensation claim against the Australian company in London's High Court.
- The 2015 tragedy unfolded after the dam in Brazil's Minas Gerais region ruptured.
Business
GCC’s digital economy forging ahead rapidly, says Oman IT minister
Muscat, Oman - Saeed bin Hamoud Al Maawali, Omani Minister of Transport, Communications and Information Technology, has said that the...
- He stressed the importance of promoting cooperation between the GCC and its international partners to increase the pace of digital transformation.
- He also noted the need to enhance the cooperation between the UAE and Oman in developing the digital economy infrastructure.
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.
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
Company News
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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...
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...
Geostrategy
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...
Economy
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Economy
Oil prices inch up on mixed day for US stocks
World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with...
- Fed Governor Christopher Waller said he was "encouraged" by recent progress on the economy
- Market analysts say the gain came "as expectations build on the prospect of another output cut"
Infographics
Water stress levels vary in Arab countries
Some countries face more intense competition for water resources, leading to potentially severe environmental impacts. The contrast underscores the diverse...
- The region needs to develop and implement sustainable water management strategies to mitigate the growing water scarcity and its potential impacts.
- The high stress levels in GCC, in particular, highlight an urgent need for these nations to develop and implement sustainable water management strategies.
Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
- Al Khawaja said one of the offerings will be for a family business in the financial sector and foreign exchange and remittances
- The fund, according to Al Khawaja, considers family businesses as the key to advancing economic development in Abu Dhabi