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
Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
Economy
Stocks markets, oil prices extend losses as experts warn of stagflation
After a healthy rally in recent weeks fuelled by signs that price rises were slowing, the US Federal Reserve, European...
- While inflation in most countries has started coming down -- helped by a drop in energy costs -- it remains at multi-decade highs.
- And observers have warned that economies could be heading for a period of stagflation where prices keep rising but growth stalls.
Economy
Dubai tourist arrivals vault 134% from Jan to Oct
Dubai’s hotel inventory in October 2022 comprised 144,737 rooms at 790 hotel establishments compared with 122,185 rooms available at the...
- Dubai’s hotel inventory in October 2022 comprised 144,737 rooms at 790 hotel establishments compared with 122,185 rooms available in October 2019
- UAE Tourism Strategy 2031 seeks to attract AED100 billion in additional tourism investments and 40 million hotel guests by 2031
Economy
Qatar’s budget surplus exceeds $21bn in 9 months
The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices.
- The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices
- The data also showed an increase of 26 percent in revenues and 0.78 percent in expenditures in the third quarter
Economy
EU adopts global minimum 15% tax on multinationals
Emmanuel Macron said France had been pushing the idea for more than four years. The global minimum tax is only...
- The landmark agreement between nearly 140 countries is intended to stop governments racing to cut taxes to lure the world's richest firms to their territory
- The plan was drawn up under the guidance of the Organization for Economic Cooperation and Development and already had the backing of Washington
Economy
With growing trade, energy ties, Germany and UAE look forward to hydrogen future, says envoy
“The UAE is Germany's most important trading partner in the region, with German exports to the UAE totalling US$8.4 billion...
- Beside growing trade, cooperation in decarbonization to tackle climate change opens an opportunity for Germany and the UAE to look forward to a hydrogen future, says German envoy
- The UAE is Germany's most important trading partner in the region, with German exports to the UAE totalling US$8.4bn in 2021, says German Ambassador to the UAE Alexander Schönfelde
Market Report
Stocks sink globally as central banks hike rates, data fan recession fears
Global stocks sank as central banks hiked interest rates again and signaled they needed to go higher to tame inflation....
- ECB president Christine Lagarde warned that inflation in the 19-nation eurozone was still "far too high" and more action needed to be taken.
- The world's major central banks are seeking to dampen red-hot inflation.
Economy
US industrial output decreases in November
Industrial production in the US slumped in November with "broad based" decreases, the Federal Reserve said, as output for bigger-ticket...
- The Fed has raised its benchmark lending rate seven times this year in an effort to cool the world's biggest economy.
- Total output dropped 0.2 percent in November, with the first decline in months defying analysts' expectations of an uptick, according to Fed data.
Business
ECI inks MoU with RAKEZ to help Ras Al Khaimah’s non-oil trade
DUBAI, UAE - Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed an MoU with Ras Al Khaimah...
- ECI to provide RAKEZ members access to flexible state-backed trade finance support.
- As of November 2022, ECI has facilitated US$71 million worth of secured non-oil trade for businesses operating in Ras Al Khaimah.
Economy
Gulf central banks raise interest in line with Federal Reserve hike
Dubai, UAE--– The central banks of Saudi Arabia, Bahrain, and Qatar increased their interest rates following the US Federal Reserve...
- Since the costs in the GCC are pegged to the dollar, the central banks in the region follow the Fed rate changes.
- The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points.
Geostrategy
Tunisia awaits languid election for powerless parliament
Over a decade since the country's revolution that unseated dictator Zine El Abidine Ben Ali, opposition parties have urged a...
- The previous legislature had far-reaching powers, in the mixed presidential-parliamentary system enshrined in the North African country's post-revolt constitution
- In July this year, Saied used a widely shunned referendum to push through a new constitution, stripping parliament of any real clout and giving his own office unlimited powers
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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
Company News
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48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
Business
UAE unveils ‘roadmap’ to reduce food waste by 50 percent
Dubai, UAE--In order to reduce food loss and waste by 50 percent, the UAE has launched Ne’ma Food Loss and...
Economy
Gaza conflict casts shadow on Israel’s gas industry
War with Palestinians disrupts Israel's gas exports, causing economic losses and altering energy strategies.
Economy
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Economy
Dubai Customs logs 13% growth in transactions in first nine months of 2023
DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine...
- The upswing aligns with the targets of Dubai’s economic agenda D33, which seeks to double foreign trade.
- By the end of the third quarter of 2023, Dubai Customs had processed approximately 18.8 million customs declarations.
Business
Adoption of electric vehicles in US face infrastructure hurdles
NEW YORK, US - The US transition to electric cars has hit a speed bump, with concerns about vehicle range and...
- Automakers in recent weeks have pushed back EV sales targets and delayed capital projects as they seek to reduce inventories of unsold EVs at dealerships.
- The network of EV charging stations in the US remains dodgy, with many areas either lacking infrastructure or equipped with unreliable machines
Economy
EDB pledges to expand UAE’s renewables market through easy financing
Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources,...
- EDB CEO Ahmed Mohamed Al Naqbi said the bank through its financing can help businesses switch to solar-power to reduce emissions
- The bank can offer up to 100% financing with a maximum tenure of 15 years and a two-year grace period for investments in renewable energy