WEF25: Saudi delegation calls for nations to put “greater good” first
The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to...
Economy
UAE leads solar energy growth with strategic projects
Abu Dhabi, UAE - A new report highlighted the UAE's leadership in the regional solar energy sector, driven by initiatives...
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
Economy
Saudi inflation rate eases to 2.9 percent in November
Housing rents rose by 5.4 percent, bringing the overall housing, water, electric, gas, and other fuels increase to 4.7 percent.
- Housing rents rose by 5.4 percent, bringing the overall housing, water, electric, gas, and other fuels increase to 4.7 percent
- In the last couple of months, food prices rose by 3.6 percent while transport costs have increased by 4 percent
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WEF25: Saudi delegation calls for nations to put “greater good” first
The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to...
Economy
Company News
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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...
Rising temperatures worry MENA region
The Middle East and North Africa (MENA) region faces severe climate change challenges, including water scarcity and extreme temperatures, with...
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...
Economy
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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
Business
European banks lack transparency on green finance: NGO
ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on...
- Only four banks have demonstrated how they have calculated green finance targets
- The study questioned some decisions being counted towards meeting green finance targets
Economy
UAE approves official holidays calendar for govt, private sectors for 2024
UAE, Dubai - UAE has approved the year 2024 official holidays calendar for both public and private sectors. As part of...
- The resolution aims to enable all community members working in various sectors in the UAE, as well as families, to plan ahead for holidays, travel and personal activities
- The UAE public holidays calendar includes 12 Rabi` al-Awwal 1446 AH which marks the Prophet Mohammed’s (PBUH) birthday, and 2, 3 December as the National Day holidays in 2024