Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Global markets rode AI, interest rate roller coaster in 2024
Paris, France - Despite political upheavals, stock markets and bitcoin smashed records in 2024, fuelled by investor enthusiasm for Artificial Intelligence (AI),...
Economy
Geostrategy
Governments of UAE, Egypt launch ‘Egypt Services Center’
ASWAN, EGYPT - The governments of the UAE and Egypt inaugurated the Egypt Services Center in the Aswan Governorate, which...
- The inauguration is part of the strategic partnership between the two countries in government modernization.
- The center will adopt a smart system to provide over 30 individual government services.
Economy
China begins WTO dispute against US chip export curbs
Beijing, China—China has filed a dispute with the World Trade Organization over US restrictions on chip exports, Beijing's commerce ministry said...
- The United States in October announced new export controls aimed at restricting China's ability to buy and manufacture high-end chips with military applications
- Chinese leader Xi Jinping and US President Joe Biden pledged to repair frayed relations at a summit in Bali, Indonesia last month
Economy
Turkey discovers 150m barrels of oil reserves worth $12bn: Erdogan
Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye.
- Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye
- The newly discovered oil reserves have been named after Gendarmerie Esma Cevik, who was killed clearing mines on Gabar Mountain
Economy
Dubai International Chamber launches three new offices in Cairo, Tel Aviv, Istanbul
The formal inauguration of the representative office in Tel Aviv will take place in the Israeli capital on December 13.
- The formal inauguration of the representative office in Tel Aviv will take place in the Israeli capital on December 13
- International offices have a dual mission of supporting and guiding Dubai companies through every stage of their global expansion
Business
EDB, ADCB ink pact for UAE SMEs
The MoU will enable SMEs access to financing options.
- The scheme is in line with EDB’s mandate to provide AED 30 billion towards the development of the UAE economy in five strategic sectors.
- The Memorandum of Understanding (MoU) will enable SMEs in the UAE to have improved access to strategic financing options.
Business
Amgen to buy Horizon Therapeutics
The US biopharma firm will pay US$28 billion for the deal.
- This is the biggest acquisition of the year in the health sector.
- The deal is subject to approval by US regulators and if all goes well it should be concluded in the first half of 2023, Amgen said.
Business
HUB71 startup community raises $1bn in venture capital
The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies.
- The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies
- Hub71 has built a diverse capital ecosystem of active investment partners ranging from Mubadala Investment Company to over 30 VC firms to family offices
Economy
UK economy posts growth as GDP rises 0.5% in October
Gross domestic product fell 0.6 percent in September after businesses closed for the royal funeral, and Britain's economy shrank by...
- Britain's finance minister Jeremy Hunt said in a statement that despite the figures showing growth, "there is a tough road ahead"
- The Bank of England has predicted the UK economy would contract in the final quarter of 2022, meaning the economy was in a recession
Economy
ECB mulls rate hike slowdown on ‘peak inflation’ hopes
As part of its monetary policy tightening, the ECB will on Thursday outline the next steps in its efforts to...
- Following two consecutive interest rate hikes of 75 basis points, markets are on tenterhooks to see whether the ECB will keep up the aggressive pace or downshift to 50 basis points
- This week's meeting of the ECB's 25-member governing council in Frankfurt will be the final one of 2022, a year that will be remembered for unprecedented consumer price shocks
Economy
UAE asks govt entities to buy locally produced food
The decision has been taken to support local production while the government continues to embrace open trade policy.
- The decision has been taken to support local production while the government continues to embrace open trade policy
- The desert country is working on vertical farming under a joint venture between Emirates Flight Catering and US-based Crop One
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Company News
Latest News
Gaza faces shortage of flour due to Israel-Hamas war
KHAN YUNIS, PALESTINIAN TERRITORIES - One of the last grain warehouses in the Gaza Strip has been damaged by Israeli strikes...
Geostrategy
GCC maintains stable inflation rates despite crises
Pausing of rate hikes by global central banks amid fluctuating inflation rates influences global markets, with specific impacts in the...
Economy
Fitch maintains ‘A+’ rating of Saudi Arabia’s PIF, outlook stable
Riyadh, Saudi Arabia - Global credit agency Fitch Ratings has reaffirmed Saudi Arabia’s Public Investment Fund's (PIF) long-term foreign- and...
Economy
Most Read
Economy
Bahrain and Russia look to boost economic cooperation
Manama, Bahrain-- Bahrain and Russia have held discussions to enhance cooperation in various fields of the two countries' economies. In...
- The Bahraini oil minister spoke highly of the Bahraini-Russian relations and their steady progress across various domains, including in the energy sector
- The Russian official expressed his country’s keenness to further bolster its cooperation with the kingdom in various fields, wishing Bahrain further prosperity
Economy
Iran and Russia diplomats hold discussions on BRICS
Tehran, Iran--Senior Iranian and Russian diplomats held talks in Tehran to discuss the BRICS group and its fields of activities...
- The Iranian sides reiterated the Islamic republic's commitment to playing an "effective and constructive role in it" and resolved to participate in all activities in the grouping
- The Russian delegation enumerated the country's priorities in regard to BRICS during their presidency and presented a briefing on the history and background of the group's actions
Business
Sharjah Civil Aviation Department and WFP sign aviation-safety agreement
Sharjah, UAE--The Sharjah Civil Aviation Department (SCAD) and the United Nations' World Food Programme (WFP) have signed an agreement to...
- The WFP's Regional Aviation Safety Office will hold training sessions, seminars, conferences, and special projects, in order to benefit both parties
- The Sharjah Civil Aviation Department will send qualified lecturers and trainers to conferences, workshops, and other events hosted by the WFP