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
Cybersecurity in 2024: From talent shortages to resilience against emerging tech risks
In 2024, cybersecurity remained central, addressing skill gaps and the impact of generative AI. A Strategic Cybersecurity Talent Framework offered...
Economy
Tunisian bakers strike again over unpaid subsidies
Subsidies on basic goods are a highly sensitive political issue in Tunisia, where a public finance crisis has caused repeated...
- The national bakery owners' union said more than 3,100 bakeries have joined the open-ended strike
- The bakery owners are demanding payment of 14 months of overdue subsidies, which the union estimates at $80 million
Economy
Saudi Arabia posts budget surplus, first in nearly a decade
Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its...
- The kingdom's budget approved for 2023 foresees a surplus of 16 billion Saudi riyals ($4 billion) and GDP growth of 3.1 percent
- This year's surplus is the first since the 2014 collapse of oil prices from more than $100 a barrel,
Economy
UAE’s non-oil foreign trade at the end of third quarter $445 billion
Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...
- The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
- Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
Economy
CBUAE imposes financial sanction on UAE exchange house
The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE.
- The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE
- The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws
Economy
PwC report confirms assertions of TOP CEO Conference experts: Skills help women get more jobs across MENA
Young women in the MENA region are more likely to be in the workforce, while the GCC countries have seen...
- Young women in the MENA region are more likely to be in the workforce, while the GCC countries have seen advances in labor force participation, says the latest PwC report
- The TOP CEO Conference held in Dubai in May 2022 had suggested that women in the MENA region have made significant gains and have become a vital part of the region’s workforce
Economy
India raises interest rate but at slower pace
Mumbai, India—India's central bank on Wednesday raised its main interest rate for the fifth time this year, but by a smaller...
- Reserve Bank of India's move comes after US Federal Reserve chairman Jerome Powell signalled last week that officials would begin to take their foot off the pedal
- The Indian central bank retained its inflation forecast of 6.7 percent for the fiscal year to March but trimmed its economic growth projection to 6.8 percent from 7.0 percent
Economy
World economy faces more pain in 2023 after a gloomy year
Economists expect Germany and another major eurozone economy, Italy, to fall into recession. Britain's economy is already shrinking. Rating agency...
- IMF still expects the world economy to expand in 2023, with growth of 2.7 percent but the OECD is forecasting 2.2-percent growth
- Natural and man-made catastrophes have caused $268 billion in economic losses so far in 2022, according to reinsurance giant Swiss Re
Economy
Debt-service payments from IDA’s countries to top $62bn in 2022: World Bank
The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies.
- The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies
- Rising interest rates and slowing global growth risk is tipping a large number of countries into debt crises
Economy
S&P Global says Egypt non-oil businesses contract in November
Cairo, Egypt—Egypt’s non-oil businesses have shown a contraction in November, resulting in output falling at the sharpest rate since the...
- Egypt’s Purchasing Managers’ Index fell from 47.7 in October to 45.4 in November — the second lowest since June 2020.
- According to S&P Global, Egypt’s purchase price inflation hit a 52-month high, leading 42 percent of surveyed firms to report a rise in total input costs over the month
Science
UN biodiversity talks begin, advertised as ‘last chance’ for nature
Delegates from across the world gathered for the December 7-19 meeting to try to hammer out a new deal for...
- Some countries want to set up a separate funding mechanism for biodiversity, which wealthy nations have largely resisted
- NGOs say the lack of world leaders at COP15 risks dampening momentum at the talks and could scupper an ambitious settlement
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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
Company News
Latest News
Electricity plays key role in making UAE sustainable
“In the UAE, we recognize the energy security and climate challenges and have devised multiple strategies to make the sector...
Economy
UAE non-oil activities to continue to see robust growth in 2024: OPEC
Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024,...
Economy
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Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
- London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
- This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
Business
Sustainability in style: UAE’s couture goes green
The UAE is shifting from Western influences to eco-friendly practices in its apparel market. 2023 marks the nation's commitment to...
- In the UAE, environmentally friendly, competitively priced, stylish, and high-quality products are increasingly being offered by brands
- They use organic cotton and other environmentally friendly materials like bamboo, hemp, and recycled polyester
Business
Al Ghurair to use Oracle solution
This will help HR teams improve business operations.
- Through this strategic collaboration, Al Ghurair seeks to empower its employees through self-service capabilities.
- Oracle Cloud HCM transforms the traditional functions of HR departments such as recruiting, training, payroll.