FED keeps interest rates unchanged
The Federal Reserve kept interest rates at the current target range of 4.25 percent to 4.50 percent after its January meeting, according...
Exclusive: ADP’s Nela Richardson on how AI is reshaping the global workforce
Davos Switzerland - The rapid adoption of AI and automation is redefining labor markets, reshaping industries, and transforming skills globally,...
Economy
Economy
AMF signs US$1bn agreement to shore up Yemeni government reforms
Riyadh, Saudi Arabia—The Arab Monetary Fund has signed a $1 billion agreement with the Yemeni government to shore up the...
- The program seeks to contribute to backing efforts made to implement reforms to strengthen the financial status of the Yemeni government,
- It seeks to promote comprehensive and sustainable economic growth, create job opportunities and push sustainability of Yemen's economy
Economy
Asian markets, crude drop on China unrest
Investors are now looking ahead to the release of US jobs data at the end of the week, which could...
- China-linked stocks took the brunt of selling, with Hong Kong's Hang Seng Index down two percent and Shanghai off one percent
- The prospect of a hit to demand in the world's biggest crude importer hammered oil prices, with both main contracts down more than two percent
Economy
Egyptian Exchange rises on buying by FIIs
The market capital gained about $0.60 billion to close at $35 billion, amid transactions worth $0.08 billion.
- The market capital gained about $0.60 billion to close at $35 billion, amid transactions worth $0.08 billion
- The broader EGX 70 EWI index of the leading small and mid-cap enterprises (SMEs) increased by 1.37 percent, ending at 2,550.95 points
Economy
Iraq PM says ‘part’ of stolen US$2.5bn recovered
Appealing to guilty parties to hand themselves in and return all the money, the prime minister of Iraq has revealed...
- The scandal has provoked widespread ire in Iraq, an oil-rich country ravaged by endemic corruption
- According to a document from the country's tax authority, the colossal sum was allegedly expropriated between September 2021 and August this year through 247 cheques
Economy
Egyptian LNG exports will exceed 8 million tonnes in 2022: Minister
Ninety percent of Egyptian LNG exports will be destined for European Union countries, El Molla said.
- Ninety percent of Egyptian LNG exports will be destined for European Union countries, El Molla said
- He said the companies will focus on reducing emissions from production operations while stepping up their activities
Economy
Rate cuts may help in avoiding chronic recession
It is logical for the FRB to halt the wave of escalation of interest rates on the dollar, which was...
- The Federal Reserve may reverse its policies and reduce interest rates to ensure preservation of the US and global economies, says an economist
- It is logical for the Fed Reserve to pursue it policy in halting the wave of escalation of interest rates on the dollar, Qatar-based Bashir Al Kahlout adds
Geostrategy
Jordan to receive $845 million in aid from the US
The United States will provide Jordan with over US$845 million in annual financial support, officials in Amman said as the...
- The Hashemite kingdom is a key Western ally in the Middle East.
- In September, the US committed to providing Jordan with $10.15 billion in aid between 2023 and 2029.
Economy
Mohammed bin Rashid approves Dubai rural area development master plan
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has approved the...
- The Plan seeks to preserve the nature of areas including Lehbab, Margham, Al Marmoom, Al Lisaili, Al Faqaa and Al Aweer.
- It also aims to offer a unique touristic experience and transform each area into a key tourist destination in the emirate.
Economy
Saudi Minister inaugurates Aquatic Animal Diseases Network
RIYADH, SAUDI ARABIA - Saudi Minister of Environment, Water and Agriculture, Engineer Abdul Rahman bin Abdul Mohsen Al-Fadhli inaugurated Sunday...
- The launch aims to strengthen the aquaculture industry, prevent aquatic diseases, support the production of aquatic organisms.
- It also aims to meet the growing demand for aquaculture and its products, reduce the spread of diseases, train veterinarians and specialists in aquatic health.
Business
SCCI, Moscow Chamber discuss trade, cooperation
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) discussed business and investment opportunities in the UAE and...
- Sharjah has many strategic advantages for Russian companies which plan to expand in the region's markets.
- Sharjah is an ideal environment for industrial companies in various sectors, especially startups.
FED keeps interest rates unchanged
The Federal Reserve kept interest rates at the current target range of 4.25 percent to 4.50 percent after its January meeting, according...
Company News
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Iran to link up electricity grid with Russia via Azerbaijan
Tehran, Iran-- Iran is linking up its electricity grids with Russia via Azerbaijan in order to make up for its...
Business
Aramco produces first unconventional tight gas
Dhahran, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first...
Business
Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to...
Business
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Economy
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...
- The UAE updates Energy Strategy 2050, focusing on low-emission hydrogen production and net-zero goals.
- GCCIA's expansion projects aim to enhance energy security and interconnectivity across the Gulf region.
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,...
- Its monthly report for November noted that it anticipates the upward trend in non-oil activities to continue supporting further growth for the next year
- The report said the country's tourism sector, accounting for nearly 16% of its GDP, showed strong growth, with 8.5 million visitors coming to the UAE, a 19% jump
Business
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.
- The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
- Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,