Oil prices tumble after Israeli attacks spare Iran facilities
Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against...
Economy
‘Starvation tactics’ being used against 25 million people in Sudan
UN experts on Thursday accused the two sides in Sudan's civil war of using "starvation tactics" against 25 million civilians,...
Geostrategy
Tunisian coastguard intercept about 200 migrants
Nearly 200 migrants attempting to reach Europe across the Mediterranean Sea were intercepted by Tunisian coastguards over the weekend. In...
- More than 22,500 migrants have been intercepted off the Tunisian coast since the start of the year, around half of them from sub-Saharan Africa
- According to EU border agency Frontex, between January and July more than 42,500 migrants used the central Mediterranean route -- the world's most deadly
Economy
Automation poised to transform GCC labor market
About 42.6 percent of jobs in the region will be automated by 2030, ahead of the global average of 32...
- Management consulting firm McKinsey predicts that 42.6 percent of jobs in the GCC will be automated by 2030, ahead of the global average of 32 percent
- As a backup plan against future pandemics, the GCC's business automation strategies evolved quickly during and after the COVID-19 pandemic
Infographics
Foreign assets of Gulf central banks rise post Covid
Here are the details of how GCC countries gained in past four years in terms of foreign assets held by...
- Here are the details of how GCC countries gained in past four years in terms of foreign assets held by each of the central banks of the region post-pandemic
- Saudi Arabia’s foreign reserve assets recorded a jump of SR40.8 billion (US$10.88 billion) during the month of September 2022, reaching SR1756.2 billion
Business
DEWA to enhance ties with foreign firms at GITEX Global 2022
MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received Consul-General of Canada to Dubai...
- Al Tayer emphasized DEWA’s keenness to consolidate cooperation and exchange expertise with Canadian companies.
- The DEWA CEO highlighted DEWA’s key development projects and strategic initiatives, especially the technological projects.
Economy
UAE to launch new integrated ‘EmaraTax’ platform later this year
Dubai, UAE---The UAE Federal Tax Authority (FTA) has announced that the new "EmaraTax" integrated platform will be launched later this...
- EmaraTax will significantly enhance the way that taxpayers can access the FTA’s services, pay their taxes and obtain refund.
- The new platform also greatly enhances the ability of the FTA to administer taxes in the UAE.
Economy
Syrian pound hits record low on black market, aggravating hardships
The exchange rate reached more than 5,000 Syrian pounds to the US dollar for the first time since the start...
- The new unofficial rate means the currency is now worth almost 99 percent less on the black market than the official rate before the start of the conflict.
- The collapse of the pound has driven up the price of goods and aggravated hardship.
Market Report
Equities, oil prices slide on recession fears
Stock markets and oil prices slumped as investors grow fearful that more big interest rate hikes will tip economies into...
- Traders had hoped that bumper rate increases by the US Federal Reserve this year would begin to drag on the economy and slow runaway prices.
- Chip manufacturers globally took a pounding from new US export controls.
Economy
Unemployment Insurance Scheme comes into force in UAE
The Ministry of Human Resources and Emiratization (MoHRE) of UAE announced that an 'Unemployment Insurance Scheme' for employees of the...
- The insured will be compensated with cash for a specific period of time if they lost their job until they find another employment
- The compensation will be paid monthly, calculated at 60 percent of the employee’s subscription salary.
Geostrategy
US climate spending could spark tariff war, says Scholz
German Chancellor Olaf Scholz criticized US climate protection plans that would shield domestic companies from foreign competition, saying they could...
- European Union officials have in recent weeks spoken out against planned US tax credits for the domestic electric vehicle market.
- South Korea has also voiced its displeasure, calling the new rules favoring American e-cars a "betrayal".
Economy
54 poor nations urgently need debt relief: UN
The agency's report, published ahead of meetings of International Monetary Fund, the World Bank, and also of G20 finance ministers...
- The UNDP warned that dozens of developing nations were facing a rapidly deepening debt crisis and that the risks of inaction are dire.
- The UN agency said debt troubles had been brewing in many of the affected countries long before the Covid-19 pandemic hit
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
Oil prices tumble after Israeli attacks spare Iran facilities
Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against...
Economy
Company News
Latest News
Emirati investments in Turkey reach $5.6 billion in 2022
ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative...
Business
Markets fall as Biden set for Middle East diplomacy drive
US and European stock markets mostly fell and oil prices rose as US President Joe Biden prepared for a trip...
Market Report
Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
Business
Most Read
Economy
Qatar’s Industrial Production Index falls 2.1 percent in Aug 2023
Qatar's Industrial Production index (IPI) reached 105.2 points in August 2023, a decline by 2.1 percent compared to the previous month (July...
- The index of the manufacturing sector showed an increase by 2.2 percent in August 2023 compared to the previous month (July 2023).
- Refined petroleum products fell by 0.5 percent. No change noticed in group of printing and reproduction of recorded media.
Economy
Jordan, Egypt foster economic policy collaboration with new MoU
Amman, Jordan - Jordan and Egypt have signed an MoU to foster cooperation in economic and development policy formulation, as...
- The MoU emphasizes the importance of coordination and the development of bilateral relations in technical cooperation between planning institutions in the two countries
- This encompasses the development of policies in the economic and development sectors, along with the mutual exchange of expertise, training, and capacity building
Business
MENA banking sector records 30% surge in net profits in H1 2023
Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in...
- Digital transformation is reshaping the sector, with a focus on AI, sustainable finance, and enhanced customer experiences
- The UAE's banking sector saw a remarkable 31% increase in net profits and total assets, driven by substantial investments in technology initiatives