OPEC+ expected to extend oil supply cuts to avoid drop in prices
Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per...
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
Business
Customers feel better with ‘Buy Now, Pay Later’ plans
Buy Now, Pay Later services provide customers the functionality of credit cards-- easy payments with no cash. But BNPL usually...
- BNPL providers pay retailers upfront and lend money to customers while taking on all of the program's administrative costs and credit risk.Â
- The appeal of BNPL also lies in the fact that vast amounts of consumer data can be used by retailers to enhance customer loyalty by offering more targeted products.
Business
ENOC unveils service station of future for public at Expo City
Dubai, Abu Dhabi -- ENOC Group announced Wednesday that its Service Station of the Future is now open to the...
- Expo City Dubai is now ready to host 145,000 residents and workers, becoming the UAE’s first 15-minute city.
- This includes amenities in close proximity to the 85 start-ups and small businesses that occupies the commercial space.
Economy
IMF says countering inflation with tax cuts would be ‘too costly’
The fund's comments, in its latest Fiscal Monitor report, come as food prices have surged by half since 2019 while...
- Countries all around the world are facing more pressing and more painful trade offs," said Vitor Gaspar, director of IMF's fiscal affairs.
- Countries may need to raise added revenues and contain the growth of other expenditures as they prioritize policies, the fund said.
Geostrategy
Biden to ‘re-evaluate’ Saudi ties after OPEC snub
The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision...
- Saudi Arabia has defended the planned production cuts, saying the priority of OPEC+ was "to maintain a sustainable oil market"
- Partnership between US and Saudi Arabia was sealed after World War II, providing the kingdom with military protection in exchange for American access to oil
Economy
Russia-Germany oil pipeline partly shut after leak: operator
The Druzhba (Friendship) pipeline network was started in the 1960s and now covers 5,500 kilometres, pumping oil from the Urals...
- The leak was detected late on Tuesday near the village of Zurawice about 180 kilometres (112 miles) to the west of Warsaw in central Poland
- PERN spokeswoman Katarzyna Krasinska was quoted by PAP news agency as saying that the pipeline was mainly supplying two refineries in Schwedt and Spergau in Germany
Economy
NAFIS partners with du to hire 500 Emiratis in private sector
The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes...
- The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes offered by NAFIS
- The NAFIS programme is working to achieve Emiratisation rates in the private sector with set deadlines through partnerships with private and government organisations
Economy
GCC residents see growth at a time when world fears recession
Most of the respondents in the poll feel that GCC will weather the gathering economic storm and come out unscathed,...
- Some 43.3 percent of the respondents said GCC would not be hit by a recession, and 40.2 percent felt that economies cannot escape it
- The IMF research predicts that Kuwait would have the highest GDP growth rate at 8.7 percent in 2022 among GCC countries
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
OPEC+ expected to extend oil supply cuts to avoid drop in prices
Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per...
Company News
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Sukoon Insurance sets up OIWSS
Business
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
Business
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
Business
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Business
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
- The objective is to establish logistics zones that will enhance efficiency of the sector, improve service quality and generate additional job opportunities.
- This initiative is expected to strengthen the role of the logistics sector in supporting the national economy.
Economy
World Investment Forum 2023 ends with call for greater private and public investment
Abu Dhabi, UAE – UNCTAD's 8th World Investment Forum came to a close on Friday in Abu Dhabi with a...
- The week-long event saw the convergence of 8,000 participants, including government officials, international organizations, policymakers, 700 CEOs and investors
- Held against the backdrop of a fragmented global economy, the forum addressed the profound impact on global trade and investment
Economy
Kazakhstan aims to expand trade ties with UAE to the tune of US$1bn
Abu Dhabi, UAE--Kazakhstan is keen to expand trade ties with the UAE, setting a target of $1 billion in mutual...
- He noted how new trade roads from the Caspian Sea to Abu Dhabi and Dubai ports in the UAE can connect the region
- The minister said that Kazakhstan is committed to using its agricultural potential to address global food shortages