Non-oil sectors drive robust growth in GCC countries, says World Bank report
While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling...
Economy
Trump’s tariff threats stoke global fears, prompting retaliation warnings from allies and rivals
US President-elect Donald Trump's sweeping tariff plans target Canada, Mexico, and China, raising fears of a global trade war, with...
Economy
China’s Central Bank, European Central Bank renew currency swap deal
The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of...
- The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market
- A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations
Economy
Iraq drought displaces 1,200 families in parched south
The Mesopotamian Marshes, a UNESCO World Heritage site, have been battered by low rainfall and reduced flows in the Tigris...
- The mass exodus began in April after more than 2,000 buffaloes had died as a result of the drought
- Iraq's water resources minister said that 2022 has been "one of the driest years Iraq has seen since 1930."
Business
Dubai records over US$435m in realty transactions Monday
Dubai real estate market recorded 445 sales transactions worth US$321 million, in addition to 68 mortgage deals of $121 million...
- Dubai real estate market recorded 445 sales transactions worth $321 million.
- The market witnessed 68 mortgage deals of $121 million and 37 gifts deals amounting to $16 million.
Economy
Saudi Arabia’s Industrial Production Index in August up by 6.8 percent
Riyadh, Saudi Arabia-- Saudi Arabia's Industrial Production Index in August 2022 increased by 6.8 percent compared to August 2021. The...
- In August 2022, mining and quarrying grew by 15.5 percent compared to August 2021.
- The manufacturing activity increased by 22 percent compared to the same month of the previous year. The electricity and gas supplies increased by 11.3 percent.
Geostrategy
Saudi Arabian delegation visits Oman, to enhance bilateral ties
A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a...
- A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a visit to Oman.
- The Saudi delegation met with Oman's Minister of Transport, Communications and Information Technology Saeed Al-Mawali and Minister of Economy Saeed As-Saqri.
Geostrategy
Algeria, France hail ‘new dynamic’ in economic ties
The Algerian and French prime ministers hailed a "new dynamic" as they launched a joint economic forum during a visit...
- Borne and her delegation are the latest in a string of top European officials to visit Algeria.
- The two-day business forum was organized by the Algerian Chamber of Commerce and Industry and Business France, a government agency.
Geostrategy
Trio win Nobel for banking’s role in economy, collapse prevention
Ex-Fed chief Ben Bernanke together with Douglas Diamond and Philip Dybvig were honoured for having "significantly improved our understanding of...
- Bernanke, 68, the chair of the US Federal Reserve between 2006 and 2014, was highlighted for his analysis of "the worst economic crisis in modern history" -- the Great Depression.
- Diamond and Dybvig were in turn honoured for showing how "banks offer an optimal solution" for channelling savings to investments by acting as an intermediary.
Economy
Markets sink as US jobs data fan rate hike bets
A brief rally across trading floors last week gave way to gloom as investors grow increasingly worried that central bank...
- All three main indexes tumbled Friday following news that a net 263,000 US jobs were created in September
- With the spotlight on a consumer price index reading later in the week, policymakers continue to take a hawkish tone
Economy
BoE launches “temporary facility” to ease liquidity pressures
The BoE "announces additional measures to support market functioning", said a statement, adding that the central bank was ready to...
- The BoE said it is launching a Temporary Expanded Collateral Repo Facility, enabling "banks to help to ease liquidity pressures facing" client funds beyond the end of this week
- The central bank has so far made purchases of so-called gilts totalling around £5 billion ($5.5 billion), far less than its £65-billion limit
Economy
Jordan fixes bread prices until 2023 amid global grain price hike
According to the cabinet decision, the price of large-sized white pitta bread will remain at 320 fils, while small-sized white...
- According to the cabinet decision, the price of large-sized white pitta bread will remain at 320 fils, while small-sized white pitta bread will remain at 400 fils
- The decision also included continuing to provide $6 in cash support to non-mechanical bakeries, specifically those that use one tonne or less of flour daily
Non-oil sectors drive robust growth in GCC countries, says World Bank report
While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling...
Economy
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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...
Economy
At least 30% of all housing units in Gaza destroyed or damaged: UN
Geneva, Switzerland - At least 30% of the housing sector in the Gaza Strip has been either destroyed or rendered...
Geostrategy
Key events reinforce UAE’s position as business hub
"Hosting global events serve as crucial platforms, uniting experts and specialists from diverse sectors. They offer opportunities for communication, opinion...
Economy
Most Read
Moody’s puts Israel’s credit ratings on review for downgrade
Moody's announced that it was putting a number of the Israeli government's credit ratings on review for a downgrade, including...
- Moody's statement comes after Fitch Ratings announced on Tuesday that it was placing Israel's A+ foreign-and local-currency issuer default ratings on "Ratings Watch Negative"
- Fitch cited "the heightened risk of a widening of Israel's current conflict to include large scale military confrontations with multiple actors, over a sustained period of time"
Economy
Tourism prowess makes Riyadh top World Expo choice
As Riyadh vies to host 2030 World Expo, the city offers a perfect blend of historical charm and modernity, spotlighting...
- The capital of Saudi Arabia is currently undergoing a transformative journey in tourism, seamlessly blending its historical allure with modern sophistication
- As Riyadh vies to host 2030 World Expo, it's set to showcase its rich history, architectural marvels, diverse culinary offerings, and advanced mobility solutions
Economy
Tourism prowess makes Riyadh top World Expo choice
In its bid to boost tourism, the Saudi capital blends historical charm with modernity, spotlighting its rich heritage, architecture, cuisine,...
- The capital of Saudi Arabia is currently undergoing a transformative journey in tourism, seamlessly blending its historical allure with modern sophistication
- As Riyadh vies to host 2030 World Expo, it's set to showcase its rich history, architectural marvels, diverse culinary offerings, and advanced mobility solutions