Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...
Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
Economy
OIC new mechanism to settle investment disputes
The OIC, a 57 member body, has been working on a mechanism for the investment dispute redressal among member states...
- The OIC, a 57 member body, has been working on a mechanism for the investment dispute redressal among member states for years now
- The four-day meeting in Casablanca is set to establish the permanent mechanism to encourage, protect and guarantee investment of member states
Economy
World Bank okays $400m project to help Egypt decarbonise freight railway
The project will support Egypt's integration into global value chains and its efforts to become a regional trading hub.
- The project will support Egypt's integration into global value chains and its efforts to become a regional trading hub
- It will significantly contribute to Egypt's 2050 Climate Change plan, given the expected reductions in greenhouse gas emissions
Business
Startups adopt new strategy to survive post pandemic
Post pandemic, startups, SMEs, and entrepreneurs must adopt a new mentality to scale their enterprises and survive, says Awfa Mustafa,...
- The classic challenges that startups face revolved around getting funds, managing cash flow and acquiring the necessary skills and talents.
- During and after the pandemic everyone went online all of a sudden and no one was prepared for this shift, even though many startups thought they would benefit from it.
Geostrategy
IEA urges Europe to reduce winter gas consumption
Europe must ramp down gas consumption to survive the winter given perilously low stocks amid fears of a total cut...
- The IEA warned of "unprecedented risks" of shortages unless demand is reined in, estimating cuts of nine percent are needed
- IEA said diversification had at least enabled gas stockage facilities to stand at almost 90 percent of capacity at the end of September
Geostrategy
Turkey, Libya sign maritime hydrocarbons agreement
Turkey's foreign minister signed a deal in Libya's capital Monday allowing for oil and gas exploration in 'Libyan waters'.
- The deal follows an agreement Turkey signed with authorities in Tripoli in 2019, which demarcated the countries' shared maritime borders.
- The deal came at the height of a year-long battle between rival governments vying for control of the capital.
Geostrategy
UAE takes part in G20 Finance Track in Indonesia
UAE's Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for...
- The meeting was held in Indonesia and sought to discuss key global economic issues.
- G20 members, invited non-G20 member countries, representatives of the World Bank, IMF, and OECD also attended the meeting.
Economy
UAE Ministry of Emiratization launches Customer First forum
UAE Ministry of Human Resources and Emiratization has launched the Customer First Forum, comprising virtual sessions on a weekly basis...
- The Customer First Forum aims to take feedback of all parties on the labor market legislations.
- It also seeks to enhance direct communications between the ministry and the private sector.
Economy
Turkey reels from surging inflation as it hits 24-year high
Turkish inflation jumped to a new 24-year high exceeding 83 percent in September, official data showed Monday after the central...
- President Recep Tayyip Erdogan, who has focused on growth ahead of a general election in June, has repeatedly railed against higher rates, calling them his "biggest enemy"
- The TUIK state statistics agency said Monday that consumer prices rose by 83.45 percent in September on an annual basis, up from 80.2 percent in August
Economy
Number of visitors to Qatar rise by 138.3% in August
The highest number of visitors was from the GCC countries at 59 percent.
- The highest number of visitors was from the GCC countries at 59 percent
- As for visitors by type of port, the visitors via Air make up the highest percentage
Economy
UAE’s latest bet on tech: a ministry in the metaverse
In a project launched at Dubai's gleaming Museum of the Future, it announced that the UAE's economy ministry was setting...
- Representatives of tech giants mingled with entrepreneurs exploring the potential of the metaverse, a network of digital spaces intended as an extension of the physical world
- The UAE has already introduced a law governing virtual assets and a regulatory body for cryptocurrencies while welcoming major crypto exchange platforms
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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
Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...
Economy
Company News
Ma’aden, BADC ink agreement
Business
Latest News
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...
Geostrategy
UAE, South Korea ink MoU to enhance air transport relations
ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum...
Geostrategy
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
Business
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Economy
UAE economy robust, bolstered by tourism and real estate: OPEC
Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate,...
- OPEC’s Monthly Oil Market Report (MOMR) for October 2023 noted that the UAE tourism sector continued to rebound and exceeded the pre-pandemic level
- The report added that the government launched reforms to attract further investments, such as allowing 100% foreign ownership of onshore companies
Economy
Gold prices soar over 3% amid escalating Middle East conflict
Dubai, UAE - Gold prices surged over 3% on Friday, heading for their most robust weekly performance in seven months,...
- Investors closely monitored the intensifying conflict in the Middle East, which has been unsettling markets
- Meanwhile, spot silver saw a 4% rise to $22.72 per ounce, marking its first weekly gain in three weeks
Economy
GCC keen to address economic problems: Albudaiwi
Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication...
- He made the remarks while taking part in the annual meetings of the World Bank and the IMF in the city of Marrakesh, Morocco
- The GCC chief underscored the collective responsibility in eliminating poverty by supporting developing and impoverished nations