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...
Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...
Economy
S&P says UAE non-oil economy posts growth in September
S&P Global's latest data reveals that the UAE has recorded a strong growth in business across the non-oil economy even...
- August had recorded a slightly higher PMI of 56.7, but S&P considers any readings above 50 as growth while those below 50 are marked as contraction
- S&P noted that firms also encountered relatively mild price pressures, as input costs rose only slightly after a renewed fall in August
Business
IMF chief says BOE acted quickly to UK budget proposal
Prime Minister Liz Truss on Sunday conceded she should have better prepared Britain for her plan, which went further than...
- "We cannot have fiscal policy working against the monetary policy by providing untargeted policy support", IMF chief Kristalina Georgieva said Tuesday
- UK Finance Minister Kwasi Kwarteng on September 23 announced the debt-driven mini-budget, which slashed taxes and sparked market turmoil
Economy
In Morocco hills, cannabis farmers bet on budding industry
Morocco - the world's top producer of hashish according to the United Nations - lies on Europe's doorstep and is...
- The marginalised Rif region has long been a major source of illicit hashish smuggled to Europe while Moroccan authorities, wary of social unrest, have often turned a blind eye
- Growers now hope that a change in the law last year will help them profit legally from medicinal cannabis, increasingly used to treat conditions including multiple sclerosis
Economy
DMCC, Fresh Water Norway partner to expand water supply chain
The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a...
- The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a period of 50 years
- Fresh Water Norway will be able to avail of DMCC’s services, global connections and network across supply chains and its ability to drive trade flows through Dubai
Business
Wall Street stocks shine amid hopes of US policy pivot
US equities posted gains for a second straight session amid hopes of a US monetary policy pivot, after a bruising...
- The tech-rich Nasdaq Composite Index led the major indices, powering up 3.3 percent to close at 11,176.41
- The Dow Jones Industrial Average rose 2.8 percent to 30,316.32, while the broad-based S&P 500 jumped 3.1 percent to 3,790.93
Economy
Energy crisis feared by Europe long a reality in Iraq
Soaring energy prices fuelled by Russia's war in Ukraine have forced a new reality upon European nations, where people are...
- The noise of privately owned generators can be heard all over the country as households and businesses try to make up for supply shortfalls from the national electricity company
- The Middle Eastern country is rich in oil, but endemic corruption and devastating conflict have taken a heavy toll on its infrastructure and forced most of its people to adapt
Economy
Saudi Arabia’s non-oil economy is growing: S&P
Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month.
- Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month
- Readings above 50 indicate expansion, while readings below 50 indicate contraction, according to S&P Global
Business
Riyadh Chamber hosts Saudi-Russian business meeting
The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.
- The meeting stressed the importance of commercial relations between Saudi Arabia and Russia.
- Businesses can benefit from investment opportunities and partnerships in the two countries.
Geostrategy
Germany to continue with $198bn energy fund despite EU criticism
Germany pushed back against critics of a 200-billion-euro ($198-billion) energy fund, as Berlin faces fresh accusations it is going it...
- France and key members of the European Commission are asking for EU-wide solutions to the energy crunch aggravated by the Ukraine war.
- They fear that European countries with high debts cannot afford the largesse demonstrated by Germany, the EU's biggest economy.
Economy
UAE free zone residence visas now valid for two years
The visas currently under process, even those in the last stages of completion, will also be valid for two years...
- The decision comes into effect from October 3, 2022. Earlier, the residence visas were valid for three years.
- The UAQ Free Zone says that all residence visas or Emirates IDs issued for three years will be valid until renewal.
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...
Company News
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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
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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 0.5Â 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