ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
Economy
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
Economy
In wealthy Dubai, poor get free bread from machines
Ten vending machines were installed last week in supermarkets, with a computer touch screen allowing people to select different types:...
- According to government figures, the food price index, which tracks the monthly change in the cost of a basket of food commodities, rose by 8.75% in July YoY.
- The UAE has a population of nearly 10 million people, 90 percent of them foreigners, many labourers from Asia and Africa.
Nord Stream 1 gas pipeline hit by leaks in Baltic Sea: authorities
Following the leaks, Jorgensen said the authorities called for "higher levels of preparedness in the electricity and gas sector" in...
- The Nord Stream 1 leaks were first spotted Monday evening, hour after a drop in pressure was reported in Nord Stream 2, according to the Swedish Maritime Administration
- As a result of the leaks, navigational warnings have also been issued for a distance of five nautical miles and a flight height of 1,000 meters
Economy
Lebanon approves budget, a key condition for IMF bailout
Prodded by the IMF to implement reforms, Lebanon's parliament has approved the 2022 budget setting expenditures at $1.2 billion. The...
- Lebanon is in the throes of an economic meltdown that the World Bank has branded one of the world's worst crises in modern times
- The IMF has conditioned its loan on a series of measures, including the approval of the budget as well as reforms to bank secrecy laws, restructuring the banking sector
Economy
UAE to relax COVID-19 restrictions from Sept. 28
The UAE will be relaxing COVID-19 restrictions nationwide which will come into effect starting September 28. Dr. Saif Al Dhaheri,...
- Official websites of the Ministry of Health and Prevention, the Federal Competitiveness and Statistics Centre and NCEMA will continue to issue updated data.
- COVID-19 daily cases announcement will be discontinued.
Business
UAE-Oman non-oil trade $98.56 billion in past decade
The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.
- Trade between the two recorded a growth of 98.9 percent to reach AED46.5 billion by 2021 end, compared to AED23.4 by 2012 end.
- It said non-oil exports accounted for 33 percent of the total non-oil trade during the past ten years, recording a value of AED120 billion.
Geostrategy
‘Global economy will suffer due to Ukraine war’
The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war...
- OECD Secretary-General Mathias Cormann said that the world is paying a very heavy price for Russia's aggression against Ukraine.
- Global growth stalled in the Q2 in 2022 and data in many economies now point to an extended period of subdued growth.
Geostrategy
UAE takes part in financial group meeting in Indonesia
The UAE recently participated in the fifth International Financial Architecture (IFA) Working Group meeting within the G20 Finance Track for...
- The meeting discussed issues related to global financial development and stability.
- UAE stressed on the need to work on a comprehensive regulatory framework for central digital currencies.
Economy
‘Firms in UAE resist employee demands for hike in salary’
Several firms in the UAE have received requests from employees to adjust compensation packages in line with the inflation in...
- Firms plan pay rises of 5 percent in 2023 as over 66 percent of companies receive requests for higher salaries.
- Over 200 global and local companies from all sectors were surveyed.
Business
BNPL payments in UAE may reach US$17.5bn by 2028
A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy...
- A number of people in the 24-45 age group prefer alternatives to credit cards for purchases.
- As per the scheme, purchases can be split into four easy interest-free payments from the time of purchase.
Economy
Anger rife as Lebanese banks reopen after weeklong closure
Depositors scuffled and long lines formed at Lebanese banks Monday as they partially re-opened after a week-long closure following a...
- Banks started imposing draconian restrictions on withdrawals after Lebanon's economy collapsed in 2019.
- Since then, the Lebanese pound has lost more than 90 percent of its market value meaning public sector salaries have slumped to as low as $40 a month.
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ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
Economy
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PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
World economy resilient, says IMF; keeps growth forecast unchanged
The IMF kept its 2023 global growth forecast unchanged but warned that the economy is "limping along" as inflation remains...
Economy
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Economy
Infra investments crucial to Dubai’s growth and global allure
Dubai's iconic skyline and architectural marvels have garnered global attention, offering stunning views for visitors and residents alike. This allure...
- The emirate's strategic investments in infrastructure, from the Dubai International Airport to iconic landmarks like the Burj Al Arab, have bolstered its global stature
- With a prime focus on sustainability and a vision for 2040, Dubai continues to charm and attract businesses, tourists, and investors from across the globe
Economy
Oxford Economics predicts 4.4% GDP growth for UAE in 2024
Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
- Scott Livermore, Chief Economist, Oxford Economics Middle East, predicted a 4.2 percent growth in non-oil GDP this year, driven by diversification strategies.
- He also expected continued growth in the realty market and a strong recovery in travel and tourism, with Dubai surpassing pre-pandemic visitor levels by the first half of 2023.
Economy
UAE helps in shaping future of international archiving
"With the ICA's theme, 'Enriching Knowledge Societies,' we're poised to delve into myriad topics, including the pivotal role of artificial...
- The UAE, a global hub for diverse sectors, hosts ICA Abu Dhabi Congress 2023, a premier knowledge platform with world-renowned archiving experts and specialists
- The Congress emphasizes AI's impact on archiving, expects over 5,000 attendees from 135 countries, and features the ICA Hackathon showcasing student innovations