Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Economy
ADB boosts Asia-Pacific food security financing to $14 billion
The bank, which has 49 members stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia, usually...
- The financing would target among other things food production and distribution. ADB says 1.1 billion people in the region "lack healthy diets due to poverty and food prices".
- The announcement comes after the bank recently cut its 2022 growth forecast for the region, to 4.3 percent from its April projection of 5.2 percent.
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.
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Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
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Need to end charging infrastructure bias as EVs rise
"Convenient and affordable charging primarily benefits private homeowners who can easily install EV charging equipment on their property and use...
Economy
UN calls for $294m for ‘urgent needs’ in Gaza, occupied West Bank
Nearly 60 percent of households in Gaza were considered food insecure before the start of the new hostilities. As of...
Israel-Hamas war a ‘new cloud’ over world economy, says IMF
Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with...
Geostrategy
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Business
Real estate trading volume in Qatar exceeds US$88m in week
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin for the same period is US$19.7 million.
- A weekly bulletin shows that the list of real estate properties traded for sale included vacant lands, houses, hotel.
Economy
Africa’s exports expected to hit close to $1 trillion by 2035: Standard Chartered
Marrakesh, Morocco – Africa’s total exports will reach $952 billion by 2035 and the African Continental Free Trade Area (AfCFTA),...
- Rising regional trade levels and greater connectivity will unlock high‑growth corridors across Africa and beyond, the Stanchart report says
- The East Africa-South Asia corridor is expected to emerge as the fastest-growing major corridor, at 7.1 per cent per annum through to 2035, the report adds
Economy
Activists term IMF, World Bank ‘worst scam of the century’
Activists from developing nations belonging to a group called People's Alternative Global Tribunal organized themselves in the Moroccan city as...
- They blamed both the institutions for pursuing an economic model that favours political and financial elites
- The International Monetary Fund and World Bank are holding their first annual meeting in Africa in half a century