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...
COP29 opens with Trump climate withdrawal looming
he COP29 climate talks open Monday in Azerbaijan, under the long shadow cast by Donald Trump's re-election. Trump has pledged...
Economy
Geostrategy
UAE, Tanzania sign pact to avoid double taxation
UAE and Tanzania have signed an agreement for avoiding double taxation and preventing tax evasion.
- The pact was signed as part of the UAE's endeavors to strengthen cooperation frameworks in tax matters.
- The agreement is in line with both countries’ efforts to boost cooperation in tax fields, increase investment opportunities, encourage trade exchange.
Geostrategy
Dubai fifth globally in UN digital city governance survey 2022
Dubai ranked fifth globally and first in the Arab World in the Local Online Service Index (LOSI) 2022 issued by...
- The latest Local Online Service Index assessed digital governments in major cities across 193 countries.
- Dubai received perfect scores in Institutional Framework, Content Provision and Service Provision, earning it top ranking in these vital indicators.
Economy
UAE to develop international maritime network
The Ministry of Energy and Infrastructure (MoEI) announced the launch of the "UAE Maritime Network".
- The initiative supports the Ministry of Energy and Infrastructure efforts to enhance the position of the UAE’s maritime sector globally.
- The maritime network will be a knowledge hub for global stakeholders on investment opportunities in the UAE’s maritime industry.
Economy
Fourth leak detected at Nord Stream pipelines in Baltic Sea
A Swedish Coast Guard official said that there are two leaks on the Swedish side and two leaks on the...
- Media reported that the latest leak was detected at the Nord Stream 2 pipeline, but the coast guard did not confirm this
- The vast leaks cause significant bubbling at the surface of the sea several hundred meters wide, making it impossible to immediately inspect the structures
Geostrategy
EU proposes new Russia sanctions including oil price cap
European Union also plans to expand its travel blacklist and asset freezes to include high-ranking Russian defense officials and organizers...
- The EU will also look to ban Russian exports worth $7 billion and tighten restrictions on goods flowing from the EU that could help Russia's war machine
- The push for an oil price cap is aimed at limiting how much third countries, such as China and India, pay for Russian crude
Economy
UAE economy achieves pre-pandemic level growth: WB regional director
Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and...
- Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and fiscal stimulus packages
- He added that the GCC region is projected to expand by 5.9 percent in 2022 before moderating to 3.7 percent and 3.3 percent in 2023 and 2024, respectively
Business
$3 billion joint-venture railway to link Oman and UAE
The 303km railway, with passenger trains traveling up to 200kmper hour, will join up with the UAE's national network that...
- The railway will link Abu Dhabi with Oman's deep-sea Sohar port, which bills itself as a nexus of trade between Asia and Europe.
- A multi-billion dollar railway linking the six Gulf Cooperation Council countries has languished since a feasibility study was approved in 2004.
Geostrategy
EU proposes new sanctions on Russian exports
The EU's executive proposed a new round of sanctions on Moscow over its latest "escalation" in Ukraine, including an oil...
- As part of the new round of sanctions the commission is laying out a 'legal basis' for a price cap on Russian oil
- It will also look to ban Russian exports worth $7 billion and tighten restrictions on goods flowing from the EU.
Economy
Lebanon to devalue currency first time in two decades: Official
The exchange rate has been officially pegged at 1,507 Lebanese pounds to the dollar since 1997, but will drop to...
- Lebanon's local currency has lost more than 95 percent of its value on the black market since the 2019 onset of the country's financial crisis, branded by the World Bank.
- The decision to shift the peg follows a visit last week by a delegation from the International Monetary Fund, which is pressing Lebanon to implement reforms.
Geostrategy
UAE, Japan sign comprehensive strategic partnership pact
Minister of Industry and Advanced Technology and UAE Special Envoy to Japan Dr. Sultan bin Ahmed Al Jaber and the...
- The UAE-Japan strategic partnership agreement aims to bolster relations between the two countries to advance their common interests.
- The key areas of the partnership include diplomacy, enhancing international development, humanitarian aid efforts, business, trade, energy.
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...
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Ma’aden, BADC ink agreement
Business
GCC states post 7.3 percent GDP growth in 2022: Albudaiwi
Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the...
Economy
Dubai becomes haven for firms of all sizes
Dubai's fintech expansion, the enticing Golden Visa program, competitive tax structures, a talented workforce, and a robust real estate sector...
Economy
Israel-Gaza conflict creates global economic ripples
As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with...
Analysis
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Business
Early economic measures tame Saudi inflation at 1.7% in Sept: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September...
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items. The prices are collected through field visits to points of sale.
- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, the IMF said recently.
Economy
Dubai’s economy grows 3.2 percent in H1 2023
DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance...
- Trade activities achieved an added value of US$14.5 billion in H1 2023, growing by 1.7 percent compared to the same period in 2022.
- Trade activities are vital for Dubai’s economy and for the wider region, as they effectively contribute to sustainability and economic prosperity.
Economy
UAE allots US$200m to boost growth in low-income countries
Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing...
- The minister made the announcement during the International Monetary and Financial Committee (IMFC) gathering in Marrakech
- The allotment of money aligns with the UAE’s efforts to realize the United Nations’ Sustainable Development Goal to eradicate poverty