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
US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...
Economy
IMF condemns Lebanon’s ‘very slow’ progress on reforms
Lebanon and the IMF reached a conditional agreement on the loan in April to help the country stem its economic...
- The IMF conditioned the funds on a series of measures, notably parliament approving a 2022 budget and a reformed bank secrecy law as well as restructuring the banking sector.
- Lebanese have grown increasingly desperate after nearly three years of economic meltdown, with at least seven people storming their own banks last week to withdraw frozen savings.
Economy
Markets drop as Fed hike looms, Putin move lifts dollar and oil
Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up...
- In Washington, the Fed is due to conclude its latest policy meeting, with most analysts predicting it will announce another 75 basis-point lift.
- Fed officials have for months stuck to the mantra that they will only ease up on their hawkish drive when inflation comes down and remains subdued.
Economy
Social media greenwashing by fossil fuel interests ‘rampant’: study
This is a widespread corporate practice researchers call "redirecting responsibility" in which individual behavior, rather than the actions of governments...
- Entitled "Three Shades of Green(washing)," the report released during New York's Climate Week found that only one in five "green" car ads actually present a product for sale
- Silvia Pastorelli, a Greenpeace campaigner, said in a statement that the report highlighted techniques that had been "hiding in plain sight."
Economy
Saudi Tourism Authority organizes promotional tour in GCC countries
The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and...
- The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and regional markets
- Earlier, Saudi Arabia passed a new tourism law which is expected to accelerate the development of an internationally competitive tourism sector
Geostrategy
We are helping Lebanon to deal with economic challenges: Blinken
The United States Secretary of State Antony Blinken said the US is supporting Lebanon through its incredibly challenging economic issues.
- The United States Secretary of State Antony Blinken said the US is supporting Lebanon through its incredibly challenging economic issues
- Prime minister Mikati thanked Blinken for his support and the opportunity to talk about Lebanon’s problems.
Economy
UAE GDP grows 18.8% at current prices in 2021, says federal body
The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared...
- The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared to around $0.27 trillion in 2020
- According to the FCSC, the contribution of extractive industries, such as crude oil and natural gas, to GDP at fixed prices fell from 28.7 percent in 2020 to 27.4 percent in 2021
Economy
Pandemic resilience gives Abu Dhabi economy an edge
Health remains key focus as the UAE capital leads global bid to combat the pandemic, as evidenced by its role...
- Health remains key focus as the UAE capital leads global bid to combat the pandemic, as evidenced by its role in clinical trials for COVID-19 vaccines and therapeutic innovations
- Abu Dhabi has been again named the world's top pandemic-resilient city in 2022 in appreciation of its sophisticated and robust healthcare infrastructure, commitment and leadership
Economy
ADB cuts ‘developing Asia’ growth forecast as China lockdowns bite
China's growth forecast for 2022 was reduced to 3.3 percent from 5.0 percent, as Beijing pursues a zero-Covid strategy that...
- ADB chief economist Albert Park warned "risks loom large" for the region's outlook and urged governments to remain "vigilant."
- The bank also raised its inflation forecast to 4.5 percent from 3.7 percent, as Russia's invasion of Ukraine and supply chain disruptions drive up food and energy prices
Business
Air passengers number up, reveals global aviation meet in Dubai
Some of the greatest minds in the aviation industry took to the stage at this year’s Global Aviation Conference in...
- Air passenger numbers are expected to exceed 80 percent of pre-pandemic levels this year.
- The surge would be driven by strong pent-up demand, eased travel restrictions, and growing employment rates.
Geostrategy
UAE, France, India share vision on sustainable growth: Sheikh Abdullah
New York, USA - UAE, France and India have discussed the need for enhancing global cooperation to counter energy and...
- Foreign ministers of the three countries reviewed it as they met on the sidelines of UNGA's 77th session.
- The three ministers discussed enhancing global cooperation in facing issues like energy and food security.
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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
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Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
Business
Saudi Arabia explores carbon capture, storage potential
“Achieving success in this area will benefit everyone and align with the goals of the Paris Climate Agreement,” he adds...
Economy
Minimum pension for Saudi social security beneficiaries up 20%
Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum...
Economy
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Economy
Saudi Arabia and South Korea pledge to ramp up ties in various fields
Riyadh, Saudi Arabia-- Saudi Arabia and South Korea have pledged to strengthen cooperation in various fields. According to a press...
- The crown prince and the president reviewed the pace of cooperation made in a wide range of areas since the Saudi leader's visit to South Korea last year
- Last year, Saudi Arabia and South Korea pledged to strengthen cooperation in the fields of energy, defense, and infrastructure and construction
Economy
In a world first, EU gives nod to green bond standards
Brussels, Belgium - European Parliament has adopted a new voluntary standard for the use of a “European Green Bond” label, the...
- The regulation, adopted by 418 votes in favour lays down uniform standards for issuers who wish to use the designation ‘European green bond’
- The standards will enable investors to direct their money more confidently towards more sustainable technologies and businesses
Economy
Putin launches Russian gas shipments to Uzbekistan
"This is the largest trilateral energy project" between the three ex-Soviet countries, Putin said, after formally launching the shipment. He...
- Despite being home to a wealth of natural resources including gas, the Central Asian country of Uzbekistan has faced energy shortages
- Moscow meanwhile relies heavily on energy revenues but has seen export plummet amid since the offensive