Eight OPEC+ members extend oil supply cuts until year end
Supply cuts seek boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential...
Economy
BRICS integral to Arab trade diversification strategy
The UAE and Saudi Arabia’s trade with China and India far exceeds their trade with the US and UK. This...
Economy
Geostrategy
Iran takes battle of frozen US assets before UN’s top court
Iran wants billions of dollars in US assets to be unfrozen and returned to it, while the US says money...
- The case before the International Court of Justice comes as hopes fade of reviving a landmark deal which former US president Donald Trump withdrew from in 2018
- In 2008, US announced that it was pulling out of the Treaty of Amity after the ICJ in a separate case ordered Washington to lift sanctions on Iran
Economy
Metaverse helps UAE boost growth, productivity
Adoption of metaverse technologies is part of the UAE government's strategy to diversify its economy away from oil as the...
- Adoption of metaverse technologies is part of the UAE government's strategy to diversify its economy away from oil as the country focuses on innovation and talent development
- The Higher Committee for Future Technology and Digital Economy is set to make Dubai a leading hub for developing and using metaverse technologies worldwide
Economy
Saudi NDF pumped $7.45 billion into Covid relief measures
Riyadh, Saudi Arabia— The National Development Fund (NDF) of Saudi Arabia has since March 2020 financed SAR28 billion ($7.45 billion)...
- Â Initiatives from the Social Development Bank and Kafalah Program were introduced to finance small and emerging enterprises specialized in health care and education.
- The Fund launched an initiative to postpone outstanding debts and restructure the soft loans for 33 developing countries worldwide to ease their burden.
Business
ISO Annual Meeting 2022 to begin Monday in UAE, trade on agenda
The International Organization for Standardization (ISO) Annual Meeting 2022 starts Monday at the ADNOC Business Center in UAE's Abu Dhabi.
- Hosted by UAE Ministry of Industry and Advanced Technology (MoIAT), the ISO Annual Meeting 2022 runs from September 19 to 23.
- The event will witness the participation of over 2,000 delegates physically and virtually.
Business
UAE health ministry inks pact with Mediclinic Middle East
UAE Ministry of Health and Prevention (MoHAP) has signed a memorandum of cooperation (MoC) with Mediclinic Middle East to strengthen...
- UAE Ministry of Health and Mediclinic Middle East will cooperate in exchange of expertise and enhancing health research.
- Both entities will cooperate in organizing scientific conferences, training programs related to health research in the country.
Geostrategy
DEWA CEO briefs Utah House of Representatives delegation
MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer met a delegation from the Unified...
- Speaker of Utah House of Representatives Brad Wilson led the delegation to the UAE.
- The delegation want to learn about DEWA’s innovative development projects in the water, renewable and clean energy sectors.
Economy
Sharjah Chamber suggests measures for strengthening PPPs
The Sharjah Chamber of Commerce and Industry (SCCI) has recommended several measures to strengthen the emirate’s public-private partnerships (PPPs).
- The Cabinet to issue a federal law regulating partnerships between the federal authorities and the private sector in the UAE.
- In its meeting SCCI board of directors has ordered arrangements to be put in place to encourage public-private sector partnerships.
Economy
Steep Fed rate hike seen as certainty after ugly inflation data
Soaring prices have pushed annual inflation to a 40-year high, inflicting pain on American consumers and businesses, despite the welcome...
- Families have been struggling with rising prices sparked initially by high demand as the world's largest economy emerged from the pandemic
- The US central bank has cranked up the benchmark lending rate four times this year, including two straight three-quarter-point hikes in June and July
Economy
S&P updates its outlook for Saudi Arabia to positive
In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings...
- In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings to A-/A-2
- S&P expects the kingdom's GDP to grow to a ceiling of 7.5 percent in 2022 with an expected financial surplus in the state budget of about 6.3 percent
Business
Jebel Ali Free Zone propels automotive markets growth
Jebel Ali Free Zone (Jafza), facilitated over 1.2 million metric tonnes (MT) from Dubai’s total volume of around 4.8 million...
- Jebel Ali Free Zone (Jafza) logistics infrastructure and global trade network have connected African, Asian and Middle Eastern traders to consumers globally.
- With companies from 70 countries and a workforce of nearly 8,000, Jafza’s infrastructure and trade volumes are an attraction for industry giants.
Eight OPEC+ members extend oil supply cuts until year end
Supply cuts seek boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential...
Economy
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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),...
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...
Economy
US wholesale prices rise more than expected in September
Washington, United States - US wholesale prices rose more than expected in September, government data showed Thursday, as energy prices continued...
Economy
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Economy
One dead as new earthquake rocks west Afghanistan
According to the United States Geological Survey, the quake occurred at a shallow depth at around 05:10 am local time...
- So far there have been no immediate reports of new casualties after Wednesday's quake
- Most homes in rural Afghanistan are made of mud and built around wooden support poles
Economy
UAE to sign six more CEPAs by year end: Al Zeyoudi
Dubai, UAE--The UAE will sign six new comprehensive economic partnership agreements (CEPA) with South Korea, Thailand, Chile, Costa Rica, Colombia,...
- The minister made the remarks about the new CEPA agreements during a press conference to announce the UAE-Georgia CEPA
- He added that agreements will be signed with South Korea, Thailand, Chile, Costa Rica, Colombia, and Ukraine in the next few months
Economy
Saudi non-oil GDP growth to be strong despite oil cuts
Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a...
- Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a 6.5% drop in oil production, says a report
- The World Bank, meanwhile, revises the Kingdom's growth forecast, highlighting challenges in the broader MENA region due to global financial conditions and inflation