Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
Economy
UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...
Business
Business
‘RAK aims to increase number of hotel rooms in 5 years’
CEO of the Ras Al Khaimah Tourism Development Authority (RAKTDA) Raki Phillips said that the emirate’s tourism sector aims to...
- Ras Al Khaimah plans to increase the number of hotel rooms in the emirate over the next five years to 12,747 rooms
- The rooms would be provided by over 50 hotels and resorts that offer the highest levels of service to visitors
Economy
UAE announces new incentives to support emirati SMEs
The new incentives include classifying up to five enterprises under Tier 1 category per owner, instead of two enterprises, and...
- The enterprises that will benefit from the new incentives have to be members of accredited funds and programs that support SMEs in the UAE.
- Empowering SMEs is a strategic priority within the nation’s continuous efforts to develop the business sector in the UAE, said Khalil Al Khoori, an HR official.
Business
Ajman Chamber discuss economic ties with Mexican envoy
Director-General of the Ajman Chamber of Commerce and Industry (ACCI) Salem Al-Suwaidi received Ambassador of Mexico to the UAE Luis...
- The meeting between DG of Ajman Chamber and Mexican ambassador took place as part of the Chamber's efforts to diversify its external partnerships
- The two sides discussed economic cooperation and explored trade and investment opportunities between the two countries
Economy
Global equities tumble as British inflation hits new 40-year high
Investors remain on edge as central banks hike interest rates to fight runaway inflation, but the monetary policy tightening could...
- US retail sales flatlined at $682.8 billion in July as gasoline prices retreated from record levels while American consumers boosted spending
- The Bank of England warned earlier this month that UK inflation would climb to just above 13 percent this year, which would be the highest level since 1980
Economy
US envoy expects China to ramp up coercion of Taiwan
The US in retaliation will begin formal trade talks with Taiwan by the autumn to show support for the democracy,...
- Taiwan lives under constant threat of an invasion by China, which claims the democratically ruled island as part of its territory to be seized one day
- The US envoy said Washington would respond with "calm, but resolute steps" to keep the Taiwan Strait open and peaceful
Economy
OPEC not responsible for soaring inflation: Secretary-General
“OPEC is not behind this price increase,” said the secretary-general of the the influential group of producers Haitham Al-Ghais. “There...
- Al-Ghais’ comments follow the OPEC’s decision to add only 100,000 barrels per day from next month
- He said the factors behind the spike in gas and oil prices are beyond OPEC and identified underinvestment as the main problem
Economy
US Fed warns of more interest rate cuts to tame inflation
US Fed officials believe it will take some time to bring "unacceptably high" inflation back down near the two percent...
- US policymakers are trying to tread a narrow path and avoid pushing the world's largest economy into recession
- Fed officials are trying to dispel some of that excess optimism, stressing in recent speeches that the central bank is committed to pursuing its battle on inflation
Economy
UAE scores high in 11 best expatriate destination parameters: Survey
The UAE has exceeded international figures in 11 indexes on the best expatriate destinations based on various factors, which include...
- German research firm InterNations said UAE achieved advanced positions in four key pillars and 11 indexes, out of five pillars and 17 indexes.
- About 94 percent of those surveyed felt safe in the UAE while the global rate was under 81 percent.
Economy
High oil prices may push Saudi growth to 7.6 percent in 2022: IMF
The government's Vision 2030 reform programme, designed to reduce the kingdom's dependence on oil, has also given the economy a...
- The kingdom managed to contain inflation at 3.1% in 2021, and the IMF predicted it would remain little changed this year at 2.8%, even as rates soar in much of the developed world.
- The fund said that was largely due to "low passthrough" of the double-digit wholesale price inflation and increasing shipping costs battering the world economy.
Business
Number of UAE-based private sector employees grows by 9% in Q2
The Ministry of Human Resources and Emiratisation said in its private sector workforce report that the construction sector accounted for...
- Twenty-six percent of the total private sector workforce registered with the Ministry are in the construction sector, followed by 21 percent in the trade and repair services.
- Agriculture sector marked the highest (70 percent) growth in the number of new work permits issued, followed by social and personal services.
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Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
Economy
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Business
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Russian economy to grow 1.5 percent this year, says key European bank
After having forecast a contraction earlier this year in Russia's economy, the European Bank for Reconstruction and Development is now...
Economy
Police hold boss of troubled developer China Evergrande: report
Xu Jiayin, who is known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month, according...
Israel makes progress on water-for-energy pact with Jordan and UAE
Dubai, UAE - Israel's energy minister and the CEO of the UAE's renewable energy firm, Masdar, have met to advance...
Economy
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Economy
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
- It hopes to harness green hydrogen -- the kind made without burning fossil fuels -- for its sizeable fertilizer sector
- Hydrogen is seen as a clean energy source that can help the world reduce atmospheric carbon emissions
Business
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
- The Iranian minister said that a long-term contract to operationalize Chabahar Port will be signed with India in the near future
- He said that in order to develop the country's transit, it is important to develop north-south corridors with a rail connection
Business
DP World spends US$6bn
It invested the money to be a big supply chain player.
- DP World's CEO, Sultan Ahmed bin Sulayem, made the remarks during the 21st Arab Media Forum in Dubai, at a session titled ‘Trade in a Changing World’
- He said the company made the switch from operating ports to becoming a global leader in smart end-to-end supply chain logistics, facilitating worldwide trade flows