Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
Economy
China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...
Economy
Economy
UAE provides inflation allowance to 47,300 low-income families
The number of families that are provided inflation allowance under the UAE's Social Welfare Programme for low-income citizens, has reached...
- The inflation allowance is provided for food, water and electricity and fuel.
- Electricity and water subsidies will be paid to eligible categories for the inflation allowance in September.
Economy
Jordan to amend General Sales Tax Law to curb tax evasion
Senate Finance and Economic Committee has approved a slew of amendments to the Jordanian General Sales Tax Law 2021, referred...
- According to Jamal Sarayrah, head of the committee, amendments seek to bring about adherence to tax payment and reduction in tax evasion
- The committee will develop a set of recommendations on the the draft law, which would then be submitted to Senate's presidency for deliberation
Jordan puts up draft national AI strategy for public debate
The draft has been formulated in collaboration with experts from the European Union, the United Nations Economic and Social Commission...
- The draft has been formulated in collaboration with experts from the European Union, the United Nations Economic and Social Commission for Western Asia, and the UNIDO
- The strategy aims to create a regulatory environment that encourages the responsible use of AI and its applications to improve the efficiency of the public sector
Economy
Oil prices down by 10% as US stockpiles increase
A rise in US stockpiles was partly responsible for a 10 percent drop in the commodity last week.
- A rise in US stockpiles was partly responsible for a 10 percent drop in the commodity last week
- Oil prices got support after OPEC+ decision of increase in production starting next September, by 100,000 barrel per day
Economy
Over 7mn international visitors in Dubai in H1 2022
Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording over 183 growth compared to the 2.52...
- The number of tourists recorded in H1 2022 was close to the numbers achieved in the first six months of 2019
- Western Europe accounted for a significant share of tourist arrivals, comprising 22 percent of total international visitors in H1 2022
Economy
Qatar’s central bank’s foreign currency reserves hit $58bn in July
Qatar Central Bank’s (QCB) foreign currency reserves and liquidity increased 2.79 percent to reach QR 211.32 billion ($58bn) in July...
- The rise in reserves driven by an increase in the central balances of bonds and foreign treasury bills.
- The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and Special Drawing Rights (SDR).
Economy
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...
- Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
- Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
Geostrategy
Syria more than doubles petrol prices, says commerce ministry
Syria's internal commerce ministry has announced a petrol price hike of around 130 percent in the war-torn country facing fuel...
- The cost of a liter of subsidized fuel will rise to US$0.99 (2,500 Syrian pounds), from US$0.43 (1,100 Syrian pounds)
- The cost of non-subsidized petrol will rise from US$1.39 (3,500 Syrian pounds) to US$1.59 (4,000 Syrian pounds), the ministry said.
Videos
UAE ahead of US, UK as millionaire destination
The Ukraine conflict has triggered the biggest immigration of high-net-worth Russians, many of whom are likely to move to the...
- Destinations such as Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand are behind UAE as preferred millionaire destinations.
- Henley Global Citizens Report estimates that 15,000 High Net Worth Individuals could leave Russia by the end of this year.
Economy
Amman Chamber members’ exports rise by 57 percent in 7 months
Exports by member firms of the Amman Chamber of Industry (ACI) increased by 57 percent during the past seven months,...
- Media reports said exports spiked to JD4.159 billion ($5.86 billion) during the past seven months of the year, compared to JD2.656 billion in the same period of 2021.
- Jordanian industries can access more than 142 markets around the world through the export of 1,400 commodities.
Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
Economy
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ADNOC Gas signs deal with IOCL
Business
Markets mostly up but US rate outlook feeds uncertainty
With inflation still sitting well above the central bank's target and the labor market showing few signs of softening, decision-makers...
Business
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...
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Economy
World Bank chief vows to tackle ‘dysfunctionality’ at development lender
The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its...
- Banga has previously called on World Bank to collaborate more closely with the private sector to meet the enormous costs associated with climate change mitigation and adaption
- On Tuesday, Banga said the bank should carefully target where it wants to encourage private investment to help cap carbon emissions in order to have the biggest impact
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