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
FDIs in the UAE grew 116% from 2012 to 2021
According to a report by the UAE's Ministry of Economy, during the past decade from 2012 to 2021, FDIs in...
- FDI in the UAE witnessed significant growth, from $9.5billion in 2012 to $20.6 billion in 2021
- The UAE was ranked 19th globally in the list of top 20 countries that attract FDIs
Economy
Dubai’s weeklong real estate transactions total $1.4bn
In Dubai, the real estate and properties transactions valued at $1.4 billion in total during the week ending 05 August...
- In Dubai, 255 plots were sold for $337 million, 1,510 apartments and villas for $759 million
- During the week, the total number of transactions was 2,247
Economy
UAE to set up country’s first Industry 4.0 Enablement Centre
UAE will set up the country’s first Industry 4.0 Enablement Centre aimed at promoting, enabling, and supporting the digital transformation...
- The UAE ministry of industry and advanced technology will explore how the Enablement Centre can leverage what has been achieved by the EDGE Learning & Innovation Factory.
- Its offerings include learning, innovation, and demonstration to the wider industrial ecosystem.
Jordan approves charter for Artificial Intelligence ethics
A cabinet session headed by Prime Minister Dr. Bishr Khasawneh, passed the charter and circulated the document to all ministries...
- A cabinet session headed by Prime Minister Dr. Bishr Khasawneh, passed the charter and circulated the document to all ministries and public institutions
- The charter also seeks to find a common ethical base that regulates development of artificial intelligence technologies, based on human and religious values
Economy
Three more grain ships leave Ukraine: Turkey
Moscow and Kyiv agreed in Istanbul last month to resume shipments of wheat and other grain from Ukrainian ports for...
- Moscow and Kyiv agreed in Istanbul last month to resume shipments of wheat and other grain from Ukrainian ports for the first time since Russia invaded its neighbor in February
- The ship's passage is being overseen by an international team that includes officials from Turkey, the UN and the two warring parties
Geostrategy
Syrian ship accused of carrying stolen Ukranian grain leaves Lebanon
The Laodicea, which was docked in the northern port of Tripoli, was cleared to leave after investigations failed to prove...
- Kyiv's embassy in Lebanon had claimed that the grain cargo was loaded from a region occupied by Russian forces
- Ukraine has repeatedly accused Moscow's forces of ransacking its grain warehouses since Russia invaded the country in late February
Geostrategy
Iran says sending team to resume nuclear talks in Vienna
Negotiations in Vienna began in April 2021 to restore the deal, but have stalled for the past five months amid...
- Iran foreign ministry statement said that Iran hoped the opposing parties will seriously focus on resolving the remaining issues
- Earlier, coordinator of the nuclear talks between Iran and world powers, Josep Borrell submitted a new draft text and urged all sides to accept it
Economy
Saudi Arabia records $20 bn surplus after oil price surge
Despite being among the world's top crude exporters and the largest Arab economy, Saudi Arabia has failed to balance its...
- The surplus is largely due to oil revenues rising to more than 250 billion riyals, compared to around 132 billion during the same period in 2021, a jump of 89 percent
- In December, Saudi Arabia approved its 2022 budget projecting a surplus for the first time since oil prices slumped in 2014
Economy
Equities, investment funds boost GCC economies
GCC countries will witness a rise in their wealth between 2021 and 2026 after two years of challenging time due...
- GCC countries will witness a rise in their wealth between 2021 and 2026 after two years of challenging time due to the Covid-19 pandemic, a report points out
- Equities and investment funds will account for 64 percent of total personal wealth in the UAE in 2021, says the report released by Boston Consulting Group
Business
Ethiopian delegation visits Dubai to explore digital services
An Ethiopian delegation of 10 members, comprising decision-makers from the public and private sector, visited Dubai Chambers between July 25-...
- The delegates sought to review Dubai’s success in digital services, and discuss creating potential business partnerships
- The visit included signing deals supporting the Digital Ethiopia 2025 strategy, and exchanging knowledge and expertise.
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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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...
Business
Innovation steers Middle East through tourism swings
Facing tourism seasonality challenges, the region diversifies offerings, enhances infrastructure, and collaborates, for year-round success despite temperature fluctuations.
Economy
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Economy
Dubai Government reduces public debt by US$7.8bn
DUBAI, UAE - The Public Debt Management Office (PDMO) of the Government of Dubai's Department of Finance (DOF) announced a...
- The achievement has been realized within a year and a half since the establishment of the office in 2022.
- This includes a full redemption of Sukuk certificates worth $898 million, the repayment of bilateral and syndicated facilities totaling $1.4 billion.
Geostrategy
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
- The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
- ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.
Economy
Non-oil sector to drive UAE economic growth to 3% in 2023: S&P
S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is...
- Analysts expect the UAE banking sector to remain robust, with profitability improving beyond pre-pandemic levels due to rising interest rates.
- Banking sector's profitability is expected to improve and exceed pre-pandemic levels due to rising interest rates and technological advancements.