China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
Economy
Egypt banks on small farms to overcome wheat shortage
Egyptian smallholders grow nearly half of the country's crops, a lifeline role increasingly important after grain imports were stalled by...
- Egypt relied on Russia and Ukraine for 80 percent of its imports for wheat, providing the flour for Egypt's traditional flat bread
- In March, Cairo ordered farmers to grow wheat, calling the "compulsory delivery" orders a "patriotic duty"
Economy
Saudi Arabia mulls welfare funds to ease inflation
The Kingdom has allocated $5.3bn to deal with the fallout of rising global prices, with half of the fund going...
- The Kingdom has set aside $5.3bn to deal with the fallout of rising global prices, with half of the fund going to social insurance beneficiaries and the Citizens' Account program.
- According to the recent data issued by Saudi Arabia’s General Authority for Statistics, inflation rose marginally to 2.3 percent year-on-year in June 2022
Economy
Dubai’s labor body to expand schemes for welfare of workers
The Permanent Committee for Labor Affairs has reiterated its commitment to collaborate with private and social organizations to consolidate the...
- The Permanent Committee for Labor Affairs said it will collaborate with private, social organizations for progressive labor policies in Dubai
- PCLA said it pursues workplace campaigns and community initiatives to improve workers’ standard of living and working
Economy
IMF adopts plan to better account for gender gaps
Kristalina Georgieva in a statement.said that the Washington-based organization would immediately begin implementing the strategy.
- Kristalina Georgieva in a statement.said that the Washington-based organization would immediately begin implementing the strategy
- She added that "well-designed macroeconomic, structural, and financial policies can support efficient and inclusive outcomes.”
Economy
Abu Dhabi records $6.13bn of real estate transactions in H1 2022
Abu Dhabi's real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over US$6.13 billion...
- Abu Dhabi's real estate market recorded 7,474 property transactions worth over US$6.13bn in H1 2022
- Department of Municipalities and Transport half-yearly report says all kinds of land, buildings and real estate were purchased, sold and mortgaged
Business
Twitter Q2 revenue at $1.18bn
Twitter reported disappointing results on Friday, a miss that the social network attributed to "headwinds" including the uncertainty related to...
- Twitter missed expectations with revenue of $1.18 billion, due to "advertising industry headwinds"
- Uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk is also touted as a reason for the results
Geostrategy
‘Bilateral ties strengthened with UAE President’s France visit’
The French Ambassador to the UAE, Xavier Chatel, described the first official visit to France of UAE President Sheikh Mohamed...
- The French Ambassador to the UAE described the first official visit to France of UAE President as successful
- Sheikh Mohamed bin Zayed Al Nahyan's visit underscores deep-rooted friendship between the two countries
Economy
Allotted industrial & commercial land rules in Dubai amended
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister has issued a decree regulating the grant of title...
- Sheikh Mohammed bin Rashid issued Decree No. (25) of 2022 amending some of the articles of Decree No. (4) of 2010
- Article (1) outlines the definitions in the decree, while Article (2) covers the ownership of granted land
Business
French oil, shipping firms reduce prices under government pressure
French oil group TotalEnergies and shipping giant CMA CGM announced price cuts on Friday as demanded by the government amid...
- French oil group TotalEnergies and shipping giant CMA CGM announce price cuts
- The French government demanded that energy and transport firm cut prices amid calls for windfall taxes
Economy
UAE Federal Tax Authority carries out 9,500 inspections in H1 2022
The Federal Tax Authority expanded its efforts in collaboration with various government departments, ministries and authorities to protect consumers from...
- During the first half of this year, the FTA carried out 9,948 inspection visits in local markets across the country
- Inspections conducted H1 of 2022 increased by 104 percent compared to 4,878 inspections conducted H1 of 2021.
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China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
Company News
Latest News
Turkey expected to hike interest rate to 20-year high
The mercurial Turkish leader performed one of his trademark policy reversals after winning a difficult re-election in May. The vote...
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
Business
Belt and Road Initiative countries expect more cooperation ahead of China-Arab expo
YINCHUAN, CHINA - In the run-up to the sixth China-Arab States Expo, guests from countries and regions along the Belt...
Geostrategy
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Economy
Stocks diverge as oil hits 10-month high of above $95 per barrel
Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported...
- The Federal Reserve is seen keeping interest rates on hold Wednesday but is expected to be cautious over the outlook as crude pushes higher.
- In Asian trading, Hong Kong managed a gain while Shanghai was flat. In Europe, London and Paris were in the green while Frankfurt was lower.
Business
Airports Council International sets up first office in Riyadh
Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in...
- The office was inaugurated by the kingdom's Minister of Transport and Chairman of the Board of Directors of the General Authority of Civil Aviation, Saleh Al-Jasser
- He said that the opening also aligns with the strategy aimed at strengthening air connectivity with countries worldwide, reaching 250 international destinations
Economy
There’s a link between health and climate change
“As we prepare for the groundbreaking Health Day at COP28, we are resolute in our determination to address the challenges...
- At the heart of the COP28 discussions, the UAE, represented by Dr. Sultan bin Ahmed Al Jaber, emphasizes the undeniable link between climate change and health
- COP28 seeks to spotlight the fragility of global health systems, the financial implications of climate-induced health crises, and the urgent need for transformative changes