GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
Economy
Oil prices surge, Asian markets fall following Iran explosions
Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent...
Economy
Economy
EU’s Official Development Assistance reaches US$71b in 2021
This represents a 4.3 percent increase in nominal terms and the equivalent to 0.49 percent of collective Gross National Income.
- This represents a 4.3 percent increase in nominal terms and the equivalent to 0.49 percent of collective Gross National Income.
- Overall, 22 Member States increased their ODA in nominal terms last year compared to 2020, with the strongest nominal increases coming from Germany
Economy
Indian rupee slides to new low against dollar, touches 80
The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the...
- Tighter US monetary policy has exacerbated outflows from emerging markets such as India, where foreign investors have withdrawn a net $30.8 billion in debt and equity this year
- In a written statement to the Indian parliament on Monday, finance minister Nirmala Sitharaman attributed the rupee's sharp fall to external reasons
59% more French tourists visited UAE in 2021
In 2021, the number of French tourists visiting the UAE rose to 311,570, an increase of 59 percent, compared to...
- In 2021, the number of French tourists visiting the UAE rose to 311,570, an increase of 59 percent, compared to 2020.
- According to the figures, the number of French tourists who visited the UAE from 2015 to 2021 totalled 2.461 million
Geostrategy
Italy PM signs clutch of deal with Algerian president
Italian Prime Minister Mario Draghi sealed 15 agreements with Algeria's president Monday, ahead of the expected conclusion of another deal...
- Algeria will also increase gas exports to Italy by four billion cubic metres in the coming days
- Italy buys the majority of its natural gas from abroad, with some 45% of its imports coming from Russia
Analysis
Investors stay away as oil fuels tension in Iraq
The long-simmering dispute came to a head in February when the federal supreme court ordered Kurdistan to hand over oil...
- Iraq, the second largest OPEC producer, sits on enormous oil reserves, and revenues from the sector feed 90 percent of the federal government budget.
- The country exports an average of 3.3 million barrels of crude oil per day (bpd), while production in Kurdistan amounts to just over 450,000 bpd.
Economy
Dubai Metaverse Strategy launched, aims to foster innovation
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, Monday launched...
- Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the strategy.
- The strategy emphasises fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers.
Economy
UAE honors firms which tripled Emiratization within 2 months
UAE's Ministry of Human Resources and Emiratization (MoHRE) has honored 16 companies that achieved over triple their Emiratization ratios in...
- UAE's Ministry of Human Resources and Emiratization has honored 16 companies that tripled their Emiratization targets in two months
- These companies will benefit from several incentives including upgrading their classification to the first category
Economy
DEWA commissions 11 substations in first half of 2022
Dubai Electricity and Water Authority (DEWA) commissioned a new 400/132 kV substation in Al Qusais Industrial Area 5, and 10...
- DEWA commissioned one 400/132 kV substation in Al Qusais Industrial Area 5 of Dubai in the first half of 2022
- Across Dubai 10 more 132/11 kV substations in different areas were commissioned in the first half of 2022.
Economy
ECB goes on offensive as inflation pressure mounts
The European Central Bank will raise its interest rates on Thursday for the first time in over a decade, but...
- The European Central Bank will raise its interest rates on Thursday for the first time in over a decade, but the bank is already under pressure to do more amid record inflation
- Inflation in the eurozone sat at 8.6 percent in June, the highest ever recorded for the currency club and well above the ECB's two-percent target
Economy
China urges lenders to extend credit to property sector
China's banking regulator has urged lenders to extend more credit to real estate developers, as a growing number of homebuyers...
- The consumer mortgage boycott has worsened fears of financial contagion in the country's troubled real estate sector
- Furious at postponed deliveries of pre-sold homes, homebuyers have halted payments for already sold units in at least 100 residential projects
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GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
Economy
Company News
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Inclusive policies key to greater global cooperation
“By placing an emphasis on inclusive policies, embracing digitalization and fostering stronger international collaboration, we can establish a trade landscape...
Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
Economy
Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
Business
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Economy
IMF to exhort China to shift growth model toward consumption
Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector,...
- The IMF intends to exhort Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate
- In July the IMF forecast China's 2023 growth rate to hover at 5.2% and 4.5% in 2024 but warned it could be lower
Economy
Aid groups warn of outbreak of disease in Libya after floods
Several aid organizations have warned of the outbreak of disease in the port city of Derna, after Sunday's flood submerged...
- Islamic Relief has warned of a second humanitarian crisis from water-borne diseases and shortages of food
- The UN has made an appeal for more than $71 million to assist hundreds of thousands in need
Geostrategy
Libya flood toll is partly due to years of division, say analysts
TRIPOLI, LIBYA - Over a decade of bloody power battles in Libya have resulted in vital infrastructure falling into disrepair, culminating...
- Libya has been wracked by conflict and division ever since a NATO-backed uprising toppled and killed longtime dictator Moamer Kadhafi in 2011.
- Tripoli-based prime minister blamed the tragedy on the absence of adequate development plans and the "effect of the years" on the dams.