UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
Economy
Egypt hikes subsidized bread price for first time in decades
Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...
Economy
Economy
MENA Forum 2022 to focus on US$250b worth of power projects
The combined investments in the MENA power sector includes US$93 billion which has already been committed.
- The combined investments in the MENA power sector includes US$93 billion which has already been committed
- US$60 billion worth of power projects are being developed in Saudi Arabia, followed by Egypt with US$37 billion worth of projects
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- Tighter US monetary policy has exacerbated outflows from emerging markets such as India, where foreign investors have withdrawn a net $30.8 billion in debt and equity this year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
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UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
Economy
Company News
Multiply Group buys stake
Business
Latest News
Project reuse helps UAE boost sustainability drive
Amid UAE's urban expansion, there's a wealth of structures across the country ripe for revitalization, significantly offsetting the environmental impact...
Economy
Abu Dhabi council review budget, sports development
Abu Dhabi, UAE - Abu Dhabi Sports Council discussed business developments and plans for developing the sports sector here, local...
Business
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
Infographics
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Business
Israeli PM Netanyahu to meet Elon Musk during US visit
Benjamin Netanyahu announced his meeting with Elon Musk through a post and told that they will discuss artificial intelligence. The...
- Netanyahu said on Monday that Israel needs to become an Artifical Intelligence leader
- He will meet presidents of Ukraine, US and Turkey among other world leaders
Economy
Oman annual inflation inches up 0.82 percent in August
Muscat, Oman--Annual inflation of Oman has shot up 0.82 percent in August as against 2.4 percent in the same month...
- Food prices were also up with an 11.65 percent hike in fish and seafood, an 8.87 percent increase in dairy and egg prices and a 5.5 percent uptick in vegetable costs
- The cost of household furnishings and routine maintenance went up by 2.63 percent, miscellaneous goods and services by 2.61 percent, dining and lodging by 2.46 percent
Economy
UN meet looks to salvage promises on helping world’s poorest
The UN head said the summit will seek a "global rescue plan" on the targets of Sustainable Development Goals, as...
- Developing countries' leaders will be present in force even as US has hoped to show it is also interested in development
- Antony Blinken said he would hold a meeting at the UN on how to use AI to advance the Sustainable Development Goals