Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
Economy
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...
Economy
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
Economy
Jordan to achieve women-based legislative justice: Minister
International Labor Organization (ILO) estimated that the gender gap in labor force participation in Jordan has led to a loss...
- International Labor Organization (ILO) estimated that the gender gap in labor force participation in Jordan has led to a loss of $8 billion in the value of GDP in 2018
- UNICEF estimated that increase in women’s participation in the Jordanian labor force by 25% over the next seven years will help Jordan's GDP grow by 5% annually
Business
Capacity of DEWA IPP projects exceeds 4,000 MW
IPP model enabled DEWA to save an additional investment of AED 26 billion, which it invested in other infrastructure projects.
- IPP model enabled DEWA to save an additional investment of AED 26 billion, which it invested in other infrastructure projects
- DEWA has developed a new benchmark for solar energy prices for every kilowatt hour, thus making Dubai a global benchmark for solar energy prices
Interview
PPP projects inject more vigor into Saudi healthcare
The Kingdom is stepping forward and allowing the private firms to invest in healthcare infrastructure, Sandeep Sinha, Head of Healthcare...
- The Kingdom is seeing a rise in private investment in the industry with multiple forthcoming healthcare PPP projects
- Improving access to quality healthcare and building a world-class infrastructure are crucial pillars of Saudi Arabia's Vision 2030
Videos
Dubai makes rental payment hassle free
An agreement between Dubai Land Department and Emirates NBD eliminates the need for manually managing postdated cheques submitted to landlords.
- Dubai has one of world’s most competitive real estate markets. Rents have increased dramatically in the emirate: In May, the average monthly apartment rent was $7,500.
- Real estate is an important part of the UAE’s economy, responsible for around 5 percent of the gross domestic product.
Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
Economy
Company News
Latest News
Egypt’s central bank keeps interest rates unchanged
Cairo, Egypt – The Central Bank of Egypt (CBE) decided to maintain interest rates at current levels during its meeting...
Economy
ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
Business
Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...
Business
Most Read
Geostrategy
RAKEZ team wraps up roadshow to boost trade in China’s Guangdong province
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad,...
- The RAKEZ delegation aims to foster deeper ties with local enterprises, prominent trade associations and key government entities.
- The delegation hosted business forums across Guangzhou, Shenzhen and Dongguan cities, highlighting the prospects of the Middle East market.
Syria’s Bashar Al-Assad visits China seeking funds
China becomes one of only a handful of countries outside the Middle East that Assad has visited since the 2011...
- The Syrian President arrived Thursday in the eastern city of Hangzhou, where he will attend the opening ceremony of the Asian Games on Saturday
- Asad's Air China plane was greeted on the tarmac by jubilant music and rows of performers wearing colourful costumes, as Chinese and Syrian flags flapped in the sky
Economy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
- The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
- The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.