Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
Business
Economy
ADFD, ADEX to give US$92m loan for Bahrain water supply project
Abu Dhabi Fund for Development and the Abu Dhabi Exports Office signed two loan agreements with the Electricity and Water...
- AED will provide US$ 41mn to the Electricity and Water Authority in Bahrain to finance a water supply network project
- ADEX will provide US$ 51 million for the project which aims to enhance the capacity of the water transmission networks
Geostrategy
Libya’s state oil company chief resists move to replace him
Libya's Tripoli-based government has named a new head of the state oil company to replace veteran technocrat Mustafa Sanalla, who...
- Farhat Bengdara and four others will from now on make up the "board of directors of the National Oil Corporation".
- Mustafa Sanallla has led the National Oil Corporation since 2014,. The Corporation has largely managed to remain neutral in the face of political wrangling.
Economy
European Union cuts growth forecasts as war-stoked inflation surges
The EU executive, which tracks the economy of the 27 countries in the European Union, said GDP growth in the...
- The commission said the Russian invasion of Ukraine had put "additional upward pressure" on energy and food prices, which were eroding the purchasing power of housholds.
- Other factors negatively affecting growth include the "faster than expected" tightening of monetary policy by the European Central Bank, which it says is needed to curb inflation.
Geostrategy
Libyans fume at power cuts amid intolerable heat
Mahmud Aguil has a comfortable house in Libya's capital Tripoli, but chronic power outages in the war-battered country and roasting...
- The electricity crisis is just the latest trial for Libyans after a decade of insecurity, fuel shortages, crumbling infrastructure and economic woes
- Supporters of the eastern camp have restricted production at key oil facilities in recent months to pressure Dbeibah to transfer power to Bashagha
Geostrategy
Jordan, Greece discuss cooperation in construction, energy, agriculture
The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025.
- The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025
- They decided to work for increased cooperation in the economy and commerce, as well as higher education, transportation, energy and agriculture
Business
‘GCC inflation still remains lesser than UK’
The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the...
- The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
- Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages
Economy
US inflation climbs to 9.1%, highest in 40 years
US inflation surged to a fresh peak of 9.1 percent in June, further squeezing American families and heaping pressure on...
- Government data released Wednesday showed a sharp, faster-than-expected increase in the consumer price index compared to May driven by significant increases in gasoline prices
- The war in Ukraine has pushed global energy and food prices higher, and US gas prices at the pump last month hit a record of more than $5 a gallon
Egypt raises fuel prices in quarterly review
The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance...
- The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49)
- The fuel committee convenes on a quarterly basis to assess the prices of petroleum products and amends them in accordance with the international price of Brent crude oil
Economy
Equities fall, euro slides below $1 on US inflation data
Global stocks fell Wednesday and the euro dipped below $1.00 for the first time in nearly 20 years after data...
- Stock prices on Wall Street retreated after a sharp uptick in US inflation to 9.1 percent in June increased the risk of a possible recession
- The economic prospects for the 19-country eurozone are also darkening as a possible halt to Russian gas supplies increases the risk of recession
Business
Creator economy rides on NFTs for growth, expansion
Blockchain technology has put creators at the center and allows them to capture and distribute their value efficiently, safely and...
- Due to high engagement yet low revenues on social media platforms, many creators are looking for new ways to monetize, says Franck Mandon, COO of the MILLION platform
- With a roughly US$ 20 bn market value, it's the fastest-growing sort of small business, with each creator operating more like a startup than an individual, he adds
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Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
Company News
Latest News
US Fed likely to pause rate hikes despite higher inflation
The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a...
DEWA embraces Microsoft’s Copilot to drive digital transformation
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart...
Business
S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms
Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1”...
Economy
Most Read
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...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
Business
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...
- This move aligns with the fund's strategies aimed at enhancing the well-being of employees and providing them with opportunities to boost their pensions.
- The fund said it is allowed to procure the service period for insured employees after they have completed a minimum of 20 years of actual service.
Business
Saudi-China Entrepreneurs Association and HKTDC sign MoU
Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong...
- The MoU between SCEA and HKTDC aims to fortify commercial ties, particularly aiding startups and service providers eyeing global expansion.
- The agreement was signed during the eighth Belt and Road Summit, a two-day event themed "Ten Years of Cooperation for Mutual Benefit".