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
Dubai’s GDP tops $31.3 bn in Q1 2024, growing 3.2%
The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth...
Economy
Russia and Ukraine seek to break grain impasse in Turkey
The four-way meeting in Istanbul comes with Russia's invasion of Ukraine showing no sign of abating.
- The four-way meeting in Istanbul comes with Russia's invasion of Ukraine showing no sign of abating
- Ukraine is a vital exporter of wheat and grains such as barley and maize and supplies nearly half of all the sunflower oil traded on global markets
Brent oil closes under $100/barrel for first time since April
Brent oil futures closed Tuesday under $100 a barrel for the first time in three months as recession worries cloud...
- The US benchmark, West Texas Intermediate, fell 7.9 percent to finish at $95.84 a barrel
- The drop in the currency market is "raising concerns that Europe is going into recession
Economy
Closing the gender gap in MENA may take 115 years
Closing gender gaps remains a critical driver of national prosperity. Countries that invest in all of their human capital and...
- At 63.4%, Middle East and North Africa have the second-largest gender gap yet to close, with the UAE, Israel and Lebanon being the highest performing countries
- After a big COVID hit, the gender gap hasn’t bounced back across the globe, according to the World Economic Forum’s Global Gender Gap Report 2022
Infographics
Gulf countries witness dip in unemployment rates
The Gulf countries have taken several measures to increase the local employment, especially in UAE and Saudi Arabia. This week's...
- The Gulf countries have taken several measures to increase the employment, especially in the UAE and KSA. This week's TRENDS Infographic looks at job situation in the region
- The measures have led to an increase in employment in most of the GCC countries, but the Ukraine-Russia crisis, global economic turbulence and Covid-19 may pose challenges
Interview
GCC expects moderate impact of global recession
The region is better placed to deal with global slowdown as oil and gas prices will stay high due to...
- The region is better placed to deal with global slowdown as oil and gas prices will stay high due to supply restrictions, Jean Claus, CEO of Allianz Trade Middle East, tells TRENDS
- Regional GDP growth is expected to be +2.7 percent in 2023 in an 'adverse scenario', slightly lower than the +3.1 percent expected in the baseline scenario, Claus adds
Economy
France to proceed with second phase of digital euro experiment : Central Bank
France's central bank said Tuesday it will push ahead with the second phase of its experiment with a digital euro...
- Last year, the Banque de France successfully completed the first stage of its experiment with a central bank digital currency.
- The experiment is aimed at rolling out the cryptocurrency next year.
Economy
Euro strikes parity with Dollar for first time in nearly 20 years
The euro struck parity with the dollar Tuesday for the first time in nearly 20 years as a cut in...
- Oil prices meanwhile fell heavily on concerns of a wider recession as central banks hike interest rates to fight decades-high inflation.
- European stock markets fell approaching the half-way mark and in the wake of overnight losses in Asia and on Wall Street.
Geostrategy
For some Iraqi Kurds, Europe is a destination well worth the risk
Iraqi Kurd Haresh Talib says he struggles to get paid and his children's schooling is disrupted in his conflict-riddled country,...
- In November, at least 27 migrants, most of them Iraqi Kurds, drowned in attempt to cross English Channel from France to Britain
- Two out of three households in Iraqi Kurdistan rely on a government salary or pension, but payments are chronically late
Economy
Dubai to host World Corporate Summit in November
Dubai will host the first edition of the World Corporate Summit which will discuss sports and multi-sectoral business growth as...
- The summit will be attended by decision-makers from multinational corporations, UAE-based firms and government institutions
- The WCS will exchange insights, explore collaborative partnerships and opportunities for business growth
Economy
EU braces for migrants spurred by food crisis
The EU must brace for new waves of migrants forced to uproot because of the food crisis aggravated by the...
- Around 20 million tons of grain from last year's harvest are blocked in Ukrainian ports on the Black Sea
- The situation has sent prices for certain foods and cooking oils soaring on world markets, with parts of Africa and the Middle East bearing the brunt
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
Company News
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UAE’s $1.5 bn bond issue oversubscribed five times
Dubai, UAE - The UAE's $1.5 billion bond issue saw five times oversubscription, attracting over $7.4 billion in bids, the...
Economy
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
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Business
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
- The acquisition is vital for EIH as it seeks to strengthen its investment in healthcare through its subsidiary Health Plus Holding.
- The move will help provide additional and sustainable value to investors and achieve the maximum return on investment.
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