Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
Economy
Economy
Egypt invests $1.5bn to improve energy efficiency in petroleum projects
Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies.
- Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies
- Five energy efficiency technical reviews are being implemented, in cooperation with the European Union and other major global oil companies
Economy
US to nudge Israel into making concessions to Palestinians
Ahead of Joe Biden's first visit to Jerusalem as US president, Washington's ambassador said his team will "pound tables" to...
- Biden's first Middle East tour since entering the White House last year begins in Israel on Wednesday, and he is expected to meet Palestinian president Mahmud Abbas
- US-Palestinian ties have improved under Biden, after hitting an all-time low under his predecessor Donald Trump, a staunch backer of the Israelis
Geostrategy
Biden seeks to persuade Saudi Arabia to pump more oil as prices soar
Saudi Arabia's oil-driven economy expanded by 9.6 percent in the first quarter, its strongest growth rate in a decade.
- Saudi Arabia's oil-driven economy expanded by 9.6 percent in the first quarter, its strongest growth rate in a decade
- Last month, OPEC+ stuck to a previously agreed output hike, shrugging off calls for bigger increases to tame elevated prices
Economy
UAE minister discusses CEPA, investments with local companies
Minister of Economy and Chairman of the UAE International Investors Council Abdullah bin Touq Al Marri said, in a meeting,...
- UAE International Investors Council has set up a platform to protect the interest of Emirati companies and investments abroad
- UAEIIC meeting discussed the advantages offered by the comprehensive economic partnership agreements signed with India, Israel and Indonesia
Economy
No need to change exchange rate of dinar against US dollar: Iraq
The Central Bank of Iraq said Sunday that there is no reason for changing the exchange rate of the Iraqi...
- Economic conditions will determine the appropriate decision on exchange rate, official of the Iraqi central bank said
- The official said that changing the exchange rate remains within the monetary authority's policy
Economy
Abu Dhabi Chamber holds session on Emiratization in private sector
The Abu Dhabi Chamber of Commerce and Industry has organized an awareness session on increasing Emiratization rates in the private...
- A number of topics were discussed during the session including encouraging young Emirati talents to join the private sector
- The UAE government has announced a comprehensive federal program 'Nafis' for increasing Emiratization rates in the private sector
Economy
Saudi Arabia’s Industrial Production Index grows by 24 percent in May
Saudi Arabia’s Industrial Production Index (IPI) grew by 24 percent in May 2022 compared to the same period last year....
- The growth is the third highest rise in the last three years, according to the kingdom’s General Authority for Statistics (GASTAT).
- GASTAT said the growth of the IPI turned positive in May 2021 after a long period of negative growth rates in 2019 and 2020, partly impacted by Covid 19.
Economy
World population set to reach 8bn this year, says UN
The world's population is expected to hit eight billion on November 15, the UN forecast Monday in a report that...
- The forecast by the UN Department of Economic and Social Affairs said the world's population is growing at its slowest pace since 1950
- It should hit 8.5 billion in 2030 and 9.7 billion in 2050, peaking at around 10.4 billion people in the 2080s before steadying at that level until 2100
Business
Three first phase buildings of Grove District sell out: Aldar
37% of sales were completed by non resident investors, 27% by expatriate residents, and the remainder by UAE nationals.
- 37% of sales were completed by non resident investors, 27% by expatriate residents, and the remainder by UAE nationals
- Due to increased demand, apartments at Grove Gallery Views are now available for purchase by buyers of all nationalities
Economy
Fear of global slowdown worries Gulf economies
The global economic stagnation is expected to impact the GCC growth due to the decline in industrial and economic activities...
- Economic stagnation has been a concern in many countries worldwide, especially in the Gulf states
- Economic stagnation is a concern in light of the growing inflation, rise in interest rates and disruption in supply chains
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
Company News
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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
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of 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...
Business
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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
Economy
Surplus in overall balance makes UAE’s economy robust
"The fiscal policy bolstered economic growth and the competitive business environment, leading to the UAE being ranked as the fastest-growing...
- The UAE's robust fiscal performance and diversified government revenues showcase an efficient fiscal policy
- In 2022, there was a recorded 31.8 percent year-on-year growth in revenues, and a 6.1 percent rise in expenditures
Economy
Climate action an opportunity to create more equitable world: Almheiri
Dubai, UAE-- Terming climate action as an opportunity to create a more equitable and sustainable world, Mariam bint Mohammed Almheiri,...
- The minister said the UAE believes that science, innovation and technology are the tools humanity needs to drive collective progress on climate action
- Almheiri asserted that COP28 is a chance to turn the world’s collective focus to conclude the first Global Stocktake of the Paris Agreement