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...
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
Economy
Economy
UAE to announce 3,000 housing loan beneficiaries during 2022
UAE will announce 3,000 beneficiaries of housing loans during 2022, taking 500 housing decisions per month that will announce the...
- The new policy includes 500 decisions worth AED400 million, according to Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.
- A total of 500 decisions on housing loans will be taken per month.
Business
ADDED, GE Digital to fast-track digital shift in Abu Dhabi’s manufacturing sector
ADDED and GE Digital will collaborate to adopt circular economy strategies “to drive a more productive, competitive, advanced, and innovative...
- ADDED and GE Digital will collaborate to adopt circular economy strategies “to drive a more productive, competitive, advanced, and innovative sector.”
- The UAE’s manufacturing sector plays a pivotal role in the diversification of the national economy, with Abu Dhabi accounting for 40 percent of that
Economy
Tunisia struggles to grow more wheat to prevent food shortage
Tunisian farmer Mondher Mathali surveys a sea of swaying golden wheat and revs his combine harvester, a rumbling beast from...
- The small North African country, like its neighbors, is desperate to prevent food shortages and social unrest
- Tunisia's wheat production has suffered from years of drought and a decade of political instability
Economy
Jordan, Japan ink pact to build AI ecosystem in Jordan
The two parties agreed on the general framework of the project in addition to a draft record of discussions and...
- The two parties agreed on the general framework of the project in addition to a draft record of discussions and the structure of the initial implementation
- The pact is in line with the objectives of the Jordanian Artificial Intelligence Policy seeks to adapt, deal and harness AI to serve the Jordanian economy
Economy
China and US discuss global economic challenges, supply chains
Top officials from the United States and China held a "candid" video call on Tuesday to discuss global economic challenges,...
- The world's two biggest economies are also grappling with Covid-snarled supply chains and rising global energy prices
- The Xinhua report said the video call took place at the request of the United States, and described the conversation as "constructive"
Business
Mecca businesses see hajj boom ending pandemic slump
Two years of drastic restrictions on the number of pilgrims emptied shops and hotels across the Saudi Arabian city of...
- Two years of drastic restrictions on the number of pilgrims emptied shops and hotels across the Saudi Arabian city of Mecca
- Haj and Umrah generate about $12 billion (11.5 billion euros) annually, keeping the economy humming in Mecca
Economy
Saudi Arabia, UAE try to ease inflation pain of citizens
"A generous royal order was issued approving the allocation of financial support in the amount of SAR 20 billion (around...
- Saudi Arabia is disbursing billions of dollars directly to citizens to ease the effects of inflation
- The UAE has doubled the budget for its social security programme to AED 28 billion after a rise in fuel prices
Business
European stocks surge Monday after nosediving last week
Europe's stocks recovered somewhat Monday as investors tentatively regained some optimism following the heavy losses in the financial markets last...
- London stocks won 1.1 percent at midday, while Frankfurt and Paris gained 0.5 percent and 1.0 percent respectively.
- Markets have suffered sharp losses in recent weeks on fears that global rate hikes -- aimed at fighting soaring inflation.
Economy
IMF authorities in Tunisia to discuss bailout package
An IMF team said in March that the country faced "major structural challenges", with low growth and investment, along with...
- Tunisian central bank's press office told AFP that the two-week visit would involve officials from the bank and the finance ministry.
- The North African country, the birthplace of the 2011 Arab Spring uprisings, has been suffering under a grinding economic crisis.
Economy
CEPA with India, Israel, Indonesia to help UAE economic growth
The comprehensive economic partnership agreements (CEPA) signed by the UAE with India, Israel and Indonesia this year will help the...
- Comprehensive economic partnership agreements to help UAE's economy's growth by 2.6 percent by 2030
- The UAE is holding talks with several other countries for signing similar agreements
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...
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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
Inclusive policies key to greater global cooperation
“By placing an emphasis on inclusive policies, embracing digitalization and fostering stronger international collaboration, we can establish a trade landscape...
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...
Economy
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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".
Economy
IMF to exhort China to shift growth model toward consumption
Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector,...
- The IMF intends to exhort Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate
- In July the IMF forecast China's 2023 growth rate to hover at 5.2% and 4.5% in 2024 but warned it could be lower
Economy
Aid groups warn of outbreak of disease in Libya after floods
Several aid organizations have warned of the outbreak of disease in the port city of Derna, after Sunday's flood submerged...
- Islamic Relief has warned of a second humanitarian crisis from water-borne diseases and shortages of food
- The UN has made an appeal for more than $71 million to assist hundreds of thousands in need