Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
Economy
Tunisia trade unions chief rejects IMF conditions for bailout loan
The head of Tunisia's powerful UGTT trade union confederation on Thursday rejected conditions set by the International Monetary Fund for...
- IMF's regional chief Jihad Azour has said Tunisia "needs to urgently tackle its fiscal imbalances", replace generalized subsidies with transfers targeting the poor.
- But Noureddine Taboubi, head of powerful UGTT trade union confederation, rejected "the painful options they're talking about".
Economy
Energy security vital for economic growth, says Saudi minister
Saudi Arabia's Minister of Finance Mohammed bin Abdullah Al-Jadaan said energy security is very important for the economic growth and...
- Saudi Arabia's finance minister says energy security is important for the economic growth and prosperity of the world
- The finance minister says energy supplies, economic development and climate change vital aspects of the world
Business
UAE to issue dual-tranche dollar benchmark size bonds
The UAE government has announced it will issue a dual-tranche US dollar benchmark size bonds with a 10-year tranche and...
- The bonds are a 10-year tranche and a 30-year Formosa tranche.
- The 10-year tranche will be listed on London Stock Exchange and Nasdaq Dubai, and the 30-year tranche will be listed on LSE, Taipei Exchange and Nasdaq Dubai.
Kuwait dissolves parliament and heads to elect new government
Kuwait's crown prince announced Wednesday the dissolution of parliament and called for new elections amid escalating disputes between the legislative...
- The cabinet, the fourth to be formed in two years, resigned in April, three months after it was sworn in, but continued to act in a caretaker capacity
- Oil-rich Kuwait has been shaken by disputes between lawmakers and successive governments dominated by the ruling Al-Sabah family for more than a decade
Economy
G7 summit to inflict more pain on Russia over Ukraine invasion
Leaders at the upcoming G7 summit in Germany will announce new measures aimed at pressuring Russia over its invasion of...
- The club of wealthy democracies is at the heart of a fierce economic and diplomatic campaign to punish Russia
- After attending the G7 summit, Biden will fly to Madrid for a summit of the NATO military alliance
Geostrategy
US president faces historic leadership task in Europe
Leader of the free world sounds like a superhero character, but the Joe Biden heading this week to twin European...
- Biden will tout the success of a monumental effort to rally the West and breathe new life into NATO
- Biden refers to his presidency as an inflection point in a battle for the survival of Western democracy against the likes of Russian President Putin
Earthquake destroys more than 2,000 homes in Afghanistan
An estimated 2,000 homes have been destroyed by the deadly earthquake in Afghanistan, and a lack of machinery is hampering...
- "We believe that nearly 2,000 homes are destroyed," the UN's humanitarian coordinator for Afghanistan Ramiz Alakbarov told reporters
- Even before the Taliban takeover, Afghanistan's emergency response teams were stretched to deal with the natural disasters that frequently struck the country
Business
Israel to reinstate increase in entry permits for Gaza workers
Israel on Wednesday said it was reinstating an increase in entry permits for Palestinian workers from the blockaded Gaza Strip,...
- COGAT said decision regarding entry through Gaza Strip would take effect in coming days "provided that the security situation in the area remains quiet"
- Earlier, Israel suspended entry permits for Palestinian workers from Gaza in response of the rocket fire from the Palestinian enclave to Jewish state
Economy
US President calls for fuel tax break to fight off inflation woes
Joe Biden pitched a temporary fuel tax break Wednesday to help American drivers face the highest inflation in four decades,...
- In a televised address, Biden called for lifting the federal tax on gasoline of 18 cents a gallon until September
- A handful of states including New York and Connecticut have already suspended fuel taxes or delayed planned tax increases
Economy
US Fed chair admits recession a ‘possibility’ after rate hikes
The US economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger...
- The Fed chair again stressed that policymakers understand the hardships caused by rising prices and are committed to bringing down inflation
- Last week, the US central bank announced the sharpest interest rate increase in nearly 30 years and promised additional similar moves to combat the price surge
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Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
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DFM adds new investor accounts
Business
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Data, rail, electricity key focus as G20 eyes EU-Middle East-India trade plan
Major G20 partners are set to unveil ambitious plans on Saturday to enhance trade among India, the Middle East, and...
Economy
With no deal in place with Ukraine, Russia starts grain supply initiative
Moscow, Russia - Russian Deputy Foreign Minister Sergey Vershinin has confirmed the commencement of the implementation of the Russian grain...
Geostrategy
‘Qatar leads the charge in food security initiatives’
Several ministers of agriculture and food security from UN's Food and Agriculture Organization member states at the event discussed key...
Geostrategy
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Economy
Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
- The Iranian diplomat said that his country has an ambitious vision to diversify its economy away from crude oil revenues.
- He said that this includes expanding the transportation infrastructure in Iran to significantly increase its cargo transit revenues.
Economy
Global rice prices hit 15-year high after India curbs: FAO
Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...
- The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".
- The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence said.
Business
RAKEZ, Indian Economic Trade Organization ink MoU to boost business ties
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed...
- The collaboration focuses on initiating trade missions and investment forums to help Indian businesses understand what RAKEZ offers.
- The agreement promises customized business services for Indian companies that are tailored to their aspiration of expanding into the MENA region.