Dollar droops before Powell testimony; euro weathers France uncertainty
 The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
Economy
Economy
Equities in Asia and Europe tank on recession fears
Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian and European markets...
- Wednesday’s selling came after New York's three main indexes tanked in reaction to data showing confidence among US consumers had fallen to its lowest level in more than a year
- Top Fed officials on Tuesday tried to play down the chances of a recession, with the heads of the Fed in San Francisco and New York saying a soft landing could be achieved
Oman, Egypt to find ways to establish Joint Investment Fund
In a joint statement, the two countries directed their respective competent authorities to discuss investment opportunities in various fields.
- In a joint statement, the two countries directed their respective competent authorities to discuss investment opportunities in various fields
- They also discussed investment opportunities in various fields, especially energy and renewable energy projects, industry, health and pharmaceutical industries
Economy
‘Resilience more vital than efficiency for GCC startups’
The ongoing Covid-19 pandemic teaches several lessons to regional businesses, says UAE Minister Ahmad Belhoul Al Falasi.
- The ongoing pandemic teaches several lessons to regional businesses, says UAE Minister Ahmad Belhoul Al Falasi
- The entrepreneurship ecosystem in UAE has not yet reached full maturity but 'we are about 60-70% there', he adds
Opinion
Time to deliver decarbonization targets set last year
In the Middle East, the UAE and Saudi Arabia have been leading the decarbonization conversation with pivotal government initiatives that...
- The number of companies establishing science-based targets for decarbonization had strongly increased since 2015, but it rose dramatically in the run-up to COP26
- Executives are trying to pursue their decarbonization targets during a period of turbulence that has created historic levels of uncertainty and numerous difficulties
Economy
Algeria jails Bouteflika-era energy minister for 20 years
An Algerian appeals court on Tuesday upheld a 20-year prison sentence for corruption against Chakib Khelil, energy minister for a...
- Khelil, now 82, quit his post in 2010 and moved to the US after being associated with a scandal involving high-ranking Sonatrach officials who were later jailed
- He returned to Algeria in 2016 after the cases were dropped - then left again after Bouteflika's resignation in 2019 that sparked investigations into graft by his officials
Israel to dissolve parliament, hold new elections
The Israeli parliament unanimously approved early Tuesday a draft bill to dissolve parliament, a key legislative step that pushes the...
- The Bennett coalition said it wanted quick approval of the law after he announced last week that his year-old alliance was no longer tenable
- Netanyahu and his allies have been holding talks seeking to form a new Netanyahu-led government within the current parliament
Geostrategy
Iran signals approval for Turkey’s military operation in Syria
Iran's foreign minister signaled that Tehran would not oppose a new proposed Turkish military operation targeting outlawed Kurdish militants in...
- Erdogan has said he expects Turkey's allies to "understand and respect" the proposed military campaign
- Turkish president has confirmed that the offensive on Syria would begin "as soon as our preparations are finished"
Economy
Easy Metaverse norms to keep region ahead
The Gulf countries still need to develop more laws since the use of Metaverse and Blockchain will expand in only...
- There is a need for assessing the role and impact of Metaverse and Blockchain in the GCC region, says MILLION CEO Julien Hawari
- GCC countries still need to develop more laws since the use of Metaverse and Blockchain will expand in only some regions, he adds
Business
Turkey supplies combat drones to Ukrainian army
Turkish drone-manufacturer Baykar, which has President Recep Tayyip Erdogan's son-in-law as one of its directors, offered three of its drones...
- Turkey has never announced any military aid to Ukraine, but this delivery could hardly take place without Erdogan's endorsement
- Ukraine has already said that the Turkish drones it had at the start of the war had proved their worth against the Russian forces
Economy
Beside oil, pilgrims help KSA economy boost revenues
The Haj season enhances Saudi Arabia’s political and religious prestige while contributing to its annual revenue of around $8 billion...
- The Haj season enhances Saudi Arabia’s political and religious prestige while contributing to its annual revenue of around $8 billion and creating thousands of jobs
- By 2030, the kingdom aims to raise pilgrim capacity to 30 million, eyes more than $150 billion in revenue and creation of over 100,000 new jobs
Dollar droops before Powell testimony; euro weathers France uncertainty
 The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
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Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected...
Economy
70% of jet fuels at EU airports will have to be green by 2050
Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such...
Economy
Global aid effort intensifies for flood-stricken Libya
Military transport aircraft from Middle Eastern and European nations, along with ships, have been ferrying emergency aid to the North...
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Economy
UAE and Iraq to deepen economic, cultural, energy cooperation
Baghdad, Iraq-- The UAE and Iraq have held discussions to boost economic, investment, educational, cultural, agricultural, food, technological, and energy...
- The officials from both countries discussed deepening economic, investment, educational, cultural, agricultural, food, technological, and energy cooperation
- Khalifa Shaheen Al Marar, UAE Minister of State, noted the importance of utilizing the joint committee meetings to explore new opportunities for reinforcing economic growth
Economy
UAE and OECD host regional forum on global minimum tax
Dubai, UAE – The United Arab Emirates and the Organization for Economic Co-operation and Development (OECD) on Wednesday hosted regional...
- Global Minimum Tax involves application of a top-up tax on profits when the effective tax rate is below the minimum rate of 15 percent
- The forum included a workshop on Pillar 2 of the OECD-led Base Erosion and Profit Shifting Project and the Global Anti-Base Erosion Rules
Economy
Norms may make it easy to navigate ethical maze of AI
While speaking at the International Government Communication Forum in Sharjah, he emphasized that it's essential to regulate technology and overall...
- In a world where technology dominates daily life, the need for digital transformation to empower various sectors is undeniable
- It's essential to regulate technology and overall policies to ensure cybersecurity and ethical AI use, highlights a top UAE official