Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
Economy
Low-pressure system eases over UAE: Dubai Airport delays remain
The Ministry of Interior has announced the end of the low-pressure weather system that wreaked havoc for many Dubai International...
Economy
Economy
‘Renewable energy is 20 percent of Jordan’s power output’
Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable...
- Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable Energy Commission
- The Secretary-General called upon Arab nations to develop their own renewable energy industries rather than importing foreign technology
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
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
Economy
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ACWA Power okays dividend
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Saudi tourism on growth path despite hiccups
Infographics
Russia to cancel tourist visas to four Gulf countries
Speaking at the Eastern Economic Forum (EEF), Russia's Minister of Economic Development Maxim Reshetnikov said that his country has offered...
Economy
Iran’s oil exports to China touch all-time record in August
Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according...
Economy
Global aid pours into Morocco as quake death toll passes 2,100
The International Federation for Red Cross and Red Crescent Societies has warned that the next 24 to 48 hours will...
Geostrategy
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Economy
GCC chief highlights private sector’s role in sustainable Gulf economy
Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient...
- The secretary general was speaking at the the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain
- He pleaded for increased cooperation between the GCC and the Gulf private sector to tackle the myriad challenges facing the region
Economy
Kuwait unveils economic reform program, to focus on diversification
Kuwait City - Kuwait has announced a comprehensive economic reform plan for 2023-2027 to address various challenges facing the country’s...
- The program aims to upgrade Kuwait's monetary markets rating in FTSE Russell Indexes from emerging markets to advanced emerging markets
- In the petrochemical and oil sector, the government aims to increase oil production to 3.15 million barrels a day and refinery capacity to 1.45 million barrels a day
Geostrategy
Keen on promoting digital payments in India, UAE, says RBI
NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems,...
- India and UAE have signed two MoUs to strengthen the use of national currencies for bilateral trade, link payment and financial messaging systems.
- The RBI official said the two countries can work together to further develop digital payments and make them more efficient and convenient.