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
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
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
Business
Oil, stocks fall again as economic recession looms large
Surging energy costs are fueling global inflation, with official data Wednesday showing the British annual rate hitting a fresh 40-year...
- Oil prices were feeling the heat from recessionary fears, with both main contracts tanking more than five percent at one point.
- Crude and gas prices have soared in recent months after major economies lifted pandemic lockdowns and invasion of Ukraine.
Business
Saudi-Jordan trade value reaches $.4.4 billion riyals in 2021
The trade exchange volume between Saudi Arabia and Jordan reached 16.6 billion riyals ($4.42 billion) in 2021, compared to 11.6...
- Saudi Arabia invested $14 billion through 900 projects in Jordan, according to Saudi media reports.
- The volume of Saudi exports to Jordan amounted to 11.6 billion riyals.
Economy
UAE public spending $3 billion in Q1, public services take major share
UAE’s Ministry of Finance has announced that the revenues of federal authorities in the first quarter of 2022 amounted to...
- The public order and public safety affairs sector came in second at 18.69 percent of the total, valued at AED2.12 billion.
- Social protection sector was ranked third with AED2.017 billion or 17.77 percent, and the defense sector was ranked fourth with AED1.679 billion or 14.79 percent.
More than 100 killed in Afghanistan earthquake
Afghanistan is frequently hit by earthquakes especially in the Hindu Kush mountain range, which lies near the junction of the...
- In Paktika province of Afghanistan, local markets are closed as people have rushed to help earthquake affected areas
- Photographs and video clips posted on social media showed badly damaged mud houses due to the 5.9 magnitude quack that struck Afghanistan last night
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
Company News
Egyptians caught in devastating economic storm
Investigation
Saudi Catering, RSG ink pacts
Business
Latest News
WTO says era of de-globalization is closer than it appears
Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are...
Business
WFP warns fund cuts could push 24m people to brink of starvation
Geneva, Switzerland - The World Food Program said Tuesday that shrinking funding was forcing it to drastically slash rations in many...
Geostrategy
Building less, repurposing more key to low construction sector emissions
The industry is responsible for 37 percent of global carbon dioxide emissions and growing urbanization is spurring the construction of...
Geostrategy
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Business
Saudi capital market institutions employ 5,524 by second quarter end: CMA
Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
- Males accounted for 80 percent of the employees at capital market institutions, with 4,400 employees, while the number of females stood at 1,124.
- Meanwhile, the Saudization rate at these institutions reached 75 percent by the end of Q2, from 77 percent in Q1, according to the Capital Market Institutions Report.
Economy
UAE Govt to offer 2.5% payment support for pensioners
Dubai, UAE - The UAE government has announced a 2.5 percent payment support to its citizens’ pension contributions through the...
- To be eligible for this pension support, insured individuals must be between 18 and 60 years old at the time of their appointment
- To fully benefit from the program, both registered entities and insured Emiratis must ensure that monthly contributions are made promptly
Economy
‘Saudi Arabia sees fastest growth among G20 nations’
"The Saudi economy achieved a growth rate of 8.7 percent in 2022, the fastest among G20 countries, surpassing the expectations...
- Saudi Arabia is not just a regional influencer but a global economic powerhouse, according to its Minister of Economy and Planning, Faisal bin Fadhil Alibrahim
- With a growth rate of 8.7% in 2022 and 17th rank among the world's most competitive economies, the Kingdom is setting stage for sustainable global economic growth