UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
Economy
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts.  In a recent interview on CNBC, Kashkari, who serves...
Economy
Infographics
GCC countries likely to issue less debt this year
The Gulf region seems to have a better fiscal positions thanks to high oil prices and the recovery of the...
- The region seems to have a better fiscal positions thanks to high oil prices and the recovery of the economies from the Covid-19 related woes.
- Analysts last year were especially concerned about Bahrain and Oman whose government debt ratios had risen sharply in recent years.
Business
Air traffic to reach full capacity by 2023 despite uncertainty
Air passengers are expected to hit 83 percent of pre-pandemic levels this year and the aviation industry's return to profit...
- Industry losses are expected to drop to $9.7 billion in 2022, an improvement from $42.1 billion in 2021.
- The aviation industry was sent reeling by the pandemic, with passengers down by 50 percent in 2021.
Economy
UAE joins global clean energy partnership body
The partnership will enable access to a global hydrogen knowledge database and encourage cooperation with related initiatives and concerned entities.
- Joining the global initiative will support the UAE's long-term policies related to energy and hydrogen
- It will boost the UAE's stature as a leading contributor to the development of international policies related to hydrogen
Business
EDB to showcase its financing solutions at ‘Make it in Emirates Forum’
Emirates Development Bank (EDB) will participate in the first "Make it in the Emirates Forum" to be held on 21-22...
- The forum is organized by the Ministry of Industry and Advanced Technology.
- EDB is a key partner in the Ministry’s efforts to empower the industrial sector.
Economy
China’s import of oil from Russia jumps 55% in May
The world's second-biggest economy imported around 8.42 million tons of oil from Russia last month.
- The world's second-biggest economy imported around 8.42 million tons of oil from Russia last month
- The number was also a spike from the 5.44 million tons China imported in May 2021
Science
China’s zero-Covid policy leaves a long trail of medical waste
Hazmat-suited workers poke plastic swabs down millions of throats in China each day, leaving bins bursting with medical waste that...
- From Beijing to Shanghai, Shenzhen to Tianjin, cities are now home to an archipelago of temporary testing kiosks
- Mass testing appears set to stay as Chinese authorities insist zero-Covid has allowed the world's most populous nation to avoid Covid spread
Business
EU terms blockade of Ukraine grain by Russia ‘real war crime’
EU foreign policy chief Josep Borrell said Monday that Russia should be held "accountable" if it keeps blocking the export...
- Western countries have demanded Moscow to stop blockading Ukraine's Black Sea ports to allow grain export
- French Foreign Minister insisted that "Russia must stop playing with global hunger" as it seeks leverage on the West
Business
DP World, Saudi Ports Authority to establish Jeddah Logistics Park
The port-centric park will boost Jeddah Islamic Port’s re-export activities and reduce the time and cost of logistics for importers...
- The port-centric park will boost Jeddah Islamic Port’s re-export activities and reduce the time and cost of logistics for importers and exporters
- It will also offer processing, labelling, fulfilment, consolidation, de-consolidation, and temperature-controlled storage for cargo
Economy
UAE-India trade to rise 120% to US$100bn in 5 years
The agreement is the first of its kind that the UAE has signed with any country, and it is India's...
- The agreement is the first of its kind that the UAE has signed with any country, and it is India's first with any country in the Middle East and the Gulf region
- The UAE’s foreign trade in 2021 recorded nearly AED1.9 trillion, growing 27 percent compared to 2020, and 11 percent compared to 2019
Economy
Asian markets and oil prices tank on recession concerns
Asian markets fell again Monday and oil prices extended losses on growing fears that central bank moves to rein in...
- The losses come after a sell-off last week fueled by the Federal Reserve's sharp interest rate hike last week, the biggest in nearly 30 years
- In early trade, Asian traders were struggling, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Jakarta and Wellington all in the red
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
Economy
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‘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...
Economy
Saudi SME Bank inks pact with SIDBI of India
New Delhi, India - The Small and Medium Enterprises Bank (SMEB) of Saudi Arabia has signed an agreement with the...
Economy
Iran and Russia sign deal to build research spacecraft in two years
Tehran, Iran-- Iran and Russia are looking to build a research spacecraft within two years and in this connection top...
Science
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Economy
UAE president discusses boosting ties with president of Nigeria
Abu Dhabi, UAE-- UAE President Sheikh Mohamed bin Zayed and Nigerian President Bola Ahmed Tinubu discussed opportunities for further bilateral...
- UAE president hoped the two leaders would work together to deepen ties that benefit both the UAE and Nigeria
- Sheikh Mohamed renewed the UAE's goal to foster ties with countries that share the same aspiration for growth
Business
ENEC inks MoU with OSGE
Aim is to help in decarbonization of the Polish power sector.
- One of the aims of the agreement is exploring opportunities to invest in Small Modular Reactors.
- Nuclear energy is recognised by both the UAE and Poland as an essential clean energy resource.
Business
Saudi EXIM, India EXIM ink MoU
Pact was signed on the sidelines of G20 Summit in New Delhi.
- The primary objective of this agreement is to facilitate the export of products and services between Saudi Arabia and India.
- The key areas of cooperation encompass exporting products and services, the exchange of information and expertise.