Egypt hikes subsidized bread price for first time in decades
Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...
Economy
Qatar banking on AI with nearly $2.5 bn in investments
Qatari Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani delivered on...
Economy
Economy
US Fed raises key interest rate by 0.75%, largest since 1994
The US Federal Reserve announced the most aggressive interest rate increase in nearly 30 years on Wednesday, and said it is...
- The Fed's policy-setting Federal Open Market Committee raised the benchmark borrowing rate to a range of 1.5-1.75 percent, up from zero at the start of the year
- Biden has endorsed the Fed's effort and is hoping for success as his Democrats face the possibility of losing control of Congress in key midterm elections in November
Economy
BoE set for fifth rate hike in row as inflation soars
The Bank of England is expected on Thursday to raise its key interest rate for a fifth straight time to...
- Some experts predict an even higher increase, mirroring aggressive rate-tightening by the Federal Reserve
- UK inflation stands at nine percent, the highest level in 40 years, and is forecast to keep rising
Business
Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering...
- The report provides information on Aramco's efforts to support the broader energy transition
- Aramco expects to update the sustainability report on an annual basis
Business
OIC aims for 25 percent trade among member states by 2025
OIC has set a target of 25 percent trade among member states in the next three years by 2025 and...
- Organization of Islamic Cooperation has set a target of 25 percent trade among member states by 2025
- Biennial general trade fair is vital for promotion of trade and services among OIC member states
Economy
UAE Industry Development Council reviews action plan
Industry Development Council meeting reviews recommendations made at the first meeting, progress in implementing them and discusses the development of...
- Industry Development Council recommends launching unified platform for industrial data
- The council reviews suggestions made at first meeting, reflects on progress in implementing them
Economy
WTO talks extended in bid to seal fishing subsidy, food security deals
The World Trade Organization's ministerial conference will run over into a fifth day on Thursday in the hope of striking...
- The global trade body only takes decisions by consensus and its 164 members all need to agree if anything is to get passed.
- India all but sank the WTO's bid to net a long-sought deal on curbing harmful fishing subsidies late Tuesday, insisting it would not sign up without a 25-year exemption.
Business
UAE prohibits export, re-export of Indian wheat, flour for four months
UAE's Ministry of Economy said the "decision comes in view of the international developments that have affected trade flows and...
- Companies that want to export/re-export wheat and wheat flour varieties imported into the country before 13t May need to seek the ministry's permission.
- The firms must submit to the ministry all documents and files that help verify the data regarding the shipment in terms of its origin, date of transaction.
Geostrategy
Aid groups appeal UN to renew Syria cross-border aid resolution
Dozens of aid groups Tuesday urged the United Nations Security Council to renew a resolution allowing aid deliveries to millions...
- Russia, an ally of the government in Damascus, has threatened to use its Security Council veto power to block the resolution's renewal
- Russia has argued aid can instead transit via Damascus-controlled parts of the country across conflict lines
Economy
80 percent children in Ghaza suffer ‘distress’ due to years long blockade: report
Four out of five children in Gaza suffer from emotional distress, Save the Children said Wednesday, 15 years after Israel...
- In a report called "Trapped", Britain-based Save the Children said the mental health of Gazan children has continued to deteriorate
- Since 2018, the number reporting symptoms of "depression, grief, and fear," had risen from 55 percent to 80 percent, the report said
Economy
Global economic growth forecast to pick up towards Q2 end: OPEC report
The global oil demand is anticipated, according to the report, to average 101.8 mb/d in second half of this year,...
- The global oil demand is anticipated, according to the report, to average 101.8 mb/d in second half of this year, up from 98.7 mb/d on average seen in the first half
- Improving mobility in major economies, as well as seasonal containment of the pandemic is projected to support gasoline and distillate demand
Egypt hikes subsidized bread price for first time in decades
Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...
Economy
Company News
DFM adds new investor accounts
Business
Latest News
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
‘Saudi Arabia emerges as a leader in digital economy’
"Today, the Kingdom takes pride in its advanced technological sector, which has solidified its regional and global position as a...
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...
Economy
Most Read
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.
Geostrategy
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...
- The aid will contribute to ameliorate the socio-economic challenges faced by the people and will help in achieving significant SDG targets.
- IsDB had made an emergency intervention to support the communities affected by the conflict in Sudan.
Economy
Inflation in Egypt hits record high of nearly 40 percent, says government
Annual inflation in Egypt hit 39.7 percent in August, official figures showed, an all-time high for the country as it...
- Food and drink prices in Egypt alone registered a 71.9 percent increase compared to August 2022, state statistics agency CAPMAS said.
- Even before the current crisis, 30 percent of Egyptians were living below the poverty line, according to the World Bank.