Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
Economy
GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
Economy
Business
Jordan govt, SJIF ink $400m healthcare agreement
Jordan Prime Minister Khasawneh said the healthcare project serves as a launchpad for future investments mentioned in the Jordan Investment...
- Jordan Prime Minister Khasawneh said the healthcare project serves as a launchpad for future investments mentioned in the Jordan Investment Fund Law
- The project will be based on a BOT model, as ownership of the project will be transferred to the Jordanian Government after the end of the investment period
Israel govt loses key vote in setback for coalition
Israel's government suffered a defeat at the hands of the opposition Monday which voted down a push to uphold Israeli...
- Two members of the broad coalition voted at first reading against the bill
- Their rebellion, however, does not call into question the continuation of Israeli law in the West Bank
Economy
Iraq PM’s advisor gives reasons for no consent of final accounts
Iraq PM's advisor identified two main factors that contributed to stall the approval of the state's final accounts 10 years...
- Two main factors contributed to stall the approval of the state's final accounts 10 years ago
- Government final account is one of the most important financial statements that is prepared annually
Economy
Stock markets up globally as China eases lockdown
Adding to the upbeat mood were comments from US commerce chief Gina Raimondo that she was considering lifting tariffs on...
- Traders took heart also from a wind-down of Covid containment measures in China that have crippled its economy for months.
- As infections trended down in major cities, cities like Shanghai and Beijing authorities allowed some sense of normality to return.
Business
Jordan’s exports from Jan-May 2022 hit $478 million
Amman Chamber of Commerce (ACC) said that the total value of exports during the January-May period 2022 amounted to JD339...
- Number of Amman Chamber of Commerce certificates of origin issued during the past five months of 2022 reached 10,879.
- ACC issued 2, 269 certificates of origin to export goods to Saudi Arabia and 1508 certificates to the UAE.
Business
Qatari businessmen to explore investment opportunities in Egypt
The Qatari Businessmen Association discussed investment cooperation with Mohamed Abdel-Wahab, CEO of Egypt’s General Authority for Investment and Free Zones....
- Chairman of the Qatar Businessmen Association's Board of Directors Sheikh Faisal bin Qassim Al-Thani stressed upon economic cooperation between the two countries.
- He said there are multiple mutual economic opportunities between Qatar and Egypt to develop their cooperation in the trade and investment sectors.
Geostrategy
Syria’s climate-scorched wheat fields produce little
The country is among the countries most vulnerable and poorly prepared for climate change, which is forecast to worsen.
- The trend is most evident in Syria's once-fertile northeast where wheat fields are drying to a crisp because of severe drought and low rainfall.
- Before the war, Syria's wheat production was enough to meet local demand. Harvests then plunged to record lows, leading to increased dependence on imports.
Infographics
GCC sees rise in non-oil sectors’ contribution to GDP
The region's countries have embarked on ambitious transformative plans to reduce dependence on oil and diversify their economies.
- The region's biggest economy, Saudi Arabia, unveiled its ambitious long-term strategy for the Kingdom, known as ‘Vision 2030’.
- Since the price of oil has been volatile over the past few years, these countries have been exposed to economic disruption.
Economy
Qatar Central Bank strategy for FinTech to boost sector
Qatar Central Bank is working on designing a new strategy for financial technology and intends to launch it during the...
- Qatar Central Bank is working on the new strategy for financial technology and intends to launch it at the last quarter of 2022
- QCB is creating the necessary infrastructure to enable banks to approve payments from digital wallets
Business
ADX and nine listed companies to attend investors meet in London
Abu Dhabi Securities Exchange (ADX) and nine ADX-listed companies will meet major institutional investors in London on June 9 and...
- The delegation includes over 25 CEOs, CFOs and senior executives from ADNOC Distribution, ADNOC Drilling, Abu Dhabi Islamic Bank, Agthia and others.
- ADX said it will showcase its progress in its strategy to significantly increase liquidity and market capitalization.
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
Economy
Company News
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EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
Business
$341bn in non-oil trade between UAE, G20 countries: UAE Minister
New Delhi, India - The non-oil trade between the UAE and G20 countries in 2022 hit $341 billion, which is...
Economy
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Economy
China reports drop in exports and imports in August
Beijing, China--China's exports and imports sank again in August, data showed Thursday, as the world's second-largest economy struggles with sluggish global...
- The customs authority said that overseas shipments dipped 8.8 percent on-year, compared with a 14.5 percent plunge in July
- The country's exports, apart from a brief rebound in March and April this year, have been in constant decline since October
Economy
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...
- According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
- The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors
Economy
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...
- With data collected from 137 banks, the survey is the world's leading barometer of trade finance health
- The Russian invasion of Ukraine was seen impacting trade finance portfolios by some 60 percent banks