US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
Economy
Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
Business
Economy
UAE Healthcare charity to receive donations in crypto
Crypto philanthropy has emerged as an important and sustainable source of fundraising for charities, giving people greater opportunities to donate...
- Crypto philanthropy has emerged as an important and sustainable source of fundraising for charities, giving people greater opportunities to donate for good
- According to Chainalysis, the Middle East is one of the fastest-growing cryptocurrency markets in the world, making up seven per cent of global trading volumes
Economy
Turkey’s inflation climbs to its highest level in 24 years
Turkey's inflation climbed to its highest level since 1998, hitting an annual 73.5 percent in May, official data showed Friday,...
- The central bank refused again last week to raise its main rate, keeping it at 14 percent.
- Transport prices jumped by 107.6 percent in May while food was up by 91.6 percent.
Economy
US adds nearly 400,000 jobs in May, jobless rate 3.6 percent
Restaurants and hotels that were decimated due to Covid-19 showed a strong recovery in May, adding 84,000 positions, the data...
- The jobless rate held steady at 3.6 percent for the third consecutive month
- Employers have struggled to fill open positions, which has pushed wages higher
Economy
UAE attracted nearly $21 billion of FDI in 2021: Minister
The UAE succeeded in attracting more than $20.7 billion of Foreign Direct Investment (FDI) in 2021, which reflects the confidence...
- Minister of Economy Abdullah bin Touq Al Marri said the UAE ranked first in the MENA region and 15th globally on AT Kearney's FDI Confidence Index 2021.
- UAE FDIs in Kyrgyzstan amounted to $12 million, making Emiratis among the top 20 foreign investor groups in the country.
Economy
UAE economic growth in 2022 to reach 4.7 percent driven by oil and non oil sectors, says World Bank
UAE economy to improve in 2022 as the country's financial reserves reflect solid growth, a strong financial system and resilient...
- The UAE in 2022 is keen on increasing the competitiveness of the private sector, said the Economic Advisor, Ministry of Economy.
- The UAE government launched an economic stimulus package of AED 388 billion, said a senior official of the Ministry of Economy.
Economy
One out of three Islamic Development Bank member living in poverty
President of the bank Dr Muhammed Al-Jasser, who was speaking at the 16th World Bank Forum, on Islamic Finance, said...
- The Forum themed “Poverty Reduction Through Social Innovation and Entrepreneurship” was held on the sidelines of the IDB group's annual meeting in Sharm El-Sheikh.
- The fight against poverty has always been at the forefront of the objectives of the bank's partnerships with member states and various institutions, Al-Jasser said.
Economy
IsDB’s Lives and Livelihood Fund provides $1.5bn to 33 member states
Abu Dhabi Fund for Development (ADFD), is one of LLF's key donor partners on this innovative initiative.
- Abu Dhabi Fund for Development (ADFD), is one of LLF's key donor partners on this innovative initiative
- The IsDB and development cooperation partners launched a US$2.5 billion LLF in 2016 with a joint vision to raise the poorest out of poverty
Economy
Morocco launches agency to regulate medicinal cannabis
Morocco's national regulatory agency overseeing the use of cannabis for medical use met for the first time Thursday in one...
- Chaired by Interior Minister Abdelouafi Laftit, the "National Agency for the Regulation of Cannabis Activities" approved its organisation chart and budget for the year 2022
- The agency will be responsible for controlling all stages of the production chain, from the import of seeds to the marketing of cannabis products
Economy
OPEC to boost oil production as prices surge and EU bans Russian imports
Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring...
- Analysts had expected OPEC+ producers to stick to their policy of modest output increases, as they have done since May 2021.
- OPEC+ drastically slashed output in 2020 as demand slumped when the world locked down under the coronavirus pandemic.
Economy
Qatar launches Advanced Manufacturing Hub in partnership with WEF
The cooperation seeks to transform Qatar into an advanced economic and industrial hub by enhancing its international connections network.
- The cooperation seeks to transform Qatar into an advanced economic and industrial hub by enhancing its international connections network
- Qatar's AMHUB is one of 13 platforms that were launched by WEF all over the world whose aim is to enhance the future of the industrial sector internationally
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
Economy
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Israel suspension of Gaza exports risks ‘catastrophe’: businesses
Osama Nofal, of the Gaza economic ministry, put the value of Gaza exports to Israel and the occupied West Bank...
Economy
stc buys stake in Telefónica
The group invests in information, communications and technology sectors.
Business
Healthcare sector in Qatar witnesses remarkable growth, says IPA Qatar
Doha, Qatar--Sustained investment in healthcare infrastructure in Qatar has seen a rapid transformation in the sector as promotion of health...
Economy
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Business
UAE announces US$4.5bn in Africa clean energy investments
Speaking at a landmark climate summit hosted by Kenya, Sultan Al Jaber, who heads the government-owned renewable energy firm Masdar,...
- The minister said the investment in Africa is aimed to develop 15 GW of clean power by 2030
- As of 2022, the continent's renewable generation capacity was 56 gigawatts, according to the IREA
Economy
G20 per capita coal emissions growing: research
According to the research published by Ember, an energy thinktank that pushes for renewable power, per capita G20 coal emissions...
- Countries such as Britain, Germany and the United States were able to significantly decrease per capita emissions
- But at the same time, other countries, including G20 host India, Indonesia and China, all saw their emissions rise
Economy
Saudi Arabia to invest $25bn over next five years: Pakistan interim PM
Islamabad, Pakistan - Pakistan's caretaker Prime Minister, Anwaar-ul-Haq Kakar, announced on Monday that Saudi Arabia plans to invest up to...
- The investment is part of a concerted effort to boost foreign direct investment in the South Asian nation
- Pakistan is believed to possess untapped mineral deposits conservatively valued at around $6 trillion