Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
Economy
Low-pressure system eases over UAE: Dubai Airport delays remain
The Ministry of Interior has announced the end of the low-pressure weather system that wreaked havoc for many Dubai International...
Economy
Economy
UAE, Egypt, Jordan partner for sustainable economic growth
The countries allocated a US$10bn investment fund, to be managed by ADQ Holding, to accelerate the partnership objectives.
- The countries allocated a US$10bn investment fund, to be managed by ADQ Holding, to accelerate the partnership objectives
- The partnership seeks to enhance growth across food and agriculture, fertilisers, pharmaceuticals, textiles, minerals, and petrochemicals
Economy
Algorithm can sort out traffic mess: Israeli IT firm
Israel's traffic congestion ranks near the worst among developed economies but an algorithm can help, says one of the country's...
- EcoMotion's founder Meir Arnon told AFP that surging global interest in smart mobility had made Israel an auto industry player
- AI software collects real-time data from road cameras and then sends instructions to manipulate traffic lights based on vehicle flows
Business
Saudi Chambers, French group to cooperate in entertainment sector
The Federation of Saudi Chambers, represented by the Saudi-French Business Council, will host a key French delegation representing the entertainment...
- The French delegation comprises 30 business owners and major French entertainment companies in the field of amusement parks, and manufacturing sports products.
- Some 100 business owners and Saudi entertainment companies and the national entertainment committee at the federation could participate in the meeting.
Economy
Unemployment insurance to cut UAE business risk
The insurance is being hailed as a step in increasing the attractiveness of the UAE labor market and its ability...
- The employees who lose their jobs will receive cash support for a period of time until the employee finds another job.
- The decision is significant given the fact that unemployment rate in the country is one of the lowest in the world.
Economy
Dubai ranks second globally in attracting FDI in creative economy
Dubai ranked first in the Middle East and North Africa (MENA) region and second in the world in attracting foreign...
- Surpassing other major cities such as New York, Singapore and Berlin, Dubai improved its rankings from fifth in 2020.
- In terms of the number of new jobs in the creative economy, Dubai held on to its top rank regionally and fourth globally with 6,204 new jobs created from FDI.
Analysis
World economies witness new stagflationary shocks
Since the outbreak of the pandemic, the Southeast Asian countries have lagged the performance of advanced economies due to initially...
- The war in Ukraine and the interaction of the highly contagious Omicron variant with China's 'zero-Covid' policy are pushing up global inflation
- Southeast Asia has lagged performance of advanced economies due to initial low vaccination rates, supply chain constraints and less accommodative fiscal policies
Economy
Saudi Arabia, UPLink in deal to counter sustainable development issues
This is a part of the Kingdom’s agenda to achieve sustainable development 2030 locally and internationally.
- The Saudi ministry seeks to explore the joint issues in the field of food security, food waste recycling.
- The move is a part of the Kingdom’s agenda to achieve sustainable development 2030 locally and internationally.
Business
Iraq allocates $2bn for Baghdad Metro project
Two billion dollars are allocated in the budget for Baghdad Metro project, Iraq’s Minister of Transport Nasser Hussein Al-Shibli said...
- Prime Minister, Mustafa Al-Kadhimi, said that the phenomenon of traffic jams is unacceptable
- Al-Kadhimi stressed the need to work for activating traffic lights in the streets of Baghdad
Business
Wall Street stocks rally first time in two months as inflation dips
Wall Street stocks rallied Friday following signs of moderating inflation, finishing with weekly gains for the first time in about...
- The Dow Jones Industrial Average climbed 1.8 percent, or about 575 points, to 33,212.96, a weekly increase of 6.2 percent
- Friday's gains extend a rally that began Wednesday, reversing the battering stocks have encountered most of the year
Geostrategy
Iran Revolutionary Guards say seized two Greek tankers in Gulf
Iran's Revolutionary Guards seized two Greek oil tankers in the Gulf Friday, days after Athens confirmed it would deliver to...
- Delta Poseidon, one of the Greek tanker was sailing in international waters and second tanker was near the Iranian coast when seized
- Greece has accused Iran of "piracy" and confirmed that nine Greeks were among the crews of the two vessels
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
Economy
Company News
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Turkey’s inflation nears 60%, piling pressure on new team
campaign pledges and a massive reconstruction effort launched after a major earthquake claimed more than 50,000 lives in Turkey's southeast....
Economy
Middle East needs ‘New Deal’ to deliver for its 600 million people: IMF officials
Dubai, UAE - Middle East needs a ‘New Deal’ to deliver for its 600 million people more jobs, better education,...
Economy
Iraq signs deal with IFC to develop Baghdad International Airport
Baghdad, Iraq--Iraq has signed an agreement with the International Finance Corporation (IFC) - a member of the World Bank Group...
Economy
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Business
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...
- Chronic electricity shortages had shaped the daily lives of Libyans since the fall of Moamer Kadhafi in a NATO-backed 2011 uprising.
- A decade of stop-start fighting between rival groups followed, adding combat damage and looting to the dilapidated grid in Libya.
Business
Two convictions in FIFA corruption scandal overturned by US judge
Miami, United States--Two convictions in the FIFA corruption case have been overturned by a US federal judge citing a recent Supreme...
- The investigation, including raids on FIFA officials in Zurich, resulted in a series of arrests and trails and subsequent charges, convictions and guilty pleas
- In a ruling on Friday, US district Judge Pamela Chen said a May Supreme Court decision meant that the convictions for wire fraud could not stand
Business
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
- In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
- Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.