GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
Economy
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
Economy
Egypt raises overnight interest rates to tame inflation
In order to tame soaring prices in the country, the Central Bank of Egypt has raised its overnight interest rates...
- The bank’s Monetary Policy Committee increased the deposit rate to 11.25 percent from 9.25 percent and the lending rate to 12.25 percent from 10.25 percent
- Prices were pushed up in part by a currency depreciation and higher wheat prices after the Ukraine crisis, the statement added
Business
Smart money is in video games, Web3: Futurist at TOP CEO event
Raford contended that people should invest in video games, as it is the only successful digital economy so far.
- Raford contended that people should invest in video games, as it is the only successful digital economy so far
- The metaverse, he said, has extraordinary potential and Dubai is moving rapidly to take advantage of it
Economy
China to cut key interest rate as it seeks to boost economy
China on Friday announced it would cut a key interest rate as the country fights to boost its virus-hit economy...
- The five-year loan prime rate (LPR) is 4.45 percent," China's central bank said on Friday
- The one-year loan prime rate, which guides how much interest commercial banks charge to corporate borrowers, remained unchanged at 3.7 percent
UAE tourism sector set new record in Q1 2022 : Tourism Minister
Tourism is deemed one of the future sectors and a key focus area in the UAE’s development vision for the...
- According to tourism figures for Q1 2022, the country's hotel establishments attracted nearly 6 million visitors
- The average duration of hotel guest stays reached 25 percent during the same period, up from 3 nights to 4 nights
Business
UAE and Turkey export credit agencies to enhance trade ties
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Turkey’s export...
- The two export credit agencies will work together to facilitate trade and export and ease access to credit insurance and project financing, ECI said in a statement.
- Turkey is the UAE’s seventh-largest trading partner, with the non-oil trade between the two reaching AED 49.4 billion.
Economy
All work-related leaves in UAE fall under contribution period: GPSSA
Government sector employers are mandated to bear full contributions due from the insured in cases where he/she is accompanying a...
- The responsibility to pay contributions due by insured individuals varies depending on the reason for the leave granted by their employers.
- Both the insured and the employer bear their share of contributions according to what the law has determined in the case of a paid leave.
Business
UAE-Germany non-oil trade 10.5 percent to $9.5 billion in 2021
The non-oil trade between Germany and the UAE amounted to $9.5 billion during 2021, a 10.5 percent increase compared to...
- "Our economies are both very much geared for the possibilities of the future," Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade
- Al Zeyoudi said that Germany has become UAE's most important trading partner in the Middle East.
Economy
‘Lifeline’ of renewable energy can steer world out of climate crisis: UN chief
"We must end fossil fuel pollution and accelerate the renewable energy transition before we incinerate our only home," Secretary-General António...
- "We must end fossil fuel pollution and accelerate the renewable energy transition before we incinerate our only home," Secretary-General António Guterres said
- Guterres called for a new global coalition led by governments and bringing together tech companies, manufacturers and financiers to fast-track innovation and deployment
Economy
Nearly 60 mn people internally displaced worldwide in 2021
Last year, new internal displacements from conflict surged to 14.4 million marking a 50-percent jump from 2020 and more than...
- Last year, new internal displacements from conflict surged to 14.4 million marking a 50-percent jump from 2020 and more than doubling since 2012, the report showed
- More than eight million people have already been displaced within the war-ravaged country since Russia's invasion of Ukraine began in February
Economy
UN expert calls US sanctions on Iran ‘devastating’
An independent United Nations expert said Wednesday that the impact of sanctions imposed by the United States on Iran was...
- A 12 day visit of UN expert in Iran comes during the ongoing protest in country over rising prices of food and soaring inflation
- In 2018, then-US president Donald Trump withdrew from the deal and imposed crippling sanctions on Iran
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
Economy
Company News
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GCC shows economic resilience as inflation hits globe
GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth...
Economy
NEOM to set up education, research and innovation center
TABUK, SAUDI ARABIA – NEOM has announced plans to establish a world-class education, research and innovation (ERI) center, following last...
Arts & Culture
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
Geostrategy
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Economy
It’s time to address universal issues through media
Many Filipino media professionals are working in the UAE that forms the core of media cooperation. “Given the strong friendly...
- The Philippines believes in the value of nations working together to explore new approaches to address global issues and concerns, through the media
- Given the strong friendly relations between the Philippines and the UAE, there is much more potential in many areas, especially in the media sector
Economy
Red Sea Global launches ‘Tamala’ to transform agricultural economy in Tabuk
Riyadh, Saudi Arabia--Red Sea Global (RSG) has announced the launch of the Red Sea Farms Cooperative (Tamala), established through integrated...
- Tamala intends to develop a model entity in order to boost the role of cooperatives in the agricultural sector in the kingdom
- It plans to provide agricultural inputs to farmers which contribute to improving agricultural production and farmers' quality of life
Economy
Iraq to harness Associated Petroleum Gas to generate electricity
Baghdad, Iraq - The Iraqi government has launched a project to harness the Associated Petroleum Gas (APG) from the Bin...
- The project's principal advisor Mounir Bouaziz said that the field's production capacity is scheduled to range from 400,000 to 500,000 barrels of light oil per day
- Once completed, the project will eliminate the need for import of a significant portion of gas while also meeting the requirements for operating electric power plants