Equities sink, oil rallies on fears of Iran-Israel conflict
Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...
Economy
Innovation, flexibility fuel GCC remote work growth
The UAE especially has become a regional hub for remote work, attracting digital nomads and businesses with its visa programs.
Business
Geostrategy
Russian army says Mariupol steelworks ‘totally liberated’
Russia's Defense Minister Sergei Shoigu informed president Putin of "the end of the operation and the complete liberation of the...
- Russia's Defense Minister Sergei Shoigu informed president Putin of "the end of the operation and the liberation of the city of Mariupol."
- On May 20, the last group of 531 Azov regiment of Ukrainian soldiers in Mariupol surrendered to Russian army, Russian official has confirmed
Economy
Lebanon cabinet passes financial recovery plan during last session
The cabinet of bankrupt Lebanon, at its final session on Friday, passed a financial recovery plan needed to secure international...
- "Any delay in implementing the financial recovery plan will be very costly to Lebanese," Prime Minister Mikati said
- The International Monetary Fund and Lebanon in April struck a conditional deal for $3 billion in aid
Economy
Key Iraq irrigation reservoir close to drying out
Iraq's Lake Hamrin, a once-vast reservoir northeast of Baghdad that is the sole source of water for irrigation across Diyala...
- "There are no other sources of water in the province -- the volume arriving in Lake Hamrin is the volume used in the province," an Iraqi official said
- The problem is not exclusive to Diyala province. The World Bank predicts that without major changes, Iraq will have lost 20 percent of its water resources by 2020
Economy
GCC ready to deal with global inflation, sectoral shifts
However, Hamade believes that the markets in the Gulf region are better prepared to navigate the economic headwinds given the...
- Local production, technology, and the improving quality of goods and services alleviate the pressure of exports, says Amanat Holding's CEO Dr Mohamed Hamade
- Startups have been contributing to driving economic self-sufficiency aided by homegrown production and facilitation to reduce the burden of imports, he adds
Economy
Saudi Arabia elected head of ICAO’s Regional Aviation Safety Group
The election took place during the ninth session of the group’s meetings hosted in Riyadh from February 14-17.
- The election took place during the ninth session of the group’s meetings hosted in Riyadh from February 14-17
- The Middle East Regional Aviation Safety Group (RASG-MID) aims to develop an integrated data-driven strategy
Economy
Dubai Customs launches ‘Training Doses’ initiative
The initiative will also help in consolidating controls and combat all customs violations, including smuggling.
- The initiative will also help in consolidating controls and combat all customs violations, including smuggling
- The Training Doses initiative is in line with Dubai Customs’ strategic plan, which focuses on developing human cadres
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
Equities sink, oil rallies on fears of Iran-Israel conflict
Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...
Economy
Company News
TAQA to buy SWS Holding
Business
QSE unveils new trading system
Business
Latest News
Logistics delivers boom with value-added services
"A top-tier, industry-specific enterprise resource planning (ERP) solution is vital for efficiently delivering these value-added services. Distributors grapple with supply...
Opinion
Grain deal in focus as Putin, Erdogan all set to meet
MOSCOW, RUSSIA - Russian President Vladimir Putin will host his Turkish counterpart Recep Tayyip Erdogan on Monday, the Kremlin said, amid...
Geostrategy
Iran’s non-oil export to ECO countries from Mar 21 to July 22 2023 reaches $3.6bn
TEHRAN, IRAN – Iran’s export of non-oil products to the Economic Cooperation Organization (ECO) member states in the first four...
Geostrategy
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Business
Agri-Nutrients SABIC, US firms together support sustainable farming
RIYADH, SAUDI ARABIA - Agri-Nutrients SABIC, in cooperation with the American companies ADM and BiOWiSH has helped farmers achieve high...
- Through these collaborative efforts SABIC aims to help reduce the carbon footprint in the agricultural supply chain.
- Farmers will use SABIC's bio-fortified urea for the 2023 agri-nutrient season and enroll in ADM's Re:Generations program.
Geostrategy
UAE, New Zealand discuss economic cooperation, free trade pact
DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration,...
- The UAE and New Zealand already share a productive trade relationship, with non-oil trade reaching US$805 million in 2022.
- UAE is New Zealand's leading trading partner in the Arab World, accounting for 2.5 percent of Wellington’s total foreign trade.
Economy
At 5%, Middle East has highest GDP share from tourism: report
Dubai, UAE - The Middle East has seen the strongest rebound in the post-pandemic global tourism recovery, according to a...
- Saudi Arabia and Türkiye recorded almost pre-pandemic levels of tourist arrivals in Q1 2023
- Asia Pacific is second, with over 4 percent of the region’s GDP coming from tourism