Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
Economy
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
Economy
Economy
Dubai establishes Debt Management Office for financing needs
Dubai has announced the establishment of a Debt Management Office that would be responsible for government's financing requirements, managing the...
- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum appointed Rashid Ali bin Obood Al-Falasi as the Chief Executive Officer of the DMO.
- It will also be responsible for managing the sovereign debt portfolio and setting strategic objectives and policies.
Economy
Global stocks sink on rising rates and China lockdown
World stock markets mostly sank Monday on stubborn fears over the impact of rising US interest rates, surging inflation and...
- Frankfurt, London and Paris each shed more than one percent nearing the half-way stage after Tokyo closed down 2.5 percent
- Oil prices lost two percent on demand worries and the haven dollar rose, while bitcoin plunged to a 2022 low below $34,000
Economy
Jury completes evaluation of ‘One Million Arab Coders’ entries
Dubai Future Foundation said Monday that the jury has finished evaluating the projects that qualified for the final stage of...
- The participants presented their innovative ideas based on programming techniques and applications, and compete for prizes totaling $1.35 million.
- A total of 20 projects made it to the final stage of the challenge, the best of which will receive the $1 million grand prize.
Economy
Indian rupee falls to new low on inflation fears
The Indian rupee plunged to an all-time low against the greenback on Monday, as US monetary policy tightening roiled sentiment...
- The fall came as Indian stocks on the benchmark Sensex and Nifty50 indices extended losses for a fourth day
- Foreign investors have withdrawn a net 1.34 trillion rupees ($17.3 billion) from Indian equities so far this year, stock exchange data showed.
Economy
More than 40 migrants drown off Western Sahara: charity
At least 44 migrants drowned on Sunday when their boat capsized off the coast of the Western Sahara, migrant aid...
- There was no immediate confirmation from authorities in Morocco, which sees the disputed Western Sahara as an integral part of the North African kingdom
- Spanish interior ministry says that 40,000 migrants arrived in the country by sea in 2021 and 4,404 migrants died or went missing in attempt to reach Spain
Economy
Downtown Beijing goes quiet as zero-Covid policy smothers capital
Millions of people in Beijing stayed home on Monday as China's capital tries to fend off a Covid-19 outbreak with...
- Lockdown in Shanghai has also intensified, causing outrage and rare protest in the last major economy still glued to a zero-Covid policy
- The policy has winded an economy which just months ago had shown China was bouncing back fast from the pandemic
Economy
China’s April exports slump to lowest in two years as virus bites
"Lockdowns in large cities like Shanghai and rising input costs are major reasons" behind the underwhelming trade figures, analyst Zhaopeng...
- "Lockdowns in large cities like Shanghai and rising input costs are major reasons" behind the underwhelming trade figures, analyst Zhaopeng Xing of ANZ Research said.
- Import growth was flat in April, an improvement from a 0.1 percent contraction in March, as Chinese consumers remain hesitant under a welter of restrictions across the country
Geostrategy
Russia readies Victory Day parade as fight for east Ukraine rages
Russia will celebrate its 1945 victory over Nazi Germany Monday with a show of military might as its army battles...
- President Vladimir Putin is set to flaunt Russia's power in celebration of Victory Day, as he seeks to justify a war that has gone on far longer than expected
- But as huge missiles are towed through Moscow's Red Square , Ukraine will be desperately battling to stop a hoped-for military breakthrough
Analysis
UAE’s Covid-19 response gets global plaudits
Earlier this year, the UAE rose to the top of Bloomberg’s Covid Resilience Ranking, outperforming European countries in terms of...
- For one, smart-technology platforms were effectively used in the UAE to combat Covid-19
- The UAE also adopted the mandatory use of face masks in March 2020, well ahead of the WHO recommendation
Geostrategy
Marcos Jr eyes landslide as Philippines votes for new president
Millions of Filipinos thronged primary schools and other polling stations Monday to elect a new president, with the son of...
- Ten candidates are vying to succeed President Rodrigo Duterte in elections seen by many as a make-or-break moment for the Philippines' fragile democracy
- But only Marcos Jr and his rival Leni Robredo, the incumbent vice president, have a credible chance of winning
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Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
Economy
Company News
Latest News
AI risks repeating social media mistakes, says Microsoft president
NEW DELHI, INDIA - Breakneck development of artificial intelligence risked repeating mistakes made by the tech industry at the start of...
Science
US Federal Reserve prepared to raise interest rates further
The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down...
Economy
Lebanon central bank declines to address nation’s deficit through lending
Beirut, Lebanon -- Acting Lebanese Central Bank Governor Wassim Mansouri has said the bank will not be providing government lending...
Economy
Most Read
Geostrategy
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
- The two ministers discussed the available opportunities to enhance trade exchange between Algeria and South Africa.
- The aim of trade exchange and joint investment is achieving sustainable development in the region.
Economy
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...
- Turkmenistan is known for its status as a key gas producer regionally and globally
- The country’s natural gas reserves are estimated at 50 trillion cubic meters
Business
$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...
- The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion
- The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion