IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
Economy
Economy
ECB rate could turn positive by year’s end: France
ECB interest rates could be back in positive territory by year's end, the head of the French central bank said...
- Any hike would be the ECB's first in over a decade and would lift rates from their current low levels
- But pulling the trigger too soon risks hurting growth at a sensitive time for the European economy because of the war in Ukraine
Jordan’s central bank raises interest rate ‘to curb inflationary pressures’
The Central Bank of Jordan (CBJ) on Thursday decided to increase the interest rate on its various monetary policy instruments...
- The bank also decided to extend the bank’s refinancing program that targets 10 sectors of economy.
- It decided to keep the refinancing programs’ interest rates unchanged to stand at 1 per cent for projects located in Amman and 0.5 per cent for projects in other governorates.
Economy
190k tourists visit Jordan during Eid al-Fitr, says official
Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.
- Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.
- The country prepared shift programs in archaeological and public sites, and provided services to tourists and visitors during their stay
Business
Adidas’s Q1 profit dips
German sportswear giant was hurt by China lockdowns.
- The group's net profit from its continuing operations fell to 310 million euros, from 502 million euros in the same quarter last year
- The setback was accompanied by a three-percent drop in sales across the board, the group said in a statement
Economy
Turkey sees April inflation hit 69.97%, near 20-year high
Turkey is experiencing the highest inflation among major emerging markets and industrialized G20 economies.
- The inflation rate rose from 61.1 percent in March
- On a monthly basis, prices rose by 7.25 percent
Economy
Fears mount for China’s economy as leaders dig in on zero-Covid
Mass testing of China's vast population could bring fresh misery to the economy, experts warned Friday, after Beijing vowed to...
- Authorities have refused to bend to mounting public outcry at food shortages and spartan quarantine conditions
- China's government has brandished the strategy as proof that it values human life above material concerns
Economy
Lebanon expatriates cast votes in parliamentary election
Expatriates began voting at 7 am (0500 GMT) Beirut time on Friday in nine Arab countries and in Iran, while...
- This is the second time in the country's history that citizens residing abroad are able to vote for their 128 representatives
- The elections are the first since protesters took to the streets in 2019 against the ruling elite, blamed for its economic collapse
Economy
Saudi-US cooperation to spur growth of digital content market in KSA
Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the...
- Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the US met the president and COO of Omnicom Media Group Daryl Simm
- The meeting also included several specialized technological companies in the fields of FinTech, software, and administrating alternative investments
Business
Digital banks set to flourish in Saudi Arabia, UAE
Ongoing loan restructurings and the gradual withdrawal of pandemic-related support packages may put further pressure on asset quality. However, the...
- In November 2021, Saudi Central Bank (SAMA) Governor Fahd Al-Mubarak reportedly said that the Kingdom is going to license more digital banks.
- UAE’s Emirates NBD, Mashreq and Commercial Bank of Dubai were among the first to offer digital-only services.
Economy
Al Maktoum Solar Park key to achieving UAE’s net zero goal: DEWA
Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy...
- When completed, the park will reduce over 6.5 million tons of carbon emissions annually.
- Dubai also launched the Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai's total power capacity from clean energy sources by 2050.
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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
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
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$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...
Business
Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
Economy
Dubai Chambers saves water, works on sustainability agenda
DUBAI, UAE - Dubai Chambers has contributed to the emirate’s drive for sustainability by saving a total of 72,239 litres...
Business
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Economy
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
- According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women
- The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier
Economy
COP28 will provide a pivotal moment in climate action
The conference will focus on practical aspects, unifying action, and establishing partnerships, as well as aligning efforts to transition from...
- COP28 will focus on practical solutions, unifying global action, and fostering partnerships, says IUCN chairwoman
- The conference aims for a "human-centric" approach, emphasizing nature, food, health, and climate resilience, she adds.