Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
Business
Arabian Travel Market 2022 kicks off in Dubai
The Chairman of Dubai World Sheikh Ahmed bin Saeed Al Maktoum, inaugurated the 29th edition of the Middle East’s largest...
- ATM 2022 is part of Arabian Travel Week, a 10-day festival of travel and tourism events taking place in Dubai
- It provides a vital platform for tourism and travel industry leaders in the Middle East
Infographics
GCC central banks confront surging inflation
After the Fed Reserve raised interest rates to rein in the 40-year-high inflation, GCC members followed the suit as most...
- Qatar had the highest rate of inflation in the Gulf Cooperation Council region.
- At 2 percent, the region's largest economy, Saudi Arabia, had the lowest inflation rate.
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
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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
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Company News
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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...
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...
Economy
Tehran exports goods worth $7.2bn to West Asia in 4 months from March 2023
TEHRAN, IRAN - Iran exported $7.2 billion worth of products to West Asian countries in the first four months of...
Geostrategy
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Business
stc Group begins work in Europe
stc’s subsidiary TAWAL buys assets in eastern Europe.
- TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
- TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
Economy
Bahrain to partner with private sector to ramp up investments in oil projects
Manama, Bahrain--Bahrain has indicated its keenness to encourage investments in the kingdom's oil and environmental projects through partnerships with the...
- The oil minister said that investments can be made in partnership with the private sector, especially banks providing the necessary support
- He made the remarks in a meeting with Abdulfattah Sharaf, HSBC Bank Middle East Board of Directors Chairman, and the accompanying delegation
Economy
Saudi Arabia to host CAF Super Cup match between Al Ahly and USM Alger
Johannesburg, South Africa--The 2023 CAF Super Cup match between Al Ahly of Egypt and USM Alger of Algeria will be staged...
- The Super Cup first staged in 1993 has been won a record eight times by Ahly, followed by Egyptians Zamalek (four titles) and TP Mazembe (three titles)
- CAF general secretary Veron Mosengo-Omba said the kingdom has made big strides in global football and the Super Cup is now in a new territory