Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
Economy
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Market Report
Bitcoin falls below $30,000, lowest since July 2021
Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors...
- Bitcoin's value has more than halved since a November surge that saw the token hit a record of nearly $69,000
- Traditional investors have been offloading bitcoin and other digital tokens along with other volatile assets like tech stocks
Economy
UAE increases Emiratisation rate to 2 percent annually
NAFIS, the federal program aims to increase the competitiveness of the Emirati workforce and to facilitate the private sector.
- NAFIS, the federal program aims to increase the competitiveness of the Emirati workforce and to facilitate the private sector
- The incentives include reducing the service fees of the private sector establishments which recruit and train Emirati citizens by 80 percent
Economy
Oil, stimulus packages revive Arab world’s growth
The growth rate of Arab economies is expected to increase to around five percent in 2022 on the back of...
- The GCC countries' growth rate is expected to hit 5.8 percent in 2022, up from 3.1 percent in 2021
- In 2023, the Arab countries as a group are predicted to develop at a rate of around four percent
Economy
Saudi fights to lead ‘saturated’ MidEast aviation market
Saudi Arabia on Monday pitched aviation industry leaders on its plans to become a global travel hub, drawing scepticism from...
- The kingdom's aviation goals, part of "Vision 2030" reforms, include more than tripling annual traffic to 330 million passengers by the end of the decade.
- It also wants to draw $100 bn in investments to the sector by 2030, establish a new national flag carrier and construct a new "mega airport" in Riyadh.
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.
Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
Economy
Company News
Latest News
Iran’s mineral reserves valued at over $15bn, says official
Tehran, Iran - Iran's in-situ and proven mineral reserves are now worth more than $15 billion, the director general of...
Economy
Oil companies pay Insta, TikTok influencers for ads
Online celebrities best known for posting about video games are also dropping in unexpected plugs for gasoline stations, fuel rewards...
Business
Riyadh to host Expo Expo, held for first time outside of US
Riyadh, Saudi Arabia - Riyadh is set to host the exhibition and conference industry show Expo Expo MENA on September...
Economy
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Business
Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...
- SAIPA is planning to supply 90,000 units of the QUIK sedan model to Russian customers in the next three years.
- Exports can start within a month and after the required permits are issued by Russian authorities.
Business
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...
- Also 14.4 million tons of non-oil goods, valued at US$24.2 billion were imported into the country from March 21, 2023 to July 22, 2023.
- In this period, China, Iraq, the United Arab Emirates (UAE), Turkey and India were Iran’s main export markets respectively.
Geostrategy
There are no frozen assets abroad, says Iranian President
TEHRAN, IRAN – Iran President Ebrahim Raisi on Tuesday said that the country’s money is only blocked in South Korea...
- Iran has forged strong relations with Islamic and other like-minded countries.
- The country is keen on membership in regional and extra-regional alliances.