‘Saudi Arabia leads its regional peers in construction growth’
The burgeoning construction sector in Saudi Arabia is fostering the expansion of its talent pool and consolidating its regional leadership,...
Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Economy
Turkey inflation surges close to 70 percent in April
Turkey's official inflation rate spiraled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to...
- The consumer price index rose by 69.97 percent year-on-year in April compared with 61.14 percent in March, the national statistics agency said
- Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy
Economy
UAE Central Bank raises base rate by 50 basis points after Fed hike
The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility...
- This decision was taken following the US Federal Reserve Board’s announcement on Wednesday to increase the Interest on Reserve Balances (IORB) by 50 basis points.
- The bank also decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate
Geostrategy
EU eyes Russian oil import ban amid new bid to evacuate Mariupol
State Department spokesman voiced skepticism about the ceasefire, saying that Moscow has repeatedly resumed shelling after announcing pauses.
- European Union vowed to "significantly increase" its support for Moldova which has been targeted by a Moscow-backed separatist region
- Ukrainian Foreign Minister said that EU countries would be "complicit" in Russia's crimes in Ukraine if they block an oil embargo against Moscow
Economy
Turkey inflation spirals to nearly 70% in April
Turkey's official inflation rate spiralled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to...
- Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy
- The collapse of the lira has pushed up the cost of energy imports and foreign investors are now turning away from the once-promising emerging market
Economy
Sustainable construction key to greener MENA
Industry specialists in the region believe that the sector is becoming more sustainable despite many conflicting goals and complex challenges....
- With COP27 being held in Egypt in November 2022 and COP28 in the UAE in 2023, the MENA region is firmly putting climate change in the spotlight
- A key focus in the run-up to the two conferences is on accelerating policy, technology, and deployment of finance to set regional economies on a path to decarbonization
Economy
US Fed makes biggest rate increase since 2000 to fight inflation
With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the...
- After a quarter-point hike in March, the US central bank's policy-setting FOMC pushed the benchmark interest rate above 0.75%
- The hike will raise the costs of all types of borrowing, from mortgages to credit cards to car loans, cooling demand and business activity
Economy
Inequality widens in Britain as financial sector salaries increase
Salaries in Britain's financial sector have surged in recent months, widening inequality amid the nation's cost-of-living crisis, a study showed...
- Average monthly pay in the industry jumped 31 percent in February from December 2019, propelled by high-earners.
- The news comes as many Britons face a cost-of-living crisis, slammed by decades-high inflation and rising taxation.
Economy
India central bank raises interest rate ahead of Fed announcement
India's central bank announced a surprise interest rate hike of 0.4 percentage points on Wednesday, as Asia's third-biggest economy reels...
- Reserve Bank of India governor Shaktikanta Das said it would "increase the policy repo rate by 40 basis points to 4.40 percent with immediate effect."
- The announcement came hours before the US Federal Reserve was expected to undertake its largest rate hike in two decades in response to the country's accelerating inflation.
Economy
Years after IS defeat, northern Iraq struggles to rebuild
In Iraq, "maku" means "nothing", and father-of-five Issa al-Zamzoum says "maku" a lot: no electricity, no home, no rebuilding and...
- According to Human Rights Watch, after the siege "pro-government militias and volunteer fighters as well as Iraqi security forces raided Sunni villages and neighbourhoods"
- HRW used satellite imagery to map "heavy smoke plumes of building fires, likely from arson attacks" in the village
Economy
Expat remittances from Saudi rise 5 percent to $3.91 bn in March
Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March. Saudi...
- Saudi Arabia was the third largest source of remittances globally in 2020, just behind the UAE and the US, according to the World Bank.
- The US was the biggest source country, sending $68 billion abroad last year, while foreign workers in the UAE sent home $43 billion.
‘Saudi Arabia leads its regional peers in construction growth’
The burgeoning construction sector in Saudi Arabia is fostering the expansion of its talent pool and consolidating its regional leadership,...
Economy
Company News
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Saudi Arabia and Turkey to boost ties in industrial, mining sectors
The two countries signed a memorandum of understanding (MoU to boost mining cooperation in critical minerals needed in new technologies...
Economy
GCC shows economic resilience as inflation hits globe
GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth...
Economy
NEOM to set up education, research and innovation center
TABUK, SAUDI ARABIA – NEOM has announced plans to establish a world-class education, research and innovation (ERI) center, following last...
Arts & Culture
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Economy
Oman and South Korea sign agreement on green energy transition
Muscat, Oman--Oman has signed a memorandum of understanding (MoU) with South Korea in the field of green energy transition. The...
- The agreement underscores keenness in both countries to consolidate cooperation in green transition as the relations deepen
- The two countries will devise green transition policies and programs and develop technologies for environment conservation
Economy
It’s time to address universal issues through media
Many Filipino media professionals are working in the UAE that forms the core of media cooperation. “Given the strong friendly...
- The Philippines believes in the value of nations working together to explore new approaches to address global issues and concerns, through the media
- Given the strong friendly relations between the Philippines and the UAE, there is much more potential in many areas, especially in the media sector
Economy
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...
- Tamala intends to develop a model entity in order to boost the role of cooperatives in the agricultural sector in the kingdom
- It plans to provide agricultural inputs to farmers which contribute to improving agricultural production and farmers' quality of life