Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
Economy
Business
UAE and Turkey close to signing economic partnership agreement
The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the...
- The new partnership is expected to double bilateral trade between both countries.
- Bilateral trade between the UAE and Turkey has climbed 80 percent over the past three years.
Economy
Ukraine war to hit MENA’s poor nations, boost oil-producers: IMF
The International Monetary Fund's 2022 growth forecast for the region, which includes Arab countries and Iran, was forecast at 5.0...
- The predicted growth masks the disparities between the region's 22 countries--from oil exporters to nations wracked by war and others that depend heavily on wheat and fuel imports.
- An IMF report said inflation in MENA surged to 14.8 percent in 2021 and is projected to remain elevated at 13.9 percent this year, largely due to higher food and energy prices.
Ramadan brings $6bn windfall for MENA
The spending through the month of April has been widespread, including a broader increase in sales volume and a diversification...
- Saudi spending on travel, accommodation, and dining in restaurants rose by 37% in Ramadan 2022
- Consumers in the MENA are predicted to spend US$ 6.2 bn online during Ramadan in 2022
Economy
India launches outreach programmes on UAE-India CEPA pact
The CEPA was signed in New Delhi on February 18 in the presence of Crown Prince of Abu Dhabi Mohamed...
- The CEPA was signed in New Delhi on February 18 in the presence of Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi
- The first in a series of countrywide outreach programmes was held in Hyderabad in India this week, organised by the Government of Telangana state
Economy
Turkey partially lifts COVID-19 mask mandate
The move follows similar actions by European countries, which lifted the mask mandate partially or entirely.
- Mask use would still be in place in mass transit and hospitals
- It would go when the number of daily cases ‘drops below 1,000’
Business
Jordan and UAE groups join hands to develop beach project
Jordan Free and Development Zones Group Director Arwa Hiyari said the beach project is aimed at diversifying tourism.
- The project features a tourism camp housing restaurants, swimming pools and top-notch chalets of different sizes.
- The project will also provide new services for Dead Sea visitors and create job opportunities, an official said.
Business
Dubai real estate market records highest single-quarter deals since 2010
Dubai real estate market recorded the highest number of transactions since 2010 registered in a single quarter and the highest...
- Q1 2022 recorded a total of 20,539 sales transactions worth AED 55.51 billion ($15.11 billion).
- The quarter had the highest number of rental contracts ever recorded in a single quarter and it had a total of 160,530 rental contracts.
Economy
Humanity stuck in ‘spiral of self-destruction’: UN
Humanity is suffering from a "broken perception of risk", spurring us into activities and behaviours that cause climate change and...
- The report estimated that by 2030, we will be experiencing 560 disasters around the world every year -- or 1.5 disasters every day on average
- The sharp rise in disasters globally could be attributed to a "broken perception of risk based on optimism, underestimation and invincibility," UN said
Economy
China expands mass testing as lockdown fears grow
Under its zero-Covid policy, China has used strict lockdowns, mass testing and severe travel restrictions to stamp out infections. But...
- China is struggling with a new wave coronavirus infections, and it reported 52 new Covid deaths on Tuesday
- Officials ordered people in 12 central districts to undergo three rounds of PCR testing
Economy
Asia facing ‘stagflationary outlook’ amid Ukraine war: IMF
The Asian region faces a "stagflationary" outlook with economic growth being lower than previously expected and inflation being higher, a...
- The regional outlook, which follows the World Economic Outlook released last week, shows the growth forecast for Asia cut to 4.9 per cent
- Inflation is now expected to rise 3.2 per cent this year, a full point higher than expected in January
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Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
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ECI, KazakhExport ink MoU
Business
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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
Greek firefighters struggle to control wildfires for sixth day
Athens, Greece--Hundreds of firefighters in Greece struggled Thursday to gain the upper hand against major wildfires burning unchecked for a sixth...
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...
Economy
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Economy
AI startups set to rake in $10bn investments by 2026
Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of...
- Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of all data analysis by deep neural networks by 2025, says a report
- By 2024, data-centric AI will prioritize synthetic data, comprising 60% of AI data, while ChatGPT's popularity prompts 45% of executives to boost AI investments, adds Gartner
Economy
Iran’s steel production sees 4.1% growth in first 7 months of 2023
Tehran, Iran - The World Steel Association (WSA) has reported a significant 4.1% increase in Iran's steel production during the...
- In July 2023, Iran's crude steel production slightly decreased by 1.5% compared to the same month in the previous year
- China remains the top global steel producer, contributing 626.5 million tons, followed by India, Japan, the United States, and Russia