Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
Economy
Eurozone posts growth in April despite Ukraine war
Economic growth in the eurozone accelerated and hit a seven-month high in April, a key survey showed on Friday, despite...
- "The eurozone has therefore started the second quarter on a stronger-than-anticipated footing, confounding consensus expectations of a slowdown," said S&P
- The automotive sector took the hardest hit, with production levels falling sharply in April -- and at a faster rate than in March, the survey said
Economy
Sustainable development hinges on fate of world’s cities
Martha Delgado, President of the UN-Habitat Assembly called for resilient, sustainable “smart cities” that are more inclusively governed and better...
- Martha Delgado, President of the UN-Habitat Assembly, called for resilient “smart cities” that are inclusively governed
- Upgrading slums and addressing the housing affordability crisis remain the highest priorities for countries
Business
Saudi Arabia taps Fawaz Alhokair and Partners to support designers
The MoU is expected to help the commission as well as the company to support Saudi fashion designers.
- As part of the agreement, Saudi fashion designers will benefit from the support of platforms managed by Fawaz A Alhokair and Partners Co
- The two parties will also collaborate on sustainability programs and projects, with implementation supervised by specialized teams in both parties
Economy
UAE’s central bank launches two new notes made of recyclable polymer
The Central Bank of the UAE (CBUAE) has launched two new banknotes, in five and ten dirham denominations, made of...
- The new banknotes are the third issue of the national currency, following the success of the initial 50-dirham polymer note.
- The bank said the new notes are more durable and sustainable than traditional cotton paper banknotes, lasting two or more times longer in circulation.
Economy
ECB to put an end to bond buying in July
The European Central Bank "should" end its stimulus program at the beginning of the third quarter, its vice-president said in...
- The Frankfurt-based institution has been under pressure from rising prices to withdraw its stimulus faster and follow other central banks towards interest rate hikes
- In the eurozone, inflation ran at 7.5 percent in March, the highest figure on record for the currency club and well above the ECB's own two-percent target
Business
UAE government holiday for Eid al-Fitr begins on 29th day of Ramadan
The holiday will last till the third day of the month of Shawwal, which is yet to be declared.
- The holidays will begin on Tuesday, the 29th day of Ramadan
- That date corresponds to April 30 on the Gregorian calendar
Economy
Oil prices up as traders weigh demand and supply issues
Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in...
- The United States has said it will release a substantial portion of its oil reserves to cushion the shortfall
- "Oil is still trading mixed after Tuesday's sharp pullback but is opening in Asia near the midpoint of yesterday's trading range," Stephen Innes of SPI Asset Management said
Economy
Third dust storm in two weeks sweeps through Iraq
Iraq was hit Wednesday by its third heavy dust storm in two weeks, temporarily grounding flights at Baghdad and Najaf...
- Two dust storms struck the country earlier in April, leaving dozens hospitalised with respiratory problems
- Iraq is particularly vulnerable to climate change, having already witnessed record low rainfall and high temperatures in recent years
Interview
BNPL gains currency in the UAE
It also seems to be extremely helpful for customers who want to pay for a purchase in installments or make...
- BNPL payments in the UAE are expected to grow 89.4% on an annual basis to reach $1.82 billion in 2022
- BNPL is not just for Gen Y and millennials; it is expected to see adoption by elderly individuals as well
Economy
Temporary aid can offset inflation hit to families: IMF official
Faced with surging inflation that is hitting poor families especially hard, which has sparked unrest in some countries, policymakers should...
- "We've seen already in some countries people protesting when they see the price of food or basic items increasing very rapidly," said IMF chief economist Pierre-Olivier Gourinchas.
- Governments can alleviate impact of the price jumps with "targeted measures to try to support vulnerable populations", he said.
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
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ECI, KazakhExport ink MoU
Business
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...
Economy
AI risks repeating social media mistakes, says Microsoft president
NEW DELHI, INDIA - Breakneck development of artificial intelligence risked repeating mistakes made by the tech industry at the start of...
Science
US Federal Reserve prepared to raise interest rates further
The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down...
Economy
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Business
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
- Demand for products made from polypropylene is set to rise in the coming decades thanks to its versatility and recyclability.
- Polypropylene market in Asia, Africa and the Middle East is valued at $10 billion and is predicted to grow by 5.5 percent annually.
Geostrategy
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
- The two ministers discussed the available opportunities to enhance trade exchange between Algeria and South Africa.
- The aim of trade exchange and joint investment is achieving sustainable development in the region.
Economy
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...
- Turkmenistan is known for its status as a key gas producer regionally and globally
- The country’s natural gas reserves are estimated at 50 trillion cubic meters