GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In...
Economy
NEOM announces Treyam, its premier lagoon destination
Neom, Saudi Arabia - NEOM, Saudi Arabia’s futuristic mega city will now have a premier resort where the spectacular desert...
Economy
Economy
Euro slides to two-year low as ECB dithers over rate hike
The euro slumped to a near two-year low on Thursday after the European Central Bank remained vague about when it...
- The drop in the single currency helped boost European stocks, while Wall Street equities resumed a downward slide amid worries over tightening US monetary policy
- The euro took a knock after the ECB's decision, slipping under $1.08 for the first time since May 2020, falling as low as $1.0758
Economy
Sri Lanka imposes fuel rationing as economic crisis worsens
Cash-strapped Sri Lanka imposed fuel rationing on Friday in another worsening of the economic crisis that has sparked widespread demonstrations...
- The state-run Ceylon Petroleum Corporation (CPC), which accounts for two-thirds of the retail fuel market, said it would limit the quantities drivers can buy
- Energy ministry officials said they expected the country's other fuel retailer, Lanka IOC -- the local unit of Indian Oil Corporation -- to follow suit
Economy
Investopia first UAE trademark to be registered under Madrid Protocol
The Ministry of Economy (MoE) has received the request to register the Investopia Summit trademark internationally, in line with the...
- The UAE acceded to the Madrid Protocol on 28th September 2021 to enable trademark owners in the country to protect their trademarks in more than 125 member countries.
- Investopia Summit is one of the strategic projects announced last September by the UAE government as part of the first set of 'Projects of the 50.'
Economy
Fitch revises Saudi Arabia’s outlook from stable to positive
The international credit rating agency ”Fitch” updated its credit report for Saudi Arabia affirming its “A” rating for the Kingdom...
- Fitch’s outlook revision makes Saudi Arabia one of the few countries globally, and the only G20 country, to have received two consecutive upward outlook revisions in 2022
- Fitch also forecasts the government debt to GDP to remain below 30% until 2025, which is approximately half the median level of comparative countries with similar credit ratings
Economy
Iraqis queue for fuel as stations protest government
Motorists in Iraq formed long queues for fuel Thursday after some owners of filling stations shut off their pumps to...
- Iraq is the second largest producer in the Organization of the Petroleum Exporting Countries.
- But the country, with a population of about 41 million, is also grappling with a major energy crisis
Economy
UAE’s Federal Tax Authority launches tax whistleblower program
UAE’s Federal Tax Authority (FTA) has announced the launch of Raqeeb, the whistle-blower program for tax violations and evasion, which...
- Effective from April 15, 2022, Raqeeb allows the Authority to receive reports from individuals on tax evasion cases, tax-related fraud, and violations of tax legislation.
- It also allows the Authority to verify the reports and grant monetary rewards to informants when certain conditions are met.
Economy
USA to ease limitations on E-15 gasoline sale as oil demand surges
In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease...
- In 2011, the US Environmental Protection Agency approved the use of E15 following research on its pollution impact.
- According to the White House, at today's prices, E15 can save an average of 10 cents per gallon of gasoline.
Economy
World Bank says war in Ukraine raising risks for Middle East
The war in Ukraine has "multiplied risks" for the Middle East and North Africa's poorer countries by raising food and...
- World Bank president David Malpass said this week that the Russian war on Ukraine has started a chain reaction in the global economy, pushing energy and food prices higher
- Oil-exporting economies are expected to grow 5.4 percent on the back of the recovery from the pandemic, the expected increase in oil output and high oil prices
Economy
IMF says Ukraine war slowing economic growth worldwide
The war in Ukraine has undercut the global recovery, slowing expected economic growth in most countries in the world, IMF...
- The war hit as the world was struggling to recover from the ongoing impact of the Covid-19 pandemic, which has caused an acceleration of inflation
- The IMF is due to release its updated economic forecasts on Tuesday, which Georgieva said will further downgrade the estimate for global growth
Economy
ECB contends with high inflation and weak growth
European Central Bank policymakers meet on Thursday faced with the challenge of threading a response between record-high inflation figures and...
- The bank's 25-member governing council gathers for the second time since Russia launched its invasion at the end of February
- Inflation in the eurozone hit 7.5 percent in March, an all-time high for the currency bloc and well above the central bank's own two-percent target
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GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In...
Economy
Company News
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Over 113 Emirati projects in Ethiopia, trade exceeds $6bn, says UAE envoy
ADDIS ABABA, ETHIOPIA - UAE Ambassador to the Federal Democratic Republic of Ethiopia Mohammed Salem Al Rashidi said that the...
Geostrategy
UAE firms operating in Ethiopia enrich bilateral ties
There are more than 121 Emirati companies operating in the Ethiopian market, contributing to enriching relations between the two countries...
Economy
Unrelenting demand propels Dubai home prices up by 17% in 12 months
Dubai, UAE - Dubai's real estate market continues its upward trajectory, with house prices rising by 4.8% in Q2 2023,...
Economy
Most Read
Economy
Saudi Arabia and India sign agreement on digital economy
Riyadh, Saudi Arabia - Saudi Arabia and India signed on Friday an agreement on digitization and electronic manufacturing. The agreement...
- The agreement seeks to enhance Saudi-Indian cooperation in the fields of digital infrastructure, e-health, and e-learning
- It also aims at building robust strategic partnerships that promote innovation and the growth of the digital economy
Interview
Challenges prevail as UAE adapts to remote work
The UAE labor law has introduced changes to support remote workers, but there are still gaps compared to European countries,...
- The UAE labor law has introduced changes to support remote workers, but there are still gaps compared to European countries, Liam Doherty of Connect Resources tells TRENDS
- The UAE government has granted ministries and federal entities the flexibility to implement the remote work system for federal government employees on some working days
Economy
‘UAE’s humanitarian endeavors resonate globally’
"The UAE's humanitarian endeavors and diplomacy have resonated globally, exemplifying unity and camaraderie to pave pathways of hope. We have...
- The UAE's humanitarian approach is woven into its overarching vision and exemplified by the noble characteristics of the country's various initiatives, says the MoHAP minister
- Its humanitarian endeavors and diplomacy have resonated globally, exemplifying unity and camaraderie to pave pathways of hope, adds Abdulrahman bin Mohamed Al Owais