IMF chief urges countries to strengthen independence of central banks
"Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates...
Economy
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Economy
Italy to tax energy profits to ease price burden
The amount generated is expected to help families and businesses struggling with high bills.
- The money will help fund a new €4.4-billion package to ease the pain of high energy prices
- This apparently comes on top of the €16 billion Italy has already spent in recent months
Expo 2020 DUBAI
Saudi Arabia wins Best Pavilion at Expo 2020 Dubai
The pavilion of Saudi Arabia in Expo 2020 Dubai has been awarded Best Pavilion by EXHIBITOR magazine.
- The Saudi Pavilion has already won the Platinum Certificate in LEED by the US Green Building Council
- It also holds three world records: the largest interactive light floor, the longest interactive water curtain, and the largest interactive digital screen mirror
Economy
Security eyed as more Arab nations adopt epassports
Arab countries that offer electronic passports include Saudi Arabia, UAE, Qatar, Oman, Lebanon, Algeria, Kuwait, Morocco, Comoros, Djibouti, Mauritania, Somalia...
- Arab countries that offer electronic passports include Saudi Arabia, UAE, Qatar, Oman, Lebanon, Algeria, Kuwait, Morocco, Comoros, Djibouti, Mauritania, Somalia and Sudan
- Countries in the region that don't have a microchip in their passports include Bahrain, Egypt, Iraq, Jordan, Libya, the Palestinian territories, Syria, Tunisia and Yemen
Economy
Turkish president Erdogan inaugurates world’s longest suspension bridge
Turkish President Recep Tayyip Erdogan on Friday opened the world's longest suspension bridge over the Dardanelles strait in northwestern Turkey...
- The bridge over the Dardanelles strait in northwestern Turkey cuts travel time between Asia and Europe to six minutes.
- The $2.8-billion "1915 Canakkale Bridge" built by a consortium of Turkish and South Korean companies has a main span of 2.023 kilometers between its towers.
Business
India bypasses Western attempt to choke off Russian oil supply
Indian government officials on Friday defended the continued buying of Russian oil, saying European countries were still purchasing hydrocarbons from...
- Indian oil refiners have in recent days reportedly purchased several million barrels of discounted Russian oil even as the West seeks to isolate Moscow economically
- New Delhi, which historically has had close ties with Moscow, has called for an end to the violence in Ukraine but has stopped short of condemning Russia's invasion
Business
Dubai records $2.53 billion worth of weeklong real estate deals
Dubai recorded $2.53 billion worth of real estate and properties transactions valued during the week ending Friday, according to the...
- A total of 355 plots were sold for AED 1.33 billion, while 1,547 apartments and villas were sold for AED 2.96 billion.
- Al Hebiah Fifth recorded the most transactions for this week by 244 sales transactions worth AED 521.52 million.
Economy
IEA appeals to governments to cut oil use over supply fears
The IEA urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from...
- The outbreak of war in Ukraine has sent prices for the fuel up sharply and led to major economies, such as the US and Canada, sanctioning Russia by banning imports of oil
- The IEA warned earlier this week of the risk of a global supply crisis as major oil companies, trading houses, shipping firms and banks have shunned Russia
Economy
Dubai, India discuss trade and economic cooperation
"We provide the best facilities and customs services to Indian businesses which can also benefit from the advanced infrastructure and...
- "We provide facilities and customs services to Indian businesses which can also benefit from the advanced infrastructure and logistics," Dubai customs official Musabih said
- Indian counsel Kalimutu applauded Dubai Customs’ efforts in facilitating Indian trade, which helps grow mutual trade and investments
Business
OPEC Fund approves $233 million for development projects
The grants were approved at the 179th session of OFID’s Governing Board in Vienna.
- The projects will reportedly, among other things, support economic recovery, help bring up new infrastructure, and boost food security
- Overall, they are expected to benefit public-sector projects and promote sustainable development around the world
Analysis
GCC looks to ease fiscal burden with privatization
The privatization move will also help the regional governments in maintaining better economic growth, increasing private participation and attracting foreign...
- Planning, executing, and concluding are the three primary stages of privatization
- The privatization process in Kuwait will expand to 38 government institutions and activities
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IMF chief urges countries to strengthen independence of central banks
"Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates...
Economy
Company News
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Non-oil sectors to maintain UAE economy’s robust growth: OPEC
This performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate. The...
Economy
Markets struggle again as US inflation fails to sooth rate worries
A highly anticipated report showed July consumer prices rose more than the previous month but less than feared, giving the...
Iraq’s apex bank introduces new exchange categories for dollar sales to travelers
BAGHDAD -- The Central Bank of Iraq has introduced three distinct categories of exchange companies dedicated to selling dollars to...
Economy
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Business
Dubai Municipality parks attract more than 15m visitors in H1
Dubai, UAE-- More than 15 million people visited Dubai Municipality public parks, neighborhood parks, lakes, and recreational facilities for the...
- The record-breaking trend marks a 50 percent increase in the same period of 2022, which recorded approximately 10 million visitors
- The spike in the number of visitors to the parks and other recreational facilities is made possible by their location and ease of access
Business
World’s largest cruise ship all set to sail
TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...
- Royal Caribbean's luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland's southwestern coast.
- Resembling a village more than a ship, the mammoth vessel boasts colourful waterparks, more than 20 decks and can carry nearly 10,000 people.
Business
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...
- The emirate’s hotel establishments generated revenues exceeding AED3 billion during the same period, a 26 percent growth compared to last year.
- The hotels also recorded an average occupancy rate of 70 percent, with the average stay in the emirate's hotels being 2.7 nights.