GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Dubai job hunt: Tips for success in the city of opportunity
Dubai, UAE - The UAE was recognized as the top destination for international professionals seeking employment visas. According to the...
Economy
Business
Startups in UAE capitalize on corporate reforms
New corporate laws and business-friendly policies give start-ups an upper hand in the UAE as they are predominantly created and...
- Corporate reforms will make more people try entrepreneurship in the UAE, say businesspersons
- The UAE recognizes that high levels of technical skills proficiency are essential to thrive in the digital economy
Economy
Chinese cities and factories lock down as outbreak spreads
China cannot relax its zero-Covid policy just yet despite the low fatality rate of Omicron, say medical experts.
- Authorities in China have reported 2,300 new covid cases across the country on Monday
- China cannot relax its zero-Covid policy just yet despite the low fatality rate of Omicron, say medical experts
Economy
Post-Covid retail outlook bright in GCC
Saudi Arabia and UAE, two biggest economies in the Gulf Cooperation Council region, rely heavily on retail industry.
- UAE and Saudi Arabia witnessed growth, albeit low, in the retail sector even during the pandemic.
- Professional services network Deloitte has said that 2022 offers an opportunity for the long-overdue retail reset.
Business
Jordan’s trade deficit with EU expands 12.9% to $3.77bn
Jordan’s trade balance deficit with the European Union countries expanded by 12.9% in 2021 compared to 2020.
- Total trade deficit reached about JD2.671 billion ($3.77 billion) in 2021
- The value of national exports to EU countries increased by 29.9 per cent during 2021
Economy
DEWA completes first stage of world’s largest aquifer project
Dubai Electricity and Water Authority (DEWA) has completed the construction of the first stage of the Aquifer Storage and Recovery...
- The full scale of the ASR project can store up to 6,000 million imperial gallons of water once completed by 2025 as a strategic reserve.
- The production capacity of desalinated water of DEWA is currently 490 MIGD, including 63MIGD using Sea Water Reverse Osmosis (SWRO) technology.
Geostrategy
Jordan to receive $1.65bn in US aid in 2022
Jordan has seen several factors affect its economy, such as the conditions brought on by the Covid-19 and the Syrian...
- The US Congress has approved a new aid package for Jordan for 2022, estimated at $1.65 billion
- The aid is expected to support Jordan’s development and reform programs during 2022
Business
Governor chairs meeting to turn Makkah into a smart region
The meeting was attended by the Minister of Communications and Information Technology Abdullah Al-Sawaha, as well as the heads of...
- During the meeting, the governor was reportedly briefed on the work carried out by the Ministry of Communications to contribute to the transformation
- Chief of these is the development of digital infrastructure, as the number of 5G towers reached around 4,000, and the average speed reached 155 Mbps
Economy
Tens of thousands march in climate protests across France
"When are we going to talk about it?" read a sign at demonstration in France where thousands came out to...
- Around 80,000 protesters took to the street of France to call for more attention to the climate crisis
- During the election campaign in France, climate crisis took up only 1.5 percent of talking points in media coverage
Business
Egypt nixes reports that Suez Canal traffic is falling
The key trading link is setting new records, said the government, quoting the Suez Canal Authority.
- About 10 percent of global trade, including 7 percent of the world’s oil, flows through the Suez Canal
- First opened in 1869, the canal is a source of national pride and foreign currency to Egypt
Economy
Rising food prices shake North Africa as Ukraine war rages
Tunisia, Morocco, and Libya, along with several other Arab countries, import much of their wheat from Ukraine and Russia.
- Tunisia imports almost half of the wheat used to make bread from Ukraine, and authorities say it has enough supplies to last three months
- Oil-rich Libya gets about 75 percent of its wheat from Russia and Ukraine, and Morocco too relies heavily on the same source for supplies
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Company News
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Erdogan defends expansion of controversial coal mine
Dramatic scenes have emerged since July 24 when Akbelen forest in the Milas district of the Aegean province of Mugla...
China posts biggest fall in exports as global demand recedes
The drop in exports was bigger than expected and the heaviest since a 17.2 percent plunge in January-February 2020, when...
Economy
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
Economy
Most Read
Economy
UAE launches finance strategy to boost government performance
Dubai, UAE -- The United Arab Emirates Sunday launched Ministry of Finance's Strategic Plan 2023-26 aimed at accelerating government performance...
- Sheikh Maktoum bin Mohammed said the UAE will develop and implement sustainable financial policies to promote economic growth.
- The plan comprises three strategic goals, six main projects, four main goals and seven additional directives.
Business
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
- The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
- This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Business
Jordan-Egypt trade expands to US$355.43m in first five months of 2023
Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to...
- The exports to Egypt however showed a decline in the five month period, falling to $63.46 million as against $93 million for the same period last year
- There was a fall in the imports from Egypt to Jordan too, declining to $292 million by the end of May, as compared to $333 million last year