MENA region could gain $385bn from women reentering workforce: survey
Doha, Qatar - The women returning to the workforce following a career break have the potential to contribute nearly US$385bn...
Economy
UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
Economy
Business
New UAE law boosts family business growth
Haoula considers it extremely important to sustain family businesses as a recognition for their efforts historically, and for the advantages...
- Corporate tax in the UAE is expected to be among the most competitive in the world, due to the 9% introductory rate and no tax for profits up to $102k
- Personal income that does not come from a licensed business or commercial activity in the UAE will not be subject to corporate tax
Economy
Moody’s says Ukraine war endangers global economic recovery
The Russia-Ukraine conflict and subsequent sanctions have increased risks to the global economic outlook, with effects that will depend on the...
- Europe's recovery would be at risk if the military conflict escalates, according to VP-Senior Credit Officer at Moody's, Kelvin Dalrymple
- Rising prices for commodities from the region, such as oil, grains and metals, are increasing inflationary pressures, Moody's said
Economy
Food Price Index hit record high in February: UN agency
The Food Price Index, which tracks the international prices of a items such as vegetable oils and dairy products went up nearly...
- The Food Price Index, which tracks the international prices of a items such as vegetable oils and dairy products went up nearly four percent up from January
- As the Food Price Index measures average prices over the month, the February reading only partly incorporates market effects stemming from the conflict in Ukraine
Economy
Ukraine conflict fuels supply chain concerns
Since Russia invaded, almost 80,000 Ukrainians have returned to fight Russia, leaving industries short of labor.
- Because of the ongoing invasion on Ukraine, shipping companies have had to find new routes, and shipping prices immediately increased
- Oil prices have also rocketed since the invasion as Brent North Sea crude rose to $120 per barrel and gas prices hit record highs
Economy
UAE adopts Ramadan working hours for federal authorities
The UAE Government on Friday announced the official working hours during the holy month of Ramadan for ministries and federal...
- The decision also allows federal authorities to implement flexible working and remote work systems on Fridays during the month
- The rules for working from home stipulate that both employees and their work should meet related requirements
Geostrategy
Added to FATF grey list, UAE renews vow to nix financial crimes
The UAE is the latest country to be added to the list, and will have to work closely with the...
- The Financial Action Task Force has included the United Arab Emirates in the ranks of ‘jurisdictions with strategic deficiencies,’ also known as the ‘grey list’
- Countries on the list have to commit to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring
Economy
China sets lowest growth target in more than three decades
Beijing will target gross domestic product growth of around 5.5% this year, according to a prepared speech by Premier Li...
- Beijing will target gross domestic product growth of around 5.5% this year, according to a prepared speech by Premier Li Keqiang
- Most economists surveyed by Bloomberg predicted the government would set a range of 5%-5.5%
Economy
Bahrain signs pact with Cisco
The company will build the government’s data network.
- The agreement was signed on the sidelines of the visit of Crown Prince Salman bin Hamad Al Khalifa to the United States
- The CEO of the Bahrain Information and eGovernment Authority, Mohammed Ali Al Qaed, said that the pact reflects the Kingdom’s commitment to adopt latest technological trends
Geostrategy
Living rough in Morocco, migrants dreams of Spanish enclave
Melilla and Ceuta, Spain's tiny enclaves, have the EU's only land borders with Africa that attracts desperate migrants to escape...
- Around 500 migrants out of 2,500 managed to cross Morocco's border with a Spanish enclave this week, authorities have confirmed
- In May 2021, almost 10,000 migrants stormed Ceuta as Moroccan border forces did not stop them, highlighting Spanish reliance on Moroccan cooperation on migration
Economy
UN food agency warns of global hunger due to Ukraine war
The United Nations’ World Food Programme warned Friday about a looming food crisis in Ukraine in conflict areas, while disruptions...
- “The bullets and bombs in Ukraine could take the global hunger crisis to levels beyond anything we’ve seen before,” said Beasley
- With Russia and Ukraine providing some 29 percent of the global wheat trade, serious disruptions in production and exports could send food prices
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MENA region could gain $385bn from women reentering workforce: survey
Doha, Qatar - The women returning to the workforce following a career break have the potential to contribute nearly US$385bn...
Economy
Company News
Latest News
‘UAE’s compliance level high in anti-money laundering’
She adds that the Ministry’s participation in this workshop forms part of its commitment to fostering regional and international cooperation...
Economy
Jordan and Cyprus to deepen energy, trade, tourism ties
Amman, Jordan-- Jordan and Cyprus are looking to boost cooperation in energy, trade, industry and tourism sectors in order to...
Economy
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...
Geostrategy
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Geostrategy
UAE launches National Program for Infrastructure Development – Salamah 365
DUBAI, UAE – UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei launched the National Program for Infrastructure...
- Salamah 365 aims to enhance public safety by leveraging innovative solutions and interactive warning systems to rectify identified accident blackspots.
- It also aims to implement a locally tailored model of pedestrian crossings, predict floods before they happen by monitoring dams and valleys.
Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Business
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.
- The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
- The company reported a jump of US$74.9 million YoY in insurance services results.