IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
Economy
Geostrategy
UAE says will urge OPEC to boost oil output
Brent had spiked to $139 on Monday — about $8 short of an all-time record — in expectation of the...
- US President Joe Biden on Tuesday announced a ban on US imports of Russian oil and gas
- Meanwhile, Britain said it would phase out crude imports from the country by the end of 2022
Interview
F&B sector in GCC eyes greater sustainability
Tetra Pak Arabia Managing Director Niels Hougaard explains what lies ahead for F&B companies — bith regionally and globally —...
- Pollution and plastic litter in the ocean are the joint top environmental worry, while global warming is a close second
- GCC countries have launched several initiatives to educate consumers about recycling and sustainable consumption
Economy
Protests rock Iraq’s southern area as food prices surge
Protests erupted Wednesday in Iraq's impoverished south over a rise in food prices that officials attributed to the conflict in...
- The price of cooking oils and flour have skyrocketed in local markets as government officials have sought to address growing anger.
- More than 500 protesters gathered in a central square in the southern city of Nasiriyah opposing the unchecked rise in food prices.
Economy
Tunisia to initiate harsh action against food speculators
Tunisian President Kais Saied declared war Wednesday on food speculators amid a shortage of products such as wheat and semolina...
- Russia's invasion of Ukraine has threatened supplies of basic foodstuffs, particularly wheat
- Tunisia has seen a sharp shortage in staples such as rice, semolina, sugar and flour over the past weeks
Geostrategy
Kyrgyzstan and Ras Al Khaimah to expand cooperation in investment, trade
Kyrgyzstan and the UAE have discussed enhancing the investment and trade cooperation between the two sides. Mohamed Ali Musabbeh Al...
- Both sides agreed at a meeting to organize a business visit by a delegation from the chamber to Kyrgyzstan.
- The meeting also discussed several projects and investment opportunities that will increase the trade exchange between Kyrgyzstan and Ras Al Khaimah.
Economy
Over 27,800 new firms join Dubai Chamber of Commerce in 2021
Over 27,800 new member companies joined the Dubai Chamber of Commerce in 2021, a 66.8 percent increase compared to 2020,...
- The Chamber said it also achieved its goal of becoming 100 percent paperless by the end of 2021, representing an important milestone in its digital transformation mission.
- The value of exports and re-exports of Dubai Chamber of Commerce members amounted to AED227 billion.
Economy
Abu Dhabi’s agricultural production in 2020 reaches $3.72 billion
Abu Dhabi's agricultural production in 2020 was valued at AED13.7 billion ($3.72 billion) in 2020, with an increase of 12...
- Crop production reached 421,524 tons, about 59.6 percent of the total agricultural production, with an increase of 33 percent compared to 2017.
- Dates made up 61 percent of the total plant production with about 258,335 tons, compared to 39 percent of vegetable and fruit production.
Business
McDonald’s, Coca-Cola join US firms halting Russia operations
Several of these companies, symbols of American cultural influence in the world, have been the subject of boycott calls on...
- Several of these companies, symbols of American cultural influence in the world, have been the subject of boycott calls on social media
- Starbucks, Coca-Cola and PepsiCo announced their own decisions to halt or restrict business in quick succession, noting the growing human cost of the invasion
Geostrategy
Jordan and Morocco keen to boost bilateral cooperation, regional development
Jordan Senate President Faisal Fayez Monday held talks with Moroccan officials in Rabat on bolstering Jordan-Morocco cooperation and the regional...
- Jordan's Senate President Faisal Fayez held the discussions with his Moroccan counterpart Naam Miyara in Rabat.
- Fayez hailed the role of King Abdulla II and that of Morocco's Mohammed VI in strengthening the bilateral ties.
Economy
Female empowerment key to Gulf economic growth
Several initiatives taken by Gulf states demonstrate women will play a key role in achieving the transformational goals.
- Women's hiring in GCC countries has increased substantially during the past decade.
- Saudization and Emiratization of jobs is likely to see a surge in the number of women joining the workforce.
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
Company News
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Iraq streamlines imports, focuses on strengthening domestic industries
In a move to fortify the local market, Iraq's Ministerial Council of Economy has taken decisive steps, including the removal...
Economy
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...
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...
Business
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Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Economy
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
- The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
- The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Economy
Global stock markets slip as European banks’ shares hit
The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese...
- The US trade deficit narrowed in June to $65.5 billion, compared with $68.3 billion in May, on a bigger pullback in imports than exports.
- Another weak batch of trade data compounded worries about the struggling Chinese economy. Sales of Chinese products to foreign markets sank 14.5 percent on-year last month.