EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
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
Geostrategy
Russia attack on Ukraine nuclear plant draws global ire
With fears growing of nuclear conflict, the US and Russian armed forces have set up a new direct phone line...
- Ukraine has accused the Kremlin of ‘nuclear terror’, and US envoy to the UN said the attack was ‘incredibly reckless and dangerous’
- Russia’s UN ambassador called accusations that Russian forces had shelled the plant part of ‘an unprecedented campaign of lies’
Analysis
How did Saudi Arabia ensure food security?
The country has been able to overcome the hurdles that stood in the way of achieving food security by implementing...
- Saudi Arabia has enhanced its food security by adopting several strategies to ensure an excess of food supply
- It now has the largest storage capacity for wheat and flour in the Middle East, exceeding 3.3 million tons
Business
Dubai Gold & Commodities Exchange Feb trades total $13.68 bn
Dubai Gold & Commodities Exchange (DGCX) registered trades with a total value of $13.681 billion in February 2022, as global...
- The exchange registered a monthly Average Open Interest (AOI) of 125,206 contracts during February and saw its precious metals' portfolio lead trading activity.
- DGCX's West Texas Intermediary (WTI) Futures gained traction following increased volatility in oil markets.
Economy
Saudi exports to touch $354bn by 2030: Standard Chartered
Saudi exports to the world are estimated to grow 7.6 percent to $354 billion by 2030, according to Standard Chartered.
- According to a report prepared by Standard Chartered, 18 percent of global corporations already manufacture or source in Saudi Arabia
- The Future of Trade 2030 report named India as the fastest-growing export corridor for Saudi Arabia with an average annual growth rate of 10.9 percent from 2020 to 2030
Economy
Money-laundering, terror financing penalties fetch UAE $1bn
UAE authorities have collected AED3.848 billion ($1 billion) in penalties from anti-money laundering and terrorism financing offenders in 2021. The...
- UAE is currently amending the anti-money laundering law’s executive regulation.
- The Office for Anti-Money Laundering and Counter-Terrorist Financing was established in Feb 2021.
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Company News
Latest News
Meeza to offer 50% shares in IPO
Business
Russia’s BSGI exit causes global food price hike: Blinken
Washington, United States - Russia's withdrawal from the Black Sea Grain Initiative (BSGI) has led to a surge in global...
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...
Economy
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
Business
Most Read
Economy
UAE Corporate Tax: Relief measures for SMEs
Abu Dhabi, UAE - The UAE has unveiled a series of relief measures to support the growth and prosperity of...
- Only profits exceeding AED 375,000 are subject to the 9% corporate tax
- Only 50% of entertainment expenses are deductible against taxable profits
Economy
Oman annual inflation inches up to 0.69 percent in June
Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price...
- Inflation was fueled by the increase in most of the main groups making up the consumer price index and the prices of the food and non-alcoholic beverages
- The prices of oils and fats rose by 4. 81%, fruits by 4.3%, other foodstuffs by 3.91%, bread and cereals by 2.34%, and non-alcoholic beverages by 0.67%
Economy
Borders, culture strengthen Iran-Pakistan relations
"The economies of Iran and Pakistan are inherently complementary. For example, Pakistan can be a supplier of Iran's needs in...
- Iran and Pakistan have taken effective measures to expand their economic relations in recent years
- Two new border terminals have been opened along the common border between Iran and Pakistan