Despite oil riches, Libyans hit by plummeting purchasing power
Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95...
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
Economy
Digital Cooperation Organization launches Startup Passport at LEAP
The Digital Cooperation Organization (DCO) has announced the launch of the DCO Startup Passport to make it quicker, easier and...
- The initiative will start initially in Saudi Arabia and Nigeria, opens potentially lucrative markets with a combined population of more than half a billion.
- The Startup Passport addresses the problems of SMEs challenges by reducing administrative and financial burdens and accelerating corporate registration.
Economy
‘Skills Bahrain’ set for launch, expected to meet labor market demands
Tamkeen, a semi-autonomous Bahraini agency, has said that the “Skills Bahrain” initiative is all set to be launched in the...
- 'Skills Bahrain' is the first comprehensive national initiative aimed at establishing professional standards for vocations.
- Tamkeen is implementing the project in collaboration with many governments and private sector entities engaged in education.
Economy
Sri Lanka gets $500m Indian loan to pay for oil
The island's economic woes have left thermal power generators unable to keep the lights on, as traders run desperately low...
- An Indian diplomat said talks were underway on another $1 billion credit line to fund urgently needed food and medicine imports from India.
- Sri Lanka's economy is also seeing a scarcity of rice, automotive parts and cement, with supermarkets forced to ration some staple foods.
UAE inflation rate of 2.5 percent displays economic stability: FCSC
UAE's Consumer Price Index (CPI) at the end of 2021 reached 108.62, compared to 105.97 in December 2020, which puts...
- Rate of inflation in food and beverages stood at 3.71 percent, tobacco at 0.65 percent, clothing and shoes at 0.51 percent.
- Abu Dhabi recorded an inflation rate of 0.08 percent in December 2021 compared to November, while the inflation rate in Dubai was 0.09 percent.
Economy
Top oil producers eye modest output boost as prices surge
The 23 members of the OPEC+ oil cartel, who meet on Wednesday, are expected to stick to their guns and...
- The cartel's prudent approach dates back to the spring of 2021 as demand recovered from drastic cuts in the face of the Covid-19 pandemic
- OPEC+ has not deviated from its line despite calls in the autumn from the White House to further boost supplies to tamp down prices
Economy
Iraq confirms distributing residential lands under Dari initiative
Iraqi Prime Minister Mustafa Al-Kadhimi has directed contracting with investment companies to build infrastructure in the areas where residential land...
- The “residential parts will be distributed”, and service buildings will be “built from health and school centers.
- During its meeting on September 22, 2021, the cabinet voted on the mechanism for the distribution of residential land.
Business
Sanad picks new CEO
Sanad, a subsidiary of Mubadala Investment Company, has appointed Mansoor Janahi as the new Group CEO.
- The appointment is a part of Sanad’s new plan to expand its business beyond the aerospace sector
- The strategy and leadership announcements follow the launch of "Operation AED300bn" last year
Business
Sharjah Shopping Promotions sees 40 percent more shoppers this season
The Sharjah Chamber of Commerce and Industry (SCCI) has seen off another season of the 48-day "Sharjah Shopping Promotions" campaign....
- The volume of purchases throughout the 48-day campaign grew by 25 percent.
- Some 653 shops and stores took part in the event, offering attractive discounts of up to 75 percent on leading brands and various types of goods
Economy
Second instalment of Sunref energy program launched in Palestine
Bank of Palestine (BOP) and Proparco in cooperation with the EU have jointly announced the signing of Sunref II Green...
- The purpose of SUNREF Green Finance Program is to provide solutions to promote energy efficiency and renewable projects.
- The program plays a crucial role in the Palestinian ecological system since energy services’ costs are high.
Economy
UAE and UK look to upgrade economic ties
The United Arab Emirates and the UK have agreed to develop trade and economic relations between the two countries.
- The two parties highlighted the high level of bilateral relations between the UAE and the United Kingdom, and the joint desire in constantly developing these ties
- The two sides also praised the progress made in countering illicit financial flows
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Despite oil riches, Libyans hit by plummeting purchasing power
Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95...
Company News
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Strong growth key to GCC’s FDI appeal
Saudi Arabia has reentered into this year's Kearney FDI Confidence Index, which ranks the markets likely to attract the most...
Infographics
Dubai Customs processes over 14m transactions in first six months of 2023
DUBAI, UAE - Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the...
Business
Dubai seeks to unleash high-powered growth for its family business sector
DUBAI, UAE - In Dubai’s economic growth story, family businesses stand tall as architects of growth, innovation and value creation....
Business
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Economy
US Fed likely to hike interest rates to 22-year high
The Fed paused its aggressive campaign of monetary tightening last month to give policymakers more time to assess the health...
- Futures traders now assign a probability of more than 99 percent that the Fed will hike its base rate by 25 basis points
- Some economists predict another rate hike as soon as the Fed's next rate meeting, while others think it could hold rates steady
Economy
Qatar records 70% growth in annual FDI between 2019 and 2022
Doha, Qatar-- Qatar has recorded a 70 percent growth in annual foreign direct investment (FDI) between 2019 and 2022. Just...
- IPA Qatar said it has succeeded in luring FDI and building a world-class business environment, boosting Qatar's image on the global stage
- It has also played a leading role in policy advocacy, making 70 policy recommendations, apart from creating a better business environment
Economy
‘UAE committed to global sustainability, job creation’
“As we continue to witness an ever-changing pace of development and technological advancement, regulating employment and improving human resources’ skills...
- About 97 percent of private sector workers in the UAE, including gig and platform economy workers, are insured under local laws, highlights a UAE minister
- More than 70 percent of workers are registered in the Unemployment Insurance Scheme, providing temporary financial income for those who lose their jobs