Ajman eyes endowment-driven growth, social solidarity
"Reports with statistics on the number, types, values, and uses of endowments enable us to make appropriate decisions regarding endowment...
Economy
Residential demand buoyed Qatar’s property sector in 2023
Doha, Qatar - Residential demand continued to buoy the country's property sector in Q4 2023, hapondo, a homegrown property portal,...
Economy
Economy
Will corporate tax hit UAE businesses, consumers?
The new tax -- to be implemented in the UAE from 1 June 2023 -- comes at a time when...
- UAE is expected to generate approximately AED 25 bn ($6.8 bn) in revenue from the corporate tax.
- Corporate tax rates in nations such as Germany and Japan exceed 30 percent. In Canada and China, companies pay 27 percent and 25 percent, respectively.
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.
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Ajman eyes endowment-driven growth, social solidarity
"Reports with statistics on the number, types, values, and uses of endowments enable us to make appropriate decisions regarding endowment...
Economy
Company News
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Abu Dhabi-Japan deal to boost economic diversification
“Our cooperation with Japan External Trade Organisation (JETRO) is part of these efforts as Japanese experience and progress reflect role...
Economy
IMF upgrades growth projection for 2023 on resilient service sector
The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent...
Economy
US Federal Reserve meets to consider raising rates to 22-year high
After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest...
Economy
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Economy
Jordan and Iraqi PMs renew pledge to boost economic ties
Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister...
- The two prime ministers resolved to boost volume of trade exchange, expanding cooperation in the economic, trade and investment fields
- They also lay stress on ramping up cooperation in the field of energy, completion of the electrical interconnection project between the two countries
Business
KNPC exports first shipment of 95 octane motor fuel to Europe
Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...
- The deputy CEO of the company said that the first shipment was loaded on board the oil tanker Pacific Sarah from Mina Al-Ahmadi
- He said the shipment was dispatched in close cooperation and coordination with Kuwait Petroleum Corporation's international marketing sector
Economy
Iran clothing industry employs over 2m people: official
Tehran, Iran – The clothing industry in Iran which employs around two million people grew by 17 percent last year...
- Currently 100,000 production units have been registered in the garment industry
- These statistics do not include the stores operating on the virtual space and also unauthorized people