‘UAE offers an economic model for all to emulate’
"This underscores our role in fostering development and regional and global cooperation, aiming to provide an economic model for all...
Economy
S&P affirms Saudi Arabia’s A/A-1Â credit rating
Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit...
Economy
Geostrategy
UAE launches assessment of proliferation financing risks
The United Arab Emirates' Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject...
- The assessment was initiated in recent weeks and is expected to be completed by the end of 2022.
- The risk assessment will cover how financial resources may be used to develop nuclear, chemical, and biological weapons.
Economy
Lebanon to import power from Jordan via Syria to boost ailing grid
The agreement signed by Energy Minister Walid Fayad with his Jordanian and Syrian counterparts is expected to give Lebanon two...
- Lebanon has not had round-the-clock mains electricity since the end of the 1975-1990 civil war.
- But an unprecedented financial crisis has led to power cuts lasting 22 hours a day, forcing most Lebanese to rely on expensive private generators.
Economy
Dubai supports expansion of financial markets in UAE : Minister
Finance Minister of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum affirmed that his government provided all support needed...
- Dubai Finance Minister Sheikh Maktoum bin Mohammed bin Rashid said Dubai Mercantile Exchange (DME) was able to gain the confidence of major oil producers.
- DME is located within the Dubai International Financial Centre (DIFC), a financial free zone designed to promote financial services.
Economy
Turkey and Greece count the political cost of blizzard
Turkey's main airport stirred back to life on Wednesday and Greece's under-fire prime minister issued a formal apology as the...
- Public anger has been boiling over in both countries over officials' seeming helplessness in the face of one of the heaviest snowstorms in years
- The Greek government woke up on Wednesday to newspaper headlines lamenting a "fiasco"
Business
Jordan, Tunisia discuss economic cooperation
The discussion happened at the first session of the Jordanian-Tunisian Joint Trade Committee.
- The meeting was attended by Secretary-General of Jordan’s Ministry of Industry, Trade and Supply Dana Al-Zoubi
- Head of the Cabinet of Minister of Trade and Export Development in the Tunisian Ministry of Trade, Khaled bin Abdullah, also attended
Economy
Jordan ranks 5th among Arab countries on Corruption Perceptions Index
The report shows that Jordan has progressed by several indicators, and maintained its rank in some other indicators in 2021.
- The report shows that Jordan has progressed by several indicators, and maintained its rank in some other indicators in 2021
- Transparency International found countries that violate civil liberties consistently score lower on the CPI
Economy
Tourism helps UAE add $158bn to GDP in six years
Around 31 million visitors are expected to enter the UAE yearly by 2025 as the country has initiated several measures...
- UAE’s total annual visitor spending is expected to reach about $64bn in 2028.
- Tourism is expected to contribute $76bn annually to the UAE's GDP by 2028.
Economy
Saudi merchandise exports shot up 82.5 percent
According to a report by General Authority for Statistics (GASTAT), the overall merchandise exports of Saudi Arabia increased by 82.5%...
- The value of exports amounted to SAR 107.3 billion ($28.61 billion) in November 2021, up from SAR 58.8 billion ($15.68 billion) in November 2020
- This increase originated mainly from oil exports, which rose by SAR 43.1 billion ($11.49 billion) or 112.8% in the same period
Economy
American companies willing to invest in Tunisia: Ambassador Blome
A number of US companies are willing to invest in basic infrastructure and logistics to support Tunisia's efforts in this...
- Tunisian Transport Minister Rabii Majidi expressed the will to further strengthen cooperation with the United States.
- Both parties exchanged views on the draft bilateral agreement in the field of air transport. The US ambassador urged stepping up talks to materialize this agreement.
Economy
Abu Dhabi passes new family business ownership law
The new law, issued by the ruler of Abu Dhabi, President Sheikh Khalifa bin Zayed Al Nahyan, aims to further...
- The new family business ownership governance law empowers owners of family business to: prevent selling of shares or dividends to individuals or companies outside the family
- The current law is not applicable to family-owned businesses where non-family members own more than 40 per cent of shares
‘UAE offers an economic model for all to emulate’
"This underscores our role in fostering development and regional and global cooperation, aiming to provide an economic model for all...
Economy
Company News
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Aldar raises US$500mn
Business
UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion...
Business
Qatar Free Zones Authority, Qatar Development Bank to support foreign investors
Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms...
Economy
More Arab youth prefer entrepreneurship over govt job
Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant...
Economy
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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...
- The global growth forecast for this year was raised by 0.2 percentage points from the IMF's last forecast in April.
- However, IMF said global growth is expected to slow to three percent this year and then stay there.
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...
- Futures traders assign a probability of close to 99 percent that the Fed will lift its base rate by 25 basis points on Wednesday, according to CME Group.
- The quarter percentage-point hike predicted by analysts and traders would raise the Fed's benchmark lending rate to a range between 5.25-5.50%, its highest level in 22 years.
Economy
Saudi Arabia’s oil exports fell by nearly 38 percent in May
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...
- Non-oil exports (including re-exports) decreased by 8.7Â percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
- The value of imports amounted to SAR 67.7 billion in May 2023Â compared to SAR 56.0 billion in May 2022.