UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
Economy
WTO conference ends with acceptance of Abu Dhabi Declaration
Abu Dhabi, UAE--The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has concluded with the acceptance of Abu...
Economy
Analysis
UNWTO optimism to cheer up MENA tourism
While the likes of Egypt, Morocco, Tunisia, and Jordan depend heavily on tourism for revenue, the UAE and Saudi Arabia...
- UNWTO Executive Director Zoritsa Urosevic has said that the ‘future is bright’ for the tourism sector
- Tourists ‘will come back’ and the industry will recover from the pandemic because it is ‘very resilient,’ she said
Geostrategy
Gulf ministers visit China amid energy fears
The officials from Saudi Arabia, Kuwait, Oman and Bahrain, as well as secretary general of the Gulf Cooperation Council (GCC)...
- The officials from Saudi Arabia, Kuwait, Oman and Bahrain, as well as secretary general of the GCC Nayef bin Falah al-Hajrah, will be in China until Friday
- Recent unrest in oil and gas-rich Kazakhstan has raised concerns in China, which has long invested heavily in its central Asian neighbour's energy industry
Economy
IMF warns developing countries of ‘economic turbulence’
Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world...
- "Risks to growth remain elevated by the stubbornly resurgent pandemic," IMF economists Stephan Danninger, Kenneth Kang and Helene Poirson wrote in a blog post
- The highly contagious Omicron strain has spread like wildfire around the world since mid-December, causing record numbers of new Covid cases
Economy
Dubai ruler issues six decrees regulating Dubai Chambers
Dubai has passed legislations aimed at creating a new legal framework for Dubai Chambers and their Boards of Directors. The...
- The legislations include a decree establishing Dubai Chambers as a new entity that replaces the Dubai Chamber of Commerce and Industry
- The legislations also enable Dubai Chambers to map out a clear vision for the future by adding more roles and powers
Economy
Oil prices jump as unrest continues in Kazakhstan
Over the week, crude prices gained about 5 percent and on Friday Brent exceeded $83 per barrel.
- Kazakhstan is the largest oil producer in central Asia with a twelfth of the world's proven reserves, and produced around 1.8 million barrels a day in 2020
- The country is also the second largest oil producer in the OPEC+ group of top oil producers, behind Russia
Economy
Saudi Arabia GDP to gain in 2022: Kuwait Financial Center
Government spending on infrastructure projects as part of the Vision 2030 program is expected to boost non-oil GDP growth.
- Markaz’s report indicated that investments are expected to pick up as the government initiates major projects like Neom City
- Steady population growth, government subsidies, and the enacted mortgage law are enabling banks to finance home purchases, fueling the growth in the residential sector
Economy
Protesters behind national blackout in Lebanon, says power company
Lebanon experienced total blackouts after demonstrators stormed a key substation and tampered with the electrical equipment.
- Protesters disconnects a 150-220 kilovolt power transformer and opened circuit breakers connecting the Zahrani power plant which caused blackout
- The disruption will pressure on private generators which already struggles to keep up with the near-total absence of state power
Economy
Iraq signs project to reduce carbon emissions
The emission reduction is expected to take place through upcoming contracts in solar energy field.
- Iraq will reduce emissions by the solar energy project in 2025
- Iraq looks to produce 12,000 megawatts of solar energy by next three years
Economy
Dubai, Malaysia discuss cooperation in tourism sector
The Emirate and the visiting Malaysian minister discussed the initiatives that would enhance the industry.
- The Emirate and the visiting Malaysian minister discussed the initiatives that would enhance the industry
- The Malaysian market is considered as one of the important emerging markets for Dubai
Economy
World Bank okays $90m in pandemic aid for Iran
World Bank support for Iran's Covid-19 response is expected to help the country mitigate the ongoing humanitarian crisis within its...
- World Bank has approved granting $90 million worth of support for Iran to combat COVID-19 pandemic
- World Bank had extended $50 million for Iran Covid-19 Emergency Response Project in May 2020
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UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
Economy
Company News
Latest News
RAK Ceramics’ profit soars in Q1
Business
Dubai Chambers to host two-day event in November on global trade
Dubai, UAE-- Seeking to forge partnerships around the world, Dubai Chambers will host a two-day event in November this year...
Economy
GCC becomes safe haven for expats amid uncertainty
While Western economies continue to struggle with the aftermath, the region has shown remarkable recovery, instilling a sense of security...
Economy
Most Read
Business
Saudi Arabia’s exports to Turkey hit $13.93 billion in three years
Riyadh, Saudi Arabia -- Saudi Arabia’s exports to Turkey during the past three years amounted to SAR 52.280 billion ($13.93 billion),...
- Saudi exports largely comprised plastics, metal products, organic chemical products, steel, precious metals and stones.
- A total of 1,140 companies Saudi companies have invested in several sectors in Turkey, with investments surpassing $18 billion.
Business
Dubai issues law to regulate urban planning for sustainable development
Dubai, UAE -- Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has issued a law (No. 16 of 2023) to...
- The law seeks to create an integrated and effective urban planning system that promotes investment, sustainable development, prosperity, and an improved quality of life.
- To oversee the implementation of this law, a 'Supreme Committee for Urban Planning' will be formed, comprising representatives from authorities responsible for urban planning.
Economy
Rich-poor split could tighten ‘grip of poverty’: World Bank chief
The G20 talks come after Russia on Monday refused to extend a deal allowing critical Ukrainian grain exports through the...
- World Bank said it is working to increase its financial capability to spur growth and jobs, but said the future economy could not rely on expansion at the cost of the environment
- The United States says efforts to reform multilateral lenders such as the World Bank and other regional institutions could unlock $200 billion over the next decade