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
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Economy
Lebanon govt may hike power supply to 8-10 hours
Lebanon ministers said they aim to increase the hours of EDL’s power supply in the near future by securing Egyptian...
- Lebanon's economic crisis has seen its currency lose around 95 percent of its purchasing power
- This has caused fuel shortages that has led to power being supplied for just a few hours per household every day
Infographics
Gender bender: GCC moves to empower more women
Member countries of the Gulf Cooperation Council are increasingly working towards the empowerment of women.
- The UAE and Canada held discussions last month on how to enhance cooperation to empower women
- Statistics from Saudi Arabia from last year showed more women had entered the workforce, even as unemployment dropped
Economy
Libya’s parliament speaker calls for new government
A presidential election was due to take place on December 24, followed by legislative polls, but the UN-sponsored electoral process...
- Speaker Aguila Saleh said during a parliamentary session, in the eastern port city of Tobruk, that a new government must be formed
- The call comes as the UN urged Libya's political factions and parties to hold safe, inclusive, and credible polls as soon as possible
Business
Jordan’s ISSF to invest $1.5 million in Dubai-based Global Ventures
The Innovative Startups and SMEs Fund (ISSF) will invest $1.5 million in Global Ventures
- Global Ventures is a Dubai-based growth-driven venture capital firm focused on investing in growth-stage technology.
- Investing in progressive funds such as Global Ventures supports ambitious SMEs to expand their businesses, ISSF said.
Economy
Jordan’s tourism revenues hits $2.7 billion in 2021
The higher revenue this year as a result of the increase in the number of tourists, which was 2.358 million.
- Tourism contributes in a significant way to the economy of Jordan
- However, some observers say that the sector has a lot of room for improvement
Economy
China saw pandemic-defying GDP growth slow last year
Growth in the fourth quarter was the slowest in more than a year, at 4 percent, down from 4.9 percent...
- China is the world's second-biggest economy, and a key driver of global growth
- It expanded 8.1 percent in 2021, but much of that came in the first half of the year
Business
Amman Chamber of Industry exports up by 17 percent in 2021
The exports of the Amman Chamber of Industry (ACI) increased last year in 2021 to "high" levels, compared to 2019,...
- The United States, India, Saudi Arabia and Iraq accounted for the majority of the Chamber's exports last year, with a value of JD3.111 billion.
- ACI exports rose during the same year to many Arab and foreign countries, most notably Indonesia, Egypt, Brazil, Algeria, Turkey, Sudan, Yemen and Malaysia.
Economy
80 global leaders to address Abu Dhabi Summit ‘virtually’
The Abu Dhabi Sustainability Week summit, hosted by Masdar, will take place virtually on Monday, 17th January. The Summit will...
- The Summit will take place between 1:00pm – 9:00pm GST, and will convene more than 80 global leaders
- The opening sessions of the ADSW Summit will include a head of state address from President Halimah Yacob of Singapore
Economy
IRENA sees rapid growth of hydrogen economy
The development may bring significant geo-economic and geopolitical shifts in the energy market, which is currently valued at $174 billion.
- IRENA estimates hydrogen to cover up to 12 percent of global energy use by 2050
- This is due to the climate urgency and countries’ commitments to net-zero emissions
Economy
IMF official urges ‘deep reforms’ to Tunisian economy
Tunisia's debts have soared to nearly 100 percent of Gross Domestic Product.
- Tunisia's GDP plunged by almost 9 percent in 2020, the worst rate in North Africa
- This was only modestly offset by a 3-percent bounce-back last year
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
Company News
Latest News
Ruwad approves financing for several projects in various sectors
Sharjah, UAE-- Ruwad, or the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad), has approved the financing of three projects after...
Economy
UAE president meets with Arab and EU leaders in Italy
The president met with a string of leaders from the Arab world and the European Union and discussed ways to...
Geostrategy
Tourism turns the Kingdom into a rising global star
In just few years, Saudi Arabia has leapt up the global rankings to become a leading destination for international tourists,...
Economy
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Business
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...
- Dubai Customs revealed that business registration service transactions went up 7 percent, recording 143,000 service requests.
- Customs declarations stood at 12.3 million transactions, accounting for 88 percent of the total number of customs transactions.
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....
- The government is introducing initiatives to future-proof family businesses and bolster their competitiveness and growth capabilities in a global environment.
- Dubai has introduced new legislative measures aimed at helping them navigate the challenges and opportunities brought by a global economy in transition.
Economy
Egypt and Indonesia to ramp up trade exchange
Cairo, Egypt--Egypt and Indonesia will ramp up trade exchange as the two countries look to strengthen the overall ties. This...
- Both agreed to give a fillip to Indonesian investments in Egypt benefiting from the incentives offered by the Suez Canal Economic Zone
- Egypt and Indonesia also reviewed all agreements and memos signed between the two nations over the past years