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
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
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
Business
Dubai Integrated Economic Zones Authority appoints new leadership team
Dubai Integrated Economic Zones (DIEZ) Authority has appointed a new leadership team to drive its free zones and central divisions....
- Amna Lootah was appointed as a Director General DAFZ to lead and implement strategic plans according to the approved structure.
- Dr. Juma Al Matrooshi was appointed as Director-General of Dubai Silicon Oasis (DSO) to supervise the implementation of its strategy according to the new organizational structure.
Business
Dubai Chamber approves four-pronged strategy for next three years
Improving business environment in Dubai, attracting foreign investments and international companies to the emirate, supporting member companies with global expansion...
- Improving business environment in Dubai and attracting foreign investments and international companies to the emirate two of the four pillars of the strategy.
- Supporting member companies with global expansion and growing Dubai’s digital economy are the other elements of the strategy.
Economy
UAE works on Friday for first time
Some grumbled at the change and businesses were split, with many moving to the Western-style weekend but other private firms...
- The weekly day of prayer has always been a free day in the UAE, which had previously observed a Thursday-Friday weekend until 2006.
- Government bodies and schools will operate four-and-a-half-days per week, closing at 12 pm on Fridays for a fixed prayer time of 1:15 pm.
Business
Markets struggle ahead of US jobs report, expected interest hike by Fed
Global stock markets wavered Friday as dealers awaited vital US jobs data and mulled the Federal Reserve's readiness to hike...
- London stocks edged higher in late morning deals, while Frankfurt nudged lower and Paris was flat nearing midday in the eurozone.
- Bitcoin was also under pressure, falling for a second day to as low as $41,008, a level not seen since the end of September.
Business
UAE’s Central Bank says M1 rose by 2.1 percent at the end of Nov 2021
The Central Bank said on Friday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 671.6 billion...
- The rise in M1 was due to AED 0.6 billion increase in Currency in Circulation Outside Banks and AED 13.8 billion increase in Monetary Deposits.
- The Money Supply aggregate M2 increased by 1.3 percent, from AED 1,498.3 billion at the end of October 2021 to AED 1,517.1 billion at the end of November 2021.
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
Company News
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Stock markets advance on US debt, elections
Market Report
Electric vehicles, lithium-ion, solar batteries become new drivers of China’s foreign trade
Beijing, China - China's traditional export sectors, such as apparel, home appliances, and furniture, have been surpassed by electric vehicles,...
Economy
Saudi Arabia to host MENA Climate Week in October to ‘assess progress’
Riyadh, Saudi Arabia--Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12, in coordination with the...
Economy
Gulf economies pivot towards China: Multi-billion dollar investments strengthen relations
Economic ties between China and the Gulf region's largest economies, Saudi Arabia and the UAE, have surged since President Xi...
Economy
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Market Report
Asian markets swing as US jobs data disappoint
Asian equities wobbled at the end of a draining week as fresh US jobs data put revived bets on two...
- Data recently pointed to a weakening in the US economy that would help ease inflation, the Fed has said it needed to see more softening in the jobs sector.
- This week's stumble follows a rally last week when a faster-than-expected slowdown in US inflation stoked hopes the Fed could end its rate hikes. .
Business
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
- The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food and agriculture sector.
- Sawani will work in partnership with the private sector to boost the production capacity of the camel dairy industry.
Opinion
Erdogan’s visit a game-changer for Turkish-Gulf ties
For the wealthy Gulf states, combining their resources with Turkiye's defense and industrial achievements will produce lasting benefits not only...
- Erdogan's visit was aimed to boost economic relations and tackle Turkey's economic challenges, writes Turkish Professor Ibrahim Karataş
- Major agreements were signed with Saudi Arabia and the UAE, with a strong focus on defense and economic cooperation, he adds