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
Chinese leaders seek ways to boost economy in key event
Beijing, China - China's leaders on Monday wrapped up a week-long key conclave at which they admitted more was needed to...
Geostrategy
Economy
Lebanon fuel distributors urge government to curb dollar rise
The Lebanese pound has lost more than 90 percent of its purchase power since end-2019, due to its devaluation against...
- Fuel distributors issued a statement urging ministers to shore up the value of the Lebanese pound against the dollar
- Their statement, read by representative Fadi Abu Shakra, stressed that ‘the schedule of fuel prices will be issued next Tuesday’
Economy
Oman on road to economic recovery, say government numbers
Given the current trends, the country’s GDP is expected to grow by 13.8 percent by the end of the current...
- As a percentage of the GDP, the deficit was down from 15.5 percent in 2020 to 3.8 percent this year
- All credit rating agencies amended Oman’s future outlook during this year to ‘stable’ and ‘positive’
Economy
Tunisia in ‘uncertainty’ as president pushes new constitution
Tunisian President Kais Saied is preparing to ask the public for their thoughts on a new constitution.
- President Kais Saied sacked the government, suspended parliament, and seized wide-ranging powers on July 25
- The former law professor has long called for an overhaul of the country's post-revolution political system
Economy
Libya PM back in position after election postponed
The election, set for December 24, was meant to be the culmination of UN-led efforts to drag Libya out of...
- Libya's interim Prime Minister Abdulhamid Dbeibah chaired a cabinet meeting on Thursday, marking his return to the post
- This happened despite concerns that postponing of the country's presidential election could jeopardize his position
Economy
Bitcoin faces uncertain 2022 after record year
Having more than trebled in value to $60,000 between December 2020 and April, bitcoin has lost some shine to trade...
- Having more than trebled in value to $60,000 between December 2020 and April, bitcoin has lost some shine to trade at under $50,000 heading into the new year
- The record high in April occurred with the stock market debut of cryptocurrency exchange Coinbase.
Economy
2021: Oil price hike rescues Covid-hit GCC economy
International oil prices surged by around 36.5 percent and reached a 7-year peak, exceeding US$ 82 a barrel at the...
- International oil prices surged by around 36.5 percent and reached a 7-year peak, exceeding US$ 82 a barrel at the end of November 2021, the highest level since October 2014
- Increased demand from major oil consumers like China, South Korea, India, and the European Union was responsible for the rise.
Geostrategy
Armenia to lift ban on Turkish imports as envoys set to meet
Earlier this month Turkey and Armenia named special representatives to work on the normalisation of ties.Turkey will be represented by...
- Arch-enemies Armenia and Turkey have recently made tentative moves to improve relations
- Arch-enemies Armenia and Turkey have recently made tentative moves to improve relations
Geostrategy
Critics of Turkish lira slide threatened with lawsuit
Finance Minister Nureddin Nebati urged citizens to sue economists who comment on social media about the lira's slide. His remarks...
- Lira entered a tailspin that saw it lose nearly half its value from the start of November to the moment President Erdogan announced new currency support measures last week.
- Nebati accused the commentators of using "psychological warfare" by urging Turks to buy gold and dollars in order to preserve their savings against further lira declines.
Economy
CBUAE fines exchange house $160,000 for using civilian vehicle to transport money
The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent.
- The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent
- The CBUAE works to ensure that all licensed financial institutions operating in the UAE, including exchange houses, abide by UAE laws
Arts & Culture
Aleppo bathhouse boom as Syria crisis turns showers cold
The ancient bathhouses of Syria's second city Aleppo are filling up again, not because of a revived fad, but due...
- With their marble steam rooms, hexagonal fountains and distinctive domes, Aleppo's bathhouses have for centuries served as a social hub
- Shortages of water, fuel and electricity across war-torn Syria have also turned them into a refuge for those looking for a long, warm bath during the cold winter.
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
Company News
Latest News
UAE construction sector logs 135% growth in project announcements
Dubai, UAE - The UAE has witnessed 135 percent year-on-year (YoY) growth with AED 49.25 billion ($13.37 billion) project announcements...
Economy
UAE and Egypt to boost cooperation in higher education, scientific research
Cairo, Egypt-- The UAE and Egypt are looking to ramp up cooperation in the fields of higher education and scientific...
Science
CBUAE Governor, IMF Managing Director explore areas for cooperation
Abu Dhabi, UAE - Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE) discussed ways...
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Economy
Harness AI opportunities, assess threats to peace
"AI development is now outpacing Moore's Law and moving at breakneck speed, and governments are unable to keep up. This...
- AI's rapid development is outpacing Moore's Law, presenting a wake-up call for global governments, says UAE minister Omran Sharaf
- The minister advocates for "optimistic realists" who balance between assessing threats and leveraging opportunities presented by AI
Business
Turkey, UAE sign agreements worth over $50bn
Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...
- The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
- This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.