Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
Business
WTO agri reforms key to global food and climate goals
"Australia maintains that global food security, climate, and biodiversity targets are unattainable without progress in agricultural trade reform, including the...
Economy
Economy
‘2022 Iraq budget depends on formation of new govt’
The Iraqi fiscal year ends on December 31, 2021, and the effective financial management law begins from the first day...
- The Iraqi fiscal year ends on December 31, 2021, and the effective financial management law begins from the first day of January 2022
- Iraq is in the process of forming a new government following the recent election in which the cleric Muqtada al-Sadr’s movement Saeroon won the most votes
Economy
Fed official sees first US rate hike in spring 2022
Fed Governor Christopher Waller said the decision announced Wednesday gives policymakers the ability to respond quickly with an increase in...
- The Fed earlier this week announced it will accelerate the end to its stimulus program after inflation last month saw its biggest jump in nearly four decades
- Quarterly forecasts from Fed policymakers also released this week signaled the likelihood of three interest rate hikes next year
Economy
US$20bn Jeddah Central Project launched
The project envisions the creation of a world-class destination overlooking the Red Sea in the heart of Jeddah.
- The project envisions the creation of a world-class destination overlooking the Red Sea in the heart of Jeddah
- It is expected to achieve an estimated added value of SR47 billion riyals for the Kingdom's economy by 2030
Economy
Arab forum discusses building capacity of cities to face climate change
The forum was held in conjunction with the 38th session of the high-level Arab Ministers of Housing and Construction.
- The forum was held in conjunction with the 38th session of the high-level Arab Ministers of Housing and Construction
- It also discussed new Arab vision towards urban development characterized by safety, justice, resilience and sustainability
Economy
Jordan secures €70m EIB soft loan to uplift water-use efficiency
According to a press release by the Ministry of Planning and International Cooperation, the loan is expected to benefit about...
- According to a press release by the Ministry of Planning and International Cooperation, the loan is expected to benefit about 300,000 people
- A water reservoir with a capacity of 30,000 cubic meters will also be built, to enable the Jordan Valley Authority to supply water to farmers in the dry seasons
Economy
IMF examines Lebanon’s financial losses before aid program
Disagreements over the size of the losses between Lebanon's government, central bank, and banking sector contributed to the collapse last...
- The scope of the financial-sector losses of Lebanon are estimated at about $69 billion
- An IMF team will travel to Beirut early next year to continue discussions for aid to the country
Interview
Jordan eyes investments with ICT growth
Investment opportunities also exist in IT solutions for Jordan's financial sector and enterprise solutions and emerging applications. In addition, Jordan...
- Jordan's ICT sector generates 75 percent of the region’s Arabic internet content
- Jordan offers a competitive proposition for investment in content applications and e-learning with fairly priced broadband internet tariffs
Geostrategy
Strategies to enhance Dubai’s security ecosystem reviewed
Digital Dubai is developing the latest strategies and initiatives to enhance the efficiency of the emirate’s integrated security ecosystem.
- Digital Dubai is developing the latest strategies and initiatives to enhance the efficiency of the emirate’s integrated security ecosystem
- Hamad Al Mansoori, Director General of Digital Dubai, said they are working to make the most of big data and tap its potential
Geostrategy
OPEC Fund announces $352m for global development operations
The OPEC Fund for International Development has approved $352 million for sustainable development operations globally at the organization’s 178th Session...
- Members of the Governing Board also reviewed several milestones achieved as part of the OPEC Fund Strategic Framework 2030, including inaugural credit ratings.
- The Strategic Framework 2030 is designed to diversify the OPEC Fund’s financial resources and deliver greater development impact
Economy
Lira plunges as Turkey cuts interest rate again
The Turkish lira on Thursday hit fresh lows after the central bank fired the latest salvo in President Recep Tayyip...
- The reduction of the main rate to 14 from 15 percent comes in the face of an annual inflation rate that has surged past 20 percent and is expected to climb even higher.
- A dollar could buy three liras in 2016 and 7.43 liras on January 1. It was worth 15.50 liras on Thursday after opening the week at around the 13.80 mark.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
Business
Company News
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UAE one of fastest-growing economies in 2022: CBUAE
Abu Dhabi, UAE - The UAE’s real GDP growth accelerated during 2022 due to a robust recovery in non-oil GDP...
Economy
Saudi Arabia harnesses technology to boost tourism sector
VR and AR technologies offer tourists pre-visit virtual explorations of cultural and natural sites, driving engagement and anticipation. Onsite, the...
Economy
US banks express caution on economy as Fed rate hikes boost earnings
Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy...
Business
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Geostrategy
UN says over 165m people fell into poverty in 3 years of crisis
UNITED NATIONS - The COVID-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into...
- The COVID-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into poverty since 2020, the UN said.
- Because of these shocks, the United Nations has called for a pause in debt repayments for developing countries.
Economy
China’s trade in goods with Belt and Road countries up 9.8% in H1
Beijing, China - China's trade in goods with nations along the Belt and Road Initiative in the first half of...
- Trade in goods with countries along the Belt and Road accounted for 34.3 percent of China's total import and export value of $2,8 trillion
- The Belt and Road Initiative (BRI) is a global infrastructure development strategy adopted by the Chinese government in 2013
Economy
UAE and Mozambique sign MoU to improve ‘work cycle’ for workers
Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the...
- The UAE minister said the MoU establishes an institutional partnership between the two ministries to maximize mutual benefits
- He said the UAE government is keen to build partnerships around the world, which, he feels, builds trust in the country's labor market