UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products...
Economy
Economy
Iraq owes no more than $5bn to World Bank and IMF: Official
The economy of Iraq depends upon oil as it constitutes 45 percent of the GDP and affects about 80 percent...
- The World Bank loans in particular are long-term and have grace periods of about six years, extending up to 14 years
- The World Bank Loans are 'similar to the interest of the London markets on dollar lending transactions'
Economy
UNRWA calls for long-term funds to help refugees in Palestine
UNRWA Commissioner-General Philippe Lazzarini has acknowledged that stagnating donor funding for close to a decade remained below the amount needed...
- As of now, more than 5 million Palestinians have registered with UNRWA as refugees
- They are spread across the West Bank, including East Jerusalem, the Gaza Strip, Lebanon, Syria, and Jordan
Economy
Omicron surge pushes Morocco to extend flight ban
The restrictions have dealt a punishing blow to the North African country's vital tourism sector.
- Morocco imposed the measure to run initially from late November until December 31
- This, despite a mechanism being in place for Moroccan citizens stranded abroad to come home
Economy
Jordan forms committee to modernise public sector
The committee will be chaired by the Prime Minister and number of ministers, specialized officials, experts who have experience and...
- The committee will be chaired by the Prime Minister and number of ministers, specialized officials, experts who have experience and expertise in public administration
- The Prime Minister said that modernising the public sector has become a necessity as a major lever for economic reform related to modernising the political system
Economy
US bans Xinjiang imports, forcing firms to navigate sticky diplomacy
The new law bans the import of all goods from the region unless companies offer verifiable proof that production did...
- The new law bans the import of all goods from the region unless companies offer verifiable proof that production did not involve forced labor
- The vote came despite lobbying by US firms, many of which are heavily dependent on Chinese suppliers
Economy
Asia markets climb as Covid fears recede
Studies indicating Omicron infections are less likely to result in hospitalisation have increased confidence that the pandemic will have less...
- Studies indicating Omicron infections are less likely to result in hospitalisation have increased confidence that the pandemic will have less impact on the economy
- On Wall Street, the S&P 500 ended the last session before the holiday weekend at a fresh record following a raft of mostly decent US economic data
Geostrategy
World Bank pledges $37 million to help Lebanon teachers
The World Bank on Thursday said it agreed with its partners to repurpose $37 million in funds to help Lebanon's...
- The "exceptional" financing, which is valid only for the 2021-2022 academic year, came at the request of Lebanon's government, the bank said.
- Public school teachers who were already underpaid before the onset of the economic crisis two years ago have since been pushed deeper into poverty.
Economy
Saudi economy set to be buoyant in 2022
The country is aiming for a budget surplus for the first time in eight years amidst increasing oil prices and...
- Jadwa Investment Company and Al-Rajhi Capital expects value-added tax unlikely to change.
- Beltone expects that inflation would remain around 2 percent, affected by global inflationary pressures.
Economy
Many factors shaping global economic outlook: Expert
UBP Senior Portfolio Manager Fares Benouari has predicted that 2022 would see greater exposure to ESG, automation, and fintech in...
- UBP Senior Portfolio Manager Fares Benouari has said the current global economic outlook depends on strains, spells, and administrative responses
- He also pointed out that businesses, however, have made productivity gains, pivoting to digital, increasing efficiencies, and reducing costs
Economy
World Bank approves $112 million to fund employment in Jordan
Jordan’s persistently high levels of unemployment are driven by the limited capacity of its private sector to create more and...
- WB finances the National Employment Programme (NEP) in the country to help its recovery from the COVID-19 pandemic by promoting private sector-led job creation
- The NEP aims to enable more than 2,000 private sector firms to hire and train over 63,000 new employees, a third of them women
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
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Erdogan’s visit: Qatar and Turkey seek to deepen strategic partnership
Qatar’s emir Sheikh Tamim bin Hamad Al-Thani praised Turkey's efforts to improve the country's financial situation and reduce inflation rates...
Geostrategy
Bahrain records 2% jump in GDP on back of expansion in Q1 in non-oil sector
Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by...
Economy
Iran looks to Arab states to propel its lackluster tourism sector
Avoided by western tourists, Iran is turning to wealthy Arab states and other nearby countries to bolster its sanctions-hit economy....
Economy
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Business
ADNOC Gas signs deal with IOCL
It will export annually up to 1.2m metric tonnes of LNG.
- The 14-year agreement is valued in the range of $7 billion to $9 billion, signifying a major step in the partnership between the two industry players
- The deal marks another milestone for ADNOC Gas to expand its footprint around the globe, reinforcing the company's position as an LNG exporter
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...
- While Western economies continue to struggle with the aftermath, the region has shown remarkable recovery, instilling a sense of security and optimism among expatriates
- As expats with 10 to 12 years of experience face challenges in their home countries, they are increasingly drawn back to the GCC, particularly Dubai, says an expert
Economy
Iraqis rally in heat against water, electricity crisis
Designated by the UN as one of the five countries in the world most touched by some effects of climate...
- United Nations has declared Iraq as one of the five countries in the world most touched by some effects of climate change
- "We have come to peacefully protest and demand water from the government and the source countries," Najeh Jawda Khalil told AFP