Swiss central bank posts 2023 loss
The bank has raised its interest rates to tame inflation..
UAE achieves milestone in combating financial crimes
“It highlights the collaborative efforts of various committees, entities, and national bodies, including the Central Bank and the National Committee...
Economy
Economy
Ruler establishes Dubai Council to deliver Emirate’s future vision
The council will focus especially on boosting the emirate’s leading-edge competitiveness and leadership regionally and internationally.
- The council is expected to formulate and develop Dubai’s future development agenda to support its global competitiveness
- It will apparently also enhance the emirate’s attractiveness by launching major qualitative projects and transformational initiatives
Economy
Dubai reduces carbon emissions by 33 percent in 2020
Dubai reduced its carbon emissions by 33 percent in 2020, which is more than double the target of the Dubai...
- The reduction in emissions is more than double the target of the Dubai Carbon Abatement Strategy 2021.
- The share of clean and renewable energy capacity is now 11.38 percent of Dubai’s energy mix.
Economy
Arab youths are increasingly saving, investing with fintech
The region's economic instability, exacerbated by the coronavirus pandemic, has spurred many to turn to online banking and financial tools.
- S&P Global said in a 2019 report that indicators showed Gulf Arab countries appeared the readiest for fintech adoption
- The key driver was expected to be demand and a preference by clients for digital banking
Economy
Morocco’s economy to grow 6.3% in 2021, says IMF
Morocco’s new government aims to narrow the wealth gap in the country where unemployment is running at almost 13 percent....
- After shrinking at 6.3% in 2020, Morocco's GDP is expected to grow at 6.3% in this year
- Morocco's health crisis caused by coronavirus has been controlled
Economy
North Syria feels the pinch as Turkey lira nosedives
Inflation in Syria is soaring just as fast as it is in neighboring Turkey, with basic food items such as...
- The town of Al-Bab lies in northern Syria in recent years has turned into a de facto Turkish protectorate
- Because the Turkish lira is now the main currency in the area, its recent nosedive has heaped further pain on the people living there
Economy
Social insurance protection is for all GCC citizens, says UAE
As per the system, the insured will receive end of service benefits in accordance with the retirement law in the...
- The decision to provide the social insurance protection system to GCC citizens working in other countries was issued by GCC
- The UAE began implementing the system of extending social insurance protection on 1 January 2007 under law No.18
Economy
Dubai becomes world’s first paperless government
The Dubai Paperless Strategy was implemented in five consecutive phases, each of which enlisted a different group of Dubai Government...
- The strategy was launched in 2018 to help Dubai become the world’s first paperless government
- The Dubai Paperless Strategy was implemented in five consecutive phases, each of which enlisted a different group of Dubai government entities
Economy
Libya conference seeks investment in country’s south, the gateway to Africa
The conference was held under the patronage of the Chamber of Commerce, Industry and Agriculture in Obari with Arab and...
- The conference was held under the patronage of the Chamber of Commerce, Industry and Agriculture in Obari with Arab and international participation
- The participants sought investments in renewable energies, mining, agriculture, tourism, real estate investment, infrastructure and free zones
Economy
Germany gives €21 million to support Palestinian refugees
Germany will provide €15 million to ensure that 50,000 Palestinian refugee children in Gaza and 46,000 in the West Bank...
- Germany will provide €15 million to ensure that 50,000 Palestinian refugee children in Gaza and 46,000 in the West Bank have continued access to learning in UNRWA schools
- The country will also support the early recovery of Palestine refugees in Gaza affected by the latest Israeli aggression through a €6 million contribution
Economy
S&P lowers Turkey outlook to negative, citing ‘rising risks’
Turkey's annual inflation has surged above 20 percent to its highest level in three years after President Recep Tayyip Erdogan...
- The move was part of Erdogan's strategy to revive his sagging approval numbers ahead of an election due by 2023
- In justifying its outlook downgrade, S&P pointed to both price increases and the lira currency's loss in value as risks
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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
Swiss central bank posts 2023 loss
The bank has raised its interest rates to tame inflation..
Company News
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Ukraine grain deal failed to achieve objective, says Putin
Russian President Vladimir Putin said the main objective of the deal that allowed Ukrainian grain exports to resume was not...
Geostrategy
ADX grew 20 percent in 2022, says CBUAE
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE)’s Financial Stability Report for 2022 said the FTSE ADX...
Business
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Economy
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...
- The growth came despite higher inflation, tightening financial conditions and continued geopolitical tensions
- It was boosted by the removal of most COVID-19-related curbs and a recovery in global travel and the tourism
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...
- Technologies such as Virtual Reality, Augmented Reality, E-visas, and e-payment systems are enhancing the tourist experience in the Kingdom, say experts
- NEOM, which epitomizes Saudi Arabia's innovative approach, is set to become a global showcase of advanced design and digital experiences, they add
Business
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...
- JPMorgan and Wells Fargo both reported huge increases in second-quarter profits.
- Citi experienced a drop, citing an anemic investment banking market for revenue drop.