UAE presses for ‘sustainable development policies’ at BRICS meeting in Brazil
Sao Paulo, Brazil-- The UAE has affirmed that it collaborates with the BRICS nations in order to establish sustainable development...
Economy
IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...
Economy
Economy
Bahrain to introduce digital currency in the country
The Central Bank of Bahrain will offer the digital Dinar through a digital payments platform that can be accessed round...
- The central bank also intends to gradually raise the share of financing for small- and medium-sized enterprises
- Bahrain plans to list five more companies on its stock exchange next year including Bahrain Airport Services Company
Economy
UAE foreign trade in past 50 years rises 473 times to $9.3 trillion
The total value of the UAE’s foreign trade in the past five decades amounted to some AED34.23 trillion ($9.32 trillion),...
- The country’s trade balance from 1971 to 2020 recorded a surplus of nearly $1.3 trillion (AED4.76 trillion).
- UAE's exports increased 380 times, rising from $842 million (AED3.1 billion) in 1971 to $319.3 billion (AED1.17 trillion) by the end 2020.
Economy
Egypt’s private sector non-oil activity shrinks in Nov as input costs rise
Egypt's non-oil activity in the private sector shrank for a 12th month in November as inflation expectations rose, causing new...
- IHS Markit's Purchasing Managers' Index (PMI) came in at 48.7, below the 50.0 threshold that separates growth from contraction.
- Higher fuel and shipping costs often led to increased prices, including for raw items such as foodstuff and paper, said IHS Markit.
Economy
Saudi non-oil private sector records growth in November
The non-oil private sector of Saudi Arabia continued to grow in November on the back of strong demand and modest...
- The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) fell to 56.9 in November from 57.7 in October
- The headline figure was down to a three-month low as growth in new orders declined for the second month in a row from September's seven-year high
Economy
QNB sees global economy recovering, despite bottlenecks
The bank said it was confident that the global bottlenecks would continue to improve over the coming year. ‘We expect...
- QNB has said the global economy has made a remarkable recovery from the peak impact of the Covid-19 pandemic last year
- It attributed the revival to ‘unprecedented fiscal and monetary stimulus,’ particularly in the US
Economy
UAE signs deal with France for food security
The signing of the MoU reportedly coincided with the visit of the French President Emmanuel Macron to the UAE.
- Under the terms of the MoU, the two countries are expected to collaborate to facilitate trade in agricultural and food products
- They will also work for the development of sustainable agricultural production with a focus on innovation
Business
Jordanian exporters association seeks to bridge trade imbalance with Turkey
According to official data, Jordanian exports to Turkey in the first 8 months of the current year dropped by 10...
- According to official data, Jordanian exports to Turkey in the first 8 months of the current year dropped by 10 percent to JD29 million
- Turkish imports to the Kingdom in the same period surged by 25 percent to a total of JD303 million
Economy
Saudi Aramco, French companies sign five agreements
“This partnership is a continuation of Aramco’s long-standing relationship with a number of leading French companies. It represents an opportunity...
- The agreement between Aramco and Gaussin aims to establish a modern manufacturing facility for on-road and off-road hydrogen powered vehicles in Saudi Arabia
- The signing took place during an event in Jeddah, organized by the Ministry of Investment to explore investment opportunities for French companies in the oil kingdom
Economy
Jordan woos Russia for local investment
Russian representatives from three provinces met with commissioner general of the Jordan Pavilion at Expo 2020 Dubai.
- Jordan has invited investment from an industrial and economic delegation from Russia
- The Russian delegation represented three Russian provinces
Economy
Morocco Employers’ Association, IMF discuss economic recovery
The president of the CGEM, Chakib Alj, highlighted 15.2 percent growth in the Moroccan economy in the second quarter of...
- The president of the CGEM, Chakib Alj, highlighted 15.2 percent growth in the Moroccan economy in the second quarter of 2021
- The kingdom also recorded a 22.1 percent increase in exports between September 2020 and September 2021
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UAE presses for ‘sustainable development policies’ at BRICS meeting in Brazil
Sao Paulo, Brazil-- The UAE has affirmed that it collaborates with the BRICS nations in order to establish sustainable development...
Economy
Company News
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Bahrain secures 9th spot in survey for best expat destinations in world
Manama, Bahrain--Bahrain has climbed up to ninth position in the top destinations in the world for expatriates, according to report...
Economy
Jordan and Japan review economic, strategic relationship
Amman, Jordan-- Jordan and Japan have discussed ways to boost economic cooperation and further strengthen strategic ties between the two...
Economy
Saudi-Turkish Business Forum kicks off in Istanbul with signing of 16 agreements
Riyadh, Saudi Arabia - The Saudi-Turkish Business Forum which began on Wednesday in Istanbul, witnessed the signing of 16 agreements...
Business
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Business
Most world stock markets advance as US inflation data looms
London, United Kingdom - World stock markets mostly rose Wednesday as investors jockeyed for position before key US inflation data. London...
- London equities climbed after the Bank of England announced that all major UK retail lenders passed stress tests to assess their resilience to economic shocks.
- Frankfurt and Paris also advanced before the week's main event, the US consumer price index, which forecasts suggest will show a further softening.
Business
Broadcom to acquire VMware after EU okays deal
BRUSSELS, BELGIUM- The European Commission approved US chipmaker Broadcom's planned $61 billion takeover of cloud computing firm VMware on Wednesday, conditional...
- The massive deal had raised concerns about competition, prompting probes by antitrust watchdogs in the European Union and Britain.
- As a remedy, Broadcom offered interoperability commitments to rival Marvell Technology and any other potential competition.
Business
OECD says sizeable progress made on sharing tax revenue on multinationals
Nearly 140 countries have taken a first step towards reaching agreement on a fairer distribution of tax revenues from multinational...
- Multinationals, especially tech firms, are currently able to easily shift profits to countries with low tax rates.
- In 2021, in talks led by the OECD, an agreement was reached on a minimum tax rate of 15 percent on multinationals.