High inflation leaves Nigeria struggling ahead of Ramadan
Lagos, Nigeria - The holy fasting month of Ramadan begins early next week in Nigeria, with the worst economic crisis in...
Geostrategy
Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was...
Economy
Economy
Gates visits Dubai Expo, urges attainment of Sustainable Development Goals
During the tour, Gates was briefed on the ‘Ideabatic’, a low-cost innovation developed by Kitty Liao of the UK.
- During the tour, Gates was briefed on the ‘Ideabatic’, a low-cost innovation developed by Kitty Liao of the UK
- Gates urged the world to speed up the implementation of its commitments to the Sustainable Development Goals 2030
Economy
UAE’s curtailed working week rule welcomed
UAE is the first country in the world to offer a national work week that is shorter than the five-day...
- Government entities will have 7:30am-3:30pm workdays from Monday to Thursday, while working hours in the private sector may last till after 5pm.
- The new system will allow federal authorities to use flexible working hours and the remote work system on Fridays.
Opinion
Gulf boardrooms still a man’s world
Female representation on boards and at higher levels across the Gulf is trailing behind much of the rest of the...
- Research from McKinsey & Company shows that organizations with greater diversity among their executive teams enjoyed both greater profits and longer-term value.
- McKinsey’s research also found that companies with low rates of both gender and racial diversity are 29 percent more likely to make less money.
Business
UAE biggest trading partner of Australia, relations between two growing
The UAE is Australia’s largest trading partner and the second-largest source of investment in the Middle East, said Justin McGowan,...
- Annual trade between the two countries is valued approximately at AU$9.8 billion ($7.1 billion).
- More than 250 Australian companies are based in the UAE, said Justin McGowan, Commissioner General of Australia at Expo 2020 Dubai.
Economy
Qatar and Turkey to extend currency swap deal between their central banks
Qatar and Turkey have announced they agreed to extend a currency swap deal between their central banks, as Ankara’s lira...
- The swap deal came during Turkish President Recep Tayyip Erdogan’s visit to Doha.
- The agreement in 2018 was extended for the first time in May 2020, with the overall limit increased from $5 bn equivalent of Turkish lira and Qatari riyal to $15 bn.
Economy
Dubai’s carbon emissions have fallen by 22 percent in 2019
Dubai's carbon emissions have fallen by 22 percent in 2019, reflecting the efforts made by its strategic partners to support...
- Dubai Supreme Council of Energy discusses a resolution to achieve carbon neutrality by 2050.
- The meeting also discussed the implementation of a resolution to regulate district cooling services in Dubai.
Economy
Three laws introduced in UAE after the biggest-ever amendments
The UAE has introduced three new economic laws, with the government saying these laws underwent the largest legislative amendments of...
- The laws are the Commercial Companies Law, Commercial Registry Law and the Trademarks Law.
- Commercial Companies Law abolishes the maximum and minimum percentage of the founders’ contribution to the company’s capital at the time of the public offering
Economy
Qatar budget outlay to go up 5% for World Cup
A minister said the rise in budget was due to the ‘temporary increase’ in expenses related to the World Cup.
- The emirate's planned expenses for 2022 rose by 4.9 percent from last year to QAR204.3 billion ($55.7 billion)
- Qatar conservatively projects total revenue of QAR196 billion, based on an average oil price of $55 a barrel
Business
KSA and Oman draw closer, sign deals worth $30bn
Saudi Arabia signed deals with Oman valued at $30 billion, state media said Tuesday, as Crown Prince Mohammed bin Salman...
- Saudi and Omani companies "signed 13 memoranda of understanding worth $30 billion", the official Saudi Press Agency reported
- According to SPA, he will also visit the United Arab Emirates, Bahrain, Kuwait, and Qatar
Economy
UAE first to have 4.5-day workweek in the world
Official sources said the country would, from January 1, ‘transition to a four and a half day working week,’ with...
- From January 1, all government entities may have eight working hours a day from Monday to Thursday, from 7:30 am to 3:30 pm
- Fridays will apparently have 4.5 working hours: from 7:30 am to noon, with Friday sermons and prayers held after 1:15 pm
High inflation leaves Nigeria struggling ahead of Ramadan
Lagos, Nigeria - The holy fasting month of Ramadan begins early next week in Nigeria, with the worst economic crisis in...
Geostrategy
Company News
Aramco Q1 earnings take a hit
Business
Latest News
Jordan, World Bank sign US$250m agreement to boost water efficiency
Amman, Jordan--Jordan and the World Bank have signed a $250 million financing agreement for a water sector efficiency project in...
Economy
Tunisia and EU sign ‘strategic’ deal on economy, migration
The deal between the two countries will include partnership on irregular migration, economic development and renewable energy. Tunisia has been...
Geostrategy
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
Economy
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Economy
Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
- Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent.
- Clothing, shoe prices fell 2.9 percent, communication costs were down by 0.7 percent.
Economy
UNDP says over US$14bn needed to mitigate global surge in poverty
NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number...
- UNDP has called for adaptive social protection and a debt-poverty pause to redirect debt repayments toward critical social expenditures.
- Almost all of these financially hit people live in low - and lower-middle-income economies, with the poorest 20 percent in low-income countries
Geostrategy
MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals
DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...
- Established in 2012, the High-Level Political Forum is the UN’s central platform for the follow-up and review of the 2030 Agenda for SDGs at the global level.
- The UAE delegation discussed ways to bolster mutual collaboration, strategic partnerships and knowledge-sharing, in line with MBRGI’s mission.