Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...
‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...
Economy
Economy
Erdogan defends ‘risky but correct’ economic policy
Turkish President Recep Tayyip Erdogan on Wednesday defended his "risky but correct" economic policy of low interest rates, as the...
- Under pressure from Erdogan, the central bank has made a series of interest rate cuts since September despite double-digit inflation
- The Turkish leader goes against conventional economic thinking to claim high interest rates cause high inflation, and vowed again to keep the main rate low
Economy
OECD cuts world growth forecast, warns of Omicron threat
The OECD warned Wednesday that the Omicron coronavirus variant threatens the global economic recovery as it lowered the growth outlook...
- The global economy is now expected to expand by 5.6 percent this year, down from an earlier forecast of 5.7 percent
- Its forecast for 2022 remains unchanged at 4.5 percent, but the report was released only days after Omicron was detected
Economy
‘Physical currency won’t disappear anytime soon’
Ralf Wintergerst, Group CEO of 170-year-old German firm Giesecke+Devrient (G+D), said physical currency is a resilient form of payment and...
- Ralf Wintergerst said digital currency is a central bank-issued digital form of physical money and that it was different from cryptocurrency.
- In Germany and the Middle East there are a lot of opportunities for moving things like government services to people directly with digital solutions.
Economy
Iraq’s ‘wasta’ system favors lucky few, frustrates many
Youth in Iraq get job through “wasta,” the system of “who you know” that has become Iraq’s pervasive scourge.
- Youth in Iraq get job through “wasta,” the system of “who you know” that has become Iraq’s pervasive scourge
- The practice has fueled frustration, mass anti-government protests and waves of emigration from the oil-rich, war-scarred and poverty-stricken country
Economy
Canada bans travelers from Egypt, Nigeria, Malawi over Omicron fears
All travelers flying to Canada need to be tested at the airport upon landing except for the US.
- All travelers flying to Canada need to be tested at the airport upon landing except for the US
- Unvaccinated people can no longer board airplanes or ride trains in Canada
Economy
FCSC documents UAE’s success since discovery of oil in 1950s
In its new report to be published soon, titled "The UAE: Data Documenting the Journey until 2020", the Federal Competitiveness...
- The report highlighted a significant rise in the country’s GDP from AED58.3 billion in 1975 to over AED1.3 trillion in 2020
- The contribution of non-oil sectors to GDP surged from 43 percent in 1975 to 83 percent in 2020
Market Report
Asian markets mostly up, oil rallies as virus and Fed hold attention
A mild recovery from the previous two days' steep losses was turned on its head in the region on Tuesday...
- With medical experts saying the full outlook for Omicron was still being assessed, analysts said markets would remain volatile
- Crude which was pummelled Friday and again Tuesday also enjoyed some advances with both main contracts up more than two percent
Economy
Tech 2022 trends: Meatless meat, Web 3.0, Big Tech battles
Meat alternatives have become common in an increasing number of US households, thanks in part to Beyond Meat and Impossible...
- Meat alternatives have become common in an increasing number of US households, thanks in part to Beyond Meat and Impossible Food plant-based products
- In web 3.0, "users, creators and developers would have stakes and votes" in a platform in much the way a cooperative works
Economy
Tel Aviv ranked world’s priciest city for first time
Tel Aviv climbed the rankings partly due to the strength of the national currency, the shekel, against the dollar, as...
- The Israeli city climbed five rungs to score top place for the first time in the authoritative ranking compiled by the Economist Intelligence Unit (EIU)
- The Worldwide Cost of Living Index is compiled by comparing prices in U.S. dollars for goods and services in 173 cities
Economy
ATRC awards $10 million in research funding to 53 R&D projects
Abu Dhabi’s Advanced Technology Research Council (ATRC) on Tuesday announced that it has awarded AED40 million ($10 million) in research...
- Grant funding is allocated to entities in eight key sectors such as aerospace and energy.
- The awardees were picked from 370 proposals in ASPIRE Award for Research Excellence and ASPIRE Young Investigator Award.
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Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...
Company News
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Dubai Chambers launches program to enhance customer service
DUBAI, UAE – Dubai Chambers is taking a big initiative for ensuring that businesses in the emirate provide excellent customer...
Business
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Economy
UK reform of Consumer Credit Act to benefit Islamic finance
London, Britain - The UK government has announced plans to reform the Consumer Credit Act (CCA) which is expected to...
- The CCA, established in 1974, regulates various credit transactions, including Islamic finance products, such as credit card purchases, personal loans, and consumer hire agreements
- The proposed reforms, combined with organic development and the utilization of FinTech solutions, will further support the expansion of Islamic finance in the country
Economy
Egypt to receive first batch of Iranian tourists in era of restored ties
Tehran, Iran-- After years of frosty relations between the two countries, Egypt and Iran are set to restore ties with...
- According to the Egypitan tourism minister, Iranian tourists will arrive in the country and visit southern coasts of Sinai, Nubia and Taba
- Haitham bin Tariq, the Sultan of Oman, played a pivotal role as a mediator in ending years of enmity between Egypt and Iran
Economy
Iraq to pay for Iranian gas imports with oil: Iraqi PM
The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed...
- Iran cut its supply of gas to Iraq by nearly half some ten days back because of unpaid bills of more than $12 billion
- Gas stoppages have worsened the frequent power outages in much of Iraq during the hot summer months