Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
Economy
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Economy
Bahrain launches investment platform allowing access to strategic projects
The Economic Development Board (EDB), Bahrain's investment promotion agency, on Tuesday announced the launch of the investment platform (invest.bh) that...
- Bahrain's Economic Recovery Plan has seen the announcement of strategic projects worth more than $30 billion.
- Investable projects include Bilaj Al Jazayer Tourist City, Bahrain Metro, USA Trade Zone, Aluminium downstream zone and Sports City.
Business
UAE Cabinet approves laws for housing loans, medicines
The UAE cabinet has also approved policies to boost the creative sector, and even rehabilitate convicts and juvenile delinquents.
- The UAE Cabinet has approved the requirements and conditions to clear housing loans for Emiratis
- It has also approved the UAE National Medicine Policy, which aims to achieve equitable availability and affordability of essential medicines
Economy
US Federal Reserve says Omicron poses risks to economy
Fed chief Jerome Powell has said the new strain could also heighten uncertainty regarding inflation.
- The US central bank’s chief Jerome Powell is growing more concerned about this year's price increases
- The price rise has put pressure on the Federal reserve to raise interest rates more quickly
Economy
OPEC+ meets under pressure from Biden and Omicron
The meeting "is shaping up to be one of the most significant since the pandemic demand recovery began, and the...
- Biden called it a "major initiative", with analysts estimating the injection at between 65 and 80 million barrels, including 50 million from the United States alone.
- The group said earlier this month it planned to boost output by 400,000 barrels per day in December, despite a room for manoeuvre that is 10 times greater
Economy
Saudi Fund for Development to give $3 billion to Pakistan
Saudi Arabia reactivated its support for Pakistan in the last week of October, including about $3 billion in safe deposits...
- Saudi Arabia reactivated its support for Pakistan in the last week of October, including about $3 billion in safe deposits and $1.2 billion in oil supplies on deferred payments
- The SBP statement said the deposit agreement reflected the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan
Economy
UAE seeks to diversify economy beyond oil
With little oil but the most diversified economy in the Gulf, Dubai has gone from a fishing village to a...
- With an economy second only to Saudi Arabia in the Gulf, the Emirates is one of the easiest countries in the world to do business, according to the World Bank
- But having diversified its economy over the decades, it relies less and less on petrol, with revenues now making up only 30 percent of its GDP
Business
UAE and Greek credit insurance organizations to promote businesses
The UAE's federal export credit company Etihad Credit Insurance (ECI) signed an MoU with Greece’s Export Credit Insurance Organization (ECIO)...
- An MoU between Etihad Credit Insurance and Greece’s Export Credit Insurance Organization will also promote SMEs.
- This agreement follows the recent UAE-Greece high-level diplomatic meetings between the ministers of both countries.
Economy
Iraq’s budget for 2022 to focus on investment projects
Iraq’s general budget for 2022 will focus on implementing a set of investment projects in line with diversifying economy and...
- Salih belives the fluctuations in the oil markets and the global economic situation will cast a shadow over the draft general budget for 2022
- The Ministry of Planning said that employee salaries, social protection and other expenses were not affected by the delay in approving the general budget law
Economy
Qatar to train cadres from national forces for job market
Qatar's Ministry of Labour has signed a Memorandum of Understanding (MoU) with the Qatar Financial Centre (QFC) Authority to train...
- Ministry of Labor will provide national workforce data of male and female candidates to be employed at companies licensed by the QFC Authority.
- The move is aimed at realizing the objectives of Qatar National Vision 2030.
Economy
US and UAE creating jobs of the future: AmCham Abu Dhabi executive
American companies are creating a framework for future jobs, which is a new area of cooperation between the US and...
- AmCham Abu Dhabi is the American Business Group of Abu Dhabi, a member of the global network of American Chambers of Commerce.
- Liz Beneski, Chief Executive Director of AmCham Abu Dhabi, said the UAE is probably the only country in the world that does business with all 50 states of the US.
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Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
Economy
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ROSHN inks MoU with Expro to develop real estate in Saudi Arabia
Riyadh, Saudi Arabia--ROSHN, the Saudi real estate developer, has signed a memorandum of understanding (MoU) with the Expenditure and Project Efficiency...
Business
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...
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...
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UAE signs air transport services agreement with Austria to boost trade
Vienna, Austria-- Looking to ramp up trade and business relations, the United Arab Emirates has signed an air transport services...
- UAE's ambassador to Austria said that the signing of the agreement will enhance relations, creating new opportunities for trade between the two countries
- The Austrian official said the agreement will benefit transport companies in both countries and support the tourism sector, apart from boosting trade
Economy
E-visas to drive tourism’s GDP share to 10%
Saudi Arabia is leveraging digital solutions to streamline travel, link tourists with local enterprises through apps, and enhance experiences via...
- The move has simplified and streamlined the processes for obtaining a tourist visa, making it easier for visitors to travel to the Kingdom
- Tourists can apply for the 90-day e-visa through an online portal which is an easy, accessible process with quick visa turnaround times
Business
Wall Street stocks up amid signs of broadening in equity market
New York, United States - Wall Street stocks mostly rose early Tuesday amid signs of greater broadening in the equity market...
- Energy and materials were two other sectors showing early gains, while technology was lower. Tech gains were at the heart of the stock market's buoyant first semester of 2023.
- Markets are looking ahead to Wednesday's consumer price index report, a critical data point for the upcoming US Federal Reserve decision.