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
Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
Business
OPEC+ to increase output in January
The OPEC+ alliance led by Saudi Arabia and Russia had so far resisted US-led pressure to significantly boost output to...
- Observers had expected the club to opt for a freeze in production for January, particularly after the emergence of the Omicron variant
- But, the 13 members of OPEC and their 10 allies decided to stick with a modest increase in output of 400,000 barrels per day every month
Economy
OPEC Fund extends $80m loan to Afreximbank
The OPEC Fund’s support will assist in boosting Afreximbank’s liquidity to grow its loan portfolio as it finances exports and...
- The OPEC Fund’s support will assist in boosting Afreximbank’s liquidity to grow its loan portfolio as it finances exports and imports in critical sectors across Africa
- The OPEC Fund’s loan will help address some of the challenges, which are also impacted by the COVID 19 pandemic
Economy
67 countries reach ‘historic’ deal on trade in services at WTO
Washington hailed Thursday's deal in a statement, saying it would "improve the transparency and fairness of processes for obtaining authorisations...
- The countries, which account for just over a third of all WTO members, concluded the accord after four years of negotiations
- WTO chief Ngozi Okonjo-Iweala hailed the deal as "historic", saying it would lower the costs associated with the services trade by as much as $150 billion each year
Arts & Culture
Saudi Arabia’s Rijal Almaa in list of best tourist villages in world
UNWTO selected Rijal Almaa among 175 participating entities representing 75 countries.
- UNWTO selected Rijal Almaa among 175 participating entities representing 75 countries
- The village consists of 60 multi-storey palaces, built of natural mud stone and wood
Economy
Escaping slow death in Beirut, Lebanese embrace farm life
Lebanon's unprecedented economic crisis and the coronavirus pandemic have dimmed the cosmopolitan appeal of the capital.
- Lebanon's unprecedented economic crisis and the coronavirus pandemic have dimmed the cosmopolitan appeal of the capital
- A long-standing trend towards rapid urbanisation seems to be slowing partly due to diminishing job prospects in major cities
Business
European Union fines major banks 344 million euros over forex cartel
Brussels slapped fines totaling 344 million euros (390 million dollars) Thursday on Barclays, RBS, HSBC and Credit Suisse after finding...
- Barclays, RBS, HSBC and Credit Suisse were fined and UBS's fine was reduced to zero as it voluntarily came forward to cooperate with regulators.
- These fines brought to an end the third part of an investigation that has been ongoing since 2013 and which had already resulted in more than one billion euros in fines in 2019.
Economy
EBRD launches e-learning program on capital markets in Morocco
The European Bank for Reconstruction and Development (EBRD) has said it will support the Moroccan financial system by launching an...
- Participants’ progress will be tracked on a learning management system and given a certificate on completion of training.
- The participants would learn about managing and pricing credit risk, raising funds via fixed-income and money markets.
Economy
Jordan, FAO forge technical partnership on irrigation
Under the agreement, a mobile irrigation application will be developed to serve Jordanian farmers, specifically in the Jordan Valley.
- Under the agreement, a mobile irrigation application will be developed to serve Jordanian farmers, specifically in the Jordan Valley
- The application will provide the farmers with accurate scientific information on irrigation dates and the required quantities of water
Economy
Saudi Arabia, UAE report first Omicron cases in Gulf
Saudi Arabi on Wednesday recorded its first case of Omicron variant infection, in a citizen its health ministry said had...
- The variant was first announced by South Africa but has since been discovered to have been present earlier in Europe
- It has prompted governments around the globe to reimpose travel restrictions, despite warnings from the WHO against such a move
Economy
Tel Aviv residents face soaring costs in world’s priciest city
Israel's cultural capital Tel Aviv is now more expensive than Paris, Singapore, Zurich, Hong Kong and New York.
- Israel's cultural capital Tel Aviv is now more expensive than Paris, Singapore, Zurich, Hong Kong and New York
- It climbed the list partly due to the strength of the national currency, the shekel, against the dollar, as well as increases in prices for transport and groceries
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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
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
Company News
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Bank of Sharjah to boost capital
Business
Egypt, Ethiopia to finalize deal on Nile dam in four months
The two countries resolved to finalize a deal over Ethiopia's big dam on the Blue Nile in four months, a...
Geostrategy
OPEC anticipates 2.2% growth in oil demand in 2024
Vienna, Austria - OPEC Thursday predicted world oil demand to grow by a healthy 2.2 mb/d, to 104.25 mb/d in...
Business
Will extended oil production cuts stunt Saudi growth?
The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain...
Economy
Most Read
Arts & Culture
Sweltering heat leaves Gulf residents at risk during noon
DUBAI, UAE- As much of the world swelters in record temperatures, spare a thought for Issam Genedi, who ekes out a...
- Apart from last week being identified as the hottest ever recorded worldwide, a wave of humidity has been suffocating the Gulf
- Two weeks ago, more than 1.8 million Muslims battled through a days-long hajj pilgrimage in Saudi Arabia in temperatures up to 48C (118F)
Geostrategy
Tunisia protestors demand jailed opposition figures be freed
Around 100 protesters rallied in Tunisia's capital to demand freedom for detained critics of President Kais Saied who has ruled...
- In addition to the crisis triggered by President Saied's power grab, Tunisia has been shaken by a serious financial crunch and is in search of foreign aid.
- European parliamentarians expressed their opposition to any "unconditional agreement" between the EU and Tunisia, citing "the excesses" of Saied.
Business
Pressure on Beijing to unveil stimulus measures as exports tumble
Customs spokesman Lyu Daliang also pointed to outside forces having a "direct impact" on Chinese trade, with Beijing engaged in...
- The 12.4 percent drop released by the General Administration of Customs was an acceleration from May's 7.5 percent.
- Imports also fell 6.8 percent over the same period, reinforcing concerns about softening domestic demand.