Saudi Arabia to expand customs duty exemption for some industrial products from April 1
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of...
Economy
Despite oil riches, Libyans hit by plummeting purchasing power
Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95...
Economy
Annual Turkish inflation surges to 21.31% in November
Turkey's annual inflation rate jumped over 20 percent in November, official data showed Friday, after a currency crisis last month...
- This is the highest figure in three years. Persistent inflation has decimated purchasing power
- Ratings agency Fitch on Thursday revised its outlook on Turkey's sovereign credit rating to negative
Economy
IMF says chief economist taking top leadership role
Gopinath will succeed Geoffrey Okamoto as first deputy managing director, serving under IMF chief Kristalina Georgieva.
- Gopinath will succeed Geoffrey Okamoto as first deputy managing director, serving under IMF chief Kristalina Georgieva
- Gopinath, who was appointed to her current role in October 2018, was due to return to her position at Harvard University in January but will now leave the university
Business
London based firm seeks investment opportunities in Jordan
"Jordan represents a unique and strategic opportunity for global investors. We are looking forward to strengthening our ties further in...
- This is a major move for RiverBay Capital on its mission to provide Europe with institutional access to markets in the Middle East
- RiverBay Capital has successfully established itself as a bridge between real estate markets in Europe and the Middle East
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.
Saudi Arabia to expand customs duty exemption for some industrial products from April 1
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of...
Economy
Company News
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QGIRCO reports Q1 profit drop
Business
UAE, India join forces to bolster new economy sectors
"The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium...
Economy
Ukraine grain deal failed to achieve objective, says Putin
Russian President Vladimir Putin said the main objective of the deal that allowed Ukrainian grain exports to resume was not...
Geostrategy
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Business
ADX grew 20 percent in 2022, says CBUAE
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE)’s Financial Stability Report for 2022 said the FTSE ADX...
- The Abu Dhabi Securities Exchange (ADX) trading value increased by 21.9 percent to AED 451 billion ($122.78bn)
- Foreign investment in ADX increased, with total net foreign investments recording an inflow of AED 24 billion ($6.53bn) in 2022
Business
UAE-India trade rose to US$384bn in 2013-22
ABU DHABI, UAE - The significant growth in the volume of non-oil trade between the UAE and India signifies the...
- CEPA will help deliver the target of reaching US$100 billion in non-oil trade annually over the next five years.
- During 2020-2022, non-oil trade between the UAE and India has grown from US$27.9 billion to US$51.4 billion last year.
Economy
UAE one of fastest-growing economies in 2022: CBUAE
Abu Dhabi, UAE - The UAE’s real GDP growth accelerated during 2022 due to a robust recovery in non-oil GDP...
- The growth came despite higher inflation, tightening financial conditions and continued geopolitical tensions
- It was boosted by the removal of most COVID-19-related curbs and a recovery in global travel and the tourism