Dubai’s assets in endowment sector reaches US$2.8bn
DUBAI, UAE – Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said that under the guidance of Vice...
Geostrategy
European tourists make a beeline for Sharjah as 400,000 visit in 2023
Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase...
Economy
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
Economy
Turkey’s Erdogan replaces finance minister amid economic turmoil
Turkish president accepted the resignation of Lutfi Elvan and appointed his deputy Nureddin Nebati as the new finance minister.
- Turkish president accepted the resignation of Lutfi Elvan and appointed his deputy Nureddin Nebati as the new finance minister
- Since 2019, Erdogan has sacked three central bank governors who opposed his desire for lower interest rates
Economy
S&P devises new credit rating scale for Saudi Arabia
S&P Global Ratings has introduced a new national credit rating scale for Saudi Arabia in response to a growing interest...
- The new scheme will help identify the creditworthiness of local loan takers, and comes as Saudi Arabia pursues policies of economic diversification
- S&P said the rating scale will be complementary to the one used globally, with the methodology “generally the same” as the international-focused system
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
Dubai’s assets in endowment sector reaches US$2.8bn
DUBAI, UAE – Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said that under the guidance of Vice...
Geostrategy
Company News
QGIRCO reports Q1 profit drop
Business
Latest News
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...
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...
Business
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Economy
Saudi Arabia harnesses technology to boost tourism sector
VR and AR technologies offer tourists pre-visit virtual explorations of cultural and natural sites, driving engagement and anticipation. Onsite, the...
- Technologies such as Virtual Reality, Augmented Reality, E-visas, and e-payment systems are enhancing the tourist experience in the Kingdom, say experts
- NEOM, which epitomizes Saudi Arabia's innovative approach, is set to become a global showcase of advanced design and digital experiences, they add
Business
US banks express caution on economy as Fed rate hikes boost earnings
Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy...
- JPMorgan and Wells Fargo both reported huge increases in second-quarter profits.
- Citi experienced a drop, citing an anemic investment banking market for revenue drop.
Economy
UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
- The report discusses global, local macroeconomic conditions, domestic asset markets and provides a detailed assessment of the UAE banking system.
- The report also contains an analysis of other important developments across the UAE financial sector such as digitalization and sustainability.