Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was...
Economy
Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...
Economy
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.
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
Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was...
Economy
Company News
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Alba posts Q1 profit drop
Business
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...
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...
Economy
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...
Business
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Geostrategy
UN says over 165m people fell into poverty in 3 years of crisis
UNITED NATIONS - The COVID-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into...
- The COVID-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into poverty since 2020, the UN said.
- Because of these shocks, the United Nations has called for a pause in debt repayments for developing countries.
Economy
China’s trade in goods with Belt and Road countries up 9.8% in H1
Beijing, China - China's trade in goods with nations along the Belt and Road Initiative in the first half of...
- Trade in goods with countries along the Belt and Road accounted for 34.3 percent of China's total import and export value of $2,8 trillion
- The Belt and Road Initiative (BRI) is a global infrastructure development strategy adopted by the Chinese government in 2013
Economy
UAE and Mozambique sign MoU to improve ‘work cycle’ for workers
Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the...
- The UAE minister said the MoU establishes an institutional partnership between the two ministries to maximize mutual benefits
- He said the UAE government is keen to build partnerships around the world, which, he feels, builds trust in the country's labor market