WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite...
Investment and innovation behind Qatar’s tech success
Maher praises the Gulf country for its substantial efforts, investments, and innovative ideas that have transformed it into a prime...
Economy
Economy
$1.6bn Saudi initiatives to boost local manufacturing
Saudi Arabia has unveiled two initiatives to help the country boost its production and manufacturing.
- The National Industrial Development and Logistics Program has launched the initiatives along with the Riyad Bank
- The two schemes are called "We finance, you manufacture" and "We invest, you manufacture"
Economy
As Libya returns to democracy, urban Benghazi struggles
Libya’s second city Benghazi has mushroomed to twice its size, creating an unplanned and chaotic urban sprawl.
- The fighting in Libya has displaced countless families, forcing many to build new homes without permits
- This has led to a jumble of neighborhoods that often lack infrastructure, from proper roads to schools or sewerage systems
One year from FIFA World Cup, clock ticks ever louder for Qatar
Twelve months before the 21 November, 2022 kick-off, the Qatari capital Doha is dotted with roadworks and building sites that...
- Twelve months before the 21 November, 2022 kick-off, the Qatari capital Doha is dotted with roadworks and building sites that are causing chaos for its inhabitants
- With some Qatari infrastructure projects delayed by the pandemic, the clock is ticking more loudly than organisers might have liked
Economy
Joblessness in Egypt grows 7.5% to 2.2m in 3Q
The number of people out of work in Egypt grew 7.5 percent to 2.2 million in the third quarter of...
- According to the Central Agency for Public Mobilization and Statistics the size of the labor force increased 0.9 percent to 29.4 million from 29.1 million individuals
- The bulletin attributed the rise of unemployment and labor force to the influx of new graduates during the months of August and September into the labor market
Interview
‘GCC may avoid NMCs, Abraajs with robust norms’
The region’s financial regulators must be extra vigilant to avoid catastrophic debt crises, Khalid Abdulla-Janahi, chairman of Vision 3, UAE,...
- Strong corporate governance framework is an integral part of ensuring clean flow of money and the GCC region is yet to make some improvements, says Khalid Abdulla-Janahi
- The companies in the region should have independent board members and directors with fixed term role to ensure high level of corporate governance, the Vision 3 chief adds
Economy
Turkish lira sinks as central bank cuts interest rate
The Turkish lira sank further on Thursday as the central bank slashed interest rates for the third consecutive month following...
- The bank cut its policy rate from 16 to 15 percent despite rising inflation and a fast-depreciating currency
- The lira, the worst performing emerging market currency in 2021, sank to an all-time low of 10.98 against the dollar ahead of the announcement
Business
Dubai Airshow: UAE Armed Forces sign deals worth AED22 bn
The deals were announced by the Executive Director of the Military Organizing Committee of the Dubai Airshow 2021 Major General...
- The deals were announced by Major General Staff Pilot Ishaq Saleh Al Balushi, and Lt. Col. Pilot Sarah Hamad Al-Hajari, Dubai Airshow spokesperson
- AED5,239,207,000.00 in deals were signed on the first day, AED11,284,837,000.00 on the second day, and AED4,257,401,000.00 on the third day.
Economy
UAE, Russia sign MoU on hydrogen technology
The MoU was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Denis Manturov,...
- The collaboration will explore ways of supporting the production, storage and transportation of hydrogen fuel
- The UAE’s hydrogen production is now around 300,000 tons annually as a result of ADNOC’s downstream facilities.
Economy
Morocco leads the Arab world in economic growth
An unemployment rate of more than 11 percent and the crisis impact on entrepreneurs and startups major concerns in the...
- Saudi Arabia's economy will grow 2.8 percent, and the United Arab Emirates by 2.2 percent, Qatar by 1.9 percent, and Kuwait by 0.9 percent.
- Morocco received $3 billion from the IMF in 2020, which enhanced its liquidity and pushed multiple sectors of the local market.
Interview
High packages may help GCC in talent hunt
Global employment, which was severely affected by the pandemic, is beginning to rebound as economies reopen. The UAE, which was...
- There is a growing competition for the local talent also, necessitating re-evaluation of salary packages.
- Working from home is here to stay, and many candidates are increasingly asking about this flexibility.
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WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite...
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Geostrategy
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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...
Economy
Iraq to pay for Iranian gas imports with oil: Iraqi PM
The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed...
Economy
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...
Economy
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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.
Economy
Dubai Investments, E20 Investment to develop agricultural land in Angola
Dubai, UAE--Dubai Investments and E20 Investment have signed a memorandum of understanding (MOU) to develop 3,750 Ha of agricultural land...
- The two entities signed an MoU to develop land in Angola, harnessing the country's agricultural sector for growth and economic development
- The agreement looks to convert the land into a thriving agricultural hub, yielding 28,000 tons of rice and 5,500 tons (peak production) of avocados
Economy
UAE and Mongolia to ramp up trade and investment ties
Ulaanbaatar, Mangolia--The UAE and Mongolia are looking to boost trade and investment cooperation with a focus on the agriculture sector....
- Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, is leading a UAE delegation to the Mongolia Economic Forum in Ulaanbaatar
- During the meetings both sides explored the means to develop the partnership, underlining their commitment to enhance trade and investment cooperation