EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
Economy
Tunisian town up in arms against trash
As tear gas and protest cries filled the air in the Tunisian city of Agareb, Mabrouka Ben Ibrahim vowed to...
- Yousra, 21, died in 2019 after being bitten by a mosquito that came from the toxic trash site, Ben Ibrahim said
- Residents say rubbish dumped at the site, including dangerous industrial and medical refuse, has caused a string of diseases from cancer to vision problems and infertility
Economy
Drought forces Iraqi farmers to leave their land
Iraqi wheat farmer Khamis Ahmad Abbas lost it all when his battle with drought forced him to abandon his land,...
- Experts have warned that record low rainfall, compounded by climate change, are threatening social and economic disaster in war-scarred Iraq
- This year, Nineveh province has been Iraq's "most affected" by drought and exceptionally high temperatures
Economy
Egypt questions new desert capital and its costs
Egypt President Abdel Fattah al-Sisi is building a new capital, whose construction costs are already under a microscope.
- The city, on the outskirts of Cairo, is forecast to cost around $45 billion, and is roughly the size of Singapore
- The construction costs have raised questions about spending priorities in a country where one in three people live in poverty
Geostrategy
Deal but no deal: COP26 adds to climate confusion
Rich countries stand accused of failing at the COP26 summit in Glasgow to deliver much-needed finance to vulnerable states at...
- Rich countries accused of failing to deliver much-needed finance to vulnerable states at risk of drought, rising seas, fire and storms
- The European Commission said the deal has "kept the Paris targets alive".
Economy
Libya polls ‘essential next step’ to peace: UN chief
Libya has seen several political and security crises since Muammar Gadaffi was overthrown a decade ago.
- UN Secretary-General António Guterres has urged national unity in Libya
- He has also called for people to overcome differences ahead of landmark presidential and parliamentary elections next month
Economy
Covid-19, conflict and costs pushing Syria beyond limits: WFP
World Food Program Executive Director David Beasley has warned that more people in Syria are in the grips of hunger...
- Some 12.4 million people — almost 60 percent of the population — apparently do not know where their next meal will come from
- This is said to be a 57 percent increase since 2019 and the highest number ever recorded in the history of Syria
Economy
Oil-exporter UAE accepts future is not oil: US delegation
UAE officials "recognise reality", delegation member and House of Representatives Majority Leader Steny Hoyer said after talks with Dubai ruler...
- Both the UAE and Saudi Arabia, the number one oil exporter, have announced net zero carbon goals
- Hoyer said the UAE's hosting of COP28 in 2023 shows it is committed to clean energy
Economy
Lebanon is failing its people, says UN envoy
Lebanon's government, formed in September, has yet to take serious action to stop its downward spiral.
- The price of essential foodstuffs has almost quadrupled in just one year, according to latest data from the Lebanese government
- Inflation rate averaged 131.9 percent over the first six months of 2021, the World Bank has said
Business
Climate and Covid recovery loom large over Dubai air show
Airlines are still deep in the red, with losses expected to extend by another $51.8 billion this year.
- Air traffic has bounced back since the easing of restrictions, though it was still 53 percent lower in September than its pre-pandemic levels.
- Airbus will show off its A321neo -- the latest model in Airbus's A320 narrow-body series -- and its twin-aisle A350.
Geostrategy
High freight costs push world food import bill to record high
The global food trade should hit a record high in both volume and value, according to a new report by...
- The bill is 14 percent higher than last year and 12 percent higher than the previous forecast.
- The increase is also driven by higher price levels of internationally traded food commodities.
Most Read
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
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
Company News
Latest News
Alkhaleej Insurance posts profit
Business
Global trade in commodities to expand by 1.3% annually: FAO-OECD report
Paris, France--Global trade in agricultural commodities is projected to expand by 1.3 percent annually - half the pace recorded in...
Economy
Jordan’s beekeepers make a fortune as demand for honey soars
The kingdom of Jordan prides itself on its 19 different types of honey, including citrus, eucalyptus and maple varieties, depending...
Business
Saudi Arabia and France sign MoU to deepen ties in energy sector
Riyadh, Saudi Arabia--Saudi Arabia and France have signed a memorandum of understanding (MoU) to cooperate in the field of energy,...
Economy
Most Read
Economy
High oil prices, reforms spur Saudi economic boom
The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates,...
- The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates, indicating strong growth rate.
- Consumer spending saw a remarkable 15% year-on-year rise in May, despite a monthly drop, while SAMA foreign reserve assets rose in May for the first time in six months
Geostrategy
Libyan rival leaders to work together for oil income
TRIPOLI, LIBYA- Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, a move welcomed on...
- The UN Support Mission in Libya said the financial oversight committee's "inclusive approach" will help enable "a level-playing field for candidates in the polls.
- Ballots in Libya had been due in December 2021 but disputes including who should stand in the polls meant they were never organized.
Business
FAO says world cereal production to reach record high in 2023-24
ROME, ITALY - World cereal production is predicted to hit a record high in 2023-24, according to the latest Cereal...
- FAO raised its 2023 global cereal production forecast to 2 819 million tonnes, indicating a 1.1 percent increase from the previous year.
- The higher forecast almost entirely reflects better prospects for global wheat production, now pegged at 783.3 million tonnes.